The industry has continuously been affected by fraudulent and criminal activities which are accounting for 30% of global claims.
The latest fallout surfaced two weeks ago after Zimbabwe’s annual inflation rate reached 256% in July, a 65 percentage point rise from 191% in June.
Zimbabwe National Statistics Agency (ZimStat) director-general Taguma Mahonde sought to debunk Steve Hanke, an American economics professor’s argument that his office was cooking data to gloss over a blazing crisis.
Access Forex offers a distribution network of nearly 200 collection points nationwide. It is part of Access Finance International Group.
The awards recognise their valuable contribution to the boards on which they serve.
The move has been necessitated by farmers facing challenges in getting funding for their activities and companies struggling to get foreign currency to pay for certain commodities.
Under the agreement, clean technology developer Suzhou TA&A agreed to purchase, in advance, spodumene concentrate six (SC6) worth US$34,6 million from Premier to enable the construction and commissioning of a large-scale pilot plant at the Zulu lithium project.
The projects, entered into under a 30-year contract with the Forestry Commission of Zimbabwe (FCZ), are for the development of the Ngamo-Gwayi-Sikumi (NGS) REDD+ project.
At six o’clock in the morning, the widow and mother of two sits down on her front porch, sipping a hot cup of coffee as she admires her flourishing rabbitry.
Muchanyuka, a former South African Airways executive before moving to lead ZTA in June this year, replaced Karikoga Kaseke, who retired on health grounds about a year ago.
Mangudya told NewsDay Business last week that the performance of prescribed assets has been impacted by loss in value and the gold coin will go a long way to preserve value.
Existing mines and new smelters have lodged applications for an additional 2 100 megawatts (MW), documents obtained by NewsDay Business showed, indicating the crisis may deepen from 2025, when new smelters come on stream.
The Cyber City is a unique, iconic development, offering several economic benefits to commercial enterprises.
BY SHAME MAKOSHORI DAIRIBORD Zimbabwe Limited’s outgoing chief executive officer (CEO) Anthony Mandiwanza yesterday laughed off speculative reports that he influenced the appointment of a sweetheart to succeed him as he bows out after 26 years at the helm. In a surprise move, Mandiwanza last week announced that he would be leaving the Zimbabwe Stock […]
Officials said Old Mutual’s plan was to provide a one-stop shop for financial services in the country.
Zimbabwe has been in perpetual downturns since crossing paths with world powers at the turn of the century over rule of law and human rights abuses.
In a recent interview with our sister paper the Zimbabwe Independent, Agriculture secretary John Bhasera said rehabilitation of irrigation facilities would be accelerated to help the country deal with climate change and poor rainfall.
This comes as wage negotiations between employers and workers have become protracted and characterised by deadlocks and threats of industrial action.
BY TATIRA ZWINOIRA THE Zimbabwe Stock Exchange (ZSE) yesterday listed an agricultural-based Exchange Traded Fund (ETF), becoming the fourth this year and the fifth listing on ZSE. Named the Cass Saddle Asset Management Agriculture Exchange Traded Fund, the ETF took off with seed capital of $36 199 404 and additional investments will be used to […]
In a brief to members titled June 2022 Inflation and Currency Developments Update, Zimbabwe’s biggest industrial lobby said markets had been thrown off balance by rocketing month-on-month inflation, which this month charged towards a record 35% last seen in July 2020.
Sector profits increased to $27,05 billion, with interest income from loans, advances and fees and commissions constituting 34,36% and 30,32% of total income, respectively.
Fossil, a relatively unknown outfit with interests spanning from construction to mining, clinched a deal to buy Associated International Cement Limited (AICL)’s 76,5% stake in the business for an undisclosed amount.
BY MTHANDAZO NYONI A LEADING resources campaigner has piled fresh pressure on government to cancel a big coal mining project in Hwange, saying Zimbabwe must swing towards eco–friendly investments. The Centre for Natural Resource Governance (CNRG) said swaths of coalfields being exploited by Beifa Investments, a Chinese firm, in Hwange’s Dinde area would have significant […]
The plan has been in place for several years, but it became a crucial part of Zimbabwe’s battle to stem economic decline ever since bloody confrontations exploded between Russia and Ukraine in February. This sparked shortages in a cluster of crucial commodities, including wheat and oil.
The Zimbabwe Stock Exchange-listed firm saw its inflation adjusted revenue declining by 14% to $634,9 million after both local and export tea sales volumes suffered a 10% and 22% drop, respectively.
BASIC commodity shortages have returned to haunt consumers, prompting them to hoard goods to escape a devastating price rage, it has emerged.
In a statement, GDI said its decision to exit the project is “in connection with the global sanctions imposed by Western countries against Russia, which naturally also applies to Russian investments abroad”.
Last week, the Zimbabwe dollar continued its unabated fall against the United States dollar to US$1:$308 from US$1:$258 officially, while it is now trading at $550 on the parallel market from $400 the previous week.
Zimbabwe’s platinum miners are among the country’s biggest export earners, according to Reserve Bank of Zimbabwe (RBZ) data.
AFC Commercial Bank, which bounced back to profit during the year ended December 31, 2021 said it submitted a recapitalisation plan to the Reserve Bank of Zimbabwe (RBZ) to raise its capital threshold to US$30 million.
“Gold production in the quarter represents a new production record for any first quarter. Production in April showed a further improvement; production of almost 6 800 ounces in the month reflects an annualised production rate that is marginally above the top end of our guidance range for 2022 of 73 000 to 80 000 ounces of gold,” he said.
ZB Financial Holdings Limited ZB chairperson, Pamela Chiromo, spoke as aggressive inflation unsettled the Reserve Bank of Zimbabwe (RBZ), which said on Tuesday it was “concerned”.
At the time we were told that there were already more than 1 000 new buses that the country had reportedly bought so far to ostensibly to resuscitate the ailing Zimbabwe United Passenger Company (Zupco). Although the veracity of the claim cannot be physically verified, we know for a fact that 464 buses were imported in the recent past.
TelOne has invested US$4 million in its product expansion strategy since 2016, according to a statement released yesterday.
“There is misconception that once you go into REITS you start making a lot of money. But it’s about the performance of the underlying asset. When you look at listed property, I know for certain in Zimbabwe and across the globe, our share prices tend to trade at a discount compared to net asset value. So that’s very much inherent of listed property. Yet when you look at the unit of a REIT, it’s very much related to the value of the asset,” he said.
“While demand for residential properties remains relatively high, the falling disposable incomes have held back rental growth. The property investment submarket remains depressed. Economic uncertainty has largely distorted valuations making it difficult to objectively appraise new investments.”
BY FIDELITY MHLANGA THE rising global demand for flue-cured tobacco has buoyed the firming of local golden leaf prices this season compared to last year. According to latest figures from a Germany company specialising in market and consumer data, Statista, Zimbabwe is one of the top four producers of tobacco in the world after China, […]
The Zimbabwe Stock Exchange-listed British American Tobacco (BAT) said dispatches to the Zimbabwe Revenue Authority (Zimra) rose to $2,1 billion during the year ended December 31, 2021.
The first bale traded for US$4,20 per kg, which was lower than US$4,30 per kg offered last year.