HARARE – Zimbabwe Stock Exchange (ZSE)’s bullish run in the 2016 fourth quarter is expected to end soon due to depressed economic conditions, insurance giant Old Mutual has said. In its Portfolio Manager’s Digest for 2016, Old Mutual said investors were expected to lean towards value preservation assets. “The recovery in stock prices was therefore…
HARARE – Zimbabwe has remained in deflation for the past two years despite government’s effort to stimulate local production, latest figures show. Data released yesterday by the Zimbabwe Statistical Agency (Zimstat) revealed that the country’s year-on-year inflation gained 0,16 percentage points in December 2016 to close the year at -0,93 percent. “This means that prices…
HARARE – Zimbabwe’s leading mobile telecommunications company, Econet Wireless, is seeking to raise $130 million, through a rights issue, as a way of servicing its loans. Econet yesterday said the move was necessitated by the current liquidity and cash crises, which have resulted in local firms failing to settle their international obligations due to foreign…
HARARE – The World Bank’s prediction that Zimbabwe’s economy will grow by 3,8 percent this year is not only incorrect but also misleading, economic experts have said. This comes as the Bretton Woods institution in its Global Economic Prospects report titled “Weak Investment in Uncertain Times”, which was released last week, noted that the Zimbabwean…
HARARE – London-listed resources firm, Caledonia Mining Corporation Plc (Caledonia), has enjoyed a record quarter for gold production from its Blanket mine in Zimbabwe. Some 13 591 ounces of gold were produced in the last three months, an 18 percent increase on a year ago and one percent up quarter on quarter. Caledonia chief executive,…
HARARE – RwandAir says it will launch its inaugural flights to Zimbabwe in April as the airline continues with its regional expansion. This comes as Rwanda’s national airline last week announced Harare was going to be among its new regional and international destinations such as Mumbai, London, Bamako, Conakry, New York and Lilongwe. On Thursday,…
HARARE – American agriculture equipment manufacturer, Case IH (Case), is this year celebrating 175 years of operations. The global company’s president, Andreas Klauser, said the anniversary was a testament to many years of quality, perseverance and progress. “I find it amazing to see just how far the farming industry and our company have come during…
HARARE – Zimbabwe is working towards establishing a bank that will represent youth interests in the country’s financial sector as well as provide credit to upstarts and small to medium enterprises. Finance minister Patrick Chinamasa said he made a provision for establishment of a youth bank in this year’s budget. “Treasury has announced in the…
HARARE – Microfinance Institutions (MFIs) will soon be allowed to renew their operating licenses once in every three years as the country moves towards financial inclusion, businessdaily has established. This compares favourably with the current annual license registration. “The government has begun to amend the Microfinance Act to address its shortcomings, by among other things,…
HARARE – The Confederation of Zimbabwe Industries (CZI) said it has engaged financial institutions over delays in foreign payments. This comes as local industry has been struggling to import raw materials since late last year due to lack of foreign currency and banks’ delay in settling international financial obligations. CZI president Busisa Moyo told journalists…
