Business

Business

Zimbabwe Eases Controls on Currency’s Official Exchange Rate

Official rate moves closer to interbank rate, data show Currency decline has helped drive inflation to more than 100% By Bloomberg ZIMBABWE is easing controls on the national currency’s official exchange rate, allowing it to converge with an interbank rate that the government has permitted businesses to use for commerce. The currency now officially trades at

CZI hails RBZ auction as Zimbabwe dollar depreciates by 12,4% 

By Alois Vinga CONFEDERATION of Zimbabwe Industries (CZI) has hailed the Reserve Bank of Zimbabwe (RBZ) for ensuring realistic stability as the Zimbabwe dollar depreciated by 12,4% on the auction platform, swiftly closing the gap between the parallel market rate. The remarks come a few weeks after the monetary authorities clashed with CZI on the direction to be taken

Zimbabwe’s inflation back above 100% after currency plunge

By Bloomberg.com Zimbabwe’s inflation rate jumped back into triple digits in May after the central bank effectively devalued the local currency by introducing a new interbank rate at which most commerce will take place. Annual inflation quickened to 131.7% from 96.4% in April, ending a 10-month period in which the rate was below 100%. Costs

ZCTU fights repressive Labour Draft Bill

By Alois Vinga ZIMBABWE Congress of Trade Unions (ZCTU) has criticised clauses contained in the Labour Draft Bill over the failure to live up to international best practices on protection of workers’ rights. The Bill which seeks to align the Labour Act with the constitution and international labour standards duly ratified is set to be

DAVOS: Mnangagwa says future now depends on digital economy

By cgtn.com Developing countries should place more emphasis on science and technology education to better prepare the young generation for opportunities in the digital economy, according to Zimbabwe President Emmerson Mnangagwa. Mnangagwa made the comments in Davos, Switzerland, where he is attending the 2022 World Economic Forum. “The future of business, of development, wealth creation,

China’s Huayou Cobalt to invest $300m in Zimbabwe lithium mine

By Reuters.com HARARE : China’s Zhejiang Huayou Cobalt plans to invest $300 million on rapid development of a lithium mine and processing plant at its newly acquired Arcadia project in Zimbabwe, according to company documents seen by Reuters on Tuesday. Huayou, one of the world’s biggest producers of cobalt, recently completed a $422 million purchase

RBZ mops up ZW$31,6 billion in four months

By Alois Vinga THE Reserve Bank of Zimbabwe (RBZ) managed to mop up excess liquidity amounting to ZW$31,6 billion in the last four months of 2021 as the monetary authority upped the gear towards preserving the local currency’s stability. Excess liquidity/cash position is when the balance exceeds the actual working capital cash needed, thereby becoming

EU project boosts Zim’s milk output

By Alois Vinga A EUROPEAN UNION funded livestock project has contributed to increased milk productivity by a total of 1,2 million litres inside four months, latest data from the Reserve Bank of Zimbabwe (RBZ) has revealed. The central bank data shows that quarterly fresh milk output progressively increased from the low first quarter of 2021

Masiyiwa shoots to 89th on the UK rich list from number 159; wealth up by £913m

By UK correspondent ZIMBABWE born telecoms entrepreneur Strive Masiyiwa has moved to number 89 on the UK’s rich list, up from 159 last year. According to the Sunday Times Rich List for 2022, Masiyiwa’s fortune has grown to £2bn (US$2.5bn), growing by £913m  (US$1.14bn) over the past 12 months. The Econet group founder who grew

ZINARA hikes toll fees by 73%

By Alois Vinga THE Zimbabwe National Roads Authority (ZINARA) has hiked toll fees by 73% in line with obtaining exchange rate dynamics. The developments are in line with recent fluctuations of the Zimbabwean dollar on the Reserve Bank of Zimbabwe (RBZ) foreign exchange auction platform,  which saw the value of the local currency depreciating by

First Capital Bank donates farming equipment to ZFU

By Alois Vinga LEADING financial services provider, First Capital Bank (FCA), has donated farming equipment worth thousands of dollars to the Zimbabwe Farmers Union (ZFU). The donation will go towards meeting the productivity needs of the Murehwa based Chemhondoro Farming Club, a member of the ZFU. Speaking at the occasion to handover the goods recently,

EU project boosts Zimbabwe’s milk output

By Alois Vinga A European Union (EU) funded livestock project has contributed to increased milk productivity by a total of 1,2 million litres inside four months, latest data from the Reserve Bank of Zimbabwe (RBZ) has revealed. The central bank data shows that quarterly fresh milk output progressively increased from the low first quarter of

AFDIS defies inflationary headwinds as volumes grow 36%

By Alois Vinga LISTED  wines and spirits manufacturer, African Distillers Limited (AFDIS),  has defied the inflationary headwinds and taken advantage of some low lying opportunities to record a 36% volumes growth. Presenting the group’s financial performance for the year ended March 31 2022,  Afdis chairperson, Matlhogonolo Valela, said despite the operating environment being characterised by volatile

Mine workers plead for US$150 cushioning allowances from employers 

By Staff Reporter Mine workers have pleaded with their employers to be given at least a US$150 cushioning allowance on top of their salaries as their earnings are being eroded by inflation. The Zimbabwe Diamond and Allied Minerals Workers Union (ZDAMWU) has written a letter to the Chamber of Mines Chief Executive Officer, Isaac Kwesu to this effect.

Govt effectively lets currency slide with interbank rate

By Bloomberg.com Interbank rate used widely to quote for goods and services Southern African country had temporarily banned bank lending Zimbabwe’s acceptance that most business will take place at a newly introduced interbank rate for the Zimbabwe dollar amounts to an effective devaluation of the local currency, a policy maker said. The Reserve Bank of Zimbabwe introduced

African Sun Hotels occupancy levels increase by 30%

By Alois Vinga LISTED hospitality management concern, African Sun Limited has seen occupancy levels across its segments recording 30% growth on the back of significant easing of Covid-19 related lockdowns both locally and abroad. At the peak of the Covid-19 pandemic in 2020, the hotel group saw its occupancy levels going up by 37% with

Hwange Colliery Company to procure US$15 million worth equipment

By Alois Vinga LISTED coal producer, Hwange Colliery Company Limited (HCCL), is set to procure equipment worth US$15 million in an effort to increase coal output. Presenting the company’s performance for the period ended December 31 2021, HCCL administrator, Engineer Dumisani Sibanda, said the company has entered into an equipment mobilisation agreement for the Underground

Govt stockpiles fuel as Russia-Ukraine war induced shortages loom

By James Muonwa THE Russian offensive on Ukraine has caused uncertainty in global fuel supplies, a development that has jerked the government to increase strategic fuel reserves in the country. As a measure to curtail sharp price increase of petrol in the wake of looming shortages, cabinet Tuesday resolved to increase mandatory fuel and ethanol

Buy Zimbabwe disputes low tariffs on basic commodities importation

By Lisa Nyanhongo BUY Zimbabwe has expressed concern over the announcement by the government that local industries with free funds can import basic goods at lower tariffs with immediate effect. The Buy Zimbabwe fosters pride in Zimbabwean products, since its established in 2011. In a statement, the general manager of Buy Zimbabwe, Alois Burutsa, said

Government suspends duty on basic commodities 

By Mary Taruvinga, Senior Reporter THE Finance ministry has with immediate effect suspended duty on all basic commodities for the next six months following the recent spike in prices. This comes in the wake  of the government’s ban on lending by banks, among other policies. Suspension of duty is on selected items including rice, flour,