Zim News Blog -NEWS NETWORK

HARARE – Old Mutual Limited, a major African financial services group listed on different bourses including the Zimbabwe Stock Exchange, has disclosed significant challenges in its Zimbabwean operations, which have contributed to a decline in the company’s overall IFRS profit and headline earnings for the six months ended June 30, 2025.

Flight deals from Harare

IFRS profit is a company’s net income calculated in accordance with the International Financial Reporting Standards (IFRS).

The transition of Zimbabwe’s functional currency from the Zimbabwe Gold to the United States dollar has led to reduced profits in the region, impacting the group’s financial results despite strong performance elsewhere.

According to the group’s nine-month interim report released on September 10, 2025, the adverse effects from Zimbabwe were somewhat mitigated by lower currency translation losses reported in equity.

“IFRS profit and headline earnings declined, mainly reflecting reduced profits from the Zimbabwean business after the transition of its functional currency from Zimbabwe Gold to the United States dollar.

“The impact on net asset value was limited owing to lower currency translation losses reported in equity,” the company stated.

These challenges, however, contributed to the group’s headline earnings per share falling by 27% to 97.5 cents, and IFRS profit after tax attributable to equity holders dropping 22% to R4.1 billion compared to the same period last year.

Despite the setback in Zimbabwe, Old Mutual showcased strong adjusted headline earnings growth of 29% to R4.2 billion, underpinned by solid underwriting performance in Old Mutual Insure and favorable equity market conditions, particularly in South Africa and Malawi.Sep 11, 2024.

The group also successfully increased gross written premiums by 5% and experienced an 88% increase in shareholder investment returns, with the JSE All-Share Index returning 16.7% in the first half of the year.

Furthermore, the company declared an interim dividend of 37 cents per share, reflecting a 9% increase, supported by robust cash generation and a strong capital position.

Old Mutual’s discretionary capital balance rose to R5.9 billion, and the board approved a share buyback program of up to R3 billion to enhance shareholder value.

The group said its strategic focus remained on driving the competitiveness of its South African business, deepening market leadership in Southern Africa, establishing a winning proposition for OM Bank, and evaluating growth markets amid geopolitical and economic uncertainties.

Old Mutual’s overall group equity value per share declined by 6% to R18.40, influenced by business impacts including the changes in currency accounting in Zimbabwe and methodology adjustments affecting embedded value and new business margins.

The company said its outlook remained cautiously optimistic, with management emphasising focused execution, operational efficiency improvements, and disciplined capital allocation to sustain growth and create long-term value for shareholders.

“Strategic priorities have been sharpened with an emphasis on focused execution, optimising operational efficiencies and disciplined capital allocation.

“Through improved competitive positioning, the Group will be well positioned to lift growth and market share going forward.

“In order to restore our value of new business margin to an acceptable level, we have a strong resolve to drive expense efficiencies, supported by the operating model redesign and leaner corporate centre.

“With strengthened strategic clarity, disciplined execution and a strong balance sheet, we are well positioned to create long-term value for shareholders,” the group noted.

NEW YORK – R&B icon Mary J. Blige has sparked speculation after posting a cryptic message about “ungrateful” people while fighting a $5 million lawsuit brought by stylist and talent manager Misa Hylton.

“It’s all about me now. I’ve done enough for the ungrateful,” Blige wrote on X (formerly Twitter) on 8 September, a remark that quickly set social media abuzz.

The post comes as Blige defends herself against claims that she interfered with Hylton’s management deal with rapper Vado. Hylton’s April 2025 suit alleges Blige pressured Vado to abandon Hylton’s M.I.S.A. Management and sign with her own company, Beautiful Life Productions, even threatening to block album releases and touring opportunities unless he switched representation.

Court filings also accuse Blige’s head of security—described as her boyfriend—of warning Vado he would “lose out on opportunities” if he stayed with Hylton’s agency. Hylton is seeking damages and a court order preventing any further interference.

Blige’s legal team has dismissed the claims as “patently frivolous,” moved to have the case thrown out, and requested sanctions against Hylton. They also argued Hylton’s business is not properly licensed to operate as a talent agency.

Earlier this month, Judge Suzanne J. Adams rejected a request to move the dispute to New York’s Commercial Division, keeping the matter in civil court.

Hylton’s attorney said private settlement talks collapsed when Blige’s representatives stopped responding. Blige, 54, has not publicly addressed the lawsuit beyond her pointed social media post.

The Grammy-winning singer, celebrated for hits like Family Affair and Be Without You, continues to tour and record while the legal battle unfolds.

LOS ANGELES – Grammy-nominated R&B star Akon is facing the end of his nearly three-decade marriage after his wife, Tomeka Thiam, filed for divorce just four days before their 29th wedding anniversary.

