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Martin Kadzere The Minerals Marketing Corporation of Zimbabwe (MMCZ) is ramping up its efforts to combat mineral smuggling with the State-owned agency intensifying its monitoring and surveillance systems to curb leakages. Despite boasting a robust inspectorate department, MMCZ acting general manager Dr Nomsa Moyo acknowledged that mineral revenue losses due to smuggling remained a significant […]
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South African Airways (SAA) has said it would appoint a permanent chief executive after its deal with Takatso Consortium as a strategic equity partner (SEP) collapsed last month. In March, Public Enterprises Minister Pravin Gordhan said that the transaction, which was first announced in 2021, had fallen through after the government decided to re-evaluate its […]
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The US must boost commercial ties with African countries to curb reliance on China for supplies of critical minerals, a Washington-based think tank said on Tuesday. “US economic and national security depends on securing a reliable supply of critical minerals, including from Africa,” the United States Institute of Peace said in a report. The US […]
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Tigran Gambaryan, a US citizen and Binance’s head of financial crime compliance, has been sent to Kuje Correctional Centre pending the determination of his bail application. The trial judge, Emeka Nwite, issued the order after Gambaryan pleaded not guilty to the money laundering charges filed against him by the Economic and Financial Crimes Commission (EFCC). […]
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East African stock market chief executives are considering a policy shift to allow them to issue debt instruments in hard currency to open competition with commercial banks over the issuance of foreign currency-denominated loans to companies largely involved in international trade. The proposal, which regional central banks are still jittery to approve, seeks to allow […]
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Mike Tome Business Reporter Zimbabwe’s foreign currency receipts grew by 23 percent to US$2,2 billion between January and February this year from US$1,8 billion in the same period last year, with the central bank saying the economy’s capacity to generate forex remains robust. Reserve Bank of Zimbabwe (RBZ) Governor, Dr John Mushayavanhu, in his inaugural monetary […]
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Tapiwanashe Mangwiro Senior Business Reporter Leading clothing manufacturer and retailer, Edgars successfully listed on the Victoria Falls Stock Exchange (VFEX) last Friday, with the group saying it sees a bright future for its shareholders and operations following the listing. Edgars group chairman, Mr Thembinkosi Sibanda, said the company was moving to the new bourse for stability […]
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Enacy Mapakame Enhanced production efficiencies are expected to buoy the performance of diversified industrial conglomerate Innscor Africa Limited during the remainder of its current financial year and going forward, according to analysts’ projections. The Victoria Falls Stock Exchange (VFEX) listed industrial giant has embarked on a massive capital investment initiative to boost production efficiencies to […]
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French media group Vivendi’s Canal+ yesterday made an all-cash mandatory offer on Monday to buy all the shares of South African broadcaster MultiChoice for R35 billion (US$1,9 billion), both companies said. That offer at R125 per share follows an indicative offer of R105 made by Canal+ on February 1, which MultiChoice rejected as significantly undervaluing […]
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George Maponga in Masvingo The Zimbabwe Chamber of SMEs has today launched an electronic membership platform that is expected to see more than 4,5 million players in the micro, small and medium enterprises sector registering their businesses as part of a major drive to increase capacity utilisation in line with Vision 2030. The US$1,7 million […]
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Golden Sibanda Business News Editor RESERVE Bank of Zimbabwe (RBZ) Governor Dr John Mushayavanhu has projected inflation to fall below 5 percent by year end, as inflationary pressures that have characterised Zimbabwe’s economy in the recent past due to exchange rate volatility, dissipate following the introduction of the new currency. Zimbabwe’s annual inflation rose to a […]
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Business Reporter The Reserve Bank of Zimbabwe (RBZ) on Saturday noted satisfactory progress made by some financial institutions in migrating their systems from the Zimbabwe dollar to Zimbabwe Gold (ZiG), the country’s new medium of exchange. This comes as the transacting public at the weekend faced some bottlenecks as businesses worked flat-out to implement a […]
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Business Reporter THE Reserve Bank of Zimbabwe (RBZ) has maintained the export earnings retention threshold for all businesses, except small-scale miners, at a standardised 75 percent. Last year, the central bank increased the foreign currency retention threshold by exporters to 75 percent. Please visit us athttp://www.businessweekly.co.zw Previously, exporters retained 60 percent of the foreign currency […]
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Kristalina Georgieva is poised to win a second five-year term running the International Monetary Fund as the nomination period closed on Wednesday with no other candidates put forward to challenge her. The IMF’s 24-member board, which chooses the managing director, will now hold meetings with Georgieva and aim to complete the process by the end […]
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The combined volume of crypto spot and derivatives trading on centralised exchanges almost doubled to an all-time high of US$9,1 trillion in March while Bitcoin reached a record, according to a CCData. Spot trading outpaced the gains seen in derivatives, with volume rising 108 percent to US$2,94 trillion, the highest monthly figure since May 2021, […]