PREMIER Service Medical Aid Society’s (PSMAS) subscription base has been hit by poor economic performance. PSMAS board chairman Jeremiah Bvirindi told society members at the group’s annual general meeting last week that subscriptions declined to $238 million in 2017 from $242 million in 2016. “The group attained revenues of $248 million, while subscriptions were $238…
THE first high-level Eritrean delegation in decades has reached Ethiopia for a visit which could ease decades of military tension.Advertisements Eritrea won independence from Ethiopia in 1993 after a 30-year conflict – but a border war five years later killed tens of thousands. Diplomatic ties have been cut between the two countries for almost 20…
Germany kept their World Cup campaign alive with a come-from-behind 2-1 win at the death over Sweden in Sochi on Saturday. Julian Draxler was making the early inventions and, after breaking out wide, he found space to whip in a low ball but none of his teammates were able to convert.Advertisements Sweden caught the opposition…
LOCAL pension funds have departed from an outdated method of accounting for investment assets as stipulated in the Pension and Provident Funds Act, a member of the insurance and pensions subcommittee at the Institute of Charted accountants of Zimbabwe (ICAZ) has revealed. Hope Mulilo, an expert in Audit, International Financial Reporting Standards (IFRS), pensions and…
THE Insurance and Pensions Commission (IPEC) plans to develop actuarial mortality tables to replace those in current use, which were made in the 1990s. The local insurance and pensions industry currently relies on tables from the United Kingdom and South Africa, along with the outdated local tables. Speaking at the opening session of the fourth…
CONTRIBUTION arrears to pension funds have reached $600 million, the Insurance and Pensions Commission (IPEC) disclosed on Tuesday. IPEC head of pensions Josphat Kakwere said the arrears had reached $600 million as at December, 2017. “Contribution arrears amounted to $600,31 million as at 31 December 2017, accounting for 14,89 percent of total assets as at…
THE Insurance and Pensions Commission (IPEC) says the average pensioner in Zimbabwe receives a pension well below the poverty line. Speaking at a seminar held by the Institute of Chartered Accountants of Zimbabwe in collaboration with IPEC on Tuesday, the commission’s pension department head, Josphat Kakwere said in 2017 pensioners received payouts that fell well…
THE performance of SeedCo’s Zambian unit during the year ended March 2018 was held back by inefficiencies in the administration of agriculture in that territory, the seed company’s chief executive officer Morgan Nzwere has revealed. Nzwere recently told analysts that the Zambian unit, which is the company’s second biggest operation after the Zimbabwean business, had…
THE Zimbabwe Stock Exchange (ZSE) has continued its rally that has been spurred by the monetary crisis in the country, with the market capitalisation pushing over $11 billon this week. The market capitalisation which closed yesterday at $11,3 billion, has now gained more than $1 billion since a little over three weeks ago when it…
THE Zimbabwe Special Economic Zones Authority (ZIMSEZA) says it is ready to roll after a year of putting in place systems and procedures. The authority now has a secretariat and a chief executive officer (CEO) and will start approving projects as soon as government gazettes regulations and incentives, which are expected next week. The authority,…
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