- Government Commends National Foods For Reducing Reliance On ImportsThe government has praised National Foods Limited (NatFoods) for its investments in projects aimed at reducing the country’s high import expenses. NatFoods has allocated nearly US$16 million to various factory production lines between 2023 and 2024, a move expected to…
- ZiG brought more misery for consumers: CCZTHE Consumer Council of Zimbabwe (CCZ) says the Zimbabwe Gold (ZiG) currency has brought more “challenges” for consumers than those they faced prior to its introduction, because people are failing to use the new currency outside the formal retail sector….
- Zimbabwe trade deficit drops 117.8 percent in March, according to ZimstatZimbabwe recorded a trade deficit of US$184.3 million last month, a 117.8 percent decline compared to US$84.6 million in February, according to data released by the Zimbabwe National Statistics Agency (Zimstat). The statistics show the country imported more than it…
- China Shops Rejecting ZIG CurrencyRetail outlets commonly known as ‘China shops,’ which offer a range of inexpensive goods like kitchenware, clothing, electronics, and cleaning products, are exclusively accepting US dollar cash payments. They are not allowing any other forms of payment in multiple currencies….
- Gweru businesswoman’s star continues to rise conferred an honorary professorshipGweru-based business magnate, Ambassador Smelly Dube has been selected as a candidate for an Honorary Professor of Mining and Industrial Development by a London-based EL Roi London University.
- Shops face closure over ZiGVICE-PRESIDENT Constantino Chiwenga yesterday warned currency speculators and singled out the retail sector, threatening to shut down supermarkets if they are suspected of sabotaging the new Zimbabwe Gold (ZiG) currency. Officially opening the international business conference at the Zimbabwe International…
- Invictus inks gas to power dealAUSTRALIAN energy firm, Invictus Energy has signed an agreement with Dallaglio Investments and Himoinsa Southern Africa Proprietary for a gas-to-power project to supply electricity to Eureka Gold Mine. Eureka Gold Mine is owned and operated by Dallaglio, a subsidiary of Padenga Holdings…
- Lost in translation: ZiG currency disconnected with citizens’ needsIt was a sunny April 5when suddenly a dark cloud of déjà vu hovered all over Zimbabwe following the announcement of the new currency, ZiG, by the Reserve Bank of Zimbabwe (RBZ) governor, Mushayavanhu. Unfortunately, this is the sixth time…
- Bond Notes Were Never Backed By Afreximbank, Says MushayavanhuDr. John Mushayavanhu, the new head of the Reserve Bank of Zimbabwe (RBZ), surprised many on Thursday when he revealed that, despite previous claims, the bond notes and Zimbabwe dollar were not supported by the US dollar bond facility from…
- “All Fuel Sales Will Exclusively Accept ZiG As Payment”: GuvamatangaFinance, Economic Development, and Investment Promotion Permanent Secretary George Guvamatanga announced that all Government ministries, departments, and agencies will soon be mandated to accept ZiG payments. This directive comes amidst the recent introduction of ZiG, or Zimbabwe Gold, as the…
- RBZ pleads for Zimbabwe dollar acceptance as informal traders insist on US dollar‘Business entities including commuter omnibuses, shops, fresh vegetable markets, and vendors, are advised to continue accepting payment in ZW$ notes until April 30, 2024’ HARARE – The Reserve Bank of Zimbabwe on Wednesday said the Zimbabwe dollar remains legal tender…
- ‘Mushayavanhu must assert himself as independent’RESPECTED businessman and economist, Nigel Chanakira, says the new Reserve Bank of Zimbabwe governor John Mushayavanhu must assert himself as an independent central banker to stabilise the local currency. For years, there have been concerns that the central bank was…
- Mine-to-energy industrial park set for Mash WestGOVERNMENT plans to establish a mine-to-energy industrial park in Mapinga, Mashonaland West province, as it seeks to value add and beneficiate lithium. During post-Cabinet briefing yesterday, Information, Publicity and Broadcasting Services minister Jenfan Muswere said Cabinet was briefed by Vice-President…
- ‘ZiG difficult to accept in US$-dominated marketRESPECTED businessman and economist Nigel Chanakira says acceptance of the new currency, Zimbabwe Gold (ZiG), will be difficult given that the majority still prefer the greenback. The Reserve Bank of Zimbabwe (RBZ) launched ZiG and scrapped the Zimdollar last week…
- Mutsvangwa pushes for creation, strengthening of SME credit co-operativesGOVERNMENT plans to form and strengthen small-to-medium enterprises (SMEs) credit co-operatives to help them source funding, a Cabinet minister has said. Credit co-operatives are organisations owned and controlled by its members who can borrow at low interest rates from an…
- ZSE rebases bourse to reflect ZiGTHE Zimbabwe Stock Exchange (ZSE) is re-basing all its indices following the introduction of a new currency, Zimbabwe Gold (ZiG), last week. ZSE said all the ZSE indices would be re-based to 100 basis points. “The re-basing is necessary to…
- Brazen Pair Nab Car From ZACC ExhibitJossam Aarons and Privilege Matibu made a brazen move by towing away a car held by Zimbabwe Anti-Corruption Commission officials as evidence on a farm. The duo found themselves in court yesterday, facing charges of obstructing justice in a case…
