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 in 2009. Its stock price currently anchors the local market…
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 resulting in a low penetration rate. In the past few years, the…
HARARE – NetOne says digital payments play a critical role in creating opportunities for people to improve their lives and participate in their economies. As such, the government-owned mobile telecommunications company said it will continue to roll out products — through its OneMoney platform — that benefit the majority of Zimbabweans. OneMoney was launched last…
HARARE – Zimoco, Zimbabwe’s sole Mercedes Benz dealer, has unveiled one of the world’s most efficient long-haul trucks — the new Actros. The new vehicle, which was released to the Zimbabwean market last week, has already achieved a fuel saving of up to seven percent. The new Actros was launched in Europe in 2011, available…
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 exchange rate system was undermining economic performance. “Like other sectors in…
HARARE – The country’s largest mobile cellular operator, Econet Wireless Zimbabwe (EWZ), along with TelOne, have complied with a directive issued by the Postal and Telecommunications Regulatory Authority (Potraz). Potraz had written to industry operators directing them to comply with Section 37 (5) of the Postal and Telecommunications Act Chapter 12:05. The Act requires them…
HARARE – South Africa’s Nespresso yesterday announced a long-term investment plan to revive Zimbabwe’s coffee industry and stimulate the rural economy. The company — a world leader in coffee machines, capsules and coffee accessories — will provide training and technical assistance to 400 smallholder coffee farmers over the next five years, with the goal of…
HARARE – The People’s Own Savings Bank (POSB) says it will soon unveil a $10 million line of credit aimed at assisting exporters to secure foreign currency. A persistent trade deficit has plunged Zimbabwe into a serious foreign currency shortage, which, among other factors, has created difficult conditions for industry. POSB chairperson Mathilda Dzumbunu said…
HARARE – The Zimbabwe Stock Exchange (ZSE) swung into the red in Tuesday’s trades as three benchmark indices slid after Monday’s gains. In its analysis on Tuesday’s trade, EFE Securities said all of the bourse’s benchmark closed lower while the Mining Index marginally rose. “The primary All Share Index was down 1,34 percent at 116,49…
HARARE – Edgars Stores (Edgars) says it is engaged in discussions with an unnamed investor in a deal that may impact value of the company’s shares. Buhlebenkosi Mpofu, the clothing retailer’ company secretary, yesterday advised shareholders in a statement to be cautious on the local stock market when trading Edgars’ shares. “Edgars wishes to advise…
