Business

Business

Telecom Egypt has signed a memorandum of understanding with Liquid Telecom to enable the pan-African group to complete Africa’s terrestrial fibre network stretching across the African continent, the companies said on Saturday. ...

ZIMBABWE’S trade deficit has risen by 34% to $1,26 billion for the period February to June 2018, an indication that efforts by government to correct trade imbalances were not bearing any fruits, latest trade data shows. ...

RESERVE Bank of Zimbabwe governor John Mangudya says the central bank has increased the foreign currency injections into the economy by 50% to $150 million a month to ease forex shortages. ...

THE Competition and Tariffs Commission (CTC) has launched a probe into the acquisition of PetroZim’s 50% stake by the National Oil infrastructure Company of Zimbabwe (Noic), NewsDay has established. ...

ESTABLISHED in 2009, Bulawayo-based Adhesive Products Manufacturers (Pvt) Ltd — the sole suppliers of industrial products such as general adhesive, light contact adhesive, wood glue, among other key products — wants to resume exporting to regional markets. ...

THE price of sugar has increased by about 18% to $2,25 per 2 kg pack over the past few days due to rising costs of production as well as cost of money, NewsDay has established. ...

IH Securities says the economy is yet to feel the impact of the tobacco export proceeds despite being over 90 days into the season. ...

DELTA Corporation Limited has reported a 40% increase in revenue as a result of an upsurge in all its beverage categories which was driven by higher consumer demand during the first quarter of the year. ...

THE African Export Import Bank (Afreximbank) has disbursed over a third of the $25 billion facility meant to accelerate intra-African trade, the bank’s president and chairman Benedict Oramah has said. ...

TELONE Centre for Learning (TCFL) will host a mobile financial services hackathon for State-owned mobile operator NetOne in collaboration with South Africa’s FinMark Trust to promote mobile financial services. ...

THE Zimbabwe Information and Communication Technology Division (ZICT) says Harare Institute of Technology (HIT) has some of the best brains in understanding blockchain technology used to develop cryptocurrency, ...

Local companies have complied with the food fortification programme introduced last year to prevent micro-nutrient deficiency disorders among consumers, a government consultant has said. ...

NEDBANK Zimbabwe has availed a $75 million line of credit facility through its mother company, Nedbank South Africa under which pre-and post-shipment offshore finance will be offered to exporters. ...

ANALYSTS agree that the continuous importation of hard cash into the economy will not improve the prevailing cash shortages in the country, but further fuel the parallel market. ...

THE Zimbabwe Coalition for Debt and Development (Zimcodd) says lost revenue through illicit financial flows (IFFs) has far reaching consequences on the fulfilment of social and economic rights as it hinders government’s ability to fund critical economic areas. ...

The Zimbabwe Investment Authority (ZIA) has approved investment projects worth over $1 billion in the first quarter of 2018, with most interest being directed to the mining, manufacturing and energy sectors. ...

ZIMBABWE’s hotel occupancy rate increased to 47% in the first quarter of the year, with industry officials attributing the trend to government’s stance on the ease of doing business across all sectors. ...

ZIMBABWE Textile Manufacturers’ Association (Zitma) says local banks should handle the foreign currency allocation system as the central bank has failed to allocate forex to the industry and was now facing collapse. ...

FEWSNET says the macroeconomic environment remains stressed due to cash shortages and high parallel market rates. ...

GOVERNMENT has been urged to step up efforts to curtail illicit financial flows (IFFs) by enforcing anti-avoidance provisions amid revelations that the country could have lost close to $2,8 billion through leakages over the past nine years. ...

THE Reserve Bank of Zimbabwe (RBZ) has castigated banks for keeping huge sums of money with the central bank instead of lending it to the productive sector. ...

Seed producer DowDupont has introduced a standalone Corteva Agriscience Company in Zimbabwe that will specialise in production of high quality seeds and crop protection products. ...

ZIMTRADE, the country’s export promotion body, has been conducting market surveys in countries around Africa to identify trade and investment opportunities for Zimbabwean products and services. NewsDay (ND) business reporter, Mthandazo Nyoni caught up with the body’s acting chief executive officer, Allan Majuru (AM) to give an assessment on the organisation’s efforts to promote exports. Below are the excerpts of the interview. ...

Finance and Economic Development minister Patrick Chinamasa says bureaucracy in local authorities and State agencies was frustrating President Emmerson Mnangagwa’s efforts to attract foreign direct investment. ...

ZB Bank in collaboration with ZymPay yesterday launched a product which will enable people in the Diaspora to pay fees to schools in Zimbabwe. ...

ZIMBABWE Revenue Authority (Zimra) board chairperson Willia Bonyongwe has likened corruption in the authority to organised crime as the tax collector continues battling corrupt elements within its ranks. ...

Local millers have turned to international non-governmental organisations (NGOs) to secure $100 million required for the importation of rice, wheat and other grains amid a worsening foreign currency crisis. ...

THE Reserve Bank of Zimbabwe (RBZ) has managed to secure $1,3 billion offshore loans through the African Export-Import Bank (Afreximbank) and Trafigura to support production and promote exports, ...

The canning industry in Zimbabwe is set for a rebound after the introduction of demand-driven bean cultivar needed for production of canned beans, an official has said. ...

BANKERS Association of Zimbabwe (BAZ) vice-president Benefit Washaya says banks were still to decide whether they should continue importing cash to distribute to the depositors considering that the money was not coming back to the banks. ...