Tuesday, November 21, 2017
Business Writers A confidence crisis is brewing over Zimbabwe’s banking sector mainly driven by the gradual lo ss of value of bank balances due to the growing mismatch in the United States dollar exchange rate amid growing pressure from employees for salary increases. The shortage of the US dollar, the country’s...
Africa Moyo The Air Zimbabwe board, which met last Friday to deliberate on the fate of suspended chief executive officer Captain Ripton Muzenda, has no mandate to unilaterally sack him, Business Weekly has established. It was largely expected that by end of last Friday, Cpt Muzenda would have been sacked by...
Livingstone Marufu Zimbabwe Stock Exchange-listed entity Seed Co Limited, is in discussions with Government to revive commercial rice production in the country in a move that is expected to save the country as much as $150 million in foreign currency. This comes after the demand for rice drastically increased to over...
Chris Chenga The National Railways of Zimbabwe (NRZ)’s $400 million deal with a consortium led by the Diaspora Infrastructure Development Group (DIDG) and South Africa’s Transnet, which had hit a brick wall, came back to life after Cabinet approved the transaction. Now that the deal is back on the table,...
Business Writer The Reserve Bank of Zimbabwe (RBZ) says it is taking advantage of the significant levels of Real Time Gross Settlement (RTGS) balances in the economy to structure cheap financing for the productive sectors. Typically under the RTGS system, transfer of money between banks happens “real-time”, requiring that transactions...
Gains on the Zimbabwe Stock Exchange continued for the week ending Wednesday 18 October 2017, but were slightly lower than those of the previous week ending 11 October 2017. At the close of trading on Wednesday this week, the main Industrials Index had gained 5,91 percent to 515,95. The gains...
Yesterday (October 19) was the 30th anniversary of Black Monday — when Wall Street recorded its largest fall (22,61 percent) since the Great Depression. As with almost every major historical milestone to effect global financial markets since, this event zero impact on the ZSE, which was at the time...
Taurai Mangudhla Listed buildings and associated industries concern Turnall Holdings, remains optimistic of successful balance sheet restructuring and earnings growth initiatives despite dwindling revenues and growing net liabilities. Turnall owed the Zimbabwe Revenue Authority (Zimra) $4,8 million in outstanding tax obligations as of December 2016 and was granted eight years to...
Tawanda Musarurwa The Insurance and Pensions Commission (IPEC) could win its argument to regulate all medical aid societies in Zimbabwe as it is backed by Sadc protocol that entails all medical aid funders to be superintended by insurance regulatory authorities. Zimbabwe has already ratified the Sadc protocol. According to IPEC insurance and...
Chris Chenga The Zimbabwe Asset Management Company (ZAMCO) is considering disposing its distressed loans following numerous inquiries from potential investors interested in acquiring the assets, CEO Dr Cosmas Kanhai has said. Dr Kanhai said ZAMCO has already received numerous inquiries from potential investors seeking to acquire the distressed loans from...