Business

Business

RBZ governor John Mangudya

RBZ Auction Allotments Overtakes Interbank Market By 27 %

By Alois Vinga RESERVE Bank of Zimbabwe (RBZ) auction system’s foreign currency allotments have surpassed Interbank market payments by 27%, a development which proves that the auction platform has become a dependable source of foreign currency for companies. An update released by the central bank Sunday shows that between June 2020 and August 2021, a

RBZ Governor John Mangudya

Foreign Currency Deposits Sustain Upward Trend: RBZ

By Alois Vinga FOREIGN currency deposits continue to sustain an upward trend reaching $127.5 billion in May 2021 partly on the back of deep economic reforms which are restoring confidence in the banking sector. The latest Reserve Bank of Zimbabwe (RBZ) monthly economic review covering the month of May 2021 shows that foreign currency accounts

Finance Minister Mthuli Ncube

Seeking To Change Deadbeat Image, Zimbabwe Pays Debt

AFP AFTER 20 years of not paying its debts, Zimbabwe is taking steps to clean up its balance sheet and its image by making payments to major creditors. Even if admittedly token amounts, the government hopes they will build goodwill towards Zimbabwe. Finance Minister Mthuli Ncube announced during a video conference this month that Zimbabwe

Govt Warned Over Continued Fuel Hikes

By Alois Vinga AN economist Prosper Chitambara has warned the government against continued fuel price increases highlighting that such acts are a thorn in the flesh of current efforts to stabilise the economy. He made the remarks shortly after the Zimbabwe Energy Regulatory Authority (ZERA) increased the prices of petrol and diesel this week. In

Precious Murena-Nyika

Lafarge CEO “Fired” After 18 Months At The Helm

By Alois Vinga LISTED cement manufacturer, Lafarge Cement Zimbabwe (LACZ) chief executive (CEO), Precious Murena-Nyika has stepped down  unexpectedly amid suspicion that she has been fired. Announcing the departure Friday, the group’s board chairperson, Kumbirai Katsande said the outgoing CEO will be pursuing other interests. “After a career spanning 10 years of service, with 18 months

Cybercrime: A Risk Factor That Can Jeopardise Africa’s Economy

By Staff Reporter CYBERCRIME is one of the top risk factors likely to jeopardise Africa’s economy especially at this time when the continent is transitioning to E-commerce under the Africa Continental Free Trade Area (AfCFTA). That’s according to panelists at a Book Talk hosted by the Economic Commission for Africa (ECA) last week. The “Book Talk”

Zim to host 2021 Sanganai/ Hlanganani expo virtually

By Alois Vinga ZIMBABWE is set to host this year’s edition of the Sanganai / Hlanganani – World Tourism Expo virtually amid expectations to recruit more international buyers. In a statement Zimbabwe Tourism Authority (ZTA ) acting chief executive officer, Givemore Chidzidzi said the just-completed enhancements on the authority’s virtual system to include an ‘on-demand”

Cassava Smartech Hinges Future Growth On Technology Deployment

By Alois Vinga TECHNOLOGY group, Cassava Smartech Zimbabwe Limited (CSZL), has hinged future growth on technology deployment after recording a 65 % revenue growth in the just ended quarterly period. Presenting a trading update for the quarter ended August 31 2021, CSZL  group company secretary, Charmaine Daniels said going forward the group will sustain priority

UK based Access Forex Launches Investment Centred Remittance System

By Leopold Munhende ACCESS Forex has launched a payment service, Paytumi, which will allow Zimbabweans in the diaspora to pay for goods and service that will be delivered on their doorstep. This according to company managing director Senziwani Sikhosana will remove the risk accompanied by relatives who act as middlemen on projects of those in

BAT Attributes Loss Decrease To Zim dollar Stability

By Alois Vinga LISTED cigarette manufacturer, British American Tobacco (BAT) has said the sustained Zimbabwe dollar stability has enabled the firm to record a $264,9 million loss decrease in the midst of volume increases. Presenting the company’s financial performance for the period ended June 31 2021, BAT chairman, Lovemore Manatsa hailed the policy measures implemented

First Capital Bank Declares 5 Cents Per Share Dividend

By Alois Vinga TOP financial services provider, First Capital Bank Limited Zimbabwe, has declared a 5 cents per share dividend payout which will be paid out before the end of September 2021. In a recent update, the firm’s acting company secretary, Sarudzai Binha said the payouts will be paid out within the next two weeks.

