Business

Business

Foreign Currency Deposits Grow By US$59 Million

By Alois Vinga FOREIGN currency deposits have registered a US$59 million increase inside twelve months, indicating growing confidence in local banks by citizens, latest Reserve Bank of Zimbabwe (RBZ) statistics reveal. The central bank’s monthly economic review for September 2021 shows that foreign currency deposits have been registering an upward trend. “The foreign currency deposits

BNC chairman Muchadeyi Masunda

BNC Exchange Losses Down 96% Due To Stable Rates

By Alois Vinga LIISTED resources group, Bindura Nickel Corporation (BNC) has seen net exchange losses going down by 96% attributed to the positive impact of stable rates. Presenting the interim condensed financial results for the period ended September 31, 2021, BNC chairperson, Muchadeyi Masunda applauded the Reserve Bank of Zimbabwe (RBZ) foreign exchange auction for

Finance Minister Mthuli Ncube

Govt Exploring New Value Addition Strategies: Mthuli

By Matabeleland North Correspondent VICTORIA FALLS: Finance Minister Mthuli Ncube says the government is exploring new strategies that promote value addition in different sectors of the economy. He said these strategies would help in revitalising the local industrial value chain. Ncube was speaking at the official opening of the Victoria Falls Stock Exchange (VFEX) and the

President Mnangagwa arriving at the VFEX

Caledonia Mining Lists On VFEX

By Matabeleland North Correspondent VICTORIA FALLS: Gold mining giant Caledonia Mining Corporation Thursday officially listed on the Victoria Falls Stock Exchange, making it the third company to list on the foreign currency denominated bourse since its opening last year. Caledonia, which operates Blanket mine, brings in more than 600 000 shares that are available for Zimbabweans. President

Peter Zimunya

CBZ CEO Zimunya Retires, Nyazema Takes Over

By Alois Vinga CBZ managing director, Peter Zimunya is set to step down as chief executive after a prolonged career spanning over four decades in the banking industry. In an update, the group legal corporate secretary, Rumbidzayi Jakanani said the top banker will be exiting the institution at year end. “Zimunya will be retiring as

RBZ governor John Mangudya

RBZ Auction Disqualifies 547 “Dubious” Bids

By Alois Vinga RESERVE Bank of Zimbabwe (RBZ) foreign exchange auction Tuesday disqualified a total 547 suspicious bids as the authorities sniff out chancers who intend to acquire foreign currency for speculative purposes. A trading update released at the close of business shows on the Main Auction platform 236 bids were disqualified while 311 bids

Finance Minister Mthuli Ncube

Mthuli Ncube‘s Upper Middle Income Economy Targets A Pipedream: Expert

By Alois Vinga A TOP economic expert has warned targets set by Finance Minister Mthuli Ncube to establish an upper-middle income economy by 2030 are now highly unachievable after the failure to sustain a yearly growth trajectory. President Emmerson Mnangagwa’s administration plans to achieve Vision 2030 on the basis of implementing sound economic transformative policies. However,

Turnall’s New Automated Plant Reaches Nears Completion

By Alois Vinga LISTED roofing products manufacturer Turnall Holdings Limited (THL) investment in a new plant which will see an automated increase in production and enable migration from cement pipes has reached an advanced stage. Presenting a trading update for the period ended September 30, 2021, THL acting company secretary, Ziggy Bikwa said the new

The late Doug Munatsi

Mnangagwa Mourns Top Banker Doug Munatsi

By Thandiwe Garusa PRESIDENT Emmerson Mnangagwa has sent a condolence message to the late Zimbabwe Investments Development Authority (ZIDA) chief executive officer Douglas Munatsi’s family following his sudden death in a house fire Monday morning. In a statement, Mnangagwa described Munatsi as a creative and visionary business leader. “The death early this morning of our

CBZ Posts $3,1 Million Profit

By Alois Vinga ONGOING government infrastructure projects have availed lucrative opportunities for CBZ Holdings on the back of which the country’s largest financial services institution posted a net profit of $3,1 million. Presenting a trading update for the nine months period ended September 30, 2021, CBZH Group Legal Corporate Secretary, Rumbidzai Jakanani hailed numerous government

