Bloomberg ZIMBABWE, banking on mining to end two decades of economic stagnation, plans to list the company in which it has placed state mining assets to raise cash to meet government obligations, the nation’s finance minister said. Late last year, the government created Kuvimba Mining House Ltd., in which the state pension fund and sovereign
By Alois Vinga CONTRARY to earlier market speculation that the current Covid-19 lockdown pandemic will trigger a slowdown in trades, the Reserve Bank of Zimbabwe (RBZ) has defied the odds, allotting a total US$35.3 million amid sustained exchange rate stability. A trading update released at the close of the FX02/2021 auction trades shows that a
By Alois Vinga ZIMBABWE Stock Exchange listed property concern, First Mutual Properties (FMP) has set aside $7.3 million quarterly dividend pay-out indicating the company’s bullish performance despite the obtaining economic challenges. Several local companies are in dire straits owing to the difficult economic operating environment which has been further weakened by the impact deadly Covid-19.
By Alois Vinga NATIONAL export development and promotion agency, ZimTrade has urged local farmers to tap into the growing potential of organic produce markets which has been given a new lease of life by the outbreak of the Covid-19 pandemic. The trade agency said the current talk of drinking green tea and steaming responses to
Clean Technica THE transition to electro-mobility is happening a lot faster than a lot of people think. The EV scene in Europe is red hot right now after an awesome 2020. The UK’s plugin electric vehicle market hit new highs in December 2020, at 23.4% market share, up from 6.6% in December 2019. The Tesla
FreshPlaza.com ZIMBABWEAN garlic farmers have been urged to increase exports riding on the growth of the global market which has expanded to US$2,48 billion in the past two decades, from US$500 million. The national trade development and promotion organisation, ZimTrade, said the number of local smallholder farmers with potential to export has been growing exponentially
Reuters HARARE: Gold sales to Zimbabwe’s sole buyer and exporter of bullion Fidelity Printers and Refiners (FPR) fell 31% to 19 t last year after lower deliveries from small-scale miners, official data showed on Monday. FPR pays US dollars in cash to small-scale gold miners, but a shortage of hard cash caused delays in payments most of
FreshPlaza.com NHIMBE Fresh Produce is Zimbabwe’s leading horticultural firm. Despite all its efforts, it is still struggling to navigate the web of bureaucracy to get an import protocol to export blueberries to China. According to chief executive Edwin Moyo, the import protocol would pave the way for China to do quality checks before the commodity
By Alois Vinga THE Confederation of Zimbabwe Retailers (CZR) has implored the police to be tougher on illegal traders who continue with their operations in violation of government’s Covid-19 restrictions. Some unregistered retailers have resorted to selling their wares from mobile trucks and commuter omnibuses. Tuckshop and bar owners in some high density suburbs in
By Alois Vinga MILLERS and retailers’ groups have summoned Finance Minister Mthuli Ncube to a meeting to iron-out the ongoing feud sparked by government’s demand for Value Added Tax (VAT) on rice imports dating back to 2017. The government directive has since been dismissed by the Confederation of Zimbabwe Retailers (CZR), which said it showed
By Alois Vinga ZIMBABWE is set to open up 97 % of its markets to both imports and exports for goods originating from within the continent under the Africa Continental Free Trade Area Agreement AfCFTA. AfCFTA is the brainchild of the African Union and was initiated in 2012 with the objective of establishing a single
By Alois Vinga CONSTRUCTION Industry Federation of Zimbabwe (CIFOZ) has bemoaned the awarding by the government of multi-million US dollar national infrastructure projects to foreign companies at the expense of local contractors. The government has in recent years awarded major infrastructure projects such as the US$500 million Kariba South Power Station and the expansion of
By Staff Reporter THE Grain Millers Association of Zimbabwe (GMAZ) has assured local consumers of enough stocks of its products during the current festive period. In a statement Friday, GMAZ Acting General Manager Garikai Chaunza said products manufactured by companies under the cereal producers’ group were readily available on the market. “The Grain Millers Association
Xinhua THE Zimbabwean government on Monday launched the agricultural commodities exchange that will ensure farmers get market determined prices for their commodities. Zimbabwe previously had a commodity exchange which was closed when the government gave the monopoly to buy and sell maize and wheat to state grain procurer, the Grain Marketing Board (GMB) in 2001.
By Alois Vinga THE Zimbabwe Revenue Authority (ZIMRA) and retailers have locked horns over the former’s intention to collect value added tax (VAT) on rice for periods dating back to 2017, a move the retailers have described as illegal. Ministry of finance Secretary George Guvamatanga has instructed the taxman to proceed with the collections after
Bloomberg ZIMBABWE’S cash-strapped utility Zesa Holding Ltd. allowing people to pay their bills in foreign currency as it struggles to fund the nation’s power imports. Zesa said in an emailed statement on Sunday that the decision would bring consumers more “convenience.” Previously, only miners and exporters were allowed to pay for power supplies in U.S.
By Robert Tapfumaneyi A BELGIAN non-governmental organisation (NGO) APOPO is this month set to begin clearing anti-personnel landmines along the Cordon Sanitaire minefield that affects the Sengwe Wildlife Corridor in Masvingo province. APOPO trains African giant pouched rats to save lives by detecting landmines and tuberculosis. The company’s goal is to clear the assigned area by
By Alois Vinga THE Reserve Bank of Zimbabwe (RBZ) Wednesday announced a resolution to unbundle the state-run gold buyer Fidelity Printers and Refiners (FPR) and offer a 60% stake of the entity to private players in a bid to increase producers’ compliance levels in gold trade. In an update, RBZ announced that at its meeting
By Alois Vinga THE Postal and Telecommunications Regulatory Authority of Zimbabwe (POTRAZ) third quarter report reveals mobile internet and data traffic rose 43 % amid significant increases in voice traffic. The report acknowledges the positive growth projecting the sector will keep growing due to the reliance on the internet for business purposes. “Mobile internet and
By Staff Reporter ZIMBABWEAN millers have called on government to reinstate import duty on maize meal and flour to protect the country’s milling industry now threatened by the flooding of cereal imports into the country. This follows the May gazetting of Statutory Instrument No 119 of 2020 which suspended import duty on Maize Meal (Commodity