GMAZ wheat stuck at Beira over $12,2m

By Golden Sibanda Grain millers say they have a consignment of 30 000 tonnes of wheat meant for baking flour currently stuck at Beira, Mozambique, after they failed to access foreign currency amounting to $12,2 million from the Reserve Bank of Zimbabwe(RBZ) to pay for the grain. Grain Millers Association of Zimbabwe (GMAZ) president Tafadzwa Musarara (left) Grain Millers Association of Zimbabwe (GMAZ) president Tafadzwa Musarara said they were waiting for central bank governor Dr John Mangudya to avail or release the foreign currency millers required to pay for the…

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Zimbabwe’s banking sector boosts profits amid turmoil in rest of economy

17th December 2018 Business, Economy By Xinhua Zimbabwe’s banking sector boosted profitability in the nine months to Sept. 30, posting an aggregate net profit of 283.98 million U.S. dollars, latest Reserve Bank of Zimbabwe (RBZ) figures show. This was a 76.68 percent increase from a net profit of 160.73 million dollars for the corresponding period in 2017, the Herald newspaper reported Friday. “The improved earnings performance was buoyed by non-interest income arising from a surge in digital transactional volumes as well as interest income from investments in securities, mainly treasury…

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Econet to list Cassava on Tuesday

Econet Wireless Zimbabwe Limited has announced that it will list the now separated Cassava SmarTech Zimbabwe Limited on December 18, 2018 following approval by the Reserve Bank of Zimbabwe for shares to be issued to foreign shareholders. Own correspondent Econet Group finance director, Roy Chimanikire confirmed the new listing date. “We have now obtained all outstanding shareholder and regulatory approvals to go ahead. We are finalising the modalities and shareholders will have their shares in a few days.” Explaining the modalities, Chimanikire said all Econet shareholders that acquired their shares…

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‘Zim govt incurs credibility deficit’

By Pauline Hurungudo Government is running under a serious credibility deficit, as the long-suffering Zimbabweans continue to lose hope in its economic policies, analysts have observed. In this file photo taken on June 01, 2018 MDC Alliance Spokesperson Tendai Biti speaks during a press conference during which he announced that Zimbabwe’s opposition parties are calling for electoral reforms ahead of the July 30 general elections and that there will be street demonstrations in the capital Harare on June 5. (AFP PHOTO / Jekesai NJIKIZANA) The four months preceding the July…

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Chitando invites De Beers, Vast Resources to explore diamonds

De Beers and Vast Resources will be allowed to explore for diamonds in Zimbabwe, which would make them the first listed companies to mine there in that sector for two years, Mining minister Winston Chitando said. Mines and Mining Development Minister Winston Chitando flanked by his deputy Polite Kambamura (right) and Secretary Onisimo Moyo appears before a Parliamentary Portfolio Committee on Mines and Mining Development in Harare. — Picture by Wilson Kakurira A spokesman for De Beers, an Anglo American unit, said in an email it was not mining in…

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‘Allow some service stations to sell fuel in US dollars’

By Nokuthaba Nkomo The Daily News on Sunday’s Nokuthaba Nkomo sits down for a wide-ranging interview with businessman, pastor and political commentator Shingi Munyeza.  Shingi Munyeza Find below excerpts of the interview. Q: You have called on government to sell fuel in United States dollars (USDs). Why do you think this is the best way to go given the current circumstances? Related Articles A: My proposal is that certain service stations be allowed to sell fuel in USDs. The same service stations must then be allowed to bring in their…

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Executive’s arrest, security worries stymie Huawei’s reach

By Associated Press BEIJING: While a Huawei executive faces possible U.S. charges over trade with Iran, the Chinese tech giant’s ambition to be a leader in next-generation telecoms is colliding with security worries abroad. Australia and New Zealand have barred Huawei Technologies Ltd. as a supplier for fifth-generation networks. They joined the United States and Taiwan, which limit use of technology from the biggest global supplier of network switching gear. Last week, Japan’s cybersecurity agency said Huawei and other vendors deemed risky will be off-limits for government purchases. None has…

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StanChart sued over $78000 unauthorised withdrawal

By Mashudu Netsianda The Bulawayo Publicity Association (BPA) has taken Standard Chartered Bank of Zimbabwe (StanChart) to court for allegedly allowing unauthorised signatories to illegally withdraw more than $78 000 from its bank account. Standard Chartered Bank Zimbabwe BPA through its lawyers Webb, Low and Barry Law Firm, filed summons at the Bulawayo High Court citing Standard Chartered Bank of Zimbabwe as the defendant. The association said StanChart negligently failed to verify the forged signatures of people who withdrew $$78 219 from its account over a period of four years.…

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ED warns ‘gluttonous’ business operators for price hikes

15th December 2018 Business, Markets By Alois Vinga PRESIDENT Emmerson Mnangagwa has warned the business community against hiking prices without justification hinting that his administration will continue to engage and work on the fundamentals that are necessary for the introduction of a national currency. Addressing delegates to a Zanu PF 17thannual conference in Esigodini Friday, Mnangagwa bemoaned the recent surge in medicine, farm inputs and fertiliser costs, among a wide range of basic commodities. He blamed the rot on unscrupulous business operators he accused of hiking prices without any justification.…

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NSSA confers Safety and Health certificates on 133 officers

By Alois Vinga NATIONAL Social Security Authority (NSSA) has conferred certificates to 133 officers drawn from the country’s economic sectors after their completion of the Occupation Safety and Health Environment Management course (OSHEMAC). Speaking at an event held to honour theSafety and Health officers Friday morning, NSSA Acting Chief Occupational Safety and Health Benjamin Mtetwa said the authority will remain determined in equipping industry with relevant skills to maximise on safety. “The course you have just competed is a rich program covering all aspects of safety, boiler safety, environmental management…

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