Business

Business

News about a pending currency coming to the market in a fortnight made headlines on Tuesday even as it abated confusion over the reintroduction of the currency in question. The confusion pertains to whether the currency is a new currency different from the one introduced in June or in February, whichever point one prefers. Some believe the currency has been there since three months ago, while others are of the view that it has been there since February and some say it was there since October 2018. Interestingly my view is far off from all those that are conventionally shared, and in later parts of this article I will share my view on the not so new ‘new currency’s origins. On Tuesday, the central bank governor who is also the chairperson of the Monetary Policy Committee briefed the media following a two-day sitting by the Monetary Policy Committee, a first since the committee was set up. ...

ZIMBABWE’S trade deficit, which represents an outflow of domestic currency to foreign markets, narrowed by 66% to US$670 million between February and September this year compared to the same period last year, new data reveals. ...

As power supply becomes more erratic, Zimbabwe’s miners, among the country’s largest consumers of electricity, are deepening their investments in solar energy. ...

ZIMBABWEan chartered accountants (CAs) are in a fix as to which data to use for hyperinflation financial reporting (IAS 29) following the suspension of inflation data by government. ...

Asa Resources has concluded the sale of its controlling interest in Bindura Nickel Corporation (BNC), the country’s largest nickel producer said in a statement yesterday. BNC said the buyer of Asa’s controlling 74,13% stake is “a Zimbabwean based mining entity with interests in the mining and production of ferrous metals, non-ferrous metals and precious metals”. ...

Hyperinflation is making an unwanted return to Zimbabwe. We don’t know how bad it is because the government has suspended publishing official figures until 2020. But an IMF mission to the country in August put the rate at close to 300% annually. More recent market estimates based on local currency depreciation imply rates as high as 400%. ...

GOVERNMENT has been urged to renegotiate the social contract with its citizens after it failed to reinvest collected taxes into human development initiatives. ...

Consumers are angry over the Zimbabwe Electricity Supply Authority billing, amid fears that the power utility is charging more than what is being used on the prepaid meter system. ...

GOVERNMENT has not yet formally communicated to the Diaspora Infrastructure Development Group (DIDG) concerning the termination of the US$400 million deal meant to revive the National Railways of Zimbabwe (NRZ), an official has said. ...

Latest data released by ZimStat shows that poverty threshold levels for a family of five increased to ZW$883 in September from ZW$725,3 in August. ...

Construction work on the US$500 million Darwendale platinum project will start in the second quarter of 2020, first deputy chief executive officer of Vi Holdings, Alexander Ivanov, said on Thursday on the sidelines of the Russia-Africa forum. ...

THE Ministry of Women Affairs Community, Small and Medium Enterprises Development has revealed that micro, small and medium enterprises (MSMEs) received loans and grants amounting to US$136 million from mostly government between 2014 and 2018. ...

INDUSTRY and economic analysts have urged Finance minister Mthuli Ncube to address issues of confidence deficit, corruption, policy inconsistencies and taxation, among others, in his 2020 National Budget to be unveiled next month. Ncube is expected to present his 2020 national budget in mid-November amid widespread pessimism. Speaking during the Zimbabwe National Chamber of Commerce trade and investment conference in Bulawayo last week, industry officials and analysts said without addressing those issues, the budget will achieve nothing. ...

THE African Continental Free Trade Area (AfCFTA) agreement is a reality and Zimbabwe should move swiftly and start preparing for it now, lest it losses out to other continental powerhouses, industry officials have warned ...

ZIMBABWE recorded a 3% decline in tourist arrivals to 1,115 million in the first half ended June 30, 2019 from 1,148 million arrivals recorded in the same period last year. ...

President Emmerson Mnangagwa is among at least 43 African leaders who have flown to Russia, hoping to take a bite out of that country’s growing commercial interest on the continent. ...

AIM-listed mining group, Vast Resources plc, has inked documentation for a new US$13,5 million financing arrangement which is set to cover the costs of reaching production at both the Baita Plai Mine in Romania and the Chiadzwa diamond project in Zimbabwe. ...

Zimbabwe’s State-owned electricity distributor, Zesa, grappling with drought and ageing equipment, yesterday said it would disconnect mines, farms and other users as it looks to recover $77 million in unpaid bills. ...

Although the commodity has been in short supply, government is cashing in on increased tax on petroleum products. ...

ANGLO American Platinum’s local unit, Unki Platinum, reported a 7% increase in platinum group metals (4E) production to 53 800 ounces in the third quarter ended September 30, 2019 due to improved concentrator throughput, underground mining efficiencies, and mill run-time. ...

Commodities baron Kudakwashe Tagwirei’s Landela Mining Ventures has emerged as the new joint venture partner in the Russian-led Darwendale platinum mine project, which has also roped in former Impala Platinum chief executive David Brown. ...

South African supermarket retailer Pick n Pay Stores Ltd posted a 9,5% rise in first-half earnings, with strong growth in its core domestic operations outweighing challenges in Zambia and Zimbabwe. ...

ZIMBABWE has good quality products that can compete internationally, but the challenge is that local businesses are not well capacitated to satisfy global demand, a new research has revealed. ...

THE Zimbabwe Revenue Authority (Zimra) is cracking the whip on officers suspected of prejudicing the taxman millions of dollars in potential revenue, in the wake of reports of an elaborate illegal vehicle importation scandal that has rocked the entity, NewsDay Business has learnt. ...

CALEDONIA Mining Corporation Plc (Caledonia) has commended power utility Zesa for pricing electricity in United States dollars for the mining industry, saying the move had stabilised power supply. ...

GOVERNMENT has been urged to promote domestic tourism by placing arts and crafts niche markets in the limelight. ...

BORDER Timbers Limited (BTL), posted a 80% increase in revenue to $38,4 million in the 12 months ended June 30, 2019, driven by better average selling prices on timber. ...

Government last week said it had cancelled the US$400 million deal contract with the Diaspora Infrastructure Development Group (DIDG)/Transnet to recapitalise the National Railways of Zimbabwe (NRZ). NewsDay ...

if the economic environment remains unstable by the year ending March 31, 2020, National Foods Holdings Limited (NFHL) expects an 84,6% revenue growth to $1,05 billion spurred by inflationary pressure that is currently pushing up prices. ...

Banc ABC says it has set aside funds to benefit farmers in the 2019/20 farming season.This comes after the 2018/19 farming season was greatly affected by poor rainfall, resulting in a serious drought. Lack of funding for irrigation and horticulture also contributed to the poor harvests. ...