HARARE – Inflation is anticipated to continue firming on account of the general increase in the prices of goods and services, thus sending shivers down the spines of ordinary Zimbabweans who are still hounded by memories from the 2008 hyperinflationary era, which wiped out their hard-earned savings. Annual headline inflation accelerated from 0,21 percent in…
HARARE – Old Mutual Custodial Services has rebranded to CABS Custodial Services (Private) Limited (CCSL) in an effort to meet international best practices that encourage custodians to operate within a banking institution. CABS managing director Simon Hammond said the new unit will also take advantage of the efficient systems within the bank. [GoogleAd] “While our…
HARARE – The Securities and Exchange Commission of Zimbabwe (SecZim) is planning to introduce online trading and reporting of all securities transactions and investments across the entire capital markets in the country. SecZim chief executive Tafadzwa Chinamo said the initiative was aimed at promoting financial inclusion, ease of doing business and securities market development and…
HARARE – The Insurance and Pension Commission (Ipec) said it will compel all insurance companies to publish financial statements as part of strategies to promote transparency and increase credibility in the sector. The regulator’s commissioner, Tendai Karonga, yesterday said insurance fraud — estimated to gobble around 30 percent of premium funds annually — had necessitated…
HARARE – First Merchant Bank Limited (FMB)’s Botswana unit, Capital Bank, said the acquisition of Barclays Bank Zimbabwe (BBZ) will boost trade and investment in southern Africa. This was after Barclays Plc last week announced it was selling 42,68 percent of its 67,68 percent shareholding in BBZ with an additional 15 percent of shares being…
HARARE – Affirmative Action Group (AAG) has asked President Robert Mugabe and Indigenisation minister Patrick Zhuwao to reverse Barclays’ sale of its Zimbabwe bank to Malawi-listed First Merchant Bank (FMB). The lobby group’s president, Chamu Chiwanza, yesterday told a news conference in the capital that the sale — part of the British lender’s broader exit…
HARARE – Telecel Zimbabwe has launched a $5 million promotion where subscribers stand a chance to win various prizes over a three-month period. The mobile network operator’s communications and branding director, Obert Mandimika, said the promotion was a way of returning value and thanking loyal subscribers through the fun and innovative game. “Telecel is grateful…
HARARE – The Zimbabwe Stock Exchange (ZSE) has reversed a $3,9 million transaction between African Sun Limited (ASL) and Dawn Properties Limited (DPL) after the two companies flouted listing regulations. This was after ASL and DPL — both subsidiaries of Brainworks Capital Management (Brainworks) — had entered into a transaction wherein a facility from a…
HARARE – Zimbabwean companies are embarking on a share buyback spree in an effort to preserve shareholder value and boost earnings per share. Last week, Zimre Holdings and Pearl Properties announced their intention to embark on share buybacks. Companies buy back their shares for various reasons. They do it when they believe their shares are…
HARARE – China, which recently announced plans to ban its domestic legal ivory trade, said it is committed to end illegal wildlife trade in Zimbabwe and the world. The Chinese Ambassador to Zimbabwe, Huang Ping, said his government attaches great importance to protecting wildlife species and combatting wildlife crime. “From the strategic height of China’s…
