AdvertisementsZIMBABWE’S economic crisis has significantly affected listed firms’ financial reporting standards due to currency distortions in the market. In October last year, Reserve Bank of Zimbabwe governor John Mangudya instructed financial institutions to separate existing bank accounts into two categories, namely Nostro FCAs and RTGS FCAs, implicitly acknowledging the difference in value between the United…
AdvertisementsMAURITIAN investment bank African Guarantee Fund (AGF) has suspended its guarantee on the second and third tranches of Untu Capital’s bond after the micro-lender failed to remit fees to the guarantor due to foreign currency shortages. Advertisements Last year, Untu Capital floated the notes, which have a face value of four $4 million, through a…
AdvertisementsTHE Zimbabwe Stock Exchange (ZSE) on Tuesday suspended Falcon Gold Zimbabwe (Falgold) after the company delayed publication of its financial results for the year ended September 30, 2018. In December last year, the gold miner announced that the results would be delayed due to several factors, including an engineering failure at one of its mills.…
AdvertisementsZIMBABWE has dropped three places on Transparency International’s 2018 Corruption Perceptions Index (CPI) released this week, in a clear sign that the southern African country is struggling to deal with corruption. The index draws on 13 surveys and expert assessments to measure public sector corruption in 180 countries and territories, giving each a score from…
AdvertisementsTHE Confederation of Zimbabwe Industries (CZI) has raised a number of concerns to the Zimbabwe Revenue Authority (ZIMRA) regarding the implementation of the fuel rebate system proposed by government. In a paper to the tax collector, the CZI proposed that the rebate mechanism must be easily administered; not be open to abuse; that taxpayers’ working…
AdvertisementsANALYSTS say Zimbabweans will continue to suffer under inflation unless the dysfunctions in the country’s monetary system are dealt with. Last week, the Zimbabwe National Statistics Agency released figures showing that inflation for the month of December 2018 stood at 42,09 percent, gaining 11,08 percentage points on the November 2018 rate of 31,01 percent. With…
AdvertisementsTHE Zimbabwe Stock Exchange’s (ZSE) main industrial index gathered a return of 46,28 percent last year, way lower compared to 130,42 percent in 2017, financial service company Old Mutual has said. In its portfolio manager’s report for the fourth quarter of last year, Old Mutual Securities (OMSEC) said the equity market experienced significant volatility in…
AdvertisementsZECO Holdings (ZECO) shareholders seem to be holding on to the struggling engineering firm’s stock, despite its extremely infrequent trades on the Zimbabwe Stock Exchange (ZSE). According to official ZSE data, the company’s shares have only traded on 10 instances over the past five years. In comparison, most counters have traded more than that on…
AdvertisementsUNITED Refineries, one of Zimbabwe’s fastest growing agro-processing firms, says it lost about $2 million in potential revenue when it was forced to suspend operations for two weeks due to the recent stayaway. The southern African country, which is facing its worst economic crisis in a decade, was left to count its losses after a…
AdvertisementsFIRST Capital Bank, (FCB) has suspended the proposed unbundling of non-core assets for listing on the Zimbabwe Stock Exchange (ZSE). In a statement, on Monday, FBC formerly Barclays Bank Zimbabwe said it had indefinitely deferred plans to withdraw the financial institution’s non-core banking properties. “Further to the cautionary statement issued by the board on September…
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