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Zim FDI increases

Zimbabwe was among top destinations for Foreign Direct Investment (FDI) last year, recording a near 100 percent growth in number of projects from the previous year compared to its neighbours that recorded declines, the latest report from global accounting firm, Ernst and Young (EY) shows. Harare, under a new administration …

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‘Foreigners fuel smuggling’

FOREIGNERS who operate small unregistered shops in downtown areas of major cities in Zimbabwe, are reportedly perpetrating rampant smuggling of basic goods into neighbouring countries at a time Zimbabwe is experiencing acute shortage of the same, the Confederation of Zimbabwe Retailers (CZR) has claimed. CZR says the issue has been …

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Govt wage bill to hit $3,7bn after salary hikes

BY TATIRA ZWINOIRA GOVERNMENT’S wage bill is seen growing by 16% this year to $3,7 billion, rising to $3,9 billion next year and pushing the budget deficit to nearly 14% of the gross domestic product (GDP), government projections show. Zimbabwe already spends 80% of its budget on salaries for government …

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Tony Elumelu sponsors 21 Zim entrepreneurs

About 21 Zimbabwean entrepreneurs are among 1 000 young persons who will benefit from the latest round of the Tony Elumelu Entrepreneurship Programme’s (TEEP) $100 million fund. BY FIDELITY MHLANGA Nkosana George Mazibisa (right) receives the Most Impactful award from Tony Elumelu in Lagos, Nigeria, on Thursday last week TEEP …

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Brand Zimbabwe a hard sell, says business leaders

Former Confederation of Zimbabwe Industries president Busisa Moyo says Brand Zimbabwe is still a work in progress and is facing challenges that require a collective effort to surmount. BY KUDZAI MUCHENJEKWA “The product is not ready, the country is the product and it is not ready to be marketed, I …

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Financial markets tipped to remain volatile

ZIMBABWE’S financial markets are likely to remain volatile until nostro foreign currency accounts (FCAs) meet the demand in the real time gross settlement (RTGS) accounts, a local financial services firm has said. BY TATIRA ZWINOIRA IH Securities also said by separating the accounts into separate dedicated FCAs and electronic accounts, …

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Red Hat jumps, IBM shares dip

Reuters. — IBM Corporation’s $34 billion deal to buy Red Hat Inc drove shares in the small but fast-growing software maker 50 percent higher yesterday, reflecting the huge premium IBM is paying to ward off any potential challenger bids. At $175, shares of Red Hat were still trading around $15 …

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Low levels of agric productivity costly for Govt: Paper

Business Reporter The low levels of productivity in the agricultural sector necessitated Government to pay unsustainable high producer prices that have resulted in budget deficits amounting to several billions of dollars, this is according to the 2019 Pre-Budget Strategy Paper (Strategy Paper) that was prepared by the Ministry of Finance …

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Value addition adds shine to minerals

Africa Moyo  Senior Business Reporter Government’s insistence on value addition of minerals added shine to Zimbabwe’s export earnings last month, as sales from shipments of platinum group metals matte jumped 1 500 percent to $61 million. It was $3,8 million in the comparative period last year. This follows the commissioning …

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Banks fingered in US dollar scams

Tawanda Musarurwa Senior Reporter Market indiscipline in the local financial services sector necessitated the separation of Foreign Currency Accounts (FCAs) and real time gross settlement (RTGS) accounts, Finance and Economic Development Permanent Secretary George Guvamatanga has said. Appearing before the Parliamentary Portfolio Committee on Finance and Economic Development, Mr Guvamatanga …

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