HARARE – Zambian businesses have urged their government to consider increasing import taxes on goods from Zimbabwe to create a level playing field for trade. This was after Zimbabwe recently made an ill-advised move to “restrict trade” as part of strategies to support the development of local industries and relieve pressure brought on by “economic…
HARARE – The Infrastructure Development Bank of Zimbabwe (IDBZ) says it is set to issue over $15 million in housing bonds to fund various projects under preparation. The state-owned institution — whose mandate is infrastructure development — successfully issued its maiden $5 million housing bond last year through private placement and anticipates issuing the $15…
HARARE – Agro-based manufacturing group CFI Holdings Limited (CFI) revenue for the eight months to May 31 slumped 45 percent to $23,1 million down from $41,8 million on the back of a tough operating environment. CFI acting chief executive officer Timothy Nyika last week told an Annual General Meeting (AGM) that the group, however, anticipated…
HARARE – PG Industries Zimbabwe (PG) is moving to sell about 8, 6 billion shares to an Indian investor for $500 000 as the group’s shareholders seek to divest from the struggling firm. PG scheme of arrangement chairperson Moses Chinhengo yesterday said the company’s shareholders were set to meet next month to discuss the disposal…
HARARE – The Zimbabwe Stock Exchange (ZSE) remains subdued with the market’s turnover slumping by 70 percent to settle at $1,5 million in the week ending July 1, 2016, the central bank has said. A Reserve Bank of Zimbabwe (RBZ) update said most blue chip counters’ performance was depressed. The RBZ also said the amount…
HARARE – The National Social Security Authority (Nssa) has resorted to issuing garnishee orders to defaulting employers after the authority recorded a $217 million debtor’s book at the end of 2015, it has emerged. Nssa — which provides social security to retired employees through employee contributions — is paid by employers every month after deducting…
HARARE – As the country’s economy continues to deteriorate with cash shortages worsening, tight liquidity has created jobs for the unemployed as ever-innovative Zimbabweans invent and reap from a supposedly grim and bleak situation. Most local banks have lowered their cash withdrawal limits, a situation that has seen desperate Zimbabweans buying and selling cash at…
HARARE – Zimbabwean insurance companies have been urged to come up with new products aimed at capturing at least 9,1 million people who are not insured. Finance ministry director Judith Rusike said insurance sector firms must play a part in promoting financial inclusion. “The FinScope Consumer Survey carried out in Zimbabwe in 2014 indicated that…
HARARE – National Assembly speaker Jacob Mudenda has warned the government against warehousing State enterprise debt as this was burdening hard-pressed taxpayers. Mudenda said there was need for new laws to hold management at parastatals accountable for the accumulation of debts. “Government has been taking over these debts but then chief executives at the parastatals…
HARARE – Zimbabwe is set to secure close to $1 billion in loans from the African Export-Import Bank (Afreximbank) aimed at clearing the country’s $1,8 billion arrears to multilateral institutions, the central bank governor has said. Reserve Bank of Zimbabwe governor John Mangudya told the media in London, where he is meeting potential foreign investors,…
