Shops face closure over ZiG
VICE-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 deal
AUSTRALIAN 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’ needs
It 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 Mushayavanhu
Dr. 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”: Guvamatanga
Finance, 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 West
GOVERNMENT 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 market
RESPECTED 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-operatives
GOVERNMENT 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 ZiG
THE 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 Exhibit
Jossam 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 Million
In 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 Prices
NetOne, 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$520 000
PLASTIC 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 stations
LOCAL 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 firms
TECHNOLOGY 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% arrears
STATE-RUN cotton firm, Cottco Holdings Limited (Cottco), has made headways in clearing a debt owed to farmers paying 90% of the US$23,7 million outstanding payments, NewsDay Business has learnt. Last October, the firm revealed that it has begun engaging Treasury,…
Chiefs up for Nyasha Marange’s head over control of USD 1.2 million diamond dividends
Marange chiefs are up in arms with Zanu PF Mutare West legislator Nyasha Marange for allegedly demanding total control of the Chiadzwa Community Trust which is yet to disburse USD$ 1.2 million
Eddie Cross Says Tagwirei Nolonger Part Of Kuvimba, Off Fuel Industry
Former 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…
