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ZB Financial Holdings, IDC removed from US OFAC list

00HARARE The United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) removed ZB Financial Holdings, its subsidiaries, the Industrial Development Corporation along with other individuals and entities from the list of Specially Designated Nationals and Blocked Persons that were designated under the Zimbabwe-related sanctions programme. According to an update from OFAC, ZB…

IPEC wants audit into Fidelity’s Southview project after concerns of weak controls

00HARARE A forensic audit into the affairs of Fidelity Life Assurance has unearthed corporate governance deficiencies some dating as far back as pre-dollarisation and as such the Insurance and Pensions Commission has tagged the managing director Simon Chapereka and financial director German Mushoma as not being fit for office. The commission has also called for…

Has the Zimbabwean pension’s industry really migrated to DC schemes?

00HARARE One of the most notable changes happening within the pension’s industry not just in Zimbabwe but across the world is the shift from Defined Benefit (DB) schemes to Defined Contributions (DC) schemes. Along with this shift, comes the transfer of investment risk from employers to employees. From observing general practice in DC schemes in…

Star Africa volumes up 300% but scheme of arrangement suffers setback

00HARARE Star Africa says it is still actively searching for a new strategic investor while it is continuously engaging creditors and shareholders to seeks ways of restructuring the company’s balance sheet. This comes after the group failed to settle creditors in terms of the scheme of arrangement which was sanctioned by the High Court in…

International tourist arrivals 4% up in H1 as destinations received 21 million more visitors than 2015

00HARARE International tourist arrivals in the first half of 2016 grew by 4% as destinations received 561 million international tourists (overnight visitors), which is 21 million more than in 2015. According to the latest UNWTO World Tourism Barometer, Asia and the Pacific demonstrated renewed strength, receiving 9% more international arrivals, the highest growth across world…

Entry of new beverages player to bring price stability says Varun

00HARARE Varun Beverages Zimbabwe says it has commenced construction of its $30 million Pepsi bottling plant in Zimbabwe with the group targeting to go into production next year. In an update, Varun Beverages (Zimbabwe) Africa Director and Chief Executive Officer Shankar Krishnan said machines and equipment have been ordered and all resources required for the…

Hippo sees increased production as SADC calls on region to prepare for ‘normal’ rainfall

00HARARE Hippo Valley Estates says it expects an increase in sugar production in the 2016/17 season largely premised on the completion of the Tokwe Murkosi Dam while the forecast world sugar deficit would provide a boon in terms of pricing. Chief executive Sydney Mtsambiwa said production is expected to increase to between 180 000 to…

Trade deficit narrows 10% y-o-y at $1.82 bln as RBZ sees a decline in import bill at F16

00HARARE The country’s trade deficit narrowed 10% to $1.82 billion in the eight months to August from $2.02 billion in the same year ago period largely on the back of lower imports. According to latest data from Zimstat for the eight-month period, imports dropped to $3.32 billion from $3.53 billion in the comparable period largely…

Govt secures $800 mln of required $2.7 bln for poverty reduction

00HARARE Finance Minister Patrick Chinamasa says Government requires at least $2.7 billion over two years to 2018 to implement projects under the Interim Poverty Reduction Strategy for the country. Speaking at the launch of the Interim Poverty Reduction Strategy Paper (2016-2018) Chinamasa said about $800 mln had already been secured under on-going poverty reduction related…

RTG records a 4% increase in revenue in H1 2016 by refining business model

00HARARE Rainbow Tourism Group (RTG) says the remodelling of its pricing and reduced expenditure driven by the domestic market resulted in group revenues for the first half of 2016 increasing by 4% to  $11.75 mln from $11.27 mln same period in 2015. Group chief executive officer Tendai Madziwanyika in a presentation said the price remodelling…

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