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Budget deficit seen topping $3 billion

The Parliament Budget Office (PBO) says the budget deficit could reach a “record breaking” $3 billion this year as Finance and Economic Development minister Mthuli Ncube says he will soon announce cost-containment measures to lower State expenditure. BY TATIRA ZWINOIRA The PBO says rising expenditure has been skewed towards recurrent …

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‘Zim to clear WB, IMF debt in 12 months’

ZIMBABWE plans to clear its arrears with the African Development Bank (AfDB) and World Bank in the next 12 months, with support from an unnamed creditor country, Finance minister Mthuli Ncube has said. By Alfonce Mbizwo The southern African country has been frozen out of international debt markets since the …

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Zimra beats Q3 revenue target

Zimbabwe’s gross revenue collections in the third quarter ended September amounted to $1,28 billion, surpassing the target of $1,089bn by nearly 18%, the tax agency said yesterday. BY TATIRA ZWINOIRA The Zimbabwe Revenue Authority (Zimra)’s net revenue at $1,19 billion was 22,56% higher than the $967,76 million realised during the …

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Econet set to spin off Cassava to create Fintech giant

Business Reporter ECONET Wireless Zimbabwe (EWZ)’s new stand-alone unit Cassava, born out the unbundling financial technology (fintech) businesses to be listed separately on the Zimbabwe Stock Exchange, is set to become one of the biggest companies in Zimbabwe. Cassava group chief executive Darlington Mandivenga said the company may not yet …

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Gold steady

BENGALURU. — Gold prices held steady yesterday as a fall in Asian shares was offset by a stronger dollar, which firmed after minutes of the Federal Reserve’s September meeting reinforced expectations of a tighter US monetary policy. Fed policymakers are largely united on the need to raise borrowing costs further, …

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Zimra surpasses Q3 revenue targets

Tawanda Musarurwa Senior Business Reporter The Zimbabwe Revenue Authority (Zimra) has announced gross collections amounting to $1, 28 billion against a target of $1, 089 billion in the third quarter of this year, according to the latest quarterly revenue report. Net revenue collections for the third quarter improved by 22, …

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Amtec diversifies into farm equipment

Michael Tome Business Reporter India’s tractor and farm equipment manufacturer Tafe, through AgriMag of South Africa has awarded a distribution licence of its products to Amtec Motors (Zimbabwe). Through the franchise arrangement between Tafe and AgriMag, Amtec is now selling tractors and an assortment of agro equipment comprising of boom …

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Oil prices ease

LONDON. — Oil prices and calendar spreads have softened significantly this month as traders became more confident about the availability of supplies towards the end of the year and into early 2019. Iran’s exports have not declined as much as predicted a couple of months ago and it is now …

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Chicken Inn to open Gokwe branch

Michael Magoronga Simbisa Brands, owners of popular fast foods outlet, Chicken Inn are set to open a branch in Gokwe. Simbisa Brands Southern Region operations manager, Mr Xolisani Gama confirmed the development saying it has been necessitated by an overwhelming turnout of Gokwe customers to their Kwekwe branch. “There are …

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