Cost of living marginally up

By |August 8th, 2017|Categories: Headlines|

The Zimbabwe Revenue Authority says its $3.8 bln revenue target for 2017 will not be negatively affected by the suspension of backdated Value Added Tax on meals for non-resident tourists, an official has said. Finance and Economic Development Minister Patrick Chinamasa last week gave hoteliers relief on the $3 mln worth of back-dated Value Added Tax on meals charged on

Turnall reports loss for FY16, revenue down 41%

By |August 7th, 2017|Categories: Headlines|

Turnall reported its result for the year ended 31 December 2017 showing 41% drop in revenue to $16.9 million down from $29 million prior year comparative. Gross profit amounted to $1.8 million down from $6.6 million. Turnall however reported a loss of $1.2 million against a profit of $106,938 prior year comparative. This is after the Group incurred impairment losses

CBZ reports flat half year results

By |August 4th, 2017|Categories: Headlines|

CBZ reported its results for the half year ended 30 June 2017 showing a decline in profit before tax of $11.9 million from $12.1 million prior year comparative. Return on assets was lower at 1.1% from 1.3% while return on equity was also lower at 8.1% from 8.7%. The performance was slightly underwhelming as the earnings remained stable due to

RBZ creates fund to facilitate repatriation of ZSE foreign trades

By |August 3rd, 2017|Categories: Headlines|

The government has identified a new investor to revive operations at Zisco. Industry and Commerce Deputy Minister Chiratidzo Mabuwa told Business Chronicle in Bulawayo where she is touring companies that of the six investors one had been identified as suitable to revive operations at Zisco. She said Industry and Commerce Minister Dr Mike Bimha would soon announce the new investor

DPC sues failed banks’ executives

By |August 2nd, 2017|Categories: Headlines|

The Deposit Protection Corporation (DPC) has started taking legal action against shareholders and directors of banks whose institutions failed due to poor corporate governance. DPC chief executive officer John Chikura said this in Bulawayo said DPC recently started suing of shareholders and directors and these court cases are playing out in the courts. About eight banks have collapsed in recent

ZSE July trading update

By |August 1st, 2017|Categories: Headlines|

Zimbabwe’s economy has continued to shrink, leading to growing unemployment and significant underemployment, an international research body has said. A recent Business Monitor International (BMI) report said a weak labour market would continue to constrain consumption growth over 2017. BMI said they believed that income insecurity, together with low income levels, would gear consumption toward subsistence-based spending preventing significant consumption

NSSA explains pension payouts

By |July 31st, 2017|Categories: Headlines|

Actuaries advised NSSA that increasing pension payouts from $60 to $100 per month would deplete the pension fund before 2045, Public Service, Labour and Social Welfare Deputy Minister Tapiwa Matangaidze has said. He was responding to a question asked in Parliament last weekcabout why NSSA failed to live up to government’s promise that pensioners would be paid $80 at the

ZSE state position on CFI saga

By |July 28th, 2017|Categories: Headlines|

ZSE today published a notice saying it has not been formally advised that ,Messina Investments and any other parties it is acting in concert with, has passed the 35% threshold which compels them to make an offer to the minorities in terms of the ZSE Listing Requirements. ZSE views the notice by Messina to buy shares at 46c, exclusive of

Messina Investments to pay 46 cents for CFI

By |July 27th, 2017|Categories: Headlines|

BAT reported its half year results for the half year ended 30 June 2017, showing a 22% increase in earnings per share to 22 cents from 18 cents prior comparative. The Group declared an interim dividend of 22 cents, an increase of 22% from what was declared prior year comparative.Total revenue amounted to $16.7 million, a 0.5% reduction from prior

Delta close Vic Falls depot, Innscor to invest in Bulawayo

By |July 26th, 2017|Categories: Headlines|

Delta Beverages, the country’s largest beverages manufacturer is closing its Victoria Falls depot, as part of a rationalization exercise, the company has confirmed. Delta corporate affairs director, Alex Makamure yesterday said the Zimbabwe Stock Exchange-listed firm had plans to convert some of its sites throughout the country to purely distribution depots, with no customer collection facility. Delta said it periodically