HARARE – The country’s foreign currency shortage crisis is worsening, with more banks stopping payments to Multichoice, Africa’s largest pay-TV company. This also comes as e-wallet payment system, Ecocash, run by mobile firm Econet Wireless, suspended international transactions on its MasterCard debit card, citing scarcity of forex, in a grim sign that dollar shortages were…
HARARE – Zimbabwe’s largest poultry and table eggs producer — Irvine’s — has been hit hard by the ravaging Avian Flu outbreak, with the company cutting working hours and terminating contracts for some employees. The company told the Daily News that while it has taken “all possible measures” to preserve jobs, the crisis “has had…
HARARE – Zimbabwe is mulling a ban on the export of chrome as it looks to build internal refinery capacity, the Mines and Mining Development minister Walter Chidakwa has said. Zimbabwe’s ferrochrome production is expected to double to 300 000 tonnes this year after the government allocated chrome concessions to small mining companies as part…
HARARE – The Confederation of Zimbabwe Retailers (CZR) has said shops have “no choice” but to increase prices as they are sourcing foreign currency from the black market where they are charged steep premiums. This comes as retailers have significantly increased prices of basic goods, amid escalation of the cash crisis in the country. This…
HARARE – South Africa-based Shepherd Bushiri of the Enlightened Christian Gathering (ECG) is set to visit Zimbabwe at the end of next month and he will meet the business community. The visit which is going to be facilitated by the Bright Light Prophetic ministry housed in Norton will see the controversial Malawian clergyman meeting business…
HARARE – Reserve Bank of Zimbabwe (RBZ) governor John Mangudya (JM) is really not amused by his countrymen’s inclination towards inflicting harm on themselves; he is adamant that there is no need for the panic buying that rattled markets in recent weeks and advises consumers not to buy from shops that are bent on fleecing…
HARARE – Reverse Bank of Zimbabwe (RBZ) governor John Mangudya has ruled out prospects of Zimbabwe adopting the South African rand as its anchor currency. This comes amid frenzied social media posts claiming President Robert Mugabe and his South African counterpart, Jacob Zuma, were close to reaching an agreement to enable Harare to join the…
HARARE – Zimbabwe-focused investment and advisory company, Brainworks, has been given the greenlight to list on the Johannesburg Stock Exchange Main Board. In making the move, the company is aiming to have access to a deeper pool of more liquid capital to help push growth in its portfolio of financial services, real estate and hospitality…
HARARE – The Zimbabwe Stock Exchange (ZSE) has announced that it will soon issue the Market Data Policy which will govern the use, distribution and reporting for listed counters with effect from January 1 next year. Market Data enables investors and stock brokers to have public access to trade data more conveniently. It would also…
HARARE – Prices of some basic commodities are continuously skyrocketing notwithstanding assurances by the authorities that the situation would soon normalise. A survey done by the Daily News in the two major cities of Harare and Bulawayo revealed that prices for most basic products were rising in tandem with developments on the currency black market…
