Business

Business

Tianze, a subsidiary of China Tobacco International, started tobacco contract farming in Zimbabwe in 2005

Chinese funding sows hope among Zimbabwe’s tobacco farmers

By Xinhua MARONDERA – It’s harvesting season, and tobacco farmer Ian Nhata is making final preparations before transporting his golden leaf to the market in Harare, the capital of Zimbabwe. Nhata, a commercial farmer from Marondera, a farming area about 70 km east of Harare, produces tobacco under contract farming with Tianze, a subsidiary of

20th March 2023

Zimbabwe remains highest on food price inflation globally says World Bank

By Staff Reporter ZIMBABWE continues to lead the 10 countries with the highest food price rise globally despite a significant drop in its year-on-year food inflation, a World Bank report has revealed. According to its latest report on food security, the World Bank revealed that there was an increase in almost all low- and middle-income

19th March 2023

UK-based Marula Mining set to tap into Zim’s Lithium resource

By Alois Vinga ENGLAND based mining investor, Marula Mining PLC – Haywards Heath has tabled plans to establish a new mining subsidiary in Zimbabwe which will focus on the fast growing battery metals sector. The mineral resource rich Southern Africa nation has the largest lithium deposit on the continent amid expectations that it can do better from

18th March 2023

US-based inDrive launches in Harare as Zim becomes 8th Africa operation for tech company

By Darlington Gatsi  UNITED STATES based mobility company, inDrive, has made inroads into the country after launching their ride hailing services in Zimbabwe. The Harare launch  makes Zimbabwe the eighth country in Africa that inDrive has expanded its footprints. In a statement released Wednesday inDrive said the company’s Harare launch will offer locals transport options for mobility. “This

16th March 2023

Tech firm launches new online store; says Zimbabwe can grow digital economy

By Staff Reporter A LOCAL information and technology company says Zimbabwe has the ability to tap into online business, in the process of digitalising the country’s economy through embracing scientific knowledge. This comes as ZimhHost Webdesigners introduced digital commerce platform Own Your Online Store (OyOs). OyOs offers a platform for consumers to purchase goods online through a WhatsApp

16th March 2023

IMF commends Zim for launching data sharing portal

By Alois Vinga THE International Monetary Fund (IMF) has hailed Zimbabwe for implementing the recommendation to establish the Enhanced General Data Dissemination System (e-GDDS) which is used to publish essential macroeconomic and financial data. The e-GDDS also known as the National Summary Data Page will serve as a one-stop publication for disseminating the data recommended under

15th March 2023

RBZ Auction allots US$20 million as tobacco sales expected to boost liquidity

By Alois Vinga THE Reserve Bank of Zimbabwe (RBZ) Foreign Exchange Auction this week allotted a total US$20 million amid expectations that the commencement of the 2023 tobacco selling season will boost foreign currency liquidity and further strengthen the local currency. A trading update released at the close of trading Tuesday shows that a total

15th March 2023

Zimbabwe’s ban on lithium ore exports triggers stockpile buildup

By Bloomberg News Zimbabwe’s ban on lithium ore exports has resulted in stockpiles of the key battery metal building up in the southern African country. The ban – introduced by the government last December in a bid to encourage local processing of the metal – has resulted in two-million tons of ore being stockpiled, according to

15th March 2023

Mthuli Ncube exchanges notes with Egyptian counterpart

By Alois Vinga FINANCE Minister, Mthuli Ncube met his Egyptian counterpart and exchanged notes on areas ranging from trade, exports, taxation to strategies to counter global economic shocks. In 2020, Egypt exported goods worth US$18,9 million  to Zimbabwe and Zimbabwe exported goods worth US$18,7 million to the Arab Republic. The two nations enjoy cordial relations

