Markets

Markets

Caledonia Eyeing One Of Zim’s Largest Gold Mines

Bloomberg CALEDONIA Mining Corp., is interested in buying one of Zimbabwe’s largest gold operations as it embarks on an aggressive plan to acquire more assets in the country, according to a person familiar with the details. The Jersey-based gold producer is weighing an acquisition of Bilboes Gold Ltd.’s Isabella-McCays-Bubi mines, in northwest Zimbabwe, said the

Regulator warns manufacturers against setting maximum prices

By Alois Vinga THE Competition and Tariffs Commission (CTC) has issued a stern warning against manufacturers who are in the habit of setting maximum selling prices for retail and wholesale outlets highlighting that such practices contradicted the set law. The remarks are a slap in the face for members of the public who expect authorities

Canadian Miner Weighs Buying Zim’s Mothballed Gold Assets

By Business Reporter CALEDONIA Mining Corporation has signed an agreement with the Zimbabwe government under the global miner will evaluate mining rights, properties, and projects in the gold sector controlled by the state. The deal is to assess the potential to advance development on these properties or projects. Caledonia said it believed Zimbabwe is a

Dairibord records 6 % decline in raw milk intake

By Alois Vinga LISTED milk processor, Dairibord Zimbabwe Limited (DZL) recorded a 6 % decline in raw milk intake as the national milk production decline took a toll on operations during the half year period ended June 30, 2020. Company board chairperson, Josphat Sachikonye said this week that despite the decline in raw milk intake,

RBZ forex auction allots US$25 million to firms as Zim-dollar strengthens  

By Alois Vinga RESERVE Bank of Zimbabwe (RBZ) 15th foreign exchange auction Tuesday allotted a total US$24.5 million worth of foreign currency as the Zimbabwe dollar gained by ZW$0.05 cents against the US dollar. At the close of the auction, the exchange rate stood at ZWL$81.44 against US$1, slightly lower than the exchange rate of

Godfrey Koti

Zim Tourism Sector Lost US$1b During Covid-19 Lockdown

By Makanaka Masenyama  ZIMBABWE could have lost between US$500 million and US$1 billion during the closure of the tourism sector due to the devastating coronavirus lockdown, the Zimbabwe Tourism Authority (ZTA) has estimated. In an interview with NewZim TV’s Business Brief on NewZimbabwe.com, ZTA spokesperson Godfrey Koti said the pandemic had a crippling impact on

ICT Minister Jenfan Muswere

Zim’s Voice Network Traffic Declines By 28%

By Alois Vinga TOTAL fixed voice traffic registered a 28 % decline as corporate companies adopted data-based communications that have seen most work being done from home; the Postal and Telecommunications Regulatory Authority of Zimbabwe (POTRAZ) has reported. According to POTRAZ’s second quarter of 2020 report, the huge decline was also prompted by the Covid-19

Your guide to investing in Forex in 2020

Forex traders speculate on currency exchange rates. It is a thrilling yet risky way to earn money. Here is how to access the largest financial market. Guide on How to Invest in Forex 2020 In South Africa today, Forex investment is booming. Brokers provide remote access to the largest financial market. Traders monetize knowledge as

TSL expects much lower than anticipated tobacco output

By Alois Vinga ZIMBABWE Stock Exchange (ZSE) listed industrial holdings group, Tobacco Sales Limited (TSL) says earlier tobacco output for this year will be much lower than the earlier anticipated projections. Last year, a total 258 million kgs were realised in the entire selling season and earlier projections at the back of a later start

Finance Minister Mthuli Ncube

Govt in talks with banks to support new stock exchange

Bloomberg Zimbabwean authorities are in discussions with several international investment banks to support a new stock exchange that will trade exclusively in foreign currency, Finance Minister Mthuli Ncube said. “The interest has been huge,” Ncube told an analyst briefing. He declined to give further details. Yvonne Mhango, sub-Saharan Africa economist at Renaissance Capital, told the

NSSA HQ

NSSA Cedes 35% Stake In Fidelity To Zimre

By Alois Vinga THE NATIONAL Social Security Authority (NSSA) is set to dispose of its 35.09% stake in Fidelity Life Assurance (FLA) to Zimre Holdings Limited (ZHL). A recent circular confirms Zimre has entered into an agreement with NSSA for the purchase of its 35.09% stake in Fidelity. ZHL already holds 20.57% of the life

Zimbabwe tobacco sales down 23.5% after poor rains

Reuters Sales of Zimbabwe’s tobacco, the second largest foreign currency earner, fell 23.52% to 178.7 million kilograms this year, official data showed on Monday, after production was affected by lower rainfall. The tobacco auction season, which ended on Friday, traditionally leads to improved foreign exchange inflows in the southern African nation as buyers bring in

Art Corporation volumes down 17% due to tough Covid-19 measures

By Alois Vinga ZIMBABWE Stock Exchange listed diversified firm ART Corporation’s sale volumes went down 17 % due to restrictive measures which choked the smooth flow of business. In a recent trading update, the group’s company secretary, Abisai Chingwecha said sale volumes went down in many of the business segments. “The group’s overall volumes for

CCZ reports decrease in prices of some basic goods

By Robert Tapfumaneyi THE Consumer Council of Zimbabwe (CCZ) reports that some basic commodity prices in the country went down during the month of June this year. The basic commodities considered include cooking oil, bread, washing powder, salt and flour. According to CCZ, the monthly basket for a family of six increased to more than