Old Mutual investment returns on listed equities down

Old Mutual Zimbabwe (Old Mutual) has reported that profit after tax tumbled 40% to $53,9 million in the first half of 2018 from $89,3 million in the comparable period last year mainly due to a decline in investment return on listed equities. BY FIDELITY MHLANGA Total group revenue also fell …

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Why RBZ cash injections won’t ease crisis

SINCE the Reserve Bank of Zimbabwe (RBZ) announced incremental cash injections into the economy in July, bank queues have persisted; demand for foreign exchange has remained high while the parallel market has remained a major source of foreign currency for both corporates and individuals. BY TATIRA ZWINOIRA The statement stated …

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Export business reforms gather pace

Africa Moyo Business Reporter Government has covered reasonable ground towards improving the ease of doing export business, amid indications that players in the pharmaceutical and jewellery sectors are already benefiting from some of the reforms achieved. The doing export business reforms seek to address “colonial laws” that scupper the participation …

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Knives out for POSB bosses

Business Reporter A major labour grouping in the financial services sector, has lined up a series of demonstrations against POSB’s board and management over an array of allegations, chief among them incompetence. The Zimbabwe Banks and Allied Workers Union (Zibawu), said it was mobilising thousands of members including clients and …

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Barclays H1 profitability rises

Enacy Mapakame Business Reporter Barclays Bank of Zimbabwe Limited profit for the half year to June 30, 2018, jumped 43 percent to $13,6 million from $9,5 million as interest income improved during the period. This translated to basic earnings per share of 0,63 cents compared to 0,44 cents achieved in …

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Lancashire Steel secures investor

Michael Magoronga Midlands Correspondent KWEKWE-based company, Lancashire Steel, has secured an Indian investor, Whinstone Enterprises and is set to resume operations soon. The company suspended operations in 2010 after facing operational challenges owing mainly to the demise of Ziscosteel, its major raw material supplier. Lancashire Steel board chairman, Professor Ngwabi …

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Preventing electronic money fraud, scam

Clive Mphambela Whilst the majority of people work hard for their money, fraudsters are also busy creating new ways of tricking the unsuspecting banking public into divulging critical financial details so that they can eventually steal from them. Last week , we discussed how advances in electronic financial technologies have …

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‘Diversify to increase mineral commodities’

Midlands Correspondent PERMANENT Secretary in the Ministry of Mines and Mining Development, Mr Munesuishe Munodawafa, has implored the mining sector to embark on diversification programmes to increase the number of mineral commodities the country’s economy can benefit from. Mr Munodawafa made the remarks during the Kwekwe Mining Exhibition and Conference …

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Cigar tobacco output hits 24 500kg

Sibongile Maruta Business Reporter Zimbabwe’s cigar wrapper tobacco crop has continued to be popular with farmers with 24 500 kg having been produced during the 2018 marketing season. The high value tobacco brand is being grown in Burma valley where there are favourable conditions. The crop is being funded by …

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Voluntary disclosure of customs, excise offences

This article covers the Voluntary Disclosure programme that is running between July 2018 and December 2018 in as far as it refers to offences relating to the Customs and Excise provisions. Zimra has recorded a number of varying offences. It is against this backdrop that the authority is encouraging any …

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