US$ payments rekindles cotton farming interest

By Alois Vinga THE extension of increased foreign currency threshold payments coupled with aggressive clearance of arrears backlogs has rekindled cotton farming interest in a development likely to see overall output increasing going forward, Cottco Holdings Limited has revealed. ZWL payments extended to the sector over the past years had choked the crop’s output before

Industry says RBZ 70% inflation target realistic

By Alois Vinga THE Confederation of Zimbabwe Industries (CZI) says the attainment of between 60-70% inflation targets set by the monetary authorities is realistic and achievable. The remarks come shortly after the Reserve Bank of Zimbabwe (RBZ) reversed its projection on annual inflation in its Mid-term Monetary Policy Statement (MPS) from 10%-30% end of the

Google vice president James Manyika joins AirBnB board

By UK Correspondent GLOBAL online short and long term rental firm AirBnB has appointed Artificial Intelligence (AI) expert James Manyika to its board with the San Francisco-based company looking to benefit from his expertise as AI fundamentally reshapes society. Currently senior vice president at Google, Manyika is one of the world’s leading experts in AI.

ZW$ weakens by 1, 4% on RBZ Auction platform

By Alois Vinga THE ZW$ slightly weakened by 1,4%  on the Reserve Bank of Zimbabwe (RBZ) Auction platform on the back of a waning parallel market rate which experts say is temporarily driven by post elections self-fulfilling sentiments. A trading update published at the close of business Tuesday shows that the exchange rate depreciated to a

Mthuli Ncube makes comeback as Finance chief, CZI hopes to “continue engagements”

By Alois Vinga CONFEDERATION of Zimbabwe Industries (CZI) has commended the reappointment of Prof Mthuli Ncube to the country’s toughest portfolio as Finance Minister. Ncube is among other Cabinet Ministers expected to stir Mnangagwa’s second term in office. He recently lost in his bid for the Cowdray Park National Assembly seat in the just-ended general

Zimbabwe’s premier tourism expo set for October

By Agencies ZIMBABWE’S premier international tourism showpiece, Sanganai Hlanganani World Tourism Expo, has been scheduled to hold between October 12 and 14 in its traditional home in Bulawayo, reports VoyagesAfriq magazine. The annual event brings together major players and stakeholders in the global tourism industry, providing a platform for networking and collaboration, while showcasing Zimbabwe’s

TIMB says seedbed sewn up 15, 5% in preps for next season

By Alois Vinga THE Tobacco Industry Marketing Board (TIMB) has confirmed that preparations for the 2023/2024 season have reached a crescendo with seedbed sown so far having increased by 15, 5% compared to the last season. In an update Friday, TIMB revealed that a lot of progress has been made so far in a development,

Star Africa hails tight monetary policy, records growth across segments

Star Africa hails tight monetary policy, records growth across segments By Alois Vinga LISTED sugar producer, Star Africa Corporation Limited (SACL) has acknowledged the impact of a tight monetary policy stance by authorities on the back of defying the odds after recording cross-cutting growth across all segments. Presenting the performance for the period ended March

RBZ moves to curb exorbitant bank charges

By Alois Vinga THE Reserve Bank of Zimbabwe (RBZ) has committed to closely monitoring bank charges in view of curbing unnecessarily high costs being passed down to the banking public and in the process adversely discouraging the use of formal financial systems. This comes at a time when clients from several banks have bemoaned high

Inflation fears as ZERA hikes fuel prices, diesel now at US$1, 76 per litre  

By Alois Vinga ECONOMIST Doctor Prosper Chitambara says the recent adjustments in fuel prices will trigger another wave of price increases across the economy amid calls for adjustments which places the stability goal at the heart of policy implementation. This follows a significant increase in the prices of fuel announced by the Zimbabwe Energy Regulatory

CBZ Holdings promises double value after acquiring 36% in First Mutual  

By Alois Vinga THE country’s largest banking institution by assets and deposits, CBZ Holdings has promised to deliver double value to both shareholders and clients following the acquisition of a 36% stake in First Mutual Holdings Limited (FMHL) this week. Addressing delegates at the Zimbabwe Stock Exchange (ZSE) headquarters Monday, CBZ CEO Blessing Mudavanhu said

Local companies urged to ride on Preferential Trade Agreements

By Alois Vinga LOCAL companies must ride on Preferential Trade Agreements (PTA) to boost exports and unlock economic benefits from Zimbabwe’s stellar foreign relations trade promotion agency ZimTrade has said. A PTA is a trading bloc that gives preferential access to certain products from the participating countries by reducing tariffs but not by abolishing them completely.

FBC pins economic growth hopes on improved electricity, stable ZW$ 

By Alois Vinga LEADING financial institution, FBC Bank says inflation decline targeted measures coupled with improved electricity generation will spur economic growth going forward. Presenting the performance for the Half Year period ended June 30 2023 group chairman Herbert Nkala said domestic economic prospects are projected to remain robust, with economic growth revised to 5,

ZCTU petitions Mnangagwa’s office to stay out of POSB salary feud

By Alois Vinga THE Zimbabwe Congress of Trade Unions (ZCTU) has petitioned the Office of the President and Cabinet to stop meddling in salary issues involving workers at the People’s Own Savings Bank (POSB). The labor organ contends that POSB approached the Office of the President and Cabinet (OPC) seeking relief to avoid the payment

NMB commends price stability, operating income hits ZW$283 billion

By Alois Vinga LISTED financial services provider, NMB Bank has commended economic measures for yielding the prevailing price stability on the back of surging operating income reaching ZW$283 billion. Presenting the 2023 Half Year period NMB Bank chairman, Benedict Chikwanha said during the period under review, the economy continued to show signs of resilience and

First Capital Bank hails inflation measures, posts US$9, 05 million profit

By Alois Vinga FINANCIAL services provider, First Capital Bank (FCA) has commended measures instituted by authorities for easing inflation on the back of a record US$9, 05 million adjusted during the year’s first half period. Presenting the group’s performance for the period, FCA managing director, Ciaran McSharry commended the Reserve Bank of Zimbabwe (RBZ) for