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Edgars posts 114% jump in after-tax profit

EDGARS Stores Limited posted a 114% increase in after-tax profit to US$8,5 million in the year ended January 6, 2019 due to improved margins in the last quarter of the period. “Profit for the period of $8,5 million was 114% higher than the prior year $3,98 million, partly due to …

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ZTA gives operators ultimatum

THE Zimbabwe Tourism Authority (ZTA) has given unregistered tourist operators up to Sunday to have their facilities registered or face closure. In a statement, ZTA said all facilities who register or renew their licenses and certificates before April 1 would have no penalties charged. “The Zimbabwe Tourism Authority wishes to …

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TRB targets drought-resistant tobacco varieties

THE Tobacco Research Board (TRB) has announced plans to develop drought-resistant tobacco varieties to mitigate effects of climate change, characterised by longer dry spells. In its 2017/18 annual report, which was tabled in Parliament last week, TRB said hot and dry weather conditions prevailing in the country posed a challenge …

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Palladium falls

Palladium fell further yesterday, a day after the metal posted its biggest drop in more than two years on technical selling and profit-booking. Gold prices, meanwhile, edged higher as an inversion in the U.S. Treasury yield curve fanned fears of an economic slowdown. FUNDAMENTALS ◆ Spot palladium was down 0.2 …

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Rand slides

South Africa’s rand extended its fall yesterday, tracking a beleaguered Turkish lira, ahead of a sovereign ratings decision by Moody’s. At 0630 GMT, the rand was 0.19 percent weaker at 14,6325 to a dollar, compared to an overnight close of 14.6050. The rand marked a third consecutive session of losses …

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Call to accelerate air connectivity

Ishemunyoro Chingwere Business Reporter The International Civil Aviation Organisation (ICAO) and World Tourism Organisation (UNWTO) have called on the acceleration of African air connectivity and improving its affordability as a key ingredient to boosting the continent’s tourism. The call was made during the ICAO/UNWTO Ministerial Conference on Tourism and Air …

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Fuel consumption declines

Africa Moyo Senior Business Reporter The consumption of diesel and petrol plunged by almost 1,5 million litres and 1,8 million litres per day respectively between January and February this year, compared to previous months on the back of price adjustments and the impact of the Monetary Policy Statement that ushered …

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US$45m traded over past 3 weeks: Mangudya

THE Reserve Bank of Zimbabwe (RBZ) governor John Mangudya says US$45 million has been traded over the past three weeks of the interbank forex market, a 25% increase in the average weekly trades compared to last month. “We have noticed a significant improvement since the launch of the interbank forex …

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Interbank market fails to rescue Olivine

BY TATIRA ZWINOIRA OLIVINE Industries says it is still struggling to access foreign currency despite the advent of the interbank market, saying the platform was “negligible” in sourcing the elusive money, NewsDay has learnt. The once top manufacturer of cooking oil, soap and margarine shut down operations in the second …

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Seed Co launches new maize seed varieties

Kumbirai Tarusarira Pan Africa seed company, Seed Co, this week launched climate-smart high yielding and stable hybrid maize varieties that are expected to yield much more than currently available products within respective maturity groupings, a senior company official has said. The two varieties, SC529 and SC649, which according to officials, …

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