By Mary Taruvinga A company has taken government and the central bank to court seeking an order to declare null and void, a recent decision by authorities to cancel a US$19 million maize procurement deal they had secured with the firm. Blue Chip, trading as Tbacha (Pvt) Ltd (Tbacha), has filed an urgent chamber application
By Staff Reporter GOVERNMENT’S ambitious plans to notch a $12 billion mining industry and increase diamond production to 10 million carats by end of 2023 are likely to fail due to the effects of the Covid-19 pandemic, an environmental rights watchdog has said. In a statement, Centre for Natural Resources Governance (CNRG) said the pandemic
Fin24 The Zimbabwean government’s move to pay its workers US dollar-denominated allowances as the southern African country struggles to stabilise its local currency has been described as “crazy” by an economist and member of the central bank’s monetary policy committee. Fin24 previously reported that President Emmerson Mnangagwa’s administration had hiked civil servants’ salaries in local currency
Cement News ZIMBABWE’S largest cement producer, PPC Zimbabwe, has called for urgent measures to protect the domestic cement industry from cement imports. Despite having adequate capacity to supply the local market, Zimbabwe remains a destination for cheap and substandard cement products, which are finding their way through the country’s borders as well as via smuggling,
Reuters A NEWLY established Zimbabwean company has started making cigars for export, aiming to take on established players while developing a culture of smoking at home. Mosi-Oa-Tunya, the local name for Victoria Falls which means “the smoke that thunders”, is the first firm to make cigars in the southern African nation whose economic troubles have
By Business Reporter STANBIC Bank Zimbabwe has launched a new tag line that is aimed at expressing a commitment to helping its customers realise their dreams as it promises to be a financial partner that works with their stakeholders to make dreams come true. The bank’s new tag line, IT CAN BE was launched yesterday in a series
By Alois Vinga ZIMBABWE’s year on year inflation has reached 785.55 % indicating deep problems embedded within the country’s economic fundamentals. According to a Tuesday update by the Zimbabwe National Statistics Agency (ZIMSTAT), the inflation rates jumped from 765.57% recorded in April 2020. The current stats are covering the period of May 2020. The statistics
Fin24 The Reserve Bank of Zimbabwe (RBZ) has blamed the country’s currency tumble on non-monetary factors despite statistics revealing that reserve money grew by as much as 307% year-on-year. The RBZ on Monday released monetary statistics showing that reserve money had grown to Z$13,4 billion by the second week of June 2020, a 300% growth
By Alois Vinga ZIMBABWE’S hyper-inflationary environment has eroded Mobile Network Operators’ (MNOs) incomes resulting in compromised service delivery quality due to limited foreign currency availability. A Postal and Telecommunications Regulatory Authority of Zimbabwe (POTRAZ) report covering the first quarter of 2020 contains figures which show MNOs’ incomes have depreciated significantly. The current voice tariffs have reduced by 33%
By Alois Vinga FOOD and dairy products processor, Dairibord Zimbabwe Holdings Limited (DZL) shareholders are expected to consider approving employees’ stake to 5 % at the forthcoming annual general meeting. The group’s notice of the forthcoming AGM which will be held this month-end has prioritised the plans. “To consider, and if deemed fit, pass with
By Alois Vinga HARD-PRESSED Zimbabweans could now be smoking less of the legal cigarette, if reports of a 17 percent sales decline by top cigarette maker, British American Tobacco (BAT) are anything to go by. BAT has said the weakening of the Zimbabwe dollar, which has eroded disposable incomes, has forced locals to cut down
Fin24 Foreign Currency Account holders with Zimbabwean banks – among them units of Standard Bank, Standard Chartered and Nedbank – have expressed apprehension about what they fear could be a run on their funds by the government, as the central bank kicks in new monetary measures. Foreign currency availability has been a problem in Zimbabwe,
By Alois Vinga FINANCE Minister, Mthuli Ncube has set tough conditions on firms intending to benefit from government’s $18 billion Covid-19 rescue package in what could almost be impossible for players to access the fund. A statement by Treasury recently says companies applying for the productive sector facilities worth $10.6 billion will be required to
By Tonderai Saharo KWEKWE based milk processor, Dendairy Pvt Ltd, has set aside US$10 million towards compensating thousands of villagers set to be removed from their ancestral lands to pave way for the country’s first ever grass farming industry in Masvingo. Daryl Archibald, Dendairy Managing director, said his company has come up with the budget
By Alois Vinga THE Reserve Bank of Zimbabwe Monetary Policy Committee has recommended the use of Open Market Operations (OMO) bills to mop up excess cash in the market among other measures aimed at curbing parallel market exchange rates. In statement, RBZ governor John Mangudya said a number of proposals to stabilise the market were
By Alois Vinga A TOBACCO farmers group has urged producers to withhold their crop until government revises its payment regime that has seen growers receive part of their dues using interbank rates pegged at US$1:25 Zimbabwean dollars. A single US dollar fetches at least Z$60 on the parallel market. In a statement, Tobacco Farmers Union
By Alois Vinga ZIMBABWE Stock Exchange (ZSE) listed CFI Holdings Limited has reversed the sale of one of its assets Langford Estates due to lack of shareholder approval for the deal to sail through, among other requirements. Langford Estates was sold to Fidelity Life back in 2015 in exchange for CFI’s US$18 million debt. From
By Alois Vinga THE Reserve Bank of Zimbabwe’s Financial Intelligence Unit (FIU) has blocked multiple internal transfers after noticing a new trend indicating that illegal foreign currency dealers had clandestinely invaded the banking system to continue with their illicit trades. In a directive dated June 4, 2020, the FIU acting director general, Oliver Chiperesa ordered
By Staff Reporter THE price of petrol has gone up by $7,19 with a single litre of the precious liquid now $28,96 while diesel prices also went up to $24,93 from $21,52, the Zimbabwe Energy Regulatory Authority (ZERA) announced Thursday. “Operators may, however, sell at prices below the cap depending on their trading advantages. Stakeholders
Hortidaily ZIMBABWE is likely to see a huge demand for some of its horticultural crops in Europe after production there was badly affected by disruptions caused by lockdowns as the world battled to contain the spread of the deadly coronavirus. There was a decline in the production of peas and sugar snaps in Europe and
