RBZ governor John Mangudya

Mangudya says dismayed Zimbabwe imports carrots, potatoes

By Robert Tapfumaneyi RESERVE Bank of Zimbabwe (RBZ) governor, John Mangudya says the country was wasting a lot of scarce foreign currency through importing carrots and potatoes, among things that could be produced locally. Mangudya said it was disheartening that a country with many dams which were full of water throughout the year could find

EU Ambassador Timo Olkkonen

Local Firms Cry Foul Over Stringent EU Contracts

By Alois Vinga LOCAL business players have alleged bias in the awarding of contracts by the European Union (EU) following a decision by the bloc to award 50% of the 11 million euros to two foreign linked companies as grant managers. The local companies raised the concerns to Business Wednesday on the sidelines of

GMAZ chairperson Tafadzwa Musarara

Zim millers import 100 000 tonnes grain from Brazil

By Bulawayo Correspondent THE Grain Millers Association of Zimbabwe (GMAZ) has acquired 100 000 tonnes of maize from South Africa and Brazil with the first consignment of the staple starting to trickle into the country early next week. Speaking to journalists soon after meeting various stakeholders in Bulawayo Tuesday, GMAZ chairperson Tafadzwa Musarara said the

Raw Materials Dominate Zim’s Export List 

By Alois Vinga ZIMBABWE’s export list continues to be dominated by raw materials despite the existence of vibrant policies aimed at boosting industrial productivity. The latest Reserve Bank of Zimbabwe’s (RBZ) monthly economic review shows that there was no transformation in the quality of goods leaving the country. “The country’s export basket continued to be

Meikles Hotel’s Sale Awaits RBZ Nod as Room Occupancy Plummets 7%

By Alois Vinga MEIKLES Limited executive chairman, John Moxon Tuesday said the group currently awaits the Reserve Bank of Zimbabwe’s (RBZ) approval to sell off Meikles Hotel at a time when room occupancy has gone down 7%. Moxon made the remarks while presenting the group’s financial results for the first nine months ended September 30

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 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