Stories

Mashonaland Holdings’ profit after tax fell 40 percent to $930 000 in the six months to March 31 due to falling rental income and weakening occupancy levels, the company said.

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The excessive tariffs being imposed on Independent Power Producers (IPPs) by several government departments are preventing energy projects from taking off, an industry expert has said.

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Turnover on the Zimbabwe Stock Exchange for the five months to May fell 40 percent to $122 million compared to the same period last year, official figures have shown, with analysts attributing the poor performance to weakening stock prices and anaemic economic fundamentals.

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First Mutual Life Holdings’ health insurance arm has received over $1.5 million in fraudulent claims in the first four months of the year as cases of scamming in the sector increase, chief executive Douglas Hoto has said.

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Dismissed employees of hospitality and retail group Meikles Limited today staged a demonstration and laid the firm’s top management under siege at its Bulawayo branch offices, demanding their retrenchment packages.

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Government has appointed a board for the National Social Security Authority (NSSA)’s proposed social security building society in a move to strengthen the authority’s investment portfolio of the following the collapse of its merchant bank.

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Vice President Emmerson Mnangagwa might have inadvertently revealed that he was one of those who engineered President Robert Mugabe’s continued stay in power after he was defeated by Movement for Democratic Change leader Morgan Tsvangirai in the March 2008 elections.

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Zimbabwe’s  biggest sugar refiner starafricacorporation, which is slowly emerging from near-collapse, says it will  maintain its sugar output at 300 tonnes per day — half its capacity — due to low demand on the local market.

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Insurance group First Mutual Holdings’ operating profit for the four months to April was up by over 1 000 percent to $1 million driven by growth in gross premiums written (GPW) and cost reduction, chief executive Douglas Hoto said yesterday.

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Zimbabwe’s central bank has licenced 27 designated money transfer operators and agencies, including Econet Wireless and eight banks, to carry out international remittances as well as trade in currencies, as the authorities bid to draw diaspora remittances into the formal banking system.

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