14th March 2023

IPEC says forex insurance business surges to US$146 million

By Alois Vinga FOREIGN currency denominated insurance business surged to US$146 million in 2022 alone, signifying a 56% increase in the comparative period, the Insurance and Pension Commission (IPEC) has revealed. The latest figures confirm the widespread adoption of the US$ as a transacting medium in the economy as alluded to in the 2023 Monetary

11th March 2023

Mnangagwa commits to protecting business premises during elections

By Alois Vinga PRESIDENT Emmerson Mnangagwa has assured all business players that their property and business premises will be protected from any damage during the forthcoming elections. The previous elections held in 2018 ended in violence which saw some errant political activists damaging and looting goods from several shops. Similar disturbances took place during demonstrations

11th March 2023

Mangudya defends tough stance on Al Jazeera Investigation documentary

By Alois Vinga RESERVE Bank of Zimbabwe (RBZ) governor, John Mangudya has called on the nation not to underestimate the impact of “biased and wild” claims made in snippets of the unscreened Al Jazeerabdocumentary on alleged corruption and money laundering in the country. The Qatar based international news network brewed controversy after  revealing that it

10th March 2023

Stop stealing from tobacco farmers, pay them adequately, timeously – warns VP Chiwenga

By Anna Chibamu VICE President Constantino Chiwenga has warned tobacco buyers and contractors from stealing from farmers who struggled to produce the gold leaf during a long and challenging production period. Officially opening the 2023 Tobacco Marketing Season at the Tobacco Sales Floors (TSF), Harare on Wednesday, VP Chiwenga said farmers should be given fair

9th March 2023

Zim endorses Afreximbank’s export support fund

By Alois Vinga PRESIDENT Emmerson Mnangagwa has endorsed establishment of the Fund for Export Development in Africa (FEDA). Zimbabwe is the sixth African country to give the initiative a nod. FEDA is the impact investment subsidiary of the African Export-Import Bank (Afreximbank) set up to provide equity, quasi-equity, and debt capital to finance the multi-billion-dollar

9th March 2023

Zimbabwe tobacco output expected to rise 8.5% in 2023

By Reuters HARARE: Zimbabwe’s tobacco production is expected to rise 8.5% year-on-year to 230 million kg in 2023 following good rains and as more farmers planted the crop, the industry regulator said on Wednesday. “It looks like we are going to have a good crop. We are expecting 230 million kg,” Tobacco Industry Marketing Board

8th March 2023

Tobacco selling season kicks off at a high of US$4, 35 per kg

By Alois Vinga THE 2023 tobacco selling season kicked off Wednesday with the highest sale recording US$4,35 per kg signifying a 3,5% increase from last year’s take off price amid anticipation of increased volumes. Speaking at the official opening of the selling season, TIMB board chairperson, Patrick Davenish said strict Covid19 prevention protocols will be

8th March 2023

RBZ Auction disburses US$13 million on raw materials, machinery

By Alois Vinga THE Reserve Bank of Zimbabwe (RBZ) Foreign Exchange Auction this week saw machinery and raw material needs gulping a total US$13 million with the official exchange rate slightly waning against the greenback. A trading update released at the close of trading Tuesday shows that a total US$8,56 million was allotted for raw

7th March 2023

Zim heads to World Tourism Fair

By Alois Vinga THE Zimbabwe Tourism Authority (ZTA) is set to promote the country at the forthcoming World Tourism Fair, International Tourism Bourse (ITB) set to kick off today (7/3/23) in Berlin, Germany. The world’s largest tourism fair where several companies including hotels, tourist boards, tour operators, represented from over 150 countries provide a lucrative

7th March 2023

RBZ threatens legal action against Al Jazeera Investigation documentary interviewees

By Alois Vinga THE Reserve Bank of Zimbabwe (RBZ) has vowed to take legal action against interviewees who participated in an Al Jazeera unscreened documentary allegedly implicating top government officials in illicit gold dealings and money laundering. The developments come shortly after the Qatar based international news network revealed it was going to broadcast the

6th March 2023

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