Quantcast
Channel: Top Stories – The Financial Gazette
Viewing all 1262 articles
Browse latest View live
↧

Global trade wars could expose Zimbabwe

June 21, 2018, 12:55 am
$
0
0

Global trade wars could expose Zimbabwe

[caption id="attachment_121245" align="alignnone" width="300"] Industry, Commerce and Enterprise Development Minister, Mike Bimha.[/caption] A NEW paper released by the United Nations Conference of Trade and Development (UNCTAD) on Tuesday this week says Zimbabwe’s exports face an applied tariff rate of seven percent and a tariff increase of 54 percent in case of a full trade war. The tariffs were calculated under the assumption that all countries will engage in a trade war and set tariffs to their optimal mercantilist levels; including also nullifying any bilateral concessions and preferential conditions for specific categories of countries. The multilateral body observed that although there is a long history of countries blaming each other for their own economic misfortunes, during the last few months there…

The post Global trade wars could expose Zimbabwe appeared first on The Financial Gazette.

↧
Search

‘Totem will not carry you into global markets’

June 21, 2018, 12:57 am
$
0
0

‘Totem will not carry you into global markets’

[caption id="attachment_86975" align="alignnone" width="300"] President Emmerson Mnangagwa[/caption] A ZIMBABWEAN academic chose to swim against the tide last week, telling the country’s industrialists that their businesses faced collapse because they were perennial cry babies who depended on government’s protectionist policies and lacked innovation. In a frank presentation at the Buy Local summit in Gweru on Thursday, England based branding expert, Ernest Kadembo hit out at domestic producers for thinking that they deserved protection because they originated from crisis hit Zimbabwe. This was wrong, said Kadembo, a professor, who made a presentation at the summit. His presentation was at variance with the spirit at the summit, which discussed a range of protectionist policies including the upcoming local content policy that is set…

The post ‘Totem will not carry you into global markets’ appeared first on The Financial Gazette.

↧
↧

Pension funds dump outdated legislation

June 21, 2018, 12:57 am
$
0
0

Pension funds dump outdated legislation

[caption id="attachment_92389" align="alignnone" width="300"] Finance Minister, Patrick Chinamasa[/caption] LOCAL pension funds have departed from an outdated method of accounting for investment assets as stipulated in the Pension and Provident Funds Act, a member of the insurance and pensions subcommittee at the Institute of Charted accountants of Zimbabwe (ICAZ) has revealed. Hope Mulilo, an expert in Audit, International Financial Reporting Standards (IFRS), pensions and Social Security, said the industry had adopted “fair value” recognition of assets over the less appropriate “cost” treatment which is required by the Act which was gazetted in 1991. She said recognition of assets using the “cost” method often results in discrepancies in valuation. “The Pension and Provident Funds Act (Chapter 24:09) requires assets to be recognised…

The post Pension funds dump outdated legislation appeared first on The Financial Gazette.

↧

CAAZ revokes FlyAfrica certificate

June 21, 2018, 12:58 am
$
0
0

CAAZ revokes FlyAfrica certificate

[caption id="attachment_88892" align="alignnone" width="300"] This is not the first time CAAZ has moved to revoke the airline’s Aircraft Operating Certificate.[/caption] THE Civil Aviation Authority of Zimbabwe (CAAZ) has revoked fledgling local airline, FlyAfrica Zimbabwe (FlyAfrica)’s, Aircraft Operating Certificate (AOC) after several false starts, it has emerged. Following several turbulent starts, CAAZ this week pulled the plug on the airline for breach of regulatory requirements with the carrier saying it is moving for re-certification to once again take to the skies. “Fly Africa has, after consultations and guidance from CAAZ, taken the decision to go through a re-certification exercise, in order to move the airlines operating aircraft leases from an ACMI (wetlease) arrangement to a permanent dry lease arrangement. The re-certification…

The post CAAZ revokes FlyAfrica certificate appeared first on The Financial Gazette.

