Business

Inflation pressures mount 22 September 2018 HARARE - Zimbabwe's inflation pressures continue escalating as the country's annual broad money supply (M3) rose by 40,8 percent to $9,1 billion in June 2018 from $6,4 billion recorded in same period last year. Broad money supply is money in circulation — physical currency and demand deposits....
ZSE foreign buys slump 22 September 2018 HARARE - Foreign buys on the Zimbabwe Stock Exchange (ZSE) slumped 92,63 percent on Tuesday to $28 771 from $390 337 as sales firmed 60,19 percent to $196 336 from $122 567, it has emerged. Despite this, market capitalisation stood at $12,2 billion, a 0,31 percent improvement on prior session,...
Zimplats gets $9,6m tax relief 22 September 2018 HARARE - PGMs producer Zimplats Holdings (Zimplats) has been granted a $9,6million tax reversal judgment in a customs duty case against the Zimbabwe Revenue Authority  The country’s largest platinum miner had filed a suit with the High Court of Zimbabwe challenging the validity of the tax bill...
Zim inflation to break records 21 September 2018 HARARE - Zimbabwe's annual inflation rate is expected to break records this year after it rose to 4,83 percent in August, gaining 0,54 percentage points from the July rate of 4,29 percent. The figure is now 0,17 percent short of the December projection of 5,0 percent by the World Bank. The ...
Zuva launches school tree planting programme 21 September 2018 HARARE - ZUVA Petroleum plans to plant a million trees by 2020 through a schools' tree planting programme that was recently launched in Harare by Environment, Tourism and Hospitality Industry minister Prisca Mupfumira. Under the pilot phase of the programme, 10 high schools selected from throu...
NetOne migrates to new billing system 20 September 2018 HARARE - NetOne will next month migrate to a new converged billing and business support system as part of the company's transformation programme. The State-owned mobile telecommunications services provider embarked on a turnaround strategy two years ago aimed at bringing the company to profita...
Edgars profit up 235pc 19 September 2018 HARARE - Edgars Stores Zimbabwe (Edgars) yesterday announced a 235 percent increase in profit after tax for the six months ended July 8, 2018, driven by sales growth. The company reported a profit after tax of $1,9 million, representing a significant increase from a profit of $567 499 reported...
Tax funeral policy premiums — Zafa 19 September 2018 HARARE - Zimbabwe's funeral service industry says government should make policy premiums qualify for tax credit in an effort to increase the uptake of funeral cover by the public. Solomon Chikanda, the Zimbabwe Association of Funeral Assurers (Zafa) president, said there is need for government...
Positive profit warning from Cafca 19 September 2018 HARARE - Cafca says its earnings for the current trading year will be significantly higher compared to last year. In a statement issued yesterday, the company said its earnings per share (EPS) and headline earnings per share for the year ended September 30, 2018 will be approximately 10,5 cent...
Masimba's $100m dream 18 September 2018 HARARE - Masimba Holdings one of Zimbabwe’s leading construction company, is targeting to become a $100 million business in the short-to-medium-term buoyed by increased sector activity. Canada Malunga, the group’s chief executive, said prospects of the industry are bright and the company has a...
NPS transactions hit $3bn 18 September 2018 HARARE - Transactions processed through the National Payment System hit $3,16 billion for the week ending August 31, due to an increase in Real Time Gross Settlement, latest data show. According to the Reserve Bank of Zimbabwe (RBZ), the value of transactions processed through the RTGS system ...
$30m unclaimed pensions 18 September 2018 HARARE - About $30 million is lying idle in unclaimed pensions as close to 50 000 pensioners have not been collecting their monthly pension pay-outs, an Insurance and Pensions Commission (Ipec) official has said. Ipec public relations officer Lloyd Gumbo last week said the insurance sector reg...