Top Economist Says US Dollar Salaries A Pipe Dream

By Alois Vinga TOP economist, Vince Musewe has vehemently dismissed expectations workers bodies for US$ salary payments hinting such a move would be inconsistent with international best practices and instead called salary adjustments in tandem with inflationary pressures. Several workers bodies were highly anticipating a return to the US dollar denominated salary in the national

The refurbished Bulawayo SME Centre

ILO, Govt Refurbish Bulawayo SMEs Centre For US$130 000

By Alois Vinga THE International Labour Organisation (ILO) in partnership with the government, have refurbished Bulawayo Small and Medium Enterprises (SMEs) centre at a cost of US$130 000 amid expectations the model project will spread across the country. The global labour organ partnered with the Bulawayo City Council (BCC), National University for Science and Technology

Finance Minister Mthuli Ncube before presenting 2022 budget in Parliament Thursday

Zimbabwe Doubles Spending As It Targets Growth Of 5.5% In 2022

Bloomberg ZIMBABWE aims to almost double spending next year to help shrug off the effects of the coronavirus pandemic and two consecutive years of economic contraction. Expenditure is projected to increase to 927.3 billion Zimbabwean dollars (R140 billion) from a revised Z$509 billion estimated in 2021, Finance Minister Mthuli Ncube said in his budget speech

The Palm River Hotel

New US$25m Luxurious Hotel Opens In Vic Falls

By Matabeleland North Correspondent VICTORIA FALLS: A new multi-million dollar luxurious hotel, built for US$24.6 million through a partnership by Old Mutual Zimbabwe and Spencer’s Creek was officially opened in this resort city Wednesday. The Palm River Hotel has 73-rooms comprising a presidential suite, executive and honeymoon suites, 60 deluxe rooms, and standard. There are also

Botswana’s Mack Air Partners Zim’s CATS For Safari Ops

Agencies BOTSWANA’S Mack Air and Zimbabwean charter carrier Central Air Transport Services (CATS) have announced a new codeshare partnership for the launch of a new daily safari service between Victoria Falls and Hwange National Park, both in Zimbabwe, in April 2022. “As tourism growth continues to improve across Southern Africa in a post COVID environment, it is important for

Local Companies Have Until Dec To Declare Forex Transactions Or Risk Hefty Fines

Fin24 ZIMBABWEAN companies have until the end of this year to declare sales undertaken in foreign currency or risk rigorous audits and hefty fines – as dollarisation, which remains unmatched by foreign currency tax collections, intensifies across the economy. The local unit of exchange, the Zim dollar, has continued to struggle on official and parallel

EMCOZ president Demos Mbauya

Employers Hail Inflation Decline, Commit To Adjust Wages  

By Alois Vinga EMPLOYERS Confederation of Zimbabwe (EMCOZ) has hailed the government for implementing reforms that have significantly reduced annual inflationary rates amid calls to further tighten the policy measures for fuller benefits to cascade down to workers. Speaking to NewZimbabwe.com on the possibility of matching salaries with current inflationary rates, EMCOZ president Demos Mbauya

Muchadeyi Masunda

VFEX Lucrative Incentives Lure BNC Listing

By Alois Vinga VICTORIA Falls Exchange (VFEX) lucrative incentives have pushed Bindura Nickel Corporation (BNC) to voluntarily delist from the Zimbabwe Stock Exchange (ZSE) in pursuit of the competitive advantages on offer. In a recent circular to shareholders, BNC chairman, Muchadeyi Masunda notified shareholders that the mining giant will be exiting the ZSE and heading

RTG Pins Recovery Hopes On Stable Operating Environment

By Alois Vinga LEADING hospitality concern, Rainbow Tourism Group (RTG) has pinned hopes of recovery on the prevailing stable economic environment after registering a paltry 1% growth owing to the adverse impact of the Covid19 pandemic. Presenting a trading update for the period ended September 30, 2021, the RTG company secretary, Tapiwa Mari said the

BCC Commits To Improving Ease Of Doing Business For SMEs

By Alois Vinga BULAWAYO City Council (BCC) has committed to improving the ease of doing business of SMEs and other informal sector players amid accelerated plans to formalise the sector in the country’s second largest city. The remarks come at a time when numerous efforts to formalise the informal sector have resisted due to the