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  • Economic governance framework at core of Zim’s macro-economic woes

    Reserve Bank of Zimbabwe Governor, John Mangudya NATHAN MATEMERA IT is now a time-tested fact that the long-term macroeconomic and development outcomes of any society are not narrowly defined by simple answers to simple questions like which individual is presiding over the State, particular ministries or specific public entities? Overwhelming…

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  • Rising budget deficit cuts SA economic growth

    Tito Mboweni CAPE TOWN – South Africa’s budget deficit will rise to a nearly two-decade high and its gross debt is set to soar as a weak economy leads to revenue shortfalls and bailouts for state-owned companies strain public finances, the Treasury said on Wednesday. It also slashed the economic…

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  • Hefty tariff hike swells Zesa cashflows

    PHILLIMON MHLANGA THE recent hefty electricity tariff has boosted ZESA Holdings’ cash flow position which allows it to meet its costs, an executive has said. Cash flows for ZESA, a vertically integrated power utility engaged in power generation, distribution and transmission, were under strain in the past due to increased…

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  • Hyperinflation poser: Companies set up pricing committees

    PHILLIMON MHLANGA THE devasitating hyperinflation that has engulfed Zimbabwe has crippled local firms and has also left the accountancy profession in a quandary over which index to use for hyperferinflation reporting under International Accounting Standard (IAS) 29 in the absence of official annual inflation rate. The development comes at a…

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  • Murowa earns more in Q3, much more than ZCDC

    TAURAI MANGUDHLA RioZim’s associate Murowa Diamonds (Murowa) produced 546,391 carats of diamonds in the first nine months of 2019, earning US$63.5m for the company. Murowa’s revenue far outpaced the state-owned Zimbabwe Consolidated Diamond Company’s US$45.4m from 1.011m carats in the period under review. The combined diamond production for the two…

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  • Zimbabwe expert lands AfDB post

    Doreen Mnyulwa BUSINESS REPORTER The African Development Bank (AfDB) has appointed a Zimbabwean expert to the board of a continental initiative to mobilise financing for resilience to the negative impacts of climate change. The Zimbabwean expert, Doreen Mnyulwa, is the Regional Agriculture and Environmental Innovation Network for Africa. She will…

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  • Zim plans platinum-led revival which miners say it won’t happen

    Mines Minister Winston Chitando Zimbabwe’s government is banking on a platinum-mining boom to help revive its collapsing economy. The world’s biggest platinum companies say it isn’t going to happen. Since Emmerson Mnangagwa took over as leader of the country in late 2017, platinum projects valued at more than $8bn have…

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  • Mugabe: ‘The IMF is an iniquitous institution with no right to existence at all’

    By Baffour Ankomah This is the fifth in the series of my first interview with President Mugabe conducted on 9 April 2002. Q: Why is it that the African has to always forgive, and even forget, his oppressor? But we see Slobodan Milosevic in court answering for his alleged sins.…

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  • Frustrated ZB dumps Command Agric

    ZB Financial Holdings Group CEO, Ron Mutandagayi LIVINGSTONE MARUFU ZB Financial Holdings has dumped the government’s import substitution programme, Command Agriculture Scheme, and will now fund its clients after Treasury took long to approve its funding proposal, it emerged this week. This year, the government has left the banks to…

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  • New notes expose Mangudya-Ncube tiff

    LIVINGSTONE MARUFU DISCORD between the Reserve Bank of Zimbabwe governor John Mangudya and Finance Minister Mthuli Ncube played out in the open this week after the latter said the government would inject cash into the economy instead of introducing a new currency. Since abandoning the multicurrency regime in June for…

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  • Lifestyle audit helps Zimra recover ZWL$75m in ill-gotten wealth

    Zimra commissioner general Ms Faith Mazani TAURAI MANGUDHLA A lifestyle audit at the Zimbabwe Revenue Authority (Zimra) has recovered ZWL$75m in ill-gotten wealth with perpetrators losing their jobs while two culprits are on the run, Business Times learned this week. This comes after an internal lifestyle audit at the revenue…

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  • Intratek solar project under the spotlight

    LIVINGSTONE MARUFU  Controversial businessman Wicknell Chivayo’s Gwanda Solar project has come under spotlight again as Zimbabwe prepares to launch a refreshed renewable energy policy next month amid indications that contractors that failed to utilise licenses risk losing them. Zimbabwe has never changed its energy policy since 2012 and the government…

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  • Tagwirei succumbs to pressure

