AdvertisementsTHE government’s continued currency twiddling and push for a new legal tender will not solve Zimbabwe’s deepening economic woes, analysts have warned.Advertisements This comes as President Emmerson Mnangagwa has made a surprise announcement that the country would have a fresh currency by year end — a declaration which saw the recently-introduced RTGS dollar taking a…
AdvertisementsZIMBABWE’S construction industry recorded 110 percent inflation during the first quarter, official figures have shown. Advertisements This comes as prices of goods and services in the country are skyrocketing following the devaluation of the RTGS dollar ― a merger of bond notes and local bank balances into a lower-value transitional currency ― tradable against major…
AdvertisementsFAST food chain Simbisa Brands (Simbisa) last week won the Top Companies Survey 2019 award for best performing Zimbabwe Stock Exchange-listed company. The survey, held under the theme “Reality Check ― Adapting to a New Normal’ ― was hosted by The Financial Gazette and sponsored by financial services giant Old Mutual Zimbabwe. OK Zimbabwe, the…
AdvertisementsSEEDCO Holdings (SeedCo) shares have lost 21 percent this year due to effects of a poor farming season caused by drought. The latest development comes at a time most stocks on the Zimbabwe Stock Exchange are appreciating in value, as investors hedge against rising inflation. Year-on-year, Zimbabwe’s largest seed producer’s stock, which closed trading at…
AdvertisementsTHE Insurance and Pensions Commission (IPEC) says less than half of the players in the non-life insurance industry complied with the minimum prescribed assets ratio in 2018.Advertisements According to the Insurance Act, “every insurer shall in respect of the insurance business carried on by him in Zimbabwe, hold the insurance fund in prescribed securities and…
AdvertisementsZIMBABWE Stock Exchange-listed retailer OK Zimbabwe (OK) says it has been facing product supply challenges due to shortages of foreign currency and dysfunctions in the local industry.Advertisements This comes as the southern African country has been reeling from foreign currency shortages, which have been caused by a number of factors, including its persistent trade deficit,…
AdvertisementsZIMBABWE’S cash-strapped government says it is relaxing procurement requirements for restructured public enterprises.Advertisements This comes as government last year gave some under-performing State-owned enterprises (SOEs) and parastatals — among them NetOne, TelOne and People’s Own Savings Bank (POSB) — between six and nine months to conclude privatisation deals. Information minister Monica Mutsvangwa last week said…
AdvertisementsTHE introduction of the RTGS dollar has created challenges for Zimbabwe’s banking sector, the International Monetary Fund (IMF) has said.Advertisements This comes as the southern African country’s monetary authorities have sought to address foreign currency shortages by abandoning the unsustainable 1:1 bond note peg against the US dollar and introducing an interbank market. “While reported…
AdvertisementsNAMPAK, Africa’s largest diversified packaging manufacturer, says it is withholding dividends to shareholders due to a worsening liquidity crisis in Zimbabwe. Although volumes at the Zimbabwe unit have continued to grow and “are self-sustaining across the various substrates” Nampak said it is still encountering problems in accessing cash from the business. “The availability of foreign…
AdvertisementsDELTA Corporation (Delta), Zimbabwe’s largest beverages manufacturer, is expanding its wings in the region to generate more foreign currency.Advertisements This comes as the company has been failing to access enough forex on the formal market to purchase raw materials. Equities advisory firm Old Mutual Securities (OMSEC) said Delta is expanding its regional footprint through the…
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