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Markets

RBZ governor John Mangudya

RBZ Freezes Accounts Of Two More Bureaux De Change Firms

By Alois Vinga  TWO more bureaux de change businesses had their licences suspended by the Reserve Bank of Zimbabwe (RBZ) Thursday on allegations of not declaring foreign currency transactions, bringing to seven, financial institutions that are now under probe for illicit foreign currency transactions. Their bank accounts were frozen. In a statement, RBZ Governor John

Industry Minister Sekai Nzenza

Minister Nzenza Blocks Export Of Raw Materials Used For Making COVID-19 Products

By Alois Vinga INDUSTRY Minister, Sekai Nzenza has blocked the exportation of goods and raw material used in the production of COVID-19 products. The directive was issued Monday under Statutory Instrument (SI) 90 of 2020 regulating the exportation of pharmaceutical medicines and personal protective equipment (PPEs). “This is in line with measures to regulate exportation

How Indigenous Poultry Is Driving Growth Among Zim’s producers

The Poultry Site INCREASING numbers of Zimbabwean farmers are turning to indigenous poultry. The trend for rearing chicken breeds that are native to the southern African country is being driven by the astronomical cost of feed, tedious management requirements for broilers and the high demand for indigenous species. Jane Murenje, of Bulawayo, Zimbabwe’s second-largest city, was

Tafadzwa Musarara

GMAZ Ropes In ZRP To Monitor Decentralised Sale Of Subsidised Roller Meal

By Mary Taruvinga THE Zimbabwe Republic Police (ZRP) has partnered the Grain Miller’s Association of Zimbabwe (GMAZ) in delivering and monitoring the selling of subsidised roller meal through a zonal residential system to minimise the movement of people hunting for the scarce staple. The programme is to make the commodity easily available to consumers during

Zimbabwe’s Foreign Currency Shortage To Worsen As COVID-19 Upends Tobacco Season

Bloomberg Zimbabwe’s severe shortage of U.S. dollars is set to worsen as the coronavirus threatens the start of sales of tobacco, its second-biggest source of foreign exchange. “It’s the cash flow that’s the biggest concern for everyone,” Ben Gilpin, executive director of the Commercial Farmers Union, said by phone from the capital, Harare, on Tuesday.

Coronavirus to erode Zim’s tobacco, FDI and diaspora remittances earnings – ZCTU

By Alois Vinga THE Covid-19 pandemic will seriously reduce Zimbabwe’s projected tobacco farming earnings and other export commodities, the Zimbabwe Congress of Trade Unions (ZCTU) has said. In a position paper, the labour group said this was going to leave the nation poorer and in urgent need for social safety protection from government. The paper

ZSE to operate four hours a day throughout Covid-19 lock down

By Alois Vinga THE Zimbabwe Stock Exchange (ZSE) will be trading for four hours a day during the 21-day Coronavirus national lockdown to avoid a total halt of the economy. In a trading brief issued this week, ZSE chief executive, Justin Bgoni said Finance Minister, Mthuli Ncube gave the equities market permission to trade. “After

ZIMASCO Halts Chrome Production As COVID-19 Takes Toll

By Business Reporter THE impact of COVID-19 has adversely affected ZIMASCO chrome’s production in Kwekwe after its stainless steel making markets Europe and Asian stopped operations. ZIMASCO is the country’s biggest ferrochrome producer which announced that it had temporarily halted its smelting operations in the face of coronavirus. In a statement ZIMASCO chief executive, John

Information Minister Monica Mutsvangwa

Govt announces new producer prices for 2020 winter wheat

By Robert Tapfumaneyi GOVERNMENT has announced new producer prices for the 2020 winter wheat pre-planting and that of soya beans. At a post-cabinet media briefing in Harare Tuesday, Information minister Monica Mutsvangwa also encouraged the growing of sesame and sunflower meant for stockfeed. “Cabinet considered the 2020 Winter Wheat Pre-planting Price and the 2019/2020 Soya

TSL blames tough RBZ payment arrangements for reduced tobacco yield

By Alois Vinga ZIMBABWE Stock Exchange listed tobacco firm, TSL Limited has placed the blame for reduced tobacco yield projections on the Reserve Bank of Zimbabwe’s (RBZ) unfair payment arrangements. TSL Limited company secretary, James Muchando Monday said the national tobacco volumes which were expected to dwindle by up to 20% were partly due to

Oswell Binha

Depressed Zim economic climate casts pall over Africa CEO indaba – Binha

By Robert Tapfumaneyi ROUNDTABLE executive chair, Oswell Binha has lamented that the country shall this month host the CEO Africa Roundtable when its economic environment remained depressed. He was addressing journalists in Harare Thursday ahead of the upcoming 2020 CEO Africa Roundtable edition scheduled for 18 to 20 March in the resort town of Victoria

ZITF hosting in doubt over coronavirus threat

By Bulawayo Correspondent THE holding of the 2020 edition of the Zimbabwe International Trade Fair (ZITF) could be in doubt following the fast spread of coronavirus from its original Chinese source to many parts of the world with massive death being reported. This year’s ZITF exhibition will run from 21 to 25 April under the

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 NewZimbabwe.com 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