Business

Business

On Wednesday, Finance minister Mthuli Ncube admitted what the authorities had studiously refused to acknowledge that the interbank forex market was not working. ...

GOVERNMENT has hiked the procurement fuel licence fee to $2 million from $23 000, an increase of about 8 600%, NewsDay Business has established. ...

ZIMBABWE will adopt a “managed float” exchange rate regime, Finance minister Mthuli Ncube (pictured) said yesterday, abandoning strict control of foreign exchange by the central bank in the latest move in a series of currency reforms that have so far failed. ...

FISH farmers have raised concern over the theft of fish from their operations, which is now threatening their businesses’ viability. ...

THE culture of informality in artisanal and small-scale mining remains a barrier towards formalisation of the sector, a new report has revealed. ...

Africa has long been a popular destination with tourists the world over. This alluring continent has endless appeal, filled with diverse cultures, wildlife and landscapes, and there is ...

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United States-based Railnet International plans to invest an estimated $11 billion in a modern railway line and high speed trains linking Zambia, Zimbabwe and Mozambique, its chief executive said on Sunday. ...

PLATINUM contributed about 43% of the total mineral exports last year, surpassing gold which accounted for 37%, a central bank official has said. ...

AT a time the country is experiencing excruciating power shortages, Old Mutual Zimbabwe is set to use solar energy on all its major complexes to mitigate the crisis. ...

THE Reserve Bank of Zimbabwe (RBZ) has urged the mining sector to ramp up production in order to increase its contribution to the national fiscus. ...

ENERGY and Power Development deputy minister Magna Mudyiwa confused parliamentarians and the nation last week when she said it was illegal to sell fuel in US dollars despite the Zimbabwe Energy Regulatory Authority (Zera) inviting more fuel companies to do so. Last week, Zera invited more fuel companies to apply to sell fuel in foreign currency. The arrangement will see successful fuel operators having a maximum of two fuel supply sites in Harare and Bulawayo per petroleum company and one site in all other towns and cities selling the precious liquid in foreign currency. ...

Local bank workers have been granted a 521% wage hike year-on-year in line with the inflation that is eroding earnings. ...

PARLIAMENTARIANS have demanded that the Ministry of Energy and Power Development should urgently deal with the ongoing power crisis crippling business and domestic consumers. ...

CBZ Holdings has launched a new visual identity, as the Group consolidates its market leadership,and enhances the financial services provider’s standing as a trusted and progressive player. ...

THE Reserve Bank of Zimbabwe (RBZ) has denied reports of printing money despite the supply rate growing 250% last year to $35 billion, with a further 31,42% year ...

THE Zimbabwe Diamond and Allied Minerals Workers’ Union (Zidamwu) has written to government seeking to be allowed to bargain for salaries in line with the forex retention threshold. ...

GETBUCKS MicroFinance Bank Limited (GMBL) says its loan book for the year ended June 30, 2019 increased to $7,5 million in the period under review from $4m in ...

BUSINESS mogul and founder of the now-defunct Kingdom Bank, Nigel Chanakira, says he has made a lot of mistakes and wrong partnerships along his road to success, but mostly regrets selling his bank to AfrAsia Bank Limited. ...

THE Zimbabwe Energy Regulatory Authority (Zera) has invited more fuel companies to sell fuel in foreign currency in yet another clear sign that the economy was fast redollarising. ...

FINANCIAL services firm, Morgan and Co has urged government not to impose policies on the market. ...

The move made by Finance minister Mthuli Ncube to declare some classes of securities as shares or units has been welcomed by stock brokers who said this will help in expanding the capital market. ...

Appetite for lending by Zimbabwean banks is waning. A look at the overall banks’ loan-to-deposit ratio (LDR) since 2015 shows a declining trend. ...

CEMENT producer, Lafarge group has appointed Precious Murena-Nyika as the new chief executive (CE) for Large Zimbabwe, replacing Siame Kaulule, who left last month, NewsDay Business has established. ...

Saving and investing are both important, but they’re not the same thing. While both can help one achieve a more comfortable financial future, one needs to know the differences and when it’s best to save and when it’s best to invest. The biggest difference between saving and investing is the risk versus the reward. ...

STRUGGLING Falcon Gold Zimbabwe shares have been suspended from the Zimbabwe Stock Exchange (ZSE) following a company request. ...

Margolis trading is currently in Real Estate ownership and development. It is the proud owner of several sites in Carrick Creagh, Mandara, Waterfalls and Industrial sites in Derbyshire ...

The International Monetary Fund (IMF) says Zimbabwe’s economic reform agenda has gone off the rails, and warned that the country needed donor support to prevent a deepening humanitarian ...

STATE power utility, Zimbabwe and Electricity and Distribution Company (ZETDC) said it will increase its tariffs by 19,02% from tomorrow, citing weak local currency and rising inflation. ...

DUBAI-based Albwardy Investments will with effect from this Sunday take full control of Meikles Hotel operations after buying the iconic facility for US$20 million. ...

Tobacco is the country’s top foreign currency earner, racking in at least US$1 billion per annum. Tobacco farming has been playing a key role in alleviating the plight of rural small-holder farmers and sustaining the national fiscus. ...