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Zimplats Q1 revenue slides 6% on lower sales volume

00Zimplats Q1 revenue slides 6% on lower sales volume  HARARE – Zimplats revenue in the first quarter of 2017 was 6% down on prior quarter at $131.26 mln from $139.18 mln in Q4 2016.  In its quarterly update, the platinum mining group said the 4E (platinum, palladium, gold and rhodium) sales volumes declined 22% but…

CSD to migrate to T+3 settlement cycle in May

00CSD to migrate to T+3 settlement cycle in May HARARE – Chengetedzai Depository Company will from next week change its settlement cycle to trade date plus three business days (T+3) from the current trade date plus five business days (T+5). In a communique sent to market participants, the new settlement cycle will affect all trades…

ASA Resources sacks CEO, FD over financial mismanagement at Freda Rebecca

00ASA Resources sacks CEO, FD over financial mismanagement at Freda Rebecca HARARE – ASA Resources (formerly Mwana Africa) has dismissed its chief executive and financial director over financial mismanagement which resulted in funds amounting to several million US dollars being unprocedurally transferred from the accounts of its subsidiary Freda Rebecca Gold Mine. In a statement,…

Zimbabwe falling behind – World Bank

00Zimbabwe falling behind – World Bank HARARE – Zimbabwe is among the six countries in Africa that saw their debt to GDP ratios increasing by more than 20 percent, a report released by the World Bank says. The report, Africa’s Pulse, says economic growth in Sub-Saharan Africa is rebounding in 2017 after registering the worst…

Zimra surpasses Q1 revenue collection targets by 6.09%

00Zimra surpasses Q1 revenue collection targets by 6.09% HARARE – Zimbabwe Revenue Authority exceeded its first quarter revenue collection targets by 6.09 percent, with actual gross collections amounting to $862.47 million against a target of $812.94 million. Net revenue grew from $724.89 million in the same period in 2016 to $826.63 million in 2017, which…

IMF revises Zim growth upwards to 2%

00IMF revises Zim growth upwards to 2% HARARE – The International Monetary Fund (IMF) continues to be bullish on the 2017 global growth and has marginally reviewed world output projections upwards from the 3.1 percent announced in its October 2016 outlook to 3.5 percent. In its April World Economic Outlook released today, the IMF says…

Declining meat prices downplay Colcom subsidiary’s sales increase

00Declining meat prices downplay Colcom subsidiary’s sales increase HARARE – Colcom Holdings says it has, since dollarization, invested over $2.5 mln into subsidiary, Associated Meat Packers (AMP), in order to expand its retail arm;Texas Meats and Chicken outlets which now contributes 21% to gross turnover. In an interview, group chief executive officer Dino Tumazos said…

Resource misallocation causing low productivity in developing countries: Report

00Resource misallocation causing low productivity in developing countries: Report As Zimbabwe seeks to optimize revenue collection from the informal sector, a new research from the International Monetary Fund (IMF) has tipped that lower compliance costs and stronger enforcement can reduce the unfair cost advantages informal firms enjoy, to make room for more productive and tax…

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