Markets

Markets

RBZ governor John Mangudya

RBZ Forex Auction Sustains Raw Material Imports Priority

By Alois Vinga THE Reserve Bank of Zimbabwe (RBZ) foreign exchange auction system has sustained the raw materials importation priority after allotting over US$12 million towards the cause amid exchange rate stability. A trading update released at the close of the 25th auction reveals that a total US$12.4 million was allotted towards raw materials importation

Mthuli Ncube

Govt Avails Dipping Chemicals After Farmers Lost $4.3b Livestock

By Alois Vinga THE GOVERNMENT has finally made a commitment to avail dipping chemicals to cattle farmers after theileriosis, also known as the January disease, ravaged their livestock leading to a loss of a national herd worth $4.3 billion. The deadly disease which was first noticed by communal farmers has to date destroyed over a

Tendai Biti

Biti says RBZ forex auction system a charade, headed for collapse

By Robert Tapfumaneyi FORMER Finance Minister and legislator Tendai Biti has dismissed the Reserve Bank of Zimbabwe (RBZ) foreign currency auction system as a charade that is set implode once all economic fundamentals begin to kick in. Biti made the comments while presenting his State of the Economy Address at SAPES Trust in Harare Tuesday.

RBZ governor John Mangudya

RBZ forex auction allotment to industry jumps to US$33 million

By Alois Vinga RESERVE Bank of Zimbabwe (RBZ) allotments to industry Tuesday rose, further reaching a new high of US$32.9 million coupled with the official exchange rate stability. The auction first reached the peak in September this year after allotting US$31.6 million to industry. A fortnight ago, the auction reached the second highest figure of

Ambassador Amer during a recent meeting with VP Chiwenga

Egypt Urges Zim Companies To Engage Global Business Community

By Makanaka Masenyama ZIMBABWEAN companies must engage the international community and create relations that foster economic growth, the Egyptian Ambassador to Zimbabwe Mahmoud Amer has said. In a television interview on the NewZimbabwe.com Business Brief programme Wednesday, Ambassador Amer said the southern African country had a lot of economic potential and it had to take

Mash West Agricultural Show fails to live up to its billing

By James Muonwa, Mashonaland West Correspondent THIS year’s edition of Mashonaland West Agricultural Show attracted a handful exhibitors while a small crowd attended the event, between Thursday and Saturday. The show society this year hosted a unique ‘hybrid’ edition of the annual exhibition, which also involved both physical and virtual displays of goods and services.

Zimbabwe under investor pressure to end gold sales monopoly

Bloomberg Gold mining investors are pressuring Zimbabwe to change a law forcing producers to sell their output to the central bank, which part pays them in local currency that’s worthless outside the country. That law is making it hard to raise capital for investment projects, according to B2Gold Corp. and Caledonia Mining Corp., which are

Zim to start manufacturing buses for public transport

Xinhua Zimbabwe will soon start to locally manufacture buses for the mass public transport system as it seeks to revitalize the once vibrant automotive sector. The move is part of the government’s efforts to promote the consumption of local products and to reduce the import bill. Speaking during a tour of Quest Motors, a vehicle

Mash West Agricultural Society to host ‘hybrid’ show this week

By James Muonwa, Mashonaland West Correspondent THE Mashonaland West Agricultural Show Society says it is all systems go as it readies to host a unique ‘hybrid’ edition of the annual exhibition, which will involve both physical and virtual displays of goods and services. This year’s event, which was delayed due to the Covid-19-induced lockdown, would

Retailers group credits RBZ forex auction for 60 % local goods

By Alois Vinga CONFEDERATION of Zimbabwe Retailers (CZR) has credited the Foreign Currency Exchange Auction introduced by the Reserve Bank of Zimbabwe (RBZ) for prompting a 60 % surge in locally manufactured goods on supermarket shelves. A raft of economic reforms introduced by Treasury 2019 ignited a volatile inflation period which saw prices of basic

Mthuli Ncube

Vic Falls Stock Exchange Launches With Only One Trading Partner

By Matabeleland North Correspondent VICTORIA FALLS: Finance Minister Mthuli Ncube has launched the Victoria Falls Stock Exchange (VFEX) here which will kick start the operationalisation of the Victoria Falls Special Economic Zone (SEZ). However, only one company, SeedCo International, a seed processing company, was the only company that listed with trading expected to begin Monday.

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,