↧

Schweppes buckles under pressure

June 21, 2018, 12:59 am
$
0
0

Schweppes buckles under pressure

[caption id="attachment_170273" align="alignnone" width="300"] Schweppes Zimbabwe MD Charles Msipa[/caption] AFTER a massive market backlash, Delta Corporation associate Schweppes Zimbabwe Ltd (Schweppes) says it will soon be bringing back original flavours for all its Mazoe drinks. Earlier, the beverages maker changed its Mazoe recipes to introduce a less sweet version of the drinks, much to the market’s disappointment. “Today, Coca-Cola Company and Schweppes Zimbabwe Limited are announcing that the original Mazoe recipes for all flavours will be back on the shelves in the near future. “We have listened to consumer demand and appreciate all the feedback that has been received. In order to meet those desires, but still provide choice, both the original recipes of Mazoe and the reduced sugar recipes…

The post Schweppes buckles under pressure appeared first on The Financial Gazette.

↧
↧

Chiwenga tightens grip on Zim government

June 21, 2018, 1:00 am
$
0
0

Chiwenga tightens grip on Zim government

[caption id="attachment_170271" align="alignnone" width="300"] Vice president, Constantino Chiwenga[/caption] VICE President Constatino Chiwenga has been given new responsibilities to administer Zimbabwe’s public procurement processes, anti-corruption drive and key components of the Home Affairs ministry, igniting debate about his increasing clout in government. The announcement has also fuelled speculation that President Emmerson Mnangagwa was “coup-proofi ng” the country by placing the “entire security sector” in the hands of a man who engineered November 2017’s military intervention and the Defence minister was recently entrusted with managing Zimbabwe’s parastatal reforms. “Acts assigned to the vice president… are the Anti-Corruption Act (Chapter 9:22), Prevention of Corruption Act (Chapter 9:16), Public Procurement and Disposal of Public Assets Act (Chapter 22:23),” read the June 15 Government Gazette.…

The post Chiwenga tightens grip on Zim government appeared first on The Financial Gazette.

↧

Blast rocks President Emmerson Mnangagwa’s rally

June 24, 2018, 3:42 am
$
0
0

Blast rocks President Emmerson Mnangagwa’s rally

[caption id="attachment_172177" align="alignnone" width="300"] VP Constantino Chiwenga's wife, Mary 'hospitalised' after explosion[/caption] An explosion rocked a stadium in Zimbabwe where President Emmerson Mnangagwa was addressing a rally on Saturday, his spokesman said, adding the head of state was unhurt and taken to safety. “There has been an incident at Bulawayo (White City Stadium) where the president was addressing a rally. This is now a police issue but the president is safe at Bulawayo State House,” spokesman George Charamba told Reuters. “We are still to get information on what exactly happened as we understand that some people could have been injured as this happened in the VIP tent.” Footage from Zimbabwe state television on Saturday showed an explosion took place near…

The post Blast rocks President Emmerson Mnangagwa’s rally appeared first on The Financial Gazette.

↧

Old Mutual relists on ZSE

June 27, 2018, 1:27 am
$
0
0

Old Mutual relists on ZSE

[caption id="attachment_173053" align="alignnone" width="300"] Minister of Finance, Patrick Chinamasa, rings the bell to signal the re-listing of Old Mutual on ZSE. Old Mutual Group CEO, Mr. Jonas Mushosho (left), and ZSE Deputy Chairperson, Bart Mswaka (right), applauding.[/caption] OLD Mutual Limited shares were yesterday listed on the Johannesburg Stock Exchange (JSE) with a secondary listing on the Zimbabwe Stock Exchange (ZSE), Nairobi Securities Exchange (NSX) and the Malawi Stock Exchange (MSE) The listing replaces the listing of Old Mutual plc which has been split into four stand-alone, listed businesses, which include Old Mutual Limited. Old Mutual plc had a primary listing on the London Stock Exchange and secondary listings on the JSE, the MSE, the NSX and the ZSE. Peter Moyo,…

The post Old Mutual relists on ZSE appeared first on The Financial Gazette.

