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 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 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

IMF clears way for $2 bn loan payment to Egypt

By AFP The International Monetary Fund has cleared the way to approve the next $2bn loan payment to Egypt, IMF chief Christine Lagarde announced on Friday. “The IMF staff team has now finalised the details required” to present the accord to the IMF board for approval, Lagarde said in a statement. “The board will meet

MALAWI: Zimbabwe unrest hurts regional businesses; cross border freighters hit as roads blocked

By LILONGWE: As Zimbabwe’s unrest reaches unprecedented levels, the country’s neighbours are feeling the economic pinch with some businesses starting to close shop. The Economics Association of Malawi (Ecama) said the Zimbabwe unrest could trigger scarcity of some imported commodities, resulting in increased prices due to high transportation costs, The Nation reported. The development comes as Malawian

German Chancellor Angela Merkel addresses the annual meeting of the World Economic Forum in Davos, Switzerland

At Davos, battle lines are drawn over trade and cooperation

By Associated Press DAVOS: World leaders in favour of international cooperation and free trade struck back Wednesday against the wave of populist nationalism that has featured more prominently than usual at the gathering of elites in Davos, Switzerland. As a dizzying array of heads of state – from Poland to Colombia to Rwanda – addressed

The congress centre, venue for the World Economic Forum, is covered with snow in Davos, Switzerland

Facing populist assault, global elites regroup in Davos

By Associated Press DAVOS, Switzerland: As the world’s financial and political elites convene here in the Swiss Alps for the World Economic Forum, their vision of ever-closer commercial and political ties is under attack — and the economic outlook is darkening. Britain’s political system has been thrown into chaos as the country negotiates a messy