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Business Reporter Zimbabwe has suffered one of its worst droughts on record in the present summer season, with all three drought-related problems hitting: a late start to the season, little rain after the third week of January, and totals well below normal despite the heavy month of rain between mid-December and mid-January. Because of the […]
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Oliver Kazunga-Senior Business Reporter ZIMBABWE’S banking sector has achieved significant strides through the growth and development of indigenously-owned financial institutions since the attainment of Independence in 1980, economic analysts have said. A case study by scholar Kunofiwa Tsaurai in his research study titled “Dynamics, Challenges and Transformation of the Banking Sector in Zimbabwe” established that […]
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Business Reporter Proplastics turnover for the full year to December 31, 2023 grew by 22 percent to US$21,3 million in the prior year with the growth underpinned by a 22 percent increase in sales volumes. Group chairman Gregory Sebborn, in a statement of the financials for the period under review, said the contribution from the […]
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Business Reporter HWANGE Colliery Company Limited (HCCL), which is under reconstruction, recorded a profit before tax of US$10,2 million for the third quarter ended September 30, 2023. The Government, which controls about 42 percent shareholding in HCCL, in 2022 placed the company under reconstruction for the second time in about two years to revive the Matabeleland […]
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The European Central Bank (ECB) will allow Greek banks to make their first shareholder payouts in over a decade as the country emerges from a painful post-crisis restructuring. The shareholder returns this year will still be less than what the banks had requested, according to people familiar with the matter. The last time that a […]
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One of Wall Street’s favourite financial innovations for helping reduce corporate greenhouse gas emissions isn’t functioning as intended. That’s according to new research from the investor-focused non-profit Climate Bonds Initiative (CBI). The group’s study found that more than 80 percent of 768 sustainability-linked bonds issued from 2018 through November of last year aren’t aligned with […]
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Visa is adding three new AI-powered fraud-prevention tools to its suite of products for business clients as the credit-card giant uses the technology to improve security. Among the tools, available to clients starting in the first half of the year, will be one that expands on Visa’s current artificial-intelligence technology that helps detect and block […]
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In a remarkable turn of events, Nigeria’s economy has witnessed a sudden surge with a staggering US$1,5 billion influx within just a week. The Central Bank of Nigeria (CBN) has taken centre stage in orchestrating this financial boost, strategically injecting funds to stabilise the country’s foreign exchange market. As the naira gains strength, trading at […]
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Artificial intelligence (AI) start-up Fieldguide has raised US$30 million for its accounting industry offering. The three-year-old firm closed a Series B round that also included Silicon Valley financier Elad Gil and 8VC. The star-up is building an array of AI-enabled tools for auditing, fraud detection, compliance and forensic services, to help certified public accountants tackle […]
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Kenya’s economy continues to experience some relief as its inflation fell in March. In February, the country’s inflation hit a 23-month low of 6,3 percent. Its inflation has fallen further from the figure recorded in February to 5,7 percent year-on-year in March. This inflation drop is the second in two months, as gasoline price is […]
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Small and medium enterprises in Zimbabwe now contribute in total more than US$8,6 billion to the gross domestic product and employ 4,8 million people full-time, Women Affairs, Community, Small and Medium Enterprise Development Minister Monica Mutsvangwa said last week. Speaking at the entrepreneurship networking breakfast meeting which the Zimbabwe Integrated Traders Association held in Harare […]
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Nelson Gahadza Senior Business Reporter Old Mutual Zimbabwe (OMZIL) says consented efforts are required to improve confidence in long-term savings, which are key to supporting sustainable economic growth and development. Zimbabwe’s largest financial services group said long-term savings provided the sources of finance for critical infrastructure such as roads, dams and housing. Group chief executive […]
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Oliver Kazunga Senior Business Reporter Buy Zimbabwe, a private sector initiative to drive the consumption of local products, says it is impressed by the contraction of the trade deficit in recent months with latest data indicating a 44 percent decrease to US$81,4 million in February 2024 from US$147 million the previous month. The campaign promotes […]
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South African billionaire, Patrice Motsepe, is in talks with Vivendi SE’s Canal+ to team up for a multibillion-dollar bid for broadcaster MultiChoice Group, as per sources familiar with the situation. Multichoice refused to entertain Canal + initial bid. Adding South Africa’s wealthiest Black individual to the mix could also potentially assist the French media conglomerate […]
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Stanbic Bank Zimbabwe, one of the country’s largest financial institutions, has defied the challenging local operating environment to post an inflation adjusted profit after tax of $744 billion for the year ended December 31, 2023, surging 210 percent from $240 billion in the prior year. In a statement accompanying the results, Stanbic Bank chairman, Mr […]