    Kudakwashe Tagwireyi CHENGETAI ZVAUYA Fuel mogul, Kuda Tagwirei, will appear before a parliamentary portfolio committee on November 11 to explain how Sakunda Holdings used funds under the Command Agriculture scheme. Tendai Biti, chairperson of the Public Accounts Committee (PAC), told the Business Times that his committee had decided to call…

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  • It is about charity

    Tiger Woods MARC POZZO Tiger Woods made golf history Monday when he won the Zozo Championship in Japan for his 82nd PGA Tour victory, equalling Sam Snead’s 54-year-old record and adding to his long list of achievements. The 15-time major winner held off the challenge of home favourite Hideki Matsuyama…

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  • Three high-flying Cassava directors step down

    Strive Masiyiwa TAURAI MANGUDHLA Three directors of Cassava Smartech stepped down yesterday in a move expected to increase transparency and independence of the board. A unanimous shareholder vote approved the move at the company’s inaugural AGM in Harare yesterday. The directors – board chair Tracy Mpofu, Strive Masiyiwa and Douglas…

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  • Will MPC contain govt’s appetite for printing money?

    EDITORIAL The recently appointed Monetary Policy Committee (MPC) this week announced that the Reserve Bank would next month pump in new bank notes and coins into the market to ease the current shortages. For many who have paid premiums as high as 60% to buy notes from informal traders operating…

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  • MMCZ bullish on US$2bn sales by year-end

    Tongai Muzenda TINASHE MAKICHI The Mineral Marketing Corporation of Zimbabwe (MMCZ) is confident of reaching the targeted US$2bn revenue on mineral sales on the back of expected price improvement during the last quarter of this year.  This comes after mineral sales in the last two quarters have been affected by…

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  • Govt guarantees power supplies for productive sector

    Minister Fortune Chasi PHILLIMON MHLANGA ENERGY Minister Fortune Chasi has directed the country’s power utility to provide more than 400MW of uninterrupted power supplies to the productive sector as the economy slides into recession, Business Times has established. Zimbabwe’s economy is expected to contract by up to 6.5% this year…

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  • When the gatekeeper becomes the gatecrasher…

    By PHILLIMON MHLANGA PARLIAMENT has approved the government’s spending between January and July amounting to billions of dollars amid revelations that Treasury wants MPs to condone unauthorised spending incurred during former President Robert Mugabe’s rule, Business Timescan report. Ministry of Finance officials have been preaching that the government was now…

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  • CSC in a quandary over UK investor

    TINASHE MAKICHI THE multi-milliondollar deal to revive the Cold Storage Company (CSC) is under threat amid revelations that some politicians are angling for the transaction to be cancelled, citing the lack of funding on the part of the British investor, Boulstead Beef (Pvt) Limited, Business Times heard this week. This…

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  • IOSCO snubs Zim markets regulator

    PHILLIMON MHLANGA THE International Organisation of Securities Commission (IOSCO) has dealt the Securities and Exchange Commission of Zimbabwe(SECZ) a serious blow by rejecting its revised application to be admitted as a member, due to serious deficiencies in its Securities Act. The Securities Act was promulgated in 2004, and does not…

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  • Stock market is the economy

    Morgan &Co Research has been consistent in its commentaries that the stock market in Zimbabwe is looking cheap. Of course, there has been somesignificant changes in economic fundamentals. The official exchange rate has moved from 1.0 against the USD to c15.6.This suggests that market capitalisation in USD terms has declined.…

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  • Sanctions are callous, vindictive: Mnangagwa

    CHENGETAI ZVAUYA President Emmerson Mnangagwa has described the sanctions imposed on Zimbabwe by the    United States of America and the European  Union (EU) as callous and vindictive affecting the ordinary citizens. Mnangagwa was addressing thousands of Zimbabweans who had attended the inaugural anti sanctions day at the National Sports Stadium…

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  • Govt raises red flag over violent artisanal miners

    TAURAI MANGODHLA/ TINASHE MAKICHI/ CHENGETAI ZVAUYA The menace caused by gangs of machete-wielding artisanal minersinfamously known as “MaShurugwi” took centre-stage at a high-levelgovernment meeting amid concerns that the miners were terrorisingvillagers, it has been learnt. Artisanal mining was decriminalised a few years back as part of the government’s efforts to…

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  • Zimra’s delayed approval hinders Arcadia project

    TINASHE MAKICHI A delayed approval by the Zimbabwe Revenue Authority (Zimra) has hin-dered Prospect Resource’s conclusion of an additional acquisition of a 17%stake in Acadia Lithium Mine The lithium project is located 35 km east of Harare. Its mining lease was granted over an area of more than 10 km2…

