Markets

Markets

Tobacco selling season kicks off at a high of US$4.50 per kg

By Alois Vinga THE 2019 tobacco selling season kicked off in Harare Wednesday, with the highest selling price standing at US$4.50 per kilogramme, down from US$4.90 recorded on a similar day last year. Speaking to NewZimbabwe.com Business Tobacco Industry and Marketing Board corporate communications manager, Isheunesu Moyo confirmed the prices. “The selling season took off

CZI president Sifelani Jabangwe. Industry unhappy with Monetary Policy Statement

Industry criticises RBZ’s monetary policy for ignoring value loss and low exchange rate

By Alois Vinga THE Reserve Bank of Zimbabwe (RBZ) has been criticised for failing to deal with value loss in account balances and fixing an unreasonably low exchange rate in its Monetary Policy Statement (MPS).  According to a statement from the Confederation of Zimbabwe Industries (CZI) the policy also failed to address issues around people’s

Tobacco sellers urge immunity from 2 % mobile transfer tax

By Alois Vinga BOKA Floors managing director, Chido Nyakudya says the 2 percent mobile transfer tax introduced last October by government must not apply on all tobacco related transactions to avoid erosion on tobacco farmers’ incomes. “We are facing challenges with the 2 percent tax…and we are currently engaging the Finance Ministry over the matter,”

WorldRemit registers 30% monthly increase in CBZ transfers

WorldRemit, a leading online international money transfer company, has seen a rapid uplift in customers sending money to Zimbabwe using its guaranteed cash pickup service. Transfers sent for cash collection at CBZ Bank locations alone have risen by 30% per month. To make it easier for people living in urban and rural areas to receive

Mining expert Rishon Chimboza

WATCH: What is needed for the mining sector in Zimbabwe?

By miningreview.com Rishon Chimboza, Mining Sector Lead at africapractice, speaks to us about what should be taking place in Zimbabwe to revive the country’s natural resources sector. Mining is a crucial industry in Zimbabwe but has potential to be so much bigger than it currently is. There are just a handful of significant mining companies in

Only 20kgs gold remitted to Fidelity since RBZ’s policy statement

By Alois Vinga DEPUTY Mines Minister, Polite Kambamura says that gold remittances to Fidelity Printers and Refiners (FPR) have reduced significantly since the Reserve Bank of Zimbabwe (RBZ) monetary policy announcements made last week. Briefing guests on challenges being experienced in the mining sector at a breakfast meeting held in Harare on Tuesday, Kambamura revealed

Presidential input support helps farmers double 2017 cotton yield

By Alois Vinga ZIMBABWE has produced 140 000 tonnes of cotton owing to the presidential input support scheme which capacitated local farmers with resources to double their 2017 yield in 2018. This was confirmed by Association of Value Adders of Zimbabwe (AVAZ) director, Admire Masenda while speaking to NewZimbabwe.com Business this week. “Cotton output in

Affirmative Action Group (AAG) president, Dr Chamu Chiwanza

Business forum ‘The Shift’ set for London launch; AAG president to keynote

By Tidi Kwidini LONDON: Affirmative Action Group (AAG) president, Dr Chamu Chiwanza, is scheduled to keynote at the launch of The Shift UK, a business enterprise scheme that brings together corporate leaders to discuss key issues affecting the African continent. The Shift was established over five years ago by Dr Chiwanza, who is the patron,

South Africa to loan $5 billion to ailing state power firm

By Associated Press JOHANNESBURG: South Africa’s minister of finance says that the government will loan the troubled state power company, Eskom, 69 billion rand ($4.9 billion) to help it service its debts. Delivering the 2019 budget to parliament, Finance Minister Tito Mboweni said the loan would help Eskom provide a stable power supply to the

Black market forex rates fairly stable since January

By Alois Vinga BLACK market foreign currency exchange rates have remained fairly stable for almost two months with dealers attributing the trend to a reduction in demand. A random assessment by NewZimbabwe.com Business confirmed that the rates have not shifted much over the past two months. “If one exchanges one United States dollar, they receive

US Congress urged to fully open banks to marijuana industry

By Associated Press Bank officials and others urged Congress on Wednesday to fully open the doors of the US banking system to the legal marijuana industry, a change that supporters say would reduce crime risks and resolve a litany of challenges for cannabis companies, from paying taxes to getting a loan. Most Americans live in

US president Donald Trump

US National debt hits new milestone, topping $22 trillion

By Associated Press WASHINGTON: The national debt has passed a new milestone, topping $22 trillion for the first time. The Treasury Department’s daily statement showed Tuesday that total outstanding public debt stands at $22.01 trillion. It stood at $19.95 trillion when President Donald Trump took office on Jan. 20, 2017. The debt figure has been

Mozambique's Transport and Communications Minister Carlos Mesquita

Mozambique calls for one-stop boarder with Zimbabwe

By APA Mozambique’s Transport and Communications Minister Carlos Mesquita has called for the Machipanda boarder post with neighbouring Zimbabwe to be developed into a one-stop border post to build competitive advantages over other regional routes. The official was quoted by state-controlled Radio Mozambique on Monday as saying that he has noticed an improvement in the

Foreign investor participation on Zim stock market down 9 percent

By Alois Vinga FOREIGN investor participation on the Zimbabwe Stock Exchange (ZSE) is down 9 percent, the Reserve Bank of Zimbabwe (RBZ) has revealed. The development comes at a time when President Emmerson Mnangagwa’s administration has been working flat out to attract investment into the country under the mantra “Zimbabwe is Open for Business”. In

World Bank leadership search likely to end with US candidate — again

By AFP THE search for a new leader for one of the most high-profile global organiSations begins Thursday and seems likely to end again with selection of the US candidate. The Washington-based World Bank has been led by an American ever since it was founded in the aftermath of World War II, while its sister

Zim retailers scale down product orders due to price uncertainties

By Alois Vinga INDIVIDUAL retailers have differed with Business Member Organisations (BMOs) they are affiliated to on pricing disparities currently obtaining on the ground. Retailers maintain that most basic commodity prices continued rising while business groups are of the contrary view. This emerged during a short survey by NewZim Business on the goings on within

Italy's Prime Minister Giuseppe Conte

Italy slides into recession after economy shrinks

By AFP THE Italian economy contracted in the fourth quarter of 2018, dragged down by slowing European growth and global trade tensions, plunging the country into a technical recession, official data showed Thursday. The 0.2 percent contraction — following a 0.1 percent fall in the third quarter — will put pressure on the populist government