↧
Search

ZSE spurs life assets

June 28, 2018, 12:55 am
$
0
0

ZSE spurs life assets

[caption id="attachment_75764" align="aligncenter" width="300"] The life assurance sector recorded a 311 percent surge in equities investments.[/caption] POSITIVE performance on the Zimbabwe Stock Exchange (ZSE) has spurred asset bases of local life assurance companies, as the sector closed the first quarter with an asset base of $2,82 billion, it has emerged. Insurance and Pensions Commission (IPEC) pensions manager Nhau Chivingira last week said life assurers — who mostly invest in markets on behalf of their clients — saw a surge in asset base following the ZSE’s bullrun last year. “The ZSE bullrun drove asset bases with the assurers closing 2017 with an asset base of $2,5 billion. While they closed the first quarter with $2,82 billion, this is in comparison to…

The post ZSE spurs life assets appeared first on The Financial Gazette.

↧
↧

EcoCash to reduce tariffs

June 28, 2018, 12:56 am
$
0
0

EcoCash to reduce tariffs

[caption id="attachment_71906" align="alignnone" width="300"] Econet Wireless CEO Douglas Mboweni[/caption] ECOCASH plans to further reduce its tariffs soon, the mobile money service’s chief executive officer Natalie Jabangwe-Morris has revealed. Speaking at the launch of EcoCash’s dedicated business wallet in Harare last week, Jabangwe-Morris said the mobile money service was planning to slash its tariffs again this year before the elections which are scheduled for July 30. “As EcoCash, over the last few years we have been reducing our tariffs every single year, this year again I will confirm to you that we will be reducing our tariffs, hopefully we will deal with this before the elections,” She said. EcoCash has over the past few years slashed its tariffs more than once…

The post EcoCash to reduce tariffs appeared first on The Financial Gazette.

↧

Zimbabwe’s economy expanding: Mangudya

June 28, 2018, 12:58 am
$
0
0

Zimbabwe’s economy expanding: Mangudya

[caption id="attachment_76922" align="aligncenter" width="300"] Reserve Bank of Zimbabwe Governor, John Mangudya[/caption] ZIMBABWE’S economy is expanding at a faster pace than the country is producing goods for export resulting in foreign currency shortages, central bank governor John Mangudya has said. The southern African country has for the past two years experienced worsening cash shortages that have seen local banks limiting withdrawals while importers face long delays in paying for goods they bring in, forcing some to buy scarce foreign currency on the parallel market. “We look at foreign currency shortages as a side effect of a growing economy, because the economy is expanding at a faster rate than the pace at which we are creating foreign currency,” Mangudya said yesterday at…

The post Zimbabwe’s economy expanding: Mangudya appeared first on The Financial Gazette.

↧

Diamond mine haunts Chihuri

June 28, 2018, 12:59 am
$
0
0

Diamond mine haunts Chihuri

[caption id="attachment_84861" align="aligncenter" width="300"] Former Zimbabwe Republic Police commissioner general Augustine Chihuri[/caption] FORMER commissioner of the Zimbabwe Republic Police (ZRP) Augustine Chihuri personalised a diamond firm called Gye Nyame that operated in Marange diamond fields in partnership with the force, a Parliamentary report has said. It called for contempt charges against a string of police and government officials who could have lied under oath during intense grilling by the Parliamentary Committee on Mines and Energy early this year. The ZRP entered into a joint venture agreement with Ghanaian and Zimbabwean partners in 2009 to exploit vast diamond reserves in the area. Gye Nyame has been integrated into the Zimbabwe Consolidated Diamond Company along with about six other firms that held…

The post Diamond mine haunts Chihuri appeared first on The Financial Gazette.

↧

Prioritise domestic capital – govt told

June 28, 2018, 1:12 am
$
0
0

Prioritise domestic capital – govt told

[caption id="attachment_173345" align="alignnone" width="300"] Zimbabwe can finance its development from its own domestic financial resources if innovative instruments are deployed and supported by .appropriate means of implementation.[/caption] ZIMBABWE should seriously consider boosting its economy by placing more emphasis on domestic capital over foreign investment through attractive investment packages and other incentives, analysts say. This comes as the Confederation of Zimbabwe Industries (CZI) has called for “greater support and recognition” of local business as the country fights to turn around its economic fortunes, with key local institutions such as the Reserve Bank of Zimbabwe (RBZ) and the Zimbabwe Revenue Authority (Zimra) also working hard to mobilise internal resources. “Domestic investors should be promoted because they are more stable. In the event…

The post Prioritise domestic capital – govt told appeared first on The Financial Gazette.

