Business
Treasury closes doors on blocked funds appeals
THE Treasury has said new appeals for the assumption of blocked funds by the Government from companies or individuals are no longer acceptable since the process was completed in 2020. Finance, Economic Development and Investment Promotion Minister Professor Mthuli Ncube said this week this following the recent influx of companies or individuals appealing for the […]
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Tanganda Tea register 42% revenue growth, record loss
Tanganda Tea Company Limited issued its audited financial statements for the year ended 30 September 2023. Revenue grew by 42% for the year to ZWL128.99 billion from the prior year of ZWL90.77 billion in inflation adjusted terms. In historical cost terms, the company recorded a 678% growth from ZWL7.35 billion to ZWL57.24 billion. Turning to […]
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Vary export priorities: Economic experts
Economic experts have called for a multi-pronged approach that prioritises export diversification and value addition to limit Zimbabwe’s exposure to external commodity price shocks. They pointed to the recent tumble in commodity prices as a stark reminder of how vulnerable the country’s export earnings are to external shocks. This comes as Zimbabwe’s trade deficit ballooned […]
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Dinson seals 400kV line deal
Trust Freddy Herald Correspondent Dinson Iron and Steel Company yesterday signed a memorandum of understanding with Xian Engineering Enterprise, a subsidiary of China XD, for the construction of the 400kV transmission line between Sherwood and the Manhize Steel Plant. The ceremony, which was held in Xi’an, China, yesterday, was presided over by Minister of Energy […]
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Import permits for key products scrapped
THE Government has scrapped import permits and licenses for fertiliser and other key products, including confectioneries and construction materials. Statutory Instrument 6 of 2024, published in the Government Gazette, removed import permit requirements for several products, including data and network cables, floor polish, batteries, candles, tiles, adhesives and sealants, detergents, biscuits and fertilisers. Import permits […]
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RBZ auction boosts industrial production
The Confederation of Zimbabwe Industries (CZI) says most businesses that benefited from the Reserve Bank of Zimbabwe (RBZ) auction system have seen improved capacity, product supply, efficiencies, and financial performances. This comes as the RBZ, in a recent auction update, said total cumulative foreign exchange auction allotments since the inception of the Foreign Exchange Auction […]
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Nature to guide agriculture production, experts
AS the country moves to contain effects of climate change, experts have emphasised on the need for agriculture production to conserve the environment and meet the sustainable global standards. Zim Earthworm Farms (ZEF) founder and chief executive officer Dr Ephraim Whingwiri recommended the growing tobacco at 50 percent vermicompost and 50 percent, chemical fertiliser. ZEF […]
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AFC Commercial Bank enhances financial inclusion with new product
AFC Commercial Bank says it will continue to enhance its financial inclusion drive following the launch of its Digipay Wallet, an innovative solution that seeks to improve access to banking services using mobile phones. The bank, through its wide reach, particularly in farming communities, is a critical player in driving financial inclusion. Through its anchor […]
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Invictus to raise fresh capital
Australia Stock Exchange (ASX) listed and Zimbabwe-focused oil and gas exploration junior, Invictus Energy is seeking to raise fresh 15,2 million Australian dollars (US$10,06 million) capital to fund drilling activities at its Mukuyu 2 oil and gas drill and preparation for a new high-impact exploration well following completion of interpretation of recently acquired CB23 infill […]
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Drone technology deployed to plug porous borders
GOVERNMENT has deployed drones and fast cargo scanners at the Beitbridge Border Post as it intensifies the use of modern technologies to curb invasive leakages and smuggling through ports of entry to maximise revenue collection while promoting transparency and accountability in line with global best practices. Finance, Economic Development and Investment Promotion Minister, Professor Mthuli […]
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