HARARE – The central bank has been warned against keeping the printing press busy in an effort to ease the country’s biting liquidity crisis. South Africa-based research firm NKC Economics (NKC) yesterday said overprinting bond notes would put a strain on local prices leading to high inflation. “Should government start printing more bond notes than…
HARARE – Zimbabwe’s trade deficit has narrowed by a record $818 million in the 11 months to November 2016, the largest contraction since the introduction of a multiple currency system seven years ago. Figures released yesterday by the national statistics agency revealed that the country exported goods valued at $2,537 billion against imports of $4,719…
HARARE – Agro-industrial firm Ariston Holdings Limited (Ariston) revenue in the full year to September 2016 slumped 22 percent to $9,2 million from $11,8 million, on the back of soft tea international prices and decline in macadamia volumes. Ariston chairman, Alexander Jongwe, last week said tea production had also been affected by low rainfall and…
HARARE – Government is in the process of concluding the process of acquiring 22 000 hectares (ha) of land claims from ferrochrome producer, Zimbabwe Alloys (ZimAlloys), in order to “open the sector up to new miners” a Cabinet minister said. Mines minister, Walter Chidakwa, last week told delegates at the recently ended Zanu PF annual…
HARARE – State-run mobile cellular firm, NetOne has appointed former Zimbabwe Cricket (ZC) chief Peter Chingoka as its interim chairman to replace the departing Alex Marufu who has stepped down to concentrate on his private business, the company announced yesterday. This comes as NetOne has turned around its once flagging fortunes following a raft of…
HARARE – Econet Wireless Group (Econet) subsidiary, Liquid Telecom (Liquid), has acquired South African communications network operator, Neotel, in a $431,5 million deal that received its final regulatory approval this week. Liquid chief executive, Nic Rudnick, yesterday said the move — which comes after Independent Communications Authority of South Africa (Icasa)’s nod will see Liquid’s…
HARARE – Fixed phone operator TelOne is set to spend $47,4 million next year on fibre optic network expansion along with an additional $26,8 million on value added services for customers, a Cabinet minister said. Finance minister Patrick Chinamasa last week said the Chipo Mutasa-led company was going to undertake all projects in the coming…
HARARE – Local bankers say the Reserve Bank of Zimbabwe (RBZ)’s newly introduced withdrawal charges are anticipated to eat into income, with some pointing out financials were set to reflect the effect in the first half of 2017. Well placed bankers told the businessdaily that the new charges — introduced by the central bank Monday…
HARARE – Zimbabwe has intensified its fuel cleaning campaign, with the country set to migrate to the usage of Diesel 50 by June next year, Energy ministry permanent secretary, Partson Mbiriri said. Diesel 50 is a low sulphur diesel that contains 50 parts per million (ppm) sulphur, which is lower than the regular diesel used…
HARARE – Local Mobile Network Operators’ (MNOs) revenues for the third quarter to September 2016 jumped 20,4 percent from $161,5 million to $194,5 million as total telecommunications revenue also increased 14,5 percent to $262 million, official data shows. In its report for the quarter under review, the Postal Telecommunications Authority of Zimbabwe (Potraz) said MNOs…