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  • Border Timbers’ loss widens

    TAURAI MANGUDHLA BORDER Timbers’ net loss before tax widened to ZWL$12.9m in the first six months of 2019, up from ZWL$341,000 recorded in the previous year, largely due to unrealised exchange rate losses of ZWL$24.2m on a foreign loan, the company’s latest accounts show. Although the company reported a non-cash…

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  • Old Mutual sets rentals for SME stalls

    LIVINGSTONE MARUFU Old Mutual has set rentals for its Eastgate complex which will see small stalls costing ZWL$115.50 daily as the group grows its real estate portfolio to unlock shareholder value.Zimbabwe’s economy is highly informalisedwith estimates showing that Small and Medium Enterprises (SMEs) contribute over 50% of GDP while employing…

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  • Govt controls hurt ZSE’s derivative market

    PHILLIMON MHLANGA THE Zimbabwe Stock Exchange’s initial plan to introduce a derivatives market to diversify financial instruments is in limbo due to government controls, it has been established. A derivative is a financial security or instrument with a return that is obtained or derived from the return of another underlying…

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  • BancABC strikes remittance deal with Senditoo

    BUSINESS REPORTER BancABC has partnered with London based start-up, Senditoo allowing Zimbabweans in the diaspora to send and receive money through thebank’s network of branches across the country as the financial services group expands its product range. Co-founded by Zimbabwean tech entrepreneur Takwana Tyaranini, Senditoo has emerged as a disrupter…

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  • ZSE attractiveness in shadows

    Following the decoupling of the USD dollar from the local currency, Zimbabwe witnessed a return of the interbank foreign exchange market in February 2019 with the opening exchange rate pegged at ZWL$2.5 per US$1. In the seven months since that policy change in February 2019, theZimbabwe Stock Exchange (ZSE) Industrial…

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  • Govt Plots Currency Dealers Crackdown

    PHILLIMON MHLANGA The government plans to crack down on local currency dealers and businesses as it moves to halt galloping prices, Business Times can report. Zimbabwe, once the envy of the Southern Africa region, is experiencing the ravages of soaring hyperinflation, a drop in GDP estimated to be negative 6.5%…

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  • Retailers, Industry Haggle Over Price Hikes

    TINASHE MAKICHI Retailers have accused industrialists of withholding basic commodities to push the prices up as they row over a hike in prices, Business Times can report. The economy is beset by foreign currency shortages and electricity outages which have pushed up the cost of production that companies pass on…

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  • Gloomy Outlook For Cyclone Idai Survivors

    NDAMU SANDU Zimbabwe has availed ZWL$274m out of the US$767m required for recovery and rehabilitation of the area affected by Cyclone Idai early this year, a Civil Protection Unit official has said, amid calls for upscaling of initiatives as the rainy season beckons. A rapid needs assessment done by the…

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  • Makomo Outpaces Hwange On Output

    TAURAI MANGUDHLA Zimbabwe’s oldest coal producer, Hwange Colliery Company Limited (HCCL), suffered a huge production setback because of working capital constraints and antiquated equipment to close the first seven months of 2019 at 421,702 tonnes, behind the new kid on the block Makomo Resources, latest figures show. Ministry of Mines…

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  • The ‘real’ value of the rand using the Coca Cola Index

    Zimbabwean securities firm, Morgan & Co, has developedthe Coca Cola Index – an African answer to the Big Mac Index,which tends to exclude sub-Saharan African nations from its findings. The Coca Cola Index, like the Big Mac Index, is based on the theory ofpurchasing-power parity (PPP), the notion that exchange…

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  • Govt Starts Pilot Run For New Accounting System

    PHILLIMON MHLANGA The government has started a pilot run of the new accounting system for its entities as it moves to professionalise the public sector, Business Times can report. Zimbabwe has adopted the International Public Sector Accounting Standards (IPSAS) implementation plan which will come into full effect by 2025 to…

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  • Moti Group Executive Meets ED Over ACF Operations

    TINASHE MAKICHI Top executives from South Africa’s Moti Group met President Emmerson Mnangagwa and other senior government officials over its Midlands-based African Chrome Fields (ACF) operations and to express commitment on the project despite the prevailing economic challenges, Business Times has learnt. The meeting comes after there were several reports…

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  • Pressure mounts on ED, Chamisa to dialogue on economic meltdown

