Markets

Markets

‘Jackpot’ oil discoveries may help Namibia double GDP

By Bloomberg News Namibia expects its biggest oil discoveries since independence to help double its economy by 2040, Jennifer Comalie, chairperson of National Petroleum Corp. of Namibia, said in a Bloomberg TV interview. TotalEnergies in February said it had made a “significant” oil discovery off the coast of Namibia, three weeks after Shell announced a

Tobacco sales down by 11,64 % as drought effects take toll

By Alois Vinga TOBACCO sales have so far recorded a 11,64% decline when compared to the same period last year, signifying reduced yields this selling season as effects of poor rains in the last selling season took a toll. A recent Tobacco Industry Marketing Board (TIMB) trading update shows that on day 49 of the selling season

Tobacco sales down 12 % as drought impact takes toll

By Alois Vinga TOBACCO sales have so far recorded a 11,64% decline compared to the same period last year, signifying reduced yields as effects of poor rains in the last selling season took a toll. A recent Tobacco Industry Marketing Board (TIMB) trading update shows that on day 49 of the selling season, a total

Zimbabwe’s tobacco rebounds amid worries over health, child labour

By Associated Press HARARE: Zimbabwe, Africa’s biggest tobacco grower and one of the world’s top exporters of the nicotine leaf, has opened its selling season for the crop amid pledges to fight deforestation and child labour in response to pressure from rights groups, environmentalists and international buyers. Tobacco is on a rebound in this southern

International money transfers explained

Markets and services for international money transfers are quickly expanding due both to the need for making international payments and for expats needing to repatriate funds. For an expat starting out in South Africa it’s important to have a clear grasp of the available money transfer options and how these work. This article makes a

Citing Russia’s war, IMF cuts global growth forecast to 3.6%

By Associated Press WASHINGTON: The International Monetary Fund on Tuesday downgraded the outlook for the world economy this year and next, blaming Russia’s war in Ukraine for disrupting global commerce, pushing up oil prices, threatening food supplies and increasing uncertainty already heightened by the coronavirus and its variants. The 190-country lender cut its forecast for global growth to 3.6% this year, a steep

How to Leverage the Power of Copy Trading

One of the most exciting developments in recent years is copy trading, the technique used by millions of everyday investors and traders to mimic the actions of experts. If your brokerage firm offers the service, consider trying it out to see if it’s a good fit for your style of investing. Before you sign up

GAS PROJECT: Time to taste Invictus Energy’s Zimbabwean fruit

By energyvoice.com Invictus Energy expects to start drilling its major Zimbabwean prospect by July, bringing the long-awaited dream of founder and managing director Scott Macmillan to the test. Mobil, in the late 1980s, got the ball rolling with a seismic shoot. The US company did not go ahead to test the licence in the Cabora

New alliance targets Zimbabwe’s US$1 billion remittance market

By Agencies Remittances are back in the headlines with news of a recently announced partnership that is targeting Zimbabweans who want to transfer funds from the UK to South Africa and Zimbabwe. Sasai Remit, described as one of Africa’s leading digital money transfer providers and a business of Cassava Technologies, a leading pan-African technology group,

IMPLATS CEO: ‘I’m happy that Zim is seen as risky by competitors; it allows us to continue expanding our interests’

By miningmx.com ZIMBABWE hosts Impala Platinum’s (Implats’) best operating division in the form of subsidiaries Zimplats and Mimosa Platinum and having the country seen as “risky” by other mining companies actually helps the group. That’s the view of Implats CEO Nico Muller who told delegates at the PGMs Industry Day investment conference held in Johannesburg that

As Global Demand Seen Falling, Zim’s Tobacco Industry Looks To Cannabis

By bloomberg.com Zimbabwe’s tobacco industry is looking to cannabis as a major revenue source with anti-tobacco sentiment expected to dampen demand for one of the countries biggest exports. Anticipated demand for cannabis is projected to continue to grow while tobacco output globally may decline 15% by 2030, according to Meanwell Gudu, the CEO of Zimbabwe’s

Ghana President Opens ‘State-Of-The-Art’ Nissan Navara Assembly Plant

By Business Reporter ACCRA: Ghana President Nana Addo Danquah Akufo-Addo on Thursday officially opened the brand-new state-of-the art Nissan Navara assembly near the capital in a development the company said marked the country as the “benchmark for the African automotive industry”. The plant is the culmination of a journey that began in 2018 when Nissan

Zimbabwe’s diamond miners aim to increase production

By Xinhua HARARE: Zimbabwe’s largest diamond miner, the Zimbabwe Consolidated Diamond Company (ZCDC), aims to increase its annual production to over 5 million carats from 4.1 million carats last year. Other diamond mining companies, including Anjin, a Zimbabwe-China joint venture and Murowa, have also embarked on a drive to expand production, Mines Minister Winston Chitando

LONDON: CBZ boss to address Zimbabwe-UK Business Chamber

By UK Correspondent CBZ Holdings Group CEO Dr Blessing Mudavanhu is expected to address the Zimbabwe-UK Business Chamber (ZimUKBC) at its annual conference and anniversary celebrations in Milton Keynes this Saturday. The top banker will address members on the topical subject of ‘Exploring business opportunities in Zimbabwe’ as well as discuss CBZ’s mortgage package for

Kenya, Zimbabwe ink bilateral deals to deepen ties

By Xinhua NAIROBI: Kenya and Zimbabwean governments Wednesday signed seven bilateral agreements aimed at strengthening relations between the two countries. The deals, all memoranda of understanding (MOU) on political and diplomatic consultations, tourism and wildlife conservation, and civil aircraft accidents and serious incidents investigations were inked in the Kenyan capital Nairobi at the start of

Platinum Producers Seek Deferment Of Pending Zim Tax On Exports

By IOL THE ZIMBABWE Platinum Producers’ Association, which encompasses projects controlled by Anglo American Platinum (Amplats), Impala Platinum and Sibanye, wants Finance Minister Mthuli Ncube to defer a pending 5 percent tax on the shipment of platinum group metals (PGM) that are not beneficiated. Zimbabwe’s Treasury has been granting fiscal and monetary concessions to Zimbabwean

South Africa’s Rand Falls As Power Cuts Resume

By Reuters JOHANNESBURG: The South African rand weakened against a stronger dollar in afternoon trade on Monday, as domestic headwinds also weighed with power utility Eskom announcing the resumption of schuduled power cuts barely hours after suspending the outages. At 1500 GMT, the rand traded at 15.5050 against the dollar, 0.39% weaker than its previous

After Moody’s Cut, Ghana Finance Ministry Says Ratings Agencies Biased Against Africa

By Reuters ACCRA: Ghana’s finance ministry said that Moody’s decision to downgrade its credit rating was made by omitting key information and revealed an institutional bias against African economies. Rating agency Moody’s downgraded Ghana from B3 to CAA1 on Friday, citing the “increasingly difficult task government faces in addressing the intertwined liquidity and debt challenges.”