Zimplats royalty expenses hit $12,2m

Oliver Kazunga Senior Business Reporter ZIMBABWE’S largest platinum producer, Zimplats, has recorded a 74 percent increase in royalty and commission expenses to $12,2 million for the half year period ended December 31, 2018. During the comparable period in 2017, royalty and commission expense by the platinum miner stood at $7 …

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Church pressures firms on tax

A group of Christian church investors is planning to put pressure on companies which have no women directors or a questionable record on tax. The Church Investors Group has pension fund members with £21 billion in assets. It says it will vote against chairmen and women of boards of big …

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GMAZ to mobilise $80m for wheat contract farming

Michael Tome Business Reporter GRAIN Millers Association of Zimbabwe (GMAZ) has appointed National Wheat Contract Farming Committee (NWCFC), a technical committee to lead the winter wheat contract farming for the next three years. The NWCFC appointment is a private sector response to Finance and Economic Development’s Minister Mthuli Ncube’s sentiments …

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Bond notes a success — Mangudya

Africa Moyo Senior Business Reporter RESERVE Bank of Zimbabwe (RBZ) Governor Dr John Mangudya insists bond notes did not fail as an export incentive, but were a major success as evidenced by the rise in foreign currency receipts since their introduction. Dr Mangudya said this in Parliament yesterday during a …

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$1bn lifeline for RBZ

Tawanda Musarurwa Senior Reporter The Reserve Bank of Zimbabwe (RBZ) has acquired $985 million in loans from several regional banks for lending to the productive sectors as well as for the purchase of critical imports such as fuel, according to the Apex Bank governor Dr John Mangudya. Dr Mangudya told …

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Powerspeed to expand branch network

BY FIDELITY MHLANGA Listed hardware retail chain, Powerspeed Electrical seeks to embark on a branch expansion drive to consolidate its market share. Speaking at the company’s annual general meeting last week, Power speed chairperson Simba Makoni (pictured) said the company would continue to invest in expansion despite the tough economic …

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Zim urged to adopt currency board

BY TATIRA ZWINOIRA ZIMBABWE should introduce an independent currency board which would stop the Reserve Bank of Zimbabwe (RBZ) from controlling the foreign currency exchange rate, an industry expert has said. In a recent opinion piece in American magazine, Forbes, financial expert Steve Hanke said a currency board would help …

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Workers win Merlin management wrangle

BY MTHANDAZO NYONI The Supreme Court has ruled in favour of the Zimbabwe Textile Workers’ Union which had sought to have Merlin and Merspin Limited put under corporate rescue proceedings. The ruling gives Tudor House Consultants boss Cecil Madondo relief to continue presiding over the companies. Madondo had acted as …

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Premier recommences drilling at Zulu lithium project

Tawanda Musarurwa Senior Business Reporter Zimbabwe-focused diversified miner, Premier African Minerals has announced plans to recommence drilling at its wholly-owned Zulu lithium and tantalum project. The Zulu Lithium and Tantalum Project is an advanced stage lithium development project. It covers about 3,5km² and is located 80km north east of Bulawayo. …

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IPEC mulls risk-based capital framework

Kudakwashe Mhundwa Business Reporter The Insurance and Pensions Commission (IPEC) is working on a risk-based capital framework that is aimed at reducing minimum regulatory capital requirements that an insurer is supposed to meet based on the type of risk that their books carry, as the insurance regulator moves to increase …

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