Is RBZ shifting position? Pauline Hurungudo THE Reserve Bank of Zimbabwe (RBZ) has given its clearest hint to date that the country is slowly re-dollarising after upgrading the Real Time Gross Settlement (RTGS) platform to include the United States dollar (USD) to facilitate settlement of the USD Nostro foreign currency account (FCA) transactions. This comes just…
Following President Emmerson Mnangagwa’s Eurasian tour — that took him to Russia, Belarus, Kazakhstan, Azerbaijan while he had to cancel his attendance at the World Economic Forum at Davos, Switzerland as Zimbabwe was burning in his absence — we heard that a Russian firm, Alrosa, and the Chinese Anjin, will partner the Zimbabwe Consolidated Diamond Company…
HARARE – African Medallion Group (AMG) has signed a landmark cooperation deal with a subsidiary of the South African Reserve Bank to resell and redistribute its gold and related products such as medallions and krugerrands The multi-year deal with AMG, founded by trailblazing Zimbabwean businessman Frank Buyanga and the South African mint company, will allow…
HARARE – Mbudzi People’s Market, situated on the outskirts of the capital along the Harare–Beitbridge highway is a teeming mall serving communities from the sprawling south western high density suburbs and recently was a subject of mobs who tried but in vain to disrupt business. Reporter Blessings Mashaya speaks with Felix Ormachea, the manager of…
HARARE – The CEO Africa Roundtable is holding its annual gathering from February 13 to 15 in the resort of Victoria Falls, with business persons set to discuss two key topics — discovering new opportunities and forming lasting business relationships. Set for the classic Elephant Hills Resort Hotel, the CEO Roundtable has invited interested parties…
HARARE – The Confederation of Zimbabwe Industries (CZI) says the manufacturing sector’s cost of accessing foreign currency increased significantly in 2018. This comes as the country’s intensifying foreign currency shortage has threatened the viability of businesses with manufacturers reportedly turning to the parallel market for supply of the elusive green back. “As much as 73…
HARARE – Zimbabwe is likely to record subdued meat production this year due to foreign currency shortages, increased costs of production and high regulatory costs, the livestock industry has said. The Livestock & Meat Advisory Council (LMAC) said the country achieved record growth in egg and milk production during the first nine months of 2018….
HARARE – Edgars Stores Limited Zimbabwe has resolved to acquire 15 million shares for $1,5 million from parent company Edcon, allowing it to de-merge from the struggling holding company. This comes after South Africa’s biggest clothing retailer Edcon — which owns Edgars, Jet, CNA and other brands — had been struggling after losing market share…
HARARE – The Sustainable Afforestation Association of Zimbabwe (Saaz) says it has teamed up with various stakeholders in an effort to combat rampant wood poaching in the country. Zimbabwe loses 300 000 hectares — equivalent to an area three times the size of greater Harare — annually due to deforestation according to the Forestry Commission….
HARARE – Powerspeed Electrical (Powerspeed) has declared a dividend for the first time in over a decade worth over $500 000. The company — which declared a dividend of 0,4 cents per share for the year ended September 30, 2018 — recorded a $4,2 million profit, which was 285 percent profit surge from $1 million…
