Markets

Markets

ZTA boss Karikoka Kaseke

EU tourist arrivals in Zimbabwe up 29 percent

By Alois Vinga THE number of tourists visiting the country from the European Union (EU) has increased by 29 percent, the Zimbabwe Tourism Authority (ZTA) has revealed. According to the ZTA chief executive Karikoga Kaseke, the positive swing is indicative of the potential for recovering lost ground in what was previously a key source market

Finance minister Mthuli Ncube and permanent secretary George Guvamatanga

Banks Fear Hyperinflation Return in Plea for Zimbabwe Reforms

By Bloomberg News Zimbabwean banks urged the government to introduce wide-ranging reforms amid signs the country is facing an economic crisis reminiscent of a hyper-inflationary spiral a decade ago. Finance Minister Mthuli Ncube is preparing to announce the 2019 budget later this month. He’s juggling a ballooning budget deficit, foreign-exchange shortages that are fuelling inflation, and

China’s reserves fall, suggesting Beijing propping up yuan

By Associated Press BEIJING: China’s foreign currency reserves declined in October in a sign Beijing might be intervening in the market to keep its yuan from falling too far against the dollar and triggering a possible U.S. backlash amid a tariff battle. The reserves, the world’s largest, declined by about $34 billion to just over

German Chancellor Angela Merkel arrives for the weekly cabinet meeting at the chancellery in Berlin, Germany, Wednesday

German government advisers slash economic growth forecast

By Associated Press BERLIN: The German government’s panel of independent economic advisers has cut its growth forecast for this year, citing a tougher foreign trade environment, among other issues. The five advisers on Wednesday predicted growth of 1.6 percent this year in Europe’s biggest economy, down sharply from the 2.3 percent they forecast in March.

Karikoka Kaseke

ZTA hires Aljazeera in bid to market country’s tourist attractions

By Alois Vinga THE Zimbabwe Tourism Authority (ZTA) has engaged global news network, Aljazeera in efforts to market the country as a suitable tourism destination for world tourists. ZTA did this through signing a Memorandum of Understanding with the world news giant. The arrangement will see Aljazeera’s English channel broadcasting and listing all the facilities

Finance Minister Mthuli Ncube

93 percent of Zim exports destined for Africa, Ncube

By Alois Vinga FINANCE Minister, Mthuli Ncube has revealed that 93 percent of the country’s exports are destined for the African market as he urged local industry to up its game and take advantage of the vast international opportunities. He was addressing delegates at an Afreximbank trade briefing in Harare Monday morning. “In 2017, 93

Vice President Venkaiah Naidu with President Emmerson Mnangagwa

Take Advantage Of India’s High Growth Trajectory – visiting VP urges Zimbabwe’s industry

By Agencies ZIMBABWEAN companies can take advantage of the current high growth trajectory of the Indian economy, Vice President Venkaiah Naidu has said. Naidu was in Harare as part of a three-nation African tour that also includes Botswana and Malawi. He said India and Zimbabwe have shared a very cordial relationship that dates back to

Invictus Energy Managing Director Scott Macmillan

Australian company denies Zimbabwe oil and gas discovery

By UK Bureau AUSTRALIAN exploration company, Invictus Energy, has moved swiftly to downplay media reports claiming the junior resource group had discovered oil and gas deposits in Zimbabwe. On Thursday, company management attended a high-powered press conference in Harare addressed by President Emmerson Mnangagwa. Also present at the briefing were Mnangagwa’s two deputies as well

Mexico referendum cancels partly built $13 billion airport

By Associated Press MEXICO CITY: Mexico’s president-elect said Monday he will respect the result of a referendum that rejected a partly built new airport for Mexico City, effectively ending the $13 billion project. “The decision taken by the citizens is democratic, rational and efficient,” Andres Manuel Lopez Obrador said after 70 percent voted against the

China’s yuan drops to a decade-low, 7 per dollar now in sight

By Bloomberg News China’s yuan slid to the weakest level since May 2008, moving closer to the key level of 7 per dollar, as the central bank cut its daily fixing and on signs that a trade war with the US may escalate. The currency declined as much as 0.15% to 6.9724 per dollar in

PRICE HIKES: Bakers back-off after govt intervention

By Alois Vinga BAKERS reduced bread prices from $2.20 to the normal $1.10 per loaf in under 2 hours after announcing the hiked prices following an intervention by the government. Companies such as Lobels and Proton announced Friday that the new price would take effect the following day in notices that were widely circulated on

Zimbabwe top three on global list of best countries to visit in 2019

By AFP Tastemakers at Lonely Planet have released their picks for the best travel destinations of 2019, giving Sri Lanka and Copenhagen top billing.  When it comes to proclaiming the world’s best destinations, there is literally and truly a world of possibilities. But Lonely Planet’s Best in Travel report is based on the nominations of editors, researchers, locals and influencers.

Innocent Baggage

CFU warns of farming disaster as inputs disappear, obtainable in forex

By Bulawayo Correspondent MATEBELELAND province Commercial Farmers Union (CFU) chair, Innocent Winston Baggage has warned the country was heading for a disastrous 2018-19 farming season if government did not put steps to protect farmers from current diesel shortages and the pricing of inputs in foreign currency. Speaking in an interview with NewZimbabwe.com, Baggage also said

Germany orders recall of 73 000 Opel diesels

AFP Frankfurt – Germany’s KBA transport authority said on Friday it had ordered carmaker Opel to recall 73 000 diesel vehicles worldwide that were configured to fool regulatory emissions tests. The authority “ordered an obligatory recall on October 17” for Opel Insignia, Cascada and Zafira diesels meeting the latest Euro 6 emissions standard manufactured between

Botswana Diamonds, Vast Resource step up exploration in Zimbabwe

By Agencies Botswana Diamonds and its joint venture partner in Zimbabwe Vast Resource, are stepping up exploration activity at their concession in the African nation’s Marange Fields area. The decision comes after the companies received Wednesday a preliminary geological assessmentof the property, which shows Heritage contains several targets for modern alluvial diamond placer deposits. It also

Singapore's Prime Minister Lee Hsien Loong (L) was among the leaders heading a summit of EU and Asian nations

Europe, Asia back free trade in face of Trump’s ‘America first’

By AFP More than 50 European and Asian leaders backed free trade and the fight against climate change on Friday in a veiled swipe at US President Donald Trump and his increasingly protectionist approach. As disputes fester with Washington, the 12th summit of the Asia-Europe Meeting (ASEM) gave its support to the World Trade Organization

Germany firm to build 22MW solar plant in Zim with community ownership scheme

By Agencies THE subsidiary of German developer Soventix has bagged a contract to build one of the largest solar PV projects in Zimbabwe standing at 22MW. This month, Soventix South Africa will start constructing the Harava project across 40 hectares of land in the Bwoni Village, Seke Rural District which is located South West of

President Emmerson Mnangagwa (with scarf) and some of the event organisers

Zimbabwe to host innovation Africa summit

By Staff Reporter ZIMBABWE is set to host the 8th edition of Innovation Africa Summit, with a special focus on finding ways of improving the country’s education infrastructure to meet international standards. The summit which will bring together government officials responsible for education and Information Communication Technology (ICT) across Africa, captains of industry and investors

World Bank head says trade tensions could worsen poverty

By Associated Press NUSA DUA, Indonesia: Escalating trade tensions between the U.S. and China could undo global progress in helping end extreme poverty, World Bank President Jim Yong Kim said Thursday at the outset of bank’s annual meeting with the International Monetary Fund and other financial institutions. Threats to growth and the trade that helps