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It seems like he’s been taking blow after blow — from a judge striking down his US$55 billion pay package in January to Tesla’s difficult first quarter. Musk’s golden child, Tesla, has been facing headwinds in recent months. On Tuesday, the electric-car maker’s first-quarter delivery numbers revealed a significant slump — well below Wall Street’s […]
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The International Monetary Fund concluded its visit to Ethiopia to discuss a request for IMF support on Tuesday without reaching an agreement, leaving the East African nation short of a commitment it made with its official international creditors. “The team made substantial progress towards establishing how the IMF could support the authorities’ economic program,” and […]
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Business Reporter The designs are breath taking and the promise of a futuristic golfing estate is incomparable. The stage is now set for the Hills Luxury Golf Estate groundbreaking ceremony in early May which is expected to be a grand event. With the face of Harare and more precisely Harare West, set to change, experts […]
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Tesla had Wall Street analysts second-guessing their models as the first quarter came to a close. One after another reduced their estimate for vehicle deliveries. They didn’t cut by nearly enough. The carmaker led by Elon Musk delivered just 386 810 vehicles in the first three months of the year, missing Bloomberg’s average estimate by […]
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Business Reporter THE Government will soon introduce the structured currency, announced by President Mnangagwa when he addressed the first Cabinet meeting in February this year, a medium of exchange authorities believe will bring an end to currency volatility (depreciation) responsible for driving inflation. Zimbabweans have unpleasant memories of the impact of inflation since the decade […]
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Michael Tome Business Reporter OK Zimbabwe Limited, yesterday launched the 2024 edition of the OK Grand Challenge with US$1 million worth of prizes up for grabs. Launched at OK Mart Hillside, Harare, this year’s promotion is supported by over 40 local household brands. Over 50 vehicles are up for grabs and a Ford Ranger XLT […]
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Aliko Dangote continues to hold his title as Africa’s wealthiest man with a current net worth of US$13,4 billion, now ranking 144th globally. His financial empire is rooted in Dangote Industries, a conglomerate headquartered in Lagos, Nigeria. This information comes from the recent release of the 38th Annual World’s Billionaires List by the US business […]
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Nigeria plans to almost triple energy prices within weeks, people in the presidency with knowledge of the matter said, in a bid to attract new investment and slash about US$2,3 billion spent to cap tariffs. Power companies will be allowed to raise prices to 200 naira (US$0,15) per kilowatt-hour from 68 naira for urban consumers […]
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Godknows Hofisi Due diligence is a review or assessment performed to confirm the presence or absence of certain factual issues under investigation. Put differently, it looks at risks and opportunities in a business that is targeted for a merger or acquisition. Common in mergers and acquisitions are financial and legal due diligence exercises. In this […]
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Martin Kadzere Hwange Colliery Company Limited has contracted a Chinese company to rebuild its coke oven battery, which was decommissioned in 2014 due to high operational costs. The refurbishment of Hwange Colliery Company Ltd’s coke oven battery, which is estimated to cost around US$10 million, is already underway. The company aims to broaden its revenue […]
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Oliver Kazunga Senior Business Reporter CIGARETTE producer British American Tobacco (BAT) Zimbabwe recorded an 822 percent increase in tax contribution to the Zimbabwe Revenue Authority (Zimra) driven by solid growth in profitability. In 2022, the cigarette manufacturer’s tax contribution amounted to $12,5 billion. BAT Zimbabwe chairman Mr Lovemore Manatsa, in a statement accompanying financial results for […]
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Business Reporter Econet Wireless Zimbabwe has unveiled plans to reacquire the financial technology businesses it demerged to EcoCash Holdings in 2018. This move has ignited interest within the market, with analysts eager to understand the rationale behind the reunion. According to the announcement released yesterday, the Zimbabwe Stock Exchange-listed Econet believes that by bringing fintech […]
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Google said it would delete millions of records of users’ browsing activities as part of a settlement of a class-action lawsuit that alleged it tracked people without their knowledge. The case, filed in 2020, alleged the Alphabet Inc unit surreptitiously collected data from people using its popular Chrome web browser in a private “incognito” browsing […]
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The World Bank is looking to issue up to US$1 billion in a debut hybrid note on capital markets this year, a senior executive told Reuters, as development banks face increasing pressure to find new ways to boost their lending. The G20 group of major economies has urged multilateral lenders to explore hybrid financing structures […]
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Kenya will allow private firms that enter the electricity distribution market to import power from neighbouring countries, putting pressure on power producers to cut wholesale tariffs. This is among the proposals by the Energy and Petroleum Regulatory Authority (Epra) to open the electricity distribution sector, spark competition with Kenya Power and boost service delivery to […]