- The World’s Most Expensive Cow Sold In Brazil For Around $4.8 MillionIn a remarkable transaction, the world’s most expensive cow was recently sold in Brazil for a staggering amount of approximately $4.8 million. This record-breaking sale underscores the immense value placed on elite cattle genetics and the thriving livestock industry in…
- NetOne Firmly Opposes Unauthorized Sale Of Airtime Above Announced PricesNetOne, a state-owned mobile network operator (MNO), has taken a strong stance against the sale of its airtime above the prices set by the Postal & Telecommunications Regulatory Authority of Zimbabwe (POTRAZ). The company’s position comes amid the significant depreciation…
- Proplastics profit trebles to US$520 000PLASTIC pipe manufacturer Proplastics Limited’s profit after tax more than trebled to nearly US$520 000 in the year ended December 31, 2023, on the back of a huge cut in finance costs which went down by 85%. In the comparative…
- Munesu Energy targets 200 EV charging stationsLOCAL e-mobility firm Munesu Energy will roll out 200 electric vehicle (EVs) charging stations across Zimbabwe starting in May as the company seeks to increase the uptake of the latest automobile technology. In an interview with NewsDay Business, Munesu Energy…
- Liquid tips Google deal to boost Zim firmsTECHNOLOGY firm, Liquid Intelligent Technologies Zimbabwe, says its strategic partnership with Google Cloud will be a boost for local firms. The Google Cloud Platform, offered by multinational firm, Google, is a suite of cloud computing services that provides a series…
- Cottco makes headway on farmers’ debt, clears 90% arrearsSTATE-RUN cotton firm, Cottco Holdings Limited (Cottco), has made headways in clearing a debt owed to farmers paying 90% of the US$23,7 million outstanding payments, NewsDay Business has learnt. Last October, the firm revealed that it has begun engaging Treasury,…
- Chiefs up for Nyasha Marange’s head over control of USD 1.2 million diamond dividendsMarange chiefs are up in arms with Zanu PF Mutare West legislator Nyasha Marange for allegedly demanding total control of the Chiadzwa Community Trust which is yet to disburse USD$ 1.2 million
- Eddie Cross Says Tagwirei Nolonger Part Of Kuvimba, Off Fuel IndustryFormer opposition legislator and prominent economist, Eddie Cross, has disclosed that billionaire Kudakwashe Tagwirei is no longer affiliated with the Kuvimba Mining House. This revelation came to light during an extensive interview with a private media outlet, where Cross shed…
- Natfoods Volumes Surge 3,4pc For Half Year PeriodNational Foods volumes for the interim period to December 31, 2023, grew by 3,4 percent to 285 000 tonnes from the comparative period, largely driven by growth from the Stockfeeds. The flour division also contributed to growth, though to a…
- SA Banks Caught In UK’s Sweeping Auto Finance ProbeInvestec has set aside funds to pay for possible compensation and other costs linked to its auto finance business in the UK as regulators continue with an industrywide probe into whether such loans were sold in a way that treated…
- Obrian Mapurisa, Businessman Hires Hitmen To Eliminate His Business PartnerBusinessman Obrian Obert Mapurisa is facing accusations of orchestrating a murder-for-hire plot targeting his business partner, allegedly hiring hitmen based in South Africa to carry out the deadly deed. The motive behind this sinister scheme reportedly stems from a failed…
- Meet Ken Sharpe: The Driving Force Behind Zimbabwe’s Real Estate RevolutionHarare | Kenneth Raydon Sharpe, commonly known as Ken Sharpe, is not just a Zimbabwean businessman; he is a testament to resilience, vision, and the power of determination. As the Executive Chairman of West Properties Company, Sharpe has carved a…
- Water Scarcity Looms In Kariba As Hydropower Production DeclinesThe Zambezi River Authority (ZRA) has released alarming data indicating a continual decline in stored usable water at Lake Kariba, a key source of hydropower for Zimbabwe and Zambia. This downward trend is attributed to El Niño conditions, sparking concerns…
- First Mutual opens new health facilityFIRST Mutual Holdings has expanded its healthcare network by opening a new medical facility in Southerton, Harare to help boost medical tourism and provide accessible healthcare in the country. This brings the total number of First Mutual’s medical facilities countrywide…
- SecZim creates a financially savvy generationTHE Securities Exchange Commission of Zimbabwe (SecZim) aims to increase its efforts to develop a generation that is financially literate and knowledgeable about money matters during this year’s Global Money Week running from March 18 to 24. Global Money Week,…
- Gold Firms As June Rate Cut Bets Still IntactGold prices edged higher on Wednesday after dropping more than 1 percent in the previous session, as investors digested hotter-than-expected US inflation data and still banked on a Federal Reserve interest rate cut in June.
- Equity Bank Staff Probed Over Alleged US$16m FraudStock finance is a lending service that allows businesses to borrow working capital against their goods. Agent float loan allows bank and mobile money agents to access unsecured loans for their operations.
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