Oil prices rebound OOil prices rebound

Oil prices rebounded slightly yesterday after a steep fall in the previous session as OPEC and its allies’ decision to extend output cuts was not enough to counter investors’ concerns about the slowing global economy. Prices were supported by widely-watched data showing a larger-than-expected draw-down in US crude oil inventories, …

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Vast talks up Zim investment

Ishemunyoro Chingwere Business Reporter AIM-listed mining and resource development concern, Vast Resources, is expecting a turnover of US$53 million per annum in its envisaged diamond mining investment in the country, the firm told an investment conference in London. The British headquartered concern is among global mining players that have responded …

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Cassava launches waste management company

Michael Tome Business Reporter FINTECH group, Cassava Smartech Zimbabwe Limited yesterday launched Clean City, an innovative sustainable waste management company in urban areas. Clean City is a digital platform used by private waste collection companies to collect rubbish bins from homes and is an addition to the already existent Vaya …

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CFI profits surge

Enacy Mapakame Agro-industrials entity CFI Holdings Limited profit for the six months to March 31, 2019 surged 243 percent to $7,29 million compared to $2,12 million recorded during the comparative prior year on increased volumes. Turnover for the period went up 43 percent to $47,2 million from $33 million prior …

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Libra: US Congress asks Facebook to pause development

The US Congress has asked Facebook to pause development on its Libra cryptocurrency until lawmakers have had more time to investigate the ramifications of the company’s actions. In a letter from the Democratic heads of the house committee on financial services and its subcommittees, the legislators ask the company to …

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Gold is glistening

The precious metal has rallied 11 percent this year, with much of the move occurring in the last several months, as concerns around slowing global growth and US-China trade tensions took hold among investors. It continued to tick up on yesterday after President Donald Trump said he intended to nominate …

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Gold prices jump

The gold market jumped higher with prices well above $1 400 an ounce after private sector employment grew less than expected in June, according to private payrolls company ADP. Yesterday, ADP said that 102 000 jobs were created in June, missing expectations; consensus forecasts were calling for job growth of …

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David Whitehead re-opening imminent

Martin Kadzere Senior Reporter DAVID Whitehead Textiles (DWT) intends to “immediately” restart operations at Chegutu factory after several years of intermittent operations, following acquisition of the company’s majority shareholding by Agri Value Chain Zimbabwe (AVCZ). This comes after electricity was restored at the Chegutu factory while some raw materials have …

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Potraz, telcos in base stations deal

Tawanda Musarurwa Senior Business Reporter The Postal and Telecommunications Regulatory Authority of Zimbabwe (Potraz) has come into agreement with mobile network operators for the establishment of new base stations under a Build-Operate-Transfer (BOT) arrangement. Zimbabwe’s three MNOs include NetOne, Econet Wireless Zimbabwe and Telecel Zimbabwe. Information Communication Technology, Postal and …

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PPC Zimbabwe revenue declines by 20%

BY MTHANDAZO NYONI PRETORIA Portland Cement (PPC) says revenue at its Zimbabwean entity declined by 20%, compared to last year, due to a weaker cement market, clinker shortages and depreciation in the functional currency in the second half of the financial year. In its consolidated financial statements for the year-ended …

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