Business

Business

Zim Dollar Depreciation Creates Savings For Blanket Mine

By Alois Vinga THE Zimbabwe dollar’s continued depreciation has created huge savings for Toronto Stock Exchange listed miner; Caledonia Mining Corporation (CMC) through its Zimbabwe run Blanket Mine due to devalued bank loans and electricity bills. The corporation’s chief executive officer, Steve Curtis acknowledged that an additional US$30 million on profits was prompted by the

Zimbabwe slashes Eskom debt to R70,6m

Bloomberg Zimbabwe has slashed its debt to power utility Eskom to R70,56m ($4m) from $33m, the state-owned Sunday Mail newspaper reported, citing energy minister Fortune Chasi. “We are making payments religiously,” Chasi was quoted as saying. “We have reduced the debt to $4m or thereabouts. We are also working on further reducing our indebtedness to

Emirates to suspend all passenger flights from March 25

AFP Dubai carrier Emirates Airline announced on Sunday it will suspend all passenger flights from March 25 amid the novel coronavirus outbreak. “By Wednesday 25 March, although we will still operate cargo flights, which remain busy, Emirates will have temporarily suspended all its passenger operations,” the airline’s chairman and CEO Sheikh Ahmed bin Saeed Al-Maktoum

Permission granted...Finance Minister Mthuli Ncube

Mthuli Ncube gives regulators green light to revalue insurance policies

By Alois Vinga FINANCE Minister, Mthuli Ncube has given regulators the permission to revalue insurance policies in line with currency conversion developments. Statutory Instrument 69 of 2020 published Friday says such guidelines will be made in the interest of insurance policy holders. “Whenever the Commission considers it necessary, convenient and in the best interest of

Afreximbank extends training to Zim bankers after noticing errors

By Alois Vinga THE Africa Export-Import Bank (Afreximbank) has concluded a six-day training workshop which was organised to equip some 15 representatives from Zimbabwean commercial banks with technical skills in trade finance. The programme took place in Harare and attracted 44 participants covering areas which include documentary letters of credit, bills for collection, bank guarantees,

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

200 Bulawayo SMEs shortlisted for ILO sponsored training

By Bulawayo Correspondent A total of 200 Small and Medium Enterprises (SMEs) in Bulawayo have been shotlisted to undergo a five-day International Labour Organisation (ILO) funded Start and Improve Your Business (SIYB) training programme. SIYB is an ILO management training programme with a focus on starting and improving small businesses as a strategy for creating

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

RBZ governor John Mangudya

RBZ in u-turn over ban on crypto payments

theblockcrypto.com The Reserve Bank of Zimbabwe, the country’s central bank, is set to regulate cryptocurrencies after banning local banks from processing crypto payments in 2018. The central bank has already started drafting a policy framework to guide operations of crypto firms, local newspaper The Chronicle reported on Monday. The RBZ has apparently admitted that the crypto trend

Finance Minister Mthuli Ncube

Zimbabwe inflation soars to 540%

AFP Zimbabwe’s annual inflation soared to over 500% in February, the country’s statistical agency said on Monday, releasing its first consumer price data since June last year. “The year-on-year inflation rate for the month of February as measured by the all-items CPI (consumer price index) stood at 540.16%” the Zimbabwe National Statistics Agency tweeted. Zimbabwe

Zimbabwe Offers White Farmers Land As Compensation For 800 Seized Farms

Reuters ZIMBABWE’S government will offer land as compensation for nearly 800 farms it seized under its land acquisition policy since 2000, according to regulations published on Thursday. Under former President Robert Mugabe, Zimbabwe took over some 5,000 farms, mostly from white farmers, saying the policy was meant to address colonial imbalances. But the land seizures triggered

GetBucks To Offer Short-Term Loans To Cushion Bank From Hyperinflation

By Alois Vinga FINANCIAL services provider, Getbucks Microfinance Bank will be issuing loans on a short-term basis as a strategy to mitigate hyperinflation ravaging the country’s economy. Speaking to NewZimbabwe.com Business this week, the financial institution’s managing director, Terrence Mudangwe said the move was aimed at cushioning the bank from the devastating effects of inflation. “The

Economic Instability Forces Axia Corporation To Revamp Strategies

By Alois Vinga RETAIL and specialty distribution group, Axia Corporation Limited says it will revamp its management strategies to enable quick and swift decision making in order to absorb the shocks in the country’s economic environment. The group’s chairman, Luke Ngwerume, this week said the obtaining economic environment required relevant risk management techniques in order

Lazarus Muchenje

Suspended NetOne CEO Muchenje Reinstated

By Mary Taruvinga HIGH Court judge, Chirawu-Mugomba has reinstated suspended NetOne chief executive, Lazarus Muchenje after she declared the board’s decision was null and void. The ruling follows a chamber application filed by Muchenje challenging his suspension last month. He was seeking to overturn the decision made by the NetOne board members, Susan Mutangadura, Winstone

Mthuli Ncube Gazettes US$ Duty On Free Funds Fuel Imports

By Alois Vinga FINANCE Minister, Mthuli Ncube has effected duty tariffs chargeable in foreign currency on all fuel imports transacted using free funds at a rate of US$0.40 per litre. The details are contained under Statutory Instrument 64 of 2020.3.11 “Leaded petrol and diesel imported using free funds for own use by companies or by

Liquid Telecom Dangles 50% Data Discounts To Cushion Struggling customers

By Alois Vinga INDEPENDENT data, voice and Internet Protocol provider Liquid Telecom Monday announced a 50% data discount facility which is aimed at helping clients struggling to afford internet services due to the obtaining economic challenges. Speaking to NewZimbabwe.com Business Monday, Liquid Telecom Southern Africa Region’s chief executive Wellington Makamure said the package is aimed at cushioning

Precious Nyika

Nyika takes over Lafarge Cement as new CEO

By Alois Vinga CEMENT manufacturer, Lafarge Zimbabwe (Limited) has appointed Precious Nyika as Chief Executive Officer with effect from March 1 2020. She takes over from Kaziwe Siame Kaulule who has been elevated to another challenging position within the company. In a statement, the company’s board chairman, Kumbirai Katsande described the new CEO as a

RBZ governor John Mangudya

RBZ stats show foreign currency deposits decline

By Alois Vinga RESERVE Bank of Zimbabwe (RBZ) statistics reveal that foreign currency deposits maintained a sustained decline in the last quarter of 2019 against a backdrop of key reforms, among them, the adoption of the local currency. According to RBZ monthly economic reports, foreign currency deposits which stood at 42% in September 2019 went

CBZ rolls out New Refreshed Brand Identity

CBZ Holdings has launched a new visual identity, as the Group consolidates its market leadership, and enhances the financial services provider’s standing as a trusted and progressive player. CBZ is one the largest financial services institution in the country and its involvement in the sector encompasses banking, insurance, investments, risk advisory, agribusiness and microfinance. The