Markets

Markets

GMAZ chair Tafadzwa Musarara

Millers welcome new govt grain subsidy

By Thandiwe Garusa ZIMBABWEAN millers have welcomed government’s decision to restore grain subsidies with their umbrella group, Grain Millers Association of Zimbabwe (GMAZ) saying the move would ensure a “win-win” situation for both the cereal processors and ordinary consumers. Reacting to the development Thursday, GMAZ chair Tafadzwa Musarara hailed the move. “Grain Millers welcomes the

Mines Minister Winston Chitando

Zimbabwe eyes international diamond tenders

Diamond.net The Zimbabwe Consolidated Diamond Company (ZCDC) intends to hold 11 international sales in 2020, the news agency cited the miner’s acting CEO, Rob De Pretto, as saying. Its tenders are currently in Harare, the country’s capital, but the location does not appeal to clients, the report continued. “We are exploring opportunities and new markets

ZSE losses persist as top 10 indices decline 17 %

By Alois Vinga THE Zimbabwe Stock Exchange (ZSE) loss trajectory has persisted resulting in a decline in the all share and top 10 indices, 11 % and 16% respectively, the latest Reserve Bank of Zimbabwe (RBZ) monthly economic review has indicated. The report, which covers the period ending August 2019, observes the losses are coming

Minerals growth output seen suffering minus 40 % decline by year end

By Alois Vinga MINERAL production in Zimbabwe will decline to around minus 40 % by year end owing to a host of challenges confronting the mining sector, the State of the Mining Industry 2019 survey reports. The report, released recently and compiled by the Chamber of Mines, established that key minerals were expected to record

GMAZ media and public relations manager Garikai Chaunza

67% wheat price hike set to trigger fresh bread price increase

By Staff Reporter HARD-PRESSED Zimbabweans can brace for fresh bread price increases after government cereal stocker, Grain Marketing Board (GMB) has increased the price of wheat to millers by 67%. Grain Millers Association of Zimbabwe, media and public relations manager Garikai Chaunza has admitted the increase was too exorbitant. Because of the margin, Chaunza said,

Mines Minister Winston Chitando

Government to establish gold centres to increase output

By Alois Vinga GOVERNMENT has tabled a plan to establish gold centres which will provide technical and financial assistance to Artisanal Small Scale Miners (ASM). The move is aimed at improving efficiency and total gold output. Addressing a business breakfast forum on Thursday, Mines and Mining Development Minister, Winston Chitando said the initiative sought to

RBZ governor John Mangudya

RBZ: US$799 million traded via interbank market since inception

By Alois Vinga THE Reserve Bank of Zimbabwe (RBZ) on Friday announced that US$799 million has been traded on the Interbank Foreign Exchange Market following the continuous implementation of policies aimed towards improving ease of trade. In its Monetary Policy Statement released Friday, RBZ governor John Mangudya said the market’s inception was aimed at diluting

Zimbabwe's top foreign currency earner tobacco's receipts have hit rock bottom

Gold, tobacco production plunges as power cuts effects wreak havoc

By Alois Vinga RECEIPTS from Zimbabwe’s top foreign currency earners tobacco and gold have plummeted, a local trade watcher has said. Inter-Horizon Securities (IH Securities), in a survey, said gold has gone down 20% while tobacco earnings have plummeted 35%. The survey, titled “The Zimbabwe Consumer Sector; Austerity for Prosperity”, says the agricultural sector, which

Top industrialist Sifelani Jabangwe

Countless licences, bureaucracy choking trade

By Alois Vinga EXPORTERS have bemoaned the numerous licencing and associated fees required by government departments in Zimbabwe saying they remain a barrier to the ease of doing business. Speaking to NewZimbabwe.com Business this week, Zimbabwe National Chamber of Commerce president Tamuka Macheka said that his organisation was deeply concerned about the existence of different

Ecocash rules mobile money market with 99 percent share

By Alois Vinga CASSAVA Smartech’s subsidiary, Ecocash is enjoying almost 100% dominance of mobile money transactions and continues to maintain a lead ahead of other service providers. The Postal Telecommunications Regulatory Authority’s report entitled Consumer Satisfaction Report observes that Ecocash platform is conducting almost 99% of the total money transfer services. The stats prove that

Zim mobile tariffs now lowest in the region, threatening viability

TechnoMag Zimbabwe mobile tariffs compared to the SADC region and other African countries have become insanely too low and no longer make business sense, a survey has revealed. In a survey done by TechnoMag, Zimbabwe is currently charging tops of 22cents rtgs per minute which when converted against the bank rate, amounts to $0.024 USD

Mines Minister Winston Chitando

Arab and Africa Mining Conference delegates urged to consider Zim opportunities

By Alois Vinga THE Arab and Africa Mining Conference (AAMC) has ended on a high note with Zimbabwe’s mining sector opportunities coupled with the ongoing deeper economic reforms aimed at stabilising the economy taking centre stage. Speaking to potential investors at the conference Wednesday, Zimbabwe’s diplomatic envoy to the United Kingdom, Christian Katsande said basing