MFIs post $9,8m profit despite tough economic environment

DESPITE the tough economic environment, credit microfinance institutions (MFIs) posted $9,8 million profit in the first nine months of 2018 on the back of increased demand for micro loans by individuals and small businesses, a report has shown. BY FIDELITY MHLANGA According to the Zimbabwe Association of Microfinance Institutions (Zamfi)’s …

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‘Ring-fence bulk goods to save NRZ’

FORMER chairperson of the Parliamentary Portfolio Committee on Transport, Dexter Nduna, says it would be difficult for the National Railways of Zimbabwe (NRZ) to be turned around despite the $400 million deal, unless government ring-fences bulk goods transportation by rail. BY MTHANDAZO NYONI In an interview with NewsDay recently, Nduna …

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Zimra demands tax in forex from firms charging US$

THE Zimbabwe Revenue Authority (Zimra) has started demanding that companies that charge for goods and services in United States dollars also remit taxes similarly, a move analysts say affirms that bond notes, electronic and mobile money transfers do not hold the same value as the greenback. BY TATIRA ZWINOIRA Zimra …

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Meikles challenges shares seizure

Meikles Limited has made a court application challenging the attachment of shares in several of its subsidiaries by the sheriff to settle a $1,5 million debt owed to a local consultancy firm. By Kuda Chideme The listed conglomerate had contracted Core Solutions to help recover the money raided by the …

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2% transactional tax threatens mines operations

THE mining sector survey says the 2% transactional tax imposed last month has resulted in price increases across the value chain, which, if not reviewed, would lead to suspension of operations by some mines. BY FIDELITY MHLANGA According to the state of the mining industry survey carried out by the …

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Large-scale gold miners in scam

Africa Moyo Senior Business Reporter Government has threatened to descend heavily on large-scale gold mining companies that are reportedly under declaring their gold output. Some of the primary producers are understood to be selling their gold to Fidelity Printers and Refiners (FPR) through small-scale miners. This was said yesterday by …

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‘Increase forex retention for mineral producers’

Business Reporter The Ministry of Mines and Mining Development has called on the Reserve Bank of Zimbabwe to increase foreign currency retention for minerals producers to 70 percent from the current levels if the country is to achieve its Transitional Stabilisation Programme targets. Speaking at the presentation of the State …

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Vakayi invests in hatchery

Ishemunyoro Chingwere Business Reporter Venture capital firm, Vakayi Capital, has concluded its second investment project in Zimbabwe that will see a Ruwa-based hatchery doubling its output. The hatchery, ZimAvian (Pvt) Ltd, produces broiler and layer day-old chicks, which it mainly supplies to small-scale poultry farmers. The firm, however, needs an …

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Global stocks push higher, dollar sapped by rate

LONDON. – World shares started the week on the front foot yesterday, amid conflicting signals of a potential truce in the China-US trade dispute, while the Federal Reserve’s new-found concerns over the global economy sapped the dollar. Asia took a while to warm up but made a strong finish and …

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Ethiopia accused of ethnic profiling in anti-graft drive

ADDIS ABABA. – A senior official in an influential faction of Ethiopia’s ruling coalition on Monday accused Prime Minister Abiy Ahmed of ethnic profiling in an anti-corruption drive that has seen scores arrested. Debretsion Gebremichael, chairperson of the Tigray People’s Liberation Front (TPLF), said the arrests of more than 60 …

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