Barclays Bank Zimbabwe Snatched by FMB Malawi

Barclays Bank Zimbabwe Snatched by FMB Malawi

Barclays Bank Zimbabwe, with a market capitalization of approximately US$65 million, has been bought by First Merchant Bank (FMB) of Malawi. According to sources Barclays Bank plc, the majority shareholder of the bank, will not necessarily receive cash settlement for the acquisition but will received part ownership of FMB Malawi that it can dispose of […]

Road Accidents In Zimbabwe

Road Accidents In Zimbabwe

Road accidents in Zimbabwe are a major problem that we need to address as a nation. This is not an article to discuss the obvious state of the roads but rather to focus on other factors that contribute to road carnage and to see what each one of us in our capacity as citizens can […]

Open Your World – Says Heineken

Open Your World – Says Heineken

Open your world: Before you read this article. Would you say your political views are left or right wing? Great job team Heineken – or is it? Advertising is a tough industry and it’s more challenging than ever to come up with an Ad that gets the attention of your target market and even harder […]

Learner Driver Process Review

Learner Driver Process Review

‘Leaner Drivers’ in Zimbabwe are allowed on the roads with a licensed driver in the car to oversee their practice. This is a great move as it gives learner drivers to experience driving on the roads while dealing with real traffic and real road situations BUT perhaps this benefit does not outweigh the risks these […]

ZOL Fibroniks Is Now The Best Since…

ZOL Fibroniks Is Now The Best Since…

ZOL Fibroniks bandwidth just became the best thing since sliced bread! Ok ok ok maybe the second best thing because in my biased view ZimShoppingMalls.com is the best thing to happen in Zim since sliced bread. Back to ZOL… The most popular package of course has been the Fibroniks LITE especially after ZOL introduced it […]

Chinamasa Scraps VAT On Meat

Chinamasa Scraps VAT On Meat

On February 1, 2017 SI20 came into effect, raising prices of all meat, fish, cereals products, as a result of imposing VAT on these products. The immediate effect was a public outcry among consumers and livestock producers on the increase to these basic grocery items. FINANCE minister Patrick Chinamasa, On February 7, 2017 scrapped the […]

Govt Imposes 15% VAT On Meat, Fish, Cereals…

Govt Imposes 15% VAT On Meat, Fish, Cereals…

Until end of January 2017, products such as rice, fish, margarine, potatoes and meat were exempt from the 15% VAT. ZIMRA – Zimbabwe Revenue Authority released Statutory Instrument 20 of 2017 that essentially removed these products and others that were exempt from 15% VAT to now VAT taxable. The VAT regulations became active on February […]

The 2017 Budget Highlights

The 2017 Budget Highlights

Highlights of the 2017 budget presented by Finance Minister Patrick Chinamasa to Parliament on Thursday, 8 December 2016. Growth is projected to increase from 0,6 percent in 2016 to 1,7 percent. Inflation projected to go up from a negative -1,5 percent to 1,1 percent. Total expenditure projected at $4.1 billion, total revenue collection at $3,7 […]

Bond Notes: The Release Of $7 Million In Second Batch

Bond Notes: The Release Of $7 Million In Second Batch

PRESS STATEMENT ON THE RELEASE OF $7 MILLION SECOND BATCH OF BOND NOTES The Reserve Bank of Zimbabwe (the Bank) would like to express its great appreciation to the Zimbabwean public, consumers and business, for embracing Bond Notes following the release of the first batch of $10 million Bond Notes on 28 November 2016. The […]

Zim Govt Signs $1bln Deal For Harare-Beitbridge Highway

Zim Govt Signs $1bln Deal For Harare-Beitbridge Highway

Construction of the Harare-Beitbridge highway is set to start next April after government on Wednesday signed an agreement with the Austrian contractor Geiger international. The highway is Zimbabwe’s busiest and most economically significant, and is part of the North-South Corridor that directly links landlocked Zimbabwe and Zambia with access to the Indian Ocean ports of […]

Spar Zimbabwe Brand in Local Entity Custody

Spar Zimbabwe Brand in Local Entity Custody

A wholly local entity, Spar Zimbabwe, has taken custody of the South African retailer’s brand in the country following the closure of the Spar Group’s distribution centre. Spar Group chief executive Graham O’Connor told Reuters on Monday that the retail giant had divested from Zimbabwe’s tough economy at the end of 2015. O’Connor said the […]

Road Users Association Moves To Approach Constitutional Court

Road Users Association Moves To Approach Constitutional Court

With the financial support of the motoring community, the Road Users Association has moved forward in its commitment to challenge the bullying and corruption on Zimbabwe’s roads. A comprehensive application has been drafted by David Coltart of Webb, Low and Barry, for bringing the matter to the Constitutional Court, contesting that the actions of the […]

Star Africa Falls Under Quasi-state Control

Star Africa Falls Under Quasi-state Control

Star Africa shareholders have approved a debt-equity swap arrangement which will see the central bank’s asset manager assuming its $32.2 million liabilities in a transaction that will see quasi-government entities taking a controlling stake in the sugar manufacturer. Under the deal, the Zimbabwe Asset Management Company (ZAMCO), created by the central bank in 2014 to […]

IMF Lifts Zimbabwe Sanctions as Ties Normalise; But Fresh Funding Far Off

IMF Lifts Zimbabwe Sanctions as Ties Normalise; But Fresh Funding Far Off

The International Monetary Fund (IMF) executive board on Monday approved the removal of the remedial measures applied to Zimbabwe that had been in place because of the country’s overdue financial obligations to the Poverty Reduction and Growth Trust (PRGT). The measures to be removed include the declaration of non-cooperation with the IMF,the suspension of technical […]

Cash transactions down 8pct as cash shortages intensify – RBZ data

Cash transactions down 8pct as cash shortages intensify – RBZ data

Cash transactions declined by eight percent from $5,3 billion in July to $ 4, 9 billion in August, as an acute shortage of bank notes forces more people to use online payment methods, data from the central bank has shown. The Reserve Bank of Zimbabwe (RBZ) noted that the total value of mobile and internet […]

IPEC deregisters two more insurance firms

IPEC deregisters two more insurance firms

The Insurance and Pensions Commission (IPEC) has deregistered two non-life insurance companies Heritage Insurance and Excellence Insurance for failing to meet the prescribed minimum capital threshold of $1,5 million. The two firms which had been suspended from initiating and renewing any business follow KFMS Insurance which was deregistered by the regulator last quarter. This brings […]