By Noah Kupeta ZIMBABWE’S economic woes have plunged the funeral assurance sector into a crisis that has seen only 30 percent of registered players complying with the minimum prescribed asset ratio which is a prerequisite at law. This comes as Statutory Instrument 206 of 2019 stipulates that funeral assurers should be equipped with viable minimum
Xinhua Zimbabwe expects to benefit from its cooperation with China’s telecom giant Huawei in the area of information communication technology (ICT), a senior Zimbabwean official said Thursday. Zimbabwean Information, Publicity and Broadcasting Services Minister Monica Mutsvangwa made the remarks during the launch ceremony of the Huawei Seeds for the Future 2020 program in Harare. The
By Ndatenda Njanike CHITUNGWIZA based bakery, Natbake on Friday donated five tonnes of mealie meal to a local kitchen that has been feeding thousands of vulnerable residents during the current Covid-19 lockdown period. The famous Soup Kitchen was started by one philanthropic Samantha Murozoki who was feeding 24 people who included two widows from her
By Alois Vinga SHAREHOLDERS have been urged to exercise caution when dealing with seed manufacturing giant, SeedCo Limited (SCIL)’s shares amid reports the firm was ordered to merge its subsidiaries and leave the Zimbabwe Stock Exchange (ZSE). The firm’s shares were suspended from the ZSE in July 2020 after suspicions they were being used in
By James Muonwa, Mashonaland West Correspondent THE insurance and pensions sector, which hedges contributors’ funds in real estate, is reeling under debilitating Covid-19 pandemic effects due to reduced housing and office occupancy levels and rental cuts. Tenants, who are equally incapacitated by the pandemic, are reportedly negotiating for discounted rentals as business is depressed. Insurance
Bloomberg Corn deliveries by Zimbabwean farmers have soared thanks to more speedy payments, boosting supplies of the scarce staple, according to the country’s Grain Marketing Board. Farmers sold 124,985 tons during the first four months of the season compared with 76,400 tons a year earlier as they received payment within two to three days of
By Alois Vinga FINANCE Minister Mthuli Ncube is reportedly struggling to settle hotel bills incurred over a period by government officials in various ministries and other departments. Tourism Business Council of Zimbabwe (TBCZ) immediate past president, Tichaona Hwingwiri said continuous delays by treasury to honour debts owed to service providers was affecting the sector’s viability.
Mail and Guardian ABB, one of Switzerland’s most profitable companies, tried to avoid paying millions of dollars in taxes to Zimbabwe, the country’s tax authority said in court papers and other documents. The dispute between ABB and the Zimbabwe Revenue Authority (Zimra) centres on $13.4-million in payments allegedly owed to the country, which is in
By Matabeleland North Correspondent TWO Chinese companies are reportedly exploring for coal in the protected Hwange National Park, raising concerns from wildlife activists. Zimbabwe Parks and Wildlife Management Authority (Zimparks) rangers reportedly arrested some Chinese nationals inside the game park after finding doing some drilling. The parks rangers handed them over to police only to
By Alois Vinga THE RESERVE Bank of Zimbabwe (RBZ) Foreign Exchange Auction Tuesday closed trading at a rate of ZWL$83.32, which was seven cents lower than last week’s premium against the US dollar. A trading update released at the close of business showed that the officially accepted exchange rate was ZWL$83.32, down from ZWL$83.39 arrived
By Alois Vinga A CONSUMER rights lobby has slammed mobile telecoms operators and the industry regulator for working in cahoots in hiking data and voice tariffs to levels which many cannot afford. Econet Wireless, the country’s largest mobile phone operator by subscription, recently effected a 60 % tariff increase after receiving the green light from
By Alois Vinga FINANCE Minister, Mthuli Ncube says his Transitional Stabilisation Programme (TSP), working in tandem with a host of other policy interventions, managed to deliver a ZWL$1.195 billion in terms of budget surplus during the period January 2019 up to June 2020. The Treasury boss’s pronouncements are contained in a document released by the
Reuters Sales of Zimbabwe’s tobacco, the second largest foreign currency earner, fell 23.52% to 178.7 million kilograms this year, official data showed on Monday, after production was affected by lower rainfall. The tobacco auction season, which ended on Friday, traditionally leads to improved foreign exchange inflows in the southern African nation as buyers bring in
By Staff Reporter CBZ Bank has escaped the US$385 million fine it was facing under the United States’ Zimbabwe sanctions regime after the Office of Foreign Assets Control (OFAC) decided only to warn the bank. In 2017, CBZ Bank was slapped with a US$385 million fine by OFAC for thousands of financial transactions done on
By Makanaka Masenyama THE Chartered Institute of Customer Management (CICM) in partnership with the Contact Centre Association of Zimbabwe (CCAZ) has released the fourth edition of the Zimbabwe National Customer Satisfaction Index Report (ZimCSI). The report was released during an Executive Customer Experience Virtual Symposium Thursday under the theme “Customer Experience Mindset In The Midst
By Alois Vinga STANBIC Bank Zimbabwe has posted financial results that show a steady recovery from losses recorded last year after posting an after-tax profit of $607.2 million in the 2020 first half. The remarkable improvement shows a strong performance from the $624 million loss in the first half of 2019 The improved performance is
By Matabeleland North Correspondent HWANGE: The outbreak of the deadly Covid-19 pandemic has come out as a blessing and catapulted technological developments where societies have, overnight, migrated from physical space interactions to virtual platforms. Postal and Telecommunication Regulatory Authority (POTRAZ) deputy director-general Alfred Marisa said the outbreak of Covid-19 has seen nearly every citizen turning
Bloomberg ZIMBABWE’S second-largest diamond miner sees demand picking up after the coronavirus pandemic forced RioZim to halt sales in March amid slumping gem prices. With jewelry stores closed, cutters and polishers stuck at home and global travel at a standstill, the diamond industry ground to a halt over the past six months. While De Beers,
Xinhua MOBILE money platform EcoCash has complied with a directive from the Reserve Bank of Zimbabwe (RBZ) limiting daily transactions to a maximum 5,000 Zimbabwe dollars (ZWL, about 60 U.S. dollars), as the central bank presses ahead with efforts to kill the foreign exchange black market. The directive is contained in the central bank’s mid-term
By Nyasha Nigel Machiri Facebook has announced that they will be charging Zimbabwe advertisers value-added tax (VAT) on the sale of ads with effect from 1 September due to Zimbabwe’s implementation of VAT on the supply of electronic services. The tax is currently set locally at 14.5%, and it will apply to both businesses and
