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Cabinet meeting disrupted by power cuts

THE ongoing power outages that have ravaged Harare since Tuesday interrupted a Cabinet meeting, NewsDay has learnt. BY FIDELITY MHLANGA Energy minister Joram Gumbo told NewsDay yesterday that he was aware of the prevailing power blackouts that have affected Harare residents. “Zesa has made an announcement that there is a …

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ZADT disburses $87,5m to support farmers

THE Zimbabwe Agricultural Development Trust (ZADT) has so far disbursed a total of $87,5 million to agri-businesses through micro-finance institutions (MFIs) and banks, officials say. By Freeman Makopa The fund, which started in 2012 with a seed capital of $3,8 million from donour partners — Danish International Development Agency (Danida), …

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Discard penchant for imports: Economist

Nqobile Tshili Business Correspondent Zimbabweans should discard the consumptive appetite for luxurious imports and embrace domestic production so as to increase export earnings and limit the pressure on foreign currency requirements, an economic expert has said. Speaking during a Public Policy Research Institute of Zimbabwe’s policy dialogue in Bulawayo, which …

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Liquid appoints Makamure new regional CEO

Own Correspondent Leading pan-African telecoms group Liquid Telecom, has appointed Mr Wellington Makamure as the new Regional CEO of Southern Africa, placing him in charge of four key markets in the region. Mr Makamure will be directly responsible for the leadership, strategic and operational management of Liquid Telecom’s wholesale, enterprise …

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NetOne posts $10m revenue in September

Africa Moyo Senior Business Reporter NetOne, one of the State-owned enterprises lined up for privatisation, has posted $10 million revenue in September driven by a 3 percent jump in its subscriber base last month. The revenue achieved in September is 6 percent above what was budgeted for. Critically, the performance …

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Zim power generation project bears fruit

Africa Moyo Senior Business Reporter Zimbabwe’s deliberate focus on investing in electricity generation since 2009 is beginning to bear fruit amid indications that all of last week, the country relied solely on locally generated electricity. The move saw a break from the importation of about 350MW from South African power …

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ACCA marks Global Ethics Day

Business Reporter The separation of bank accounts into FCA and RTGS FCA accounts is a cause for concern for the accounting profession in terms of reporting in particular for companies that report globally, a breakfast meeting to mark the Global Ethics Day heard yesterday. Participants at a round-table breakfast meeting …

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‘Capitalise on mining boom’

Golden Sibanda Senior Business Reporter MINES and Mining Development Minister Winston Chitando has challenged the local manufacturing industry to quickly position itself for anticipated boom of the mining sector to be able to produce and supply key equipment and other inputs required by the sector. Minister Chitando last week told delegates …

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Agric Trust disburses $87m to agric

Africa Moyo Senior Business Reporter THE Zimbabwe Agricultural Development Trust (ZADT) has disbursed $87,5 million to almost 530 000 small-holder farmers and agribusinesses, as it seeks to boost their operations. Of the beneficiaries, 26 percent were women, which is in tandem with Government’s drive to economically empower them. The funds were …

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Afreximbank confirms $500m facility talks

Business Reporter The African Export-Import Bank (Afreximbank) has confirmed holding talks with a Zimbabwean delegation led by Finance and Economic Development Minister Professor Mthuli Ncube  in connection with a $500-million nostro stabilisation facility. Zimbabwe, which is going through a damaging foreign currency crisis, is looking for stabilisation facilities while at …

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