Rand tumbles

South Africa’s rand tumbled to a five-month low against the dollar early yesterday, extending losses in the previous session as global risk aversion and uncertainty over cabinet appointments hurt sentiment. At 0648 GMT, the rand traded at 14,8575 per dollar, 0,9 percent weaker than its New York close on Tuesday. …

Read More »

Treatment of remuneration for employees’ tax

Every employer who pays or grants any remuneration to an employee is required to deduct Employees Tax (PAYE) and remit it to the Zimbabwe Revenue Authority within the periods given in terms of Section 73 as read with the Thirteenth Schedule of the Income Tax Act. What constitutes remuneration for …

Read More »

Foreign investors’ stocks surged R13,3bn

Foreign investors’ sales of South African stocks jumped to a record as emerging-market index changes by compiler MSCI Inc prompted money managers to adjust their holdings. Net outflows surged to R13,3bn ($894m) of South African shares Tuesday, compared with net purchases of R389m in the previous session, figures from stock …

Read More »

Oil prices drop

Oil prices fell nearly 3 percent yesterday as China signalled it would use the rare earths card in its trade war with the United States, stoking concerns that an ongoing stand-off could hurt crude demand. Supply constraints linked to OPEC output cuts and political tensions in the Middle East offered …

Read More »

Tourism players defend pricing model

Leonard Ncube in Victoria Falls THE tourism industry in Victoria Falls has defended its pricing model, saying the country’s prime resort destination deserves a higher value for what it offers as it is not a mere “village town”. Concerns have been raised at various fora about “expensive rates” charged by …

Read More »

Emerging market stock funds suffer $3,8bn withdrawals

Investors have pulled money from emerging market stock funds in the past week at the fastest rate since the crises last year involving Turkey and Argentina, as concerns mount over the trade stand-off between the US and China. Funds that invest in emerging market stocks lost $3,8 billion in the …

Read More »

Borders Timbers profit up 14pc

Border Timbers said yesterday it recorded a 14 percent jump in net profit to RTGS$4,4 million for the eight months ending February 2019, compared to the same period in 2018. The firm’s main products are timber and poles. In a trading update, the Zimbabwe Stock Exchange-listed firm said increased sales …

Read More »

Power Seven avails shelter for cyclone victims

Business Reporter Local tarpaulins and canvas goods manufacturer, Power Seven, has donated tents to survivors of Cyclone Idai that ravaged most parts of Manicaland this year, killing hundreds of people and living thousands homeless. The company’s donation comes as relief to some of the people who were yet to build …

Read More »

Ipec drafts pension reforms

Business Reporter The Insurance and Pension Commission (IPEC) is working on reforms that might see fund members benefiting from their pension funds before retirement amid growing questions over the relevance of pension in a highly volatile and largely unstable economic environment. The insurance regulator said the pension reforms are meant …

Read More »

Trade deficit narrows 22pc

Kudakwashe Mhundwa Zimbabwe’s trade deficit for the fourth quarter of 2018 narrowed 22 percent to US$499 million from US$577,9 million recorded in the previous quarter, although the value of imports continued to outstrip value of exports. The country’s imports are mostly made up of raw materials for industrial processing. Figures …

Read More »