Business

Business

South Africa’s current account deficit widened to 2,9% of gross domestic product (GDP) in the first quarter of 2019, from a 2,2% shortfall in the fourth quarter of the previous year, central bank data showed yesterday. ...

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The government only managed to recover US$50,2 million from the command agriculture facility for the 2016 to 2018 cropping season, Finance and Economic Development minister Mthuli Ncube has revealed. ...

Meikles Limited is set to dispose of its iconic Meikles Hotel in capital Harare for US$20 million to Dubai-based Albwardy Investments, NewsDay has established. ...

THE Empowerbank has to date processed applications amounting to about ZWL$42 000 to young people in Bulawayo under its $50 000 non-collateral loan package, an official has said. ...

DELTA Beverages has resumed sales in RTGS dollars, citing an improvement in the availability of foreign currency from the interbank market. ...

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South African Airways (SAA) chief executive officer Vuyani Jarana quit the financially stricken State-owned company, citing a lack of funding and drop in government support for the carrier’s turnaround plan. ...

Airlines urged regulators on Sunday to co-ordinate on software changes to the Boeing 737 MAX in a bid to avoid damaging splits over safety seen when the aircraft was grounded in March. ...

Founders High School toppled five schools in a science exhibition competition held by African Institute of Biomedical Science (AIBST) and Technology in collaboration with the Higher and Tertiary Education, Science and Technology Development ministry in Harare yesterday ...

BANK employees are pilling up pressure on their employers to pay salaries in United States dollars arguing that the local currency has become worthless. ...

ZIMBABWE’S largest milk processor, Dairibord Zimbabwe Ltd (DZL), generated US$ 2,1 million in export earnings in the first five months of 2019 up from US$500 000 recorded in the same period last year, group chief executive officer Anthony Mandiwanza has said. ...

To ‘impeach’ a transaction means to call into question its validity. The Insolvency Act [Chapter 6:07] has a number of sections designed to safeguard the interests of the creditors and some of the sections are intended to protect the creditors where the insolvent has entered into transactions prior to insolvency, and which have the effect (upon insolvency, sequestration and corporate rescue) of being detrimental to the general body of creditors. ...

Henry Ruzvidzo has been elected president of the country’s largest business member organisation, the Confederation of Zimbabwe Industries (CZI), taking over from Sifelani Jabangwe. Ruzvidzo, who is the managing director of Richmond Furniture, previously served as Jabangwe’s deputy. ...

THE National Employment Council (NEC) for the Insurance Industry is demanding upward individual salary adjustments of between 14% to 26%, depending on the grades of workers in that sector, NewsDay has established. ...

C-TRADE is focused on creating convenience and increasing participation and activity on the stock market. ...

FINANCE minister Mthuli Ncube yesterday insisted that the economy has turned around “after six months” as per his promise last October, boasting the turnaround is being witnessed on the fiscal side. ...

MILLERS say the recent government directive to scrap the concessionary 1:1 rate for oil marketers in accessing forex from the central bank will see a 284% hike in wheat prices to ZWL$1 912,90 per metric tonne. ...

BULAWAYO’s Egodini Mall developer Terracotta Private Limited has maintained that the project is still “ongoing” despite indications that nothing concrete is taking place onsite. ...

State-owned telecommunications firm NetOne has introduced a new mobile data package in a bid to cushion its customers in the face of rising costs. ...

ANALYSTS say claims by monetary and fiscal authorities that the interbank market and the parallel market for foreign currency will converge are highly unlikely in the absence of a sustained supply of foreign currency. ...

South African retail giant, Edcon, is selling its shareholding in local clothing chain Edgars Zimbabwe, as the struggling group realigns operations to stay afloat. ...

THE Zimbabwe Environmental Law Association (ZELA) has urged government to urgently implement the extractive industries transparency initiative (EITI) to promote openness and accountability. ...

THE Empowerbank has to date disbursed over ZWL$2,7 million in loans to young entrepreneurs across the country, with another ZWL$5,4 million in applications still under consideration, an official has said. ...