HARARE – The Zimbabwe Stock Exchange on Monday lost $4 billion in value after parallel market rates for bond notes and real time gross settlement (RTGS) rates against major currencies deteriorated. The informal exchange for the surrogate currency and transferable deposits bond, which had surged to levels as high as 400 percent mid last week,…
HARARE – The Postal and Telecommunications Regulatory Authority of Zimbabwe (Potraz) says it plans to introduce innovation hubs and hackathons as part of its information and communication technology (ICT) Innovation Drive. The ICT Innovation Drive had up to this point operated only as a revolving fund that assists beneficiaries by extending loans for their different…
HARARE – The African Medallion Group’s (AMG) gold reserves last week breached the $412 million mark in the 10 months to October. “The African Medallion Group is pleased with the current global Gold markets performance. On October 5, 2018, gold was trading at an average of R17’848, which is a 10,43 percent increase since January…
HARARE – Old rugged buildings with crumbling walls, surrounded by auburn tall dried grass, are all that remains of the once vibrant Olivine Willowvale Industries. Dilapidated train wagons are symbolic of the unproductiveness and recession the country has faced in the last two decades. Silos, with emblems inscribed “Olivine”, are the only testaments that verify…
HARARE – Today (October 12) managers of local companies, operating under the banner of the CEO Eatout Movement, will run a pop-up restaurant at Hellenic Sports Club where they will, among other things, serve meals for free to the homeless. According to Henry Ngoni Chigama, who founded the initiative last year, in addition to free…
HARARE – Lafarge Cement Zimbabwe (Lafarge) suffered a loss of $1,774 million for the half year to June 30, 2018 from $1,775 million recorded during the same period prior year due to a significant tax settlement. In 2017, the company disclosed a contingent liability of $7,9 million relating to a tax assessment for the period…
HARARE – Contraditions in the implementation of the controversial two percent tax have further fuelled an already volatile economic crisis, with companies responding by either closing shop or increasing commodity prices. The inconsistencies follow austerity measures introduced by Finance minister Mthuli Ncube on October 15. Ncube shook the market when he reviewed the Intermediated Money…
HARARE – Zimbabwe’s runaway cash black market is anticipated to remain firm in the wake of a deepening foreign exchange scarcity that saw the United States dollar premium surging to 400 percent as at midday yesterday. While monetary authorities have gazetted a law to curb illegal cash and foreign currency trading — with offenders doomed…
HARARE – Despite the noises around Housing Corporation of Zimbabwe (HCZ)’s Caledonia project, the company had up to four years to deliver the 8 000 residential units wanted by the National Social Security Authority (Nssa), court documents show. This comes amid relentless attacks on Stephen Duggan’s company that it had no capacity to deliver the…
HARARE – United Arab Emirates-based global satellite operator, Yahsat, has launched its satellite broadband service called Yahclick in Zimbabwe in partnership with local internet access provider, Utande. Yahsat’s director for business development for the African market Kevin Viret announced Utande-a subsidiary of Dandemutande Investments — as its official service partner in Harare yesterday. “Utande and…
