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Banks colluded on Paynet: Cambria

Golden Sibanda Senior Business Reporter LONDON-listed Paynet Zimbabwe’s parent firm Cambria Africa Plc, has accused banks of working in collusion and as a “cartel” to take a unified position of refusing to pay for service fees in US dollars when in fact they had different contracts and should have performed …

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Mine Entra continues to thrive, 20 years on

THE mining, engineering and transport (Mine Entra) 2019 expo begins today in Bulawayo, with more than 200 exhibitors occupying 5 670 square metres of the available space. NewsDay (ND) business reporter Mthandazo Nyoni speaks to the Zimbabwe International Trade Fair company’s acting general manager, Nicholas Ndebele (NN), who reveals that …

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DWL shareholder set to resuscitate ailing company

A NEW investor, who has taken up the majority shareholding of David Whitehead Textiles (DWL), says he has access to finance facilities which can resuscitate the ailing company and give it a new lease of life. Praduman Ganediwal, through his investment vehicle AGRI Value Chain Zimbabwe (AVCZ), recently acquired 51% …

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Pure Drop cuts production to below 15%

FIDELITY MHLANGA/MISHMA CHAKANYUKA Cooking oil manufacturer Surface Wilmar says it has cut back production at its Chitungwiza plant to below 15% of its installed capacity as a result of incessant power cuts. Ordinarily, the company produces 8 000 tonnes of cooking oil per month, but company executives told Industry deputy …

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Stanbic Bank pays workers advance wage to avert strike

STANBIC Bank Limited, a subsidiary of the South African based Standard Bank of South Africa Limited, advanced its employees ZWL$1 000 in allowances to avert a strike last week as the economic situation continues to deteriorate. This paper understands that last Wednesday, employees from both the Jason Moyo branch in …

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Borrowers should only deal with reputable institutions

Tawanda Mpoperi The need for client protection when it comes to microfinance has never been more important than it is now in such a complex economic environment and in an industry with such a high number of players. According to the Reserve Bank Monetary Policy Statement for 2019, there are …

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Inflation forecast to stabilise

Golden Sibanda Senior Business Reporter ZIMBABWE’s galloping rate of inflation will slowdown and come under control by end of this year on exchange rate stability, economic analysts have said. Annual inflation quickened to 175,6 percent for June from 97,8 percent in May, as pass through effects of parallel market currency …

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Govt to review tax-free thresholds

Tawanda Musarurwa Senior Business Reporter Government will soon announce an upward adjustment in the tax threshold for low-income earners in order to improve disposable incomes, Finance and Economic Development Minister Mthuli Ncube said yesterday. The review will be announced in the interim budget expected in the next two weeks. “What …

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Cotton producer price up 54pc

Martin Kadzere Senior Business Reporter THE country’s largest financier of cotton farmers, the Cotton Company of Zimbabwe (Cottco), has increased the producer price of the commodity by 54 percent to cushion growers from rising inflation. Government initially pegged the producer price of raw cotton at $1,95 per kilogramme, but prevailing …

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