SA Remains Zim’s Major Trading Partner As Imports Hit 47,1%

By Alois Vinga NEIGHBORING South Africa has remained Zimbabwe’s major trading partner after imports from the regional powerhouse reached a record 47,1 % last year, Zimbabwe Revenue Authority (ZIMRA) has reported. Speaking during an annual general meeting Thursday, ZIMRA acting commissioner general, Rameck Masaire said statistics at hand shows that neighboring South Africa is still

FBC chairperson Herbert Nkala

FBC Scales Up Digitalisation

By Alois Vinga LISTED financial services concern, FBC Holdings Limited has scaled up its digitalisation programmes in a bid to meet transforming customers’ needs amid good financial performance on the back of sound economic fundamentals. Presenting the group’s performance for the half-year ended June 30, 2021, FBC chairperson Herbert Nkala said the digitalisation programmes have

CBZ Bank Introduces Payday Loans

By Own Correspondent CBZ Bank has introduced an instant loan facility called Payday loan. The facility is open to CBZ clients and is disbursed within 24 hours. CBZ Bank introduced the product after realisation that clients require bridging finance to cover immediate financial emergencies. There are many reasons to get a Payday loan like an

Businesses Fight Rule That Cuts Profits

Global Press Journal TOBACCO grower Shava Manomano fumes as he sits on a bale of yellow-gold leaves, watching buyers move along an auction floor in Harare, Zimbabwe’s capital. The buyers, wearing face masks, partially fill the cavernous, well-lit space. The aroma of tobacco bathes the room. Manomano sold his tobacco for United States dollars. But

ZIMRA Exceeds Revenue Target By 5.86% In 2020

By Kenneth Matimaire THE Zimbabwe Revenue Authority (ZIMRA) exceeded its 2020 annual net revenue target by 5.86% to collect a total of $181.96 billion against a projected $171.9 billion, according to its 4th Annual General Meeting (AGM) report. The 2020 annual net revenue collection further represent a growth rate of 74.5% compared to 2019 collections

Govt Renews Tongaat Hullet’s Licence By 20 More Years

By Alois Vinga GOVERNMENT has renewed Tongaat Hullet operations by another 20 years amid a deal to finalise granting of a 99-year lease to the company. The latest development will strengthen the project’s stability. Tongaat is one the country’s investment success stories as the company employs over 20 000 employees. The firm owns sugar cane

RBZ Strengthens Auction System As Allotments Hit US$47m

By Alois Vinga RESERVE Bank of Zimbabwe (RBZ ) Monetary Policy Committee (MPC) has put in place a raft of  measures aimed at strengthening the auction system at a time when weekly allotments reached US$46,5  million. In an update , RBZ governor, John Mangudya said  MPC resolved to sustain the current downward inflation trajectory and

NedBank Records 108% Income Increase From Digital Platforms

By Alois Vinga NEDBANK Zimbabwe has recorded a 108% revenue increase attributed to digital platforms amid a record profit after tax which shows the institution’s resilience in the face of multiple challenges. Presenting the bank’s performance for the half year ended June 30 2021, Nedbank’s managing director,  Sibongile Moyo said the digital platforms contributed significantly

Zim Farmers Urged To Tap Into US$1,7 Million Bambara Nuts Export Market

By Alois Vinga TRADE promotion agency, Zimtrade has urged local farmers to tap into the US$1,7 million Bambara nuts (nyimo/indlubu) export market covering countries like the USA, UK and the Netherlands among others. In a recent update, the agency said the global import bill of the product was just US$1.7 million in 2020, up from