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Pension fund arrears rise 16% to $343 million in H1

00HARARE Total contributions in the self-administered sector increased 12% to $447.57 million in the six months to June from $400.5 million last year although 77% or $343 million was in arrears.  The Insurance and Pensions Commission report for the sector shows that arrears increased 16% in the period against last year. The growth in arrears…

What else can Chinamasa offer except prepare for IMF/WB October meetings?

00HARARE Finance and Economic Development Minister Patrick Chinamasa is on Thursday expected to deliver the Mid-term budget review, which will largely be skewed towards policy in line with measures aligned to recommendations made by Bretton Wood Institutions. Though the mid-term has been delayed to a point where it would not help businesses to strategise for…

No cash deposit, no fuel purchase says RBZ

00HARARE In a bid to ensure cash flows back into the system, the Reserve Bank of Zimbabwe has directed banks to apply the matching principle when processing foreign payments.  This means that bankers will process fuel and crude oil payments for cash depositing companies by matching the cash deposits with cross border transfers on a…

Life companies report drop in profitability in H1 after increase in claims

00HARARE Life Assurance companies saw a 12% growth in Gross Written Premiums to $180.39 million for the six months to June but a growth in total costs and claims saw profitability drop 26%.According to the Insurance and Pensions Commission report for the life industry for the six month period, life companies wrote $177 million in…

Framework for TBs auction system finalised, re-introduction ‘soon’ – RBZ

00HARARE The Reserve Bank of Zimbabwe is set to reintroduce the auction system for Treasury Bills after finalising the operational framework. RBZ Governor Dr John Mangudya confirmed that all was now in place for the return to open market operations for Government paper. “There was a committee set up headed by the Ministry of Finance…

Government gazettes rules for Alternative Trading Platforms

00HARARE The Ministry of Finance and Economic Development has gazetted Securities Alternative Trading Platform rules paving the way for the Securities and Exchange Commission of Zimbabwe to start issuing licences. An alternative trading platform is a system that provides or maintains a market place or facilities for bringing together buyers and sellers of securities but…

Turnall downsizes after slumping to $1.8 mln loss

00HARARE Turnall Holdings has re-sized its business operations to align with the current level of working capital while seeking further funding. The move which is directed at cutting operational costs entails the subsequent placement of its Harare sheet making plant under care and maintenance as well as retrenchment of staff. Turnall managing director Caleb Musodza…

Reduced lending, interest rate caps weigh down NMB’s H1

00HARARE Reduced lending, capped interest rates, and lower transaction charges saw NMB Holdings report earnings that were below those of the comparative prior year. The group’s results for the period ended June 30, 2016 showed a 17% decrease in profit after tax to $2.6 million from $3.16 million in 2015. This translated to an earnings per…

Zimbabwe struggling to attract investors as traffic falls 70%: ZIA

00HARARE The Zimbabwe Investment Authority (ZIA) says the value of investment traffic fell 70% in the seven months to July 2016 compared to prior year as investors continue to fret over certain government policies and measures. ZIA Chairperson Nigel Chanakira appearing before a parly committee on Youth Empowerment and Indigenization said investors are still seeking…

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