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Russian businessman seeks court intervention

Kudakwashe Mhundwa Business reporter A Russian investor has approached the High Court seeking to force his business partners to reimburse him more than $2,7 million invested into a Gweru-based gold and antimony mining firm, which has been placed under provisional liquidation. The project ran into troubled waters due to alleged …

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Finance minister meets SMEs

Business Reporter FINANCE and Economic Development Minister Professor Mthuli Ncube yesterday continued with his “consulting and listening roadshows” and met 50 leaders of small and medium enterprises (SMEs) from across the country. Prof Ncube believes SMEs are a strong engine in the country’s economy, hence his decision to consult them …

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‘Manufacturing sector capacity utilisation on the rise’

Africa Moyo recently in NORTON Capacity utilisation in the manufacturing sector is rising, mainly driven by the benefits of Statutory Instrument 122 of 2017 (formerly SI64 of 2016), which restricts the importation of products that can be locally made. This was revealed on Wednesday by Industry and Commerce Minister Nqobizitha …

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Govt cracks whip on gold milling centres

Ishemunyoro Chingwere Business Reporter GOVERNMENT has suspended operations at a gold milling centre in Bindura in what it warned was the beginning of a crackdown on milling centres it accused of underhand dealings ranging from understanding production to wanton disregard of basic tenets of safety. Mines and Mining Development Minister …

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Zim to unveil key industrial policies

Africa Moyo Senior Business Reporter President Mnangagwa yesterday said the country will soon unveil critical pieces of legislation including the new Industrial Development Policy, as the drive towards an export-led industrialisation agenda gathers momentum. The President said this while officially opening the 2018 ZimTrade Exporters’ Conference in Harare. The conference …

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Policy arrears weigh pension industry

ZIMBABWE’S pension industry is plagued by persistent and growing contribution arrears, a sign that companies and individuals are struggling to maintain life and income cover, weighed down by a harsh economic environment. BY FIDELITY MHLANGA Contribution arrears grew to $ 636,36 million as at 30 June, 2018 from $618,88 million …

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Getbucks profit jumps 25% in H1

GetBucks, a deposit-taking microfinance institution listed on the Zimbabwe Exchange, has reported a 25% growth in profit after tax in the first six months of the year, buoyed by a reduction in operating expenses and better repayment collection efforts. BY FIDELITY MHLANGA During the financial year ended June 2018, Getbucks …

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ZimTrade conference focuses on linkages, export growth

ZimTrade, the country’s trade development and promotion organization, today hosts its annual exporters’ conference and awards dinner in Harare, which focuses on building linkages and partnerships to grow exports. BY MTHANDAZO NYONI The State-owned institution has hosted the exporters’ conference and awards since 2012 as a platform to link exporters, …

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Govt okays POSB equity offering

THE People’s Own Savings Bank (POSB) will now be going public or be partially privatised through a private placement after government, the sole shareholder, approved a plan to carry out either of the transactions in a government gazette. BY TATIRA ZWINOIRA The savings bank has received the green light to …

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‘Underground operations viable at Tungsten Mine’

Tawanda Musarurwa Senior Business Reporter Zimbabwe-focused diversified mining group Premier African Minerals, says a study from consultant Bara has confirmed that its 49 percent-owned RHA Tungsten Mine in the country has shown that it would be technically viable to restart underground  mining. The RHA Tungsten project is located in an …

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