Zim to introduce new pension reforms 18 September 2018 HARARE - Zimbabwe is set to introduce a raft of measures aimed at improving the country’s pension industry in line with international standards in the next few month, the sector’s regulator has said. This comes as the country’s pension industry is in dire straits emanating from low confidence ...
RBZ registers 19 new micro financiers 15 September 2018 HARARE - The Reserve Bank of Zimbabwe (RBZ) yesterday said it has registered 19 new micro financiers, bringing the total number of such institutions to 194. The central bank's registrar of micro financiers registered the 19 institutions during the period extending from January to June 30, this...
ZSE ignores 'Mthuli-phoria' 14 September 2018 HARARE - The Zimbabwe Stock Exchange (ZSE) slipped into the red unperturbed by the excitement showing across markets on the appointment of new treasury chief, Mthuli Ncube, it has emerged. Slipping into the red in Monday's session, the market opened the week on a low note as heavies dragged th...
Food processor launches new products 14 September 2018 HARARE - A new food processing company has launched an assortment of condiments which will soon hit the supermarket shelves. The Harare-based company, Simplitude PVT LTD, has introduced an array of products under the brand name, Easy Peasy. The products include a range of pre-prepared chopp...
Barclays, CBZ spur ZSE 14 September 2018 HARARE - Zimbabwe Stock Exchange (ZSE) recorded significant gains towards the end of last week buoyed by block trades in financial institutions Barclays and CBZ Holdings (CBZ) shares. The local bourse, which survived a mid-week slump as it powered to gains in all the major market benchmarks by...
Liquid connects 39 000 houses 14 September 2018 HARARE - Liquid Telecom Zimbabwe (Liquid) says it has connected 39 000 houses in the country with fibre since launching the programme five years ago. Demand for telecommunications services has been growing in Zimbabwe, where data-based products have evolved into the biggest form of communica...
New transport management system to improve efficiency 11 September 2018 HARARE - Zimbabwe has signed an integrated transport management system, which seeks to bring together five key elements of road policing, efficient use of national infrastructure and coordination of information among relevant government departments. The development also comes as President Emme...
ZB commits to helping the needy 11 September 2018 HARARE - ZB Financial Holdings (ZB) has committed itself to playing a part in the promotion of health, education, arts and culture as well as environmental sustainability in the communities they serve. The diversified banking institution’s chief executive officer (CEO), Ronald Mutandagayi, mad...
Embrace technology, insurance industry urged 10 September 2018 HARARE - Zimbabwe's troubled insurance sector has been urged to embrace digital transformation and use data insights to reduce fraud and increase penetration rate. The country’s insurance industry is still reeling from hyperinflation, which happened a decade ago and wiped out people’s savings ...
No fees for Zeco directors 10 September 2018 HARARE - Zeco Holdings (Zeco) shareholders on Friday resolved that directors of the engineering company should not be paid fees for the year ended December 30, 2017. This comes as the company's performance has been persistently depressed for a decade, recording only losses since dollarisation ...
Potraz intensifies consumer awareness campaigns 10 September 2018 HARARE - The Postal and Telecommunications Regulatory Authority of Zimbabwe has increased visibility in most rural areas, after canvassing the country's 10 provinces, teaching mobile network providers' consumers on their rights. The telecommunications regulatory authority invaded the Midlands ...
ZimTrade names Majuru new chief executive 10 September 2018 HARARE - Zimbabwe Trade (ZimTrade) has appointed Allan Tawanda Majuru as the new chief executive officer (CEO). A holder of a Master of Science degree in Agricultural Applied Economics and a Bachelor of Science Honours in Agricultural Economics and Extension from the University of Pretoria and...
Address multi-tier exchange rate system: Zamfi 8 September 2018 HARARE - The multi-tier exchange rate system is negatively affecting the pricing system of both goods and services, the Zimbabwe Association of Microfinance Institutions (Zamfi) has said. In its microfinance sector performance report for the first half of this year, Zamfi said the multi-tier e...