    TINASHE MAKICHI President Emmerson Mnangagwa and opposition leader Nelson Chamisa have come under immense pressure to dialogue Zimbabwe’s way out of the economic meltdown with analysts saying that was the only solution now. The latest calls for talks are coming when the economy continues on a free fall and likely…

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  • IMF heightens warnings on corporate debt

    WASHINGTON – The International Monetary Fund (IMF) heightened itswarnings for the corporate debt market yesterday, as investors search for richer returns in riskier assets after recent interest rate cuts by central banks. The IMF, whose fall meetings with the World Bank begin in Washingtonthis week, also warned the main drivers…

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  • The Dichotomy Of Zimbabwe’s Economy

    EDITORIAL COMMENT WHEN Finance minister Mthuli Ncube was appointed head of treasury, many hoped that the Oxford University schooled technocrat would wave his magic wand. In the midst of this euphoria, sceptics doubted. They did not doubt his academic credentials or his experience as a top-notch economist. It’s the deep-rooted…

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  • Zim Half-Year Tourist Arrivals Down 3pc

    TINASHE MAKICHI Tourist arrivals were down 3% to 1.115 million in the first half of the year, from 1.148 million in the same period last year due to low performance by Zimbabwe’s source markets, according to the latest statistics from the Zimbabwe Tourism Authority (ZTA). Despite the decline, ZTA is…

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  • How Mthuli cut his nose to spite his face

    PHILLIMON MHLANGA ZIMBABWE businesses, grappling with the realities of hyperinflation and exchange rate induced losses, have pressed the panic button over worseningmacro-economic conditions in the country, with several companies embarking on massive retrenchments as they respond to the economic difficulties. So dire is the situation that the Employers’ Confederation of…

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  • Govt to move on exchange rate

    TAURAI MANGUDHLA The government will pull a few tricks up its sleeves soon to stabilise the exchange rate as part of a broader task of creating a viable environment forbusiness, Business Times has learnt. A team of President Emmerson Mnangagwa’s close advisers in the central bank and in government, particularly…

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  • Energy Perm sec under ZACC probe

    TINASHE MAKICHI The Zimbabwe Anti-Corruption Commission (Zacc) is probing Gloria Magombo, the permanent secretary of the Ministry of Energy and Power Development on allegations that she has been drawing a salary from the Zimbabwe Regulatory Authority (ZERA) despite her permanent secretary appointment. Until her appointment in September last year, Magombo…

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  • Zim forex earnings dip

    LIVINGSTONE MARUFU Zimbabwe’s foreign currency inflows in the first eight months ofthe year have taken a big knock after gold and tobacco export earnings dropped 26 percent to US$1.05 billion from US$1.43 billion in the same period last year putting pressure on an already forex starved economy. Gold and tobacco…

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  • Blackout to intensify as Zesa steps up load shedding

    PHILLIMON MHLANGA Water levels at Kariba Dam dwindled to 16 percent full on Monday from70 percent last year amid fears Kariba South hydroelectric power station could be forced to cut output, resulting in intensified loadshedding. The economy is grappling with load shedding which can peak to 18hours daily. The low…

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  • Foreign investors ditch ZSE

    PHILLIMON MHLANGA Foreign investors’ participation on the Zimbabwe Stock Exchange (ZSE) has plummeted to 17 percent from an all-time high of 60 percent unnerved by the failure to repatriate proceeds and dividends to countries of their origin and the longer vesting period on dual-listed counters. The stock exchange, which is…

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  • 10 000 carats of gems vanish

    TINASHE MAKICHI About 10 000 carats of gem diamonds with an estimated value of US$10m have disappeared at Zimbabwe Consolidated Diamond Company (ZCDC) after the precious stones were reportedly shipped out of the countryto China under the pretext that they were for educational use by students in the Asian country,…

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  • KICC gives back to society

    BLESSING MADZIWANZIRA Kingsway International Christian Centre Church (KICC) has ploughed back to the community, donating food packs and clothes to the needy. The church, founded by pastor Matthew Ashimolowo, recently hosted an event for the needy at Borrowdale race course. Minister Nkululeko Phiri the Resident Pastor for KICC Zimbabwe told…

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  • ‘Zimbabwe should brace for more weather disasters’

    ZORORAI NKOMOThe World Meteorological Organisation (WMO) has warned that Zimbabwe, which experienced one of its worst cyclones in living memory should brace for more weather-related disasters due to climate change. Word Meteorological organisation WMO Director for the Regional Office of Africa Amos Makarau, who is in the country to assess…

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