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China touts its economic reforms amid US tariff threats

On Shanghai’s famous waterfront, the Bund, some 300 officials, foreign business leaders and journalists gathered last week to celebrate the 40th anniversary of what China calls its “Reform and Opening” — an economic liberalisation plan that opened the state-run economy to the outside world. The reforms benefited companies like American-Italian …

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Edgars turnover up 37 percent

Business Reporter Listed clothing retailer Edgars Stores Limited’s turnover for the first quarter to April 2018 grew 37 percent from the comparable prior year and was 10 percent above budget. After-tax profit was however 2,5 percent lower at $1,3 million, but management said the profit was “well above budget”. For …

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Only 11pc of plastic waste recycled in Zim: EMA

Jeffrey Gogo Climate Story Every June 5 the world commemorates the World Environment Day, a day set aside by the UN Environment Programme at its formation in 1972, aiming to draw public attention to pressing global environmental issues, and to encourage people to take action against such. This year’s celebrations …

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Rand tumbles to 6-month low

JOHANNESBURG. — South Africa’s rand slumped more than 2 percent to a near six-month low against the dollar and government bonds weakened sharply on Friday, dragged down by weak economic growth and investors shying away from riskier assets. The rand traded at 13.2400 per dollar, 1,7 percent weaker than its …

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Stanbic ploughs $164m into mining

Business Reporter Stanbic Bank Zimbabwe has availed $164 million over the past 12 months to fund the working capital needs of the country’s mining sector. The funding represents 71 percent of the sector’s working capital requirements. Stanbic’s corporate and investment banking director Rhett Groves told guests at the Chamber of …

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Shareholder nod sought for Ziscosteel sale

Tawanda Musarurwa Senior Business Reporter Shareholders of the Zimbabwe Iron and Steel Company (Ziscosteel), will hold an extraordinary general meeting on June 28, to approve a transaction that will see the steelmaker’s assets sold to Chinese investor Tian Li (Hong Kong) Limited. Approval of the transaction will bring into effect …

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Govt urged not to forget local business

ZIMBABWE National Chamber of Commerce (ZNCC) is worried about the increased focus by government on foreign direct investment (FDI) while neglecting local businesses that endured the tumultuous economic era of yesteryear. BY LEARNMORE NYONI Speaking at the ZNCC Midlands annual dinner and business awards ceremony held at the Village Lodge …

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Housing projects overturn IDBZ loss

THE International Development Bank of Zimbabwe (IDBZ) has overturned a loss- making position to register a profit of $624 420 for the financial year ending December 31, 2017, after being spurred on by a strong performance in housing projects. BY TATIRA ZWINOIRA Housing projects overturned a loss-making position from a …

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Mining workers appeal for pay rise

WORKERS in the mining sector have appealed for their monthly wages to be increased to a minimum of $500 per month, saying the current wage level had turned them into paupers. BY MTHANDAZO NYONI In an interview on the sidelines of the 46th commemorations of the Kamandama Mine Disaster which …

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Ecobank donates 25 000 gumtree seedlings to schools

ECOBANK Zimbabwe will donate 25 000 gum trees before year-end to different schools across the country as part of its corporate social responsibility programme, an official has said. BY KENNEDY NYAVAYA Speaking on the sidelines of World Environment Day celebrations running under the theme Planting today, Protecting tomorrow last week …

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