AdvertisementsTHE government must pursue policies that inspire confidence in its programmes, including the introduction of the Zimbabwean dollar and refrain from making exclusions to currency legislation, industry says.Advertisements This follows the gazetting of statutory instrument 212 of 2019, which prohibits the conducting of domestic transactions and business in any other currency other than the local…
AdvertisementsSTALAP Investments (Stalap) — a National Social Security Authority (NSSA) and Zimre Holdings (Zimre) investment vehicle — has given Nicholas Van Hoogstraten’s Willoughby’s Investments (Willoughby’s) a bloody nose after winning a High Court case to annul the results of an extra-ordinary general meeting to reverse the disposal of Langford Estates (Langford).Advertisements This comes as the…
AdvertisementsTHE shambolic state of Zimbabwe’s company registry and deeds offices has become a major hindrance for both business and the country’s investment drive analysts warn. This comes as a number of companies have complained about alleged “data tampering and missing deeds” at the two key offices — in worrying developments that also reflect poorly on…
AdvertisementsTHE five Harare-Beitbridge road contractors are in a fix, as government has been “pressuring the companies to go on-site without engineering designs and paying contractual deposits”, sources say.Advertisements comes as the group of category A bidders were awarded the performance-based tenders and jobs in August this year — under a process hailed by analysts as…
AdvertisementsFINANCE minister Mthuli Ncube faces an arduous task of stimulating Zimbabwe’s moribund economy and balance competing government, and social needs when he presents his 2020 national budget today.Advertisements This comes against the backdrop of a contracting economy, hyperinflation, rising unemployment, acute shortages of fuel , foreign currency, power and water and various ministries are demanding…
AdvertisementsDUALLY-LISTED equities still provide the best hedge on the Zimbabwe Stock Exchange (ZSE), despite restrictions by the Reserve Bank of Zimbabwe (RBZ), a local equities firm has said.Advertisements The central bank in June placed a three-month vesting period on fungible shares as part measures to “support the Zimbabwean dollar” as the economy’s lone currency. Fungible…
AdvertisementsZIMBABWEAN firms will continue to receive “unclean” audit reports on their results into the near future due to issues arising from conflicts between the country’s legislation and accounting standards, as well as the unavailability of reliable financial data, it has emerged. Since February, when government gazetted Statutory Instrument (SI) 33 of 2019, which dictated a…
AdvertisementsSTANDARD Chartered (Stanchart) is the oldest Bank in Zimbabwe having operated in the country for over 125 years. The bank is embarking on a digital transformation which has seen it close down several of its physical branches. Our Digital Editor, Paul Nyakazeya (PN) spoke with Ralph Watungwa (RW), Stanchart Zimbabwe’s chief executive on the bank’s…
AdvertisementsRIOZIM has lost millions of dollars in potential revenue due to subdued output at a time international gold prices have enjoyed a sustained rally. Saleem Beebeejaun, RioZim’s board chairman, said the company realised an average gold price of US$1 346 per ounce during the six months to June 2019, up from US$1 298 in the…
AdvertisementsGETBUCKS Microfinance Bank (GetBucks) says the recent hike in interest rates has put pressure on the company’s profit margins. In a statement accompanying results for the year ended June 30, 2019, Rungamo Mbire, the company’s board chairman said the cost of funding had increased as “financiers seek to maintain the value of their money in…
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