↧
↧

Fiscal devaluation is the only way — Experts

July 5, 2018, 12:55 am
$
0
0

ZIMBABWE needs to come up with fiscal devaluation measures if it is to ratify the African Continent Free Trade Area (AfCFTA) and operate competitively under the agreement, experts have warned. Fiscal devaluation is the use of the tax system to mimic a nominal devaluation of the exchange rate, in particular by increasing taxes on imports […]

To access this post, you must purchase Fingaz Intro.

The post Fiscal devaluation is the only way — Experts appeared first on The Financial Gazette.

↧

Zinara makes bizarre appointment

July 5, 2018, 12:56 am
$
0
0

THE Zimbabwe National Roads Administration (Zinara) has bizarrely appointed its company secretary Mathlene Mujokoro as acting chief executive officer following the suspension of Nancy Masiyiwa. Masiyiwa, who consistently clashed with Transport Minister Jorum Gumbo who is accused of protecting some managers at the parastatal implicated in fraud and corruption charges, was suspended in June on […]

To access this post, you must purchase Fingaz Intro.

The post Zinara makes bizarre appointment appeared first on The Financial Gazette.

↧
Search

Zimbabwe surpasses tobacco target

July 5, 2018, 12:57 am
$
0
0

ZIMBABWE is expected to register record-breaking tobacco production this year after the country surpassed its 220 million kilogrammes (kg) target on Tuesday, a few days before the current selling season ends. Figures from the Tobacco Industry and Marketing Board show that the country has sold 220,2 kg of tobacco and earned $642,1 million compared to […]

To access this post, you must purchase Fingaz Intro.

The post Zimbabwe surpasses tobacco target appeared first on The Financial Gazette.

↧

‘We are open to domestic capital’

July 5, 2018, 12:58 am
$
0
0

RESIDENT Emmerson Mnangagwa says his government is committed to attracting and promoting domestic capital the same way it is promoting foreign direct investment.  This was after several economic experts told The Financial Gazette last week that the new administration should prop up local investors first before opening the country to foreign capital, which is sensitive […]

To access this post, you must purchase Fingaz Intro.

The post ‘We are open to domestic capital’ appeared first on The Financial Gazette.

↧
↧

Brace for fuel price hikes: BMI

July 5, 2018, 12:59 am
$
0
0

The hike in fuel prices is anticipated to have a ripple effect on the economy and could lead to price jumps in essential consumer goods, denting Zimbabwe’s economic growth prospects.   MOTORISTS should brace for more fuel price hikes as oil prices continue to move northwards while government insists on controlling the fuel industry and […]

To access this post, you must purchase Fingaz Intro.

The post Brace for fuel price hikes: BMI appeared first on The Financial Gazette.

↧

Zimbabwe cash crisis ‘killing business’

July 5, 2018, 1:00 am
$
0
0

THE uncertainty around regional budget airline Fastjet’s future partly due to unremitted cash from its Zimbabwean operations  has added credence to the view that Harare’s currency problems “are killing business”, analysts say. This also comes as South African Airways has been battling to recover nearly R1 billion trapped in the country while several other businesses, […]

To access this post, you must purchase Fingaz Intro.

The post Zimbabwe cash crisis ‘killing business’ appeared first on The Financial Gazette.

↧

Bond notes are here to stay: RBZ

July 10, 2018, 1:21 am
$
0
0

RESERVE Bank of Zimbabwe governor John Mangudya says the country’s surrogate currency, the bond note, will be around for the foreseeable future. Zimbabwe introduced bond notes in 2016 to ease an acute cash crisis in the country. The bond, which operates together with the multi-currency system that was introduced in 2009 has, however, failed to […]

To access this post, you must purchase Fingaz Intro.

The post Bond notes are here to stay: RBZ appeared first on The Financial Gazette.

↧
Viewing all 1262 articles
Browse latest View live
Search