Business

HARARE – Government plans to revamp the National Social Security Authority (Nssa) Act by reviewing certain aspects stipulating how investments will be undertaken using pension funds. Finance minister Patrick Chinamasa said concerns have been expressed over Nssa’s multi-million dollar investments. “…developments to date show that Nssa is losing policy holder deposits following investment in areas…

HARARE – Six non-life insurers have failed to meet the $1,5 million minimum capital requirement within the September 30, 2014 deadline, the Insurance and Pensions Commission (Ipec)’s latest third quarter report indicated. The six are Sanctuary Insurance Company with capital of $1,3 million, Satel Insurance Company also $1,3 million, KMFS Insurance $460 505, Global Insurance…

HARARE – Zimbabweans face a tough 2015 as the country’s economic prospects are likely to continue waning in the new year, economists have warned. This comes as a huge number of companies have shut down, with thousands losing jobs. According to Treasury statistics, at least 4 160 companies have closed shop since 2011, sending over…

HARARE – Delta Corporation (Delta)’s chief executive Pearson Gowero has been appointed to Nampak Zimbabwe Limited (Nampak Zim) board following the merger of Hunyani, CarnaudMetalbox and MegaPak. This comes as South Africa-based packaging group Nampak Holdings (Nampak) wholly-acquired the Zimbabwe Stock Exchange-listed Hunyani and merged it with two other local units in a share swap…

HARARE – The Financial Action Task Force (FATF), an inter-governmental body plans to visit Zimbabwe next month as part of escalated efforts to mitigate money laundering and combat the financing of terrorism. Finance minister Patrick Chinamasa said that this development follows a successful evaluation done on the country by the monitoring body at a plenary…

HARARE – Zimbabwe’s gold earnings slumped by 6,5 percent to $502 million in the 10 months to October 2014 from $534 million achieved in prior comparable period. According to the latest Chamber of Mines of Zimbabwe (CoMZ) statistics, the decline in gold revenue is despite an increase in the yellow metal’s production to 12 363,73…

HARARE – Zimbabwe’s petrol price may fall to as low as $1,48 per litre while diesel may average $1,32 in 2015, if crude oil prices remain depressed on the world market, the Zimbabwe Energy Regulatory Authority (Zera) said Friday. Gloria Magombo, Zera chief executive, said the benefits of the declining international oil prices will trickle…

HARARE – AfrAsia Zimbabwe Holdings Limited (AZHL) is disposing its micro-lending unit MicroKing Finance, with potential buyers expected in the country to conduct due diligence by mid-January 2015. Its chief executive, Lynn Mukonoweshuro, said the interested investors were from the region and overseas. “During the course of December and early January shortlisted investors will visit…

HARARE – Zimbabwe is now making “token” payments to the European Investment Bank (EIB) as part of efforts towards financial re-engagement with international financiers, Finance minister Patrick Chinamasa said. The heavily indebted country is already making part payments to the World Bank (WB), International Monetary Fund (IMF) and the African Development Bank (AfDB). Although Chinamasa…

HARARE – Zimbabwe’s 106 percent mobile penetration rate is misleading in relation to connectivity and access as only 60 percent of the population is estimated to have mobile devices, the country’s telecommunications industry regulator says. Baxton Sirewu, acting director general of the Postal and Telecommunications Regulatory Authority of Zimbabwe (Potraz), said despite the “apparently impressive…