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Oil bounces

LONDON. – Oil bounced above $63 a barrel yesterday to claw back some of the previous day’s 6 percent plunge, lifted by a report of an unexpected decline in US crude inventories. The American Petroleum Institute (API) said on Tuesday that US crude stocks last week fell by 1,5 million barrels, …

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Funeral assurance sector posts 6,5pc growth

Ishemunyoro Chingwere Business Reporter The funeral assurance sector witnessed 6,5 percent growth in Gross Written Premium for the period ended June 30, 2018 compared to the same period last year and could witness further “exponential” growth as more consumers opt out of cash plan products. The growth statistics are contained …

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Import duty triggers textiles row

A FURORE is reportedly brewing between clothing and textile firms over new regulations on fabric import duty. Under Statutory Instrument 163 of 2017, Government introduced punitive duty on imported fabrics to promote the local industry. However, SI 163 ominously included an upward review of duty on polyester fabrics, which are …

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Budget: Ncube faces daunting task

Kudzanai Sharara and Golden Sibanda Finance and Economic Development Minister Mthuli Ncube faces an unenviable task of performing a balancing act when he presents his 2019 Budget National Statement tomorrow, amid high expectations on the need to bring down a sky-high budget deficit, stabilise the economy and provide convincing roadmap …

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GMB deliveries improve to 1,14mt

THE Grain Marketing Board (GMB) has received a total of 1,14 metric tonnes (mt) of maize as at November 1, 2018, a report has noted. BY MTHANDAZO NYONI According to a report prepared by the Justice Mayor Wadyajena-led Portfolio Committee on Lands, Agriculture, Water, Climate and Rural Resettlement, the country …

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MFIs post $9,8m profit despite tough economic environment

DESPITE the tough economic environment, credit microfinance institutions (MFIs) posted $9,8 million profit in the first nine months of 2018 on the back of increased demand for micro loans by individuals and small businesses, a report has shown. BY FIDELITY MHLANGA According to the Zimbabwe Association of Microfinance Institutions (Zamfi)’s …

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‘Ring-fence bulk goods to save NRZ’

FORMER chairperson of the Parliamentary Portfolio Committee on Transport, Dexter Nduna, says it would be difficult for the National Railways of Zimbabwe (NRZ) to be turned around despite the $400 million deal, unless government ring-fences bulk goods transportation by rail. BY MTHANDAZO NYONI In an interview with NewsDay recently, Nduna …

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Zimra demands tax in forex from firms charging US$

THE Zimbabwe Revenue Authority (Zimra) has started demanding that companies that charge for goods and services in United States dollars also remit taxes similarly, a move analysts say affirms that bond notes, electronic and mobile money transfers do not hold the same value as the greenback. BY TATIRA ZWINOIRA Zimra …

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Meikles challenges shares seizure

Meikles Limited has made a court application challenging the attachment of shares in several of its subsidiaries by the sheriff to settle a $1,5 million debt owed to a local consultancy firm. By Kuda Chideme The listed conglomerate had contracted Core Solutions to help recover the money raided by the …

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2% transactional tax threatens mines operations

THE mining sector survey says the 2% transactional tax imposed last month has resulted in price increases across the value chain, which, if not reviewed, would lead to suspension of operations by some mines. BY FIDELITY MHLANGA According to the state of the mining industry survey carried out by the …

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