Court papers obtained by entertainment outlet TMZ show that Thiam cited irreconcilable differences in her petition, ending a union that began in September 1996. She is seeking joint legal custody of the couple’s 17-year-old child, primary physical custody, and spousal support, while asking the court to deny Akon any financial support.

The filing highlights the complex personal life of the “Smack That” hitmaker, who has previously acknowledged having multiple relationships and children with different women. Though reports have often linked him to polygamy, Thiam is believed to be his only legally recognised wife in the United States.

Thiam, an entrepreneur who met Akon at 18, has largely avoided the public spotlight during her husband’s global music career. The divorce comes as Akon, 52, focuses on ventures such as his ambitious Akon City project in Senegal and plans to re-record his music catalogue in a country style.

The couple appeared united as recently as July 2024, when they spoke to US Magazine about the “simple” secret to their long relationship. Representatives for Akon have not responded to requests for comment.

Akon, best known for hits like “Lonely,” “I Wanna Love You,” and “Smack That,” has sold more than 35 million albums worldwide and earned five Grammy nominations.

South Africa President Cyril Ramaphosa’s official X account (@CyrilRamaphosa) briefly published explicit videos on Friday during his oversight visit to the North West province, sparking a social media uproar and fresh questions about government digital security.

The account, which boasts more than 3.5 million followers and is managed by the Presidency’s communications team, suddenly displayed clips featuring nudity and women in revealing clothing. The videos, some up to two minutes long, appeared mid-morning while Ramaphosa was addressing service delivery challenges and preparations for the 2026 local elections in Rustenburg.

Although the content was deleted within 15 minutes, screenshots and screen recordings quickly spread across social media, amplifying the embarrassment. One widely shared image showed women dancing in minimal attire, while another depicted explicit scenes wholly unrelated to the President’s engagements or official communications.

In a swift statement, the Presidency apologised and attributed the mishap to a “technical glitch linked to a cross-feed”, explaining that an unintended system overlap caused the inappropriate material to appear.

“We apologise unreservedly for the inappropriate content that appeared briefly on the President’s X account. It was a technical error, and we are addressing it immediately,” the statement read. Officials stressed that the account had not been hacked and that cybersecurity protocols were being reinforced.

Ramaphosa did not personally comment, as he remained engaged with provincial executives and community leaders, but his office confirmed IT specialists were investigating the matter.

“If Cyril can’t manage his X account, how does he manage the country?” one viral post read, while another dismissed the “cross-feed” claim as “a convenient excuse.”

Opposition parties also seized on the controversy. The EFF declared on X: “This glitch exposes the chaos in the Presidency—time for real change.” The DA called for a full audit of the government’s digital security systems.

Memes and parody videos soon dominated timelines, with edited clips showing Ramaphosa “dancing” to the explicit footage gaining traction. At the same time, civil society groups urged stronger cybersecurity measures, citing reports that government accounts faced over 500 attempted cyberattacks in 2025 alone.

The scandal overshadowed Ramaphosa’s North West oversight visit, which had been focused on tackling municipal dysfunction, job creation, and preparations for the 2026 polls. Instead of policy discussions, online chatter turned to ridicule, with more than 50,000 mentions in just a few hours.

By Friday evening, the President’s account had lost about 5,000 followers but saw an unusual surge in engagement.

For Ramaphosa, the digital misstep has added an unwelcome distraction to an already politically sensitive oversight tour, highlighting the risks of managing high-profile accounts in an era of heightened cyber threats and relentless online scrutiny.

Source – centralnews

The Government’s newly introduced 0.5 percent levy on fast-food items has generated almost US$1 million in revenue during the first half of 2025, a senior official has confirmed.

The tax, commonly known as a “sin tax,” aims to encourage healthier eating habits and combat rising levels of obesity and non-communicable diseases. It applies to popular fast-food items such as pizza, burgers, French fries, and doughnuts.

During a Question and Answer session in the National Assembly on Wednesday, Finance, Economic Development and Investment Promotion Deputy Minister Kudakwashe Mnangagwa revealed that total collections from the levy amounted to US$954 912. He explained that while the tax was introduced in January 2025, formal accounting for the revenue only began in March due to the pending Tax and Revenue Management System and confederation process by ZIMRA.

Economists have welcomed the measure, noting that it is likely to boost Treasury revenue and support funding for development projects. The levy is imposed on a per-unit basis, targeting both revenue generation and the discouragement of unhealthy food consumption.

The initiative follows the success of the sugar content tax implemented last year, which has already generated over US$30 million in revenue in the first half of 2025. While the fast-food levy has sparked debate, experts view it as a strategic move to enhance domestic resource mobilisation and address critical national priorities.

Source – online