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Varun Beverages gets SEZ status

Africa Moyo Senior Business Reporter Beverages manufacturer, Varun Beverages, has been declared a special economic zone, as Government seeks to incentivise the firm that is reportedly planning to put up a new $23 million plant. Varun Beverages has already set up a $40 million beverages plant that produces a range …

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CZI lobbies for currency trading platform

Kudakwashe Mhundwa Business Reporter Zimbabwe’s industrial representative body, the Confederation of Zimbabwe Industries (CZI) is lobbying Government to avail a platform for businesses to legally trade currency to cushion them from foreign currency shortages that are chocking operations, CZI president Silefani Jabangwe has said. During the fourth quarter of last …

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Stanbic unveils $41 000 for Murehwa bridge

Business ReporterStanbic Bank Zimbabwe has availed $41 000 towards the construction of Shavanhowe Bridge in Murehwa, 90km north east of Harare. This adds to the financial institution’s list of high-impact community assistance over the years. The donation by the bank is in keeping with the financial service institution’s quest to …

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Honeymoon over for reckless directors

Golden Sibanda Senior Business Reporter Employees and minority shareholders have edged closer to getting powers to take legal action against directors for breach of good faith when the Companies and Other Entities Bill, currently before Parliament and set to go through public hearings, becomes law. This comes as parliamentary portfolio …

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Inflation seen slowing down in October

ZIMBABWE’S central bank expects inflation to start slowing by October and believes current inflationary pressures are a temporary phenomenon despite hitting a 10-year high of 56,9 % in January. “Yes, inflation has gone up in January, but you also need to understand what drives this inflation. You also need to …

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Small-scale egg producers’ output drops 4%

BY MTHANDAZO NYONI ZIMBABWE’S egg production tumbled by 4% to 36,4 million dozens in 2018, as output by small-scale producers fell, according to a fourth quarter performance report by the Zimbabwe Poultry Association (ZPA). In the report, ZPA chairperson Solomon Zawe said the large-scale in-lay layer production stocks continued to …

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ZSE shares value surge 33% to $926,3m

BY MTHANDAZO NYONI THE value of shares that were traded on the Zimbabwe Stock Exchange (ZSE) was up 33% in 2018 to $926,3 million, as resurgent inflationary pressures forced investors to seek refuge in equities, an official has said. In the same period in 2017, turnover was at $694,9 million. …

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Ethiopia, Djibouti sign natural gas pipeline deal

ADDIS ABABA — Ethiopia and Djibouti have signed a deal to build a pipeline to transport Ethiopian gas to an export terminal in the Red Sea state, officials said. Ethiopia found extensive gas deposits in its eastern Ogaden Basin in the 1970s. China’s POLY-GCL Petroleum Investments has been developing the …

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Uganda’s economy set to expand 6,3%: IMF

KAMPALA — Uganda’s economy is expected to grow 6,3% in the 2018/19 (July-June) fiscal year, slightly higher than the 2018 rate, helped by robust activity in sectors including manufacturing and construction, the International Monetary Fund (IMF) said. Growth in the 2017/18 fiscal year was 6,1%. Inflation is expected to climb, …

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