Stanbic sinks $164m into mining for working capital

STANBIC Bank Zimbabwe has invested $164 million over the past 12 months in funding the working capital requirements of the mining industry. BY BUSINESS REPORTER Speaking at the Chamber of Mines Presidential Gala dinner, which the bank hosted recently, Stanbic Bank official, Rhett Groves told guests the mining sector was …

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Bread shortages loom

GRAIN Millers Association of Zimbabwe (GMAZ) has warned that the country faces imminent bread shortages if millers do not get an urgent allocation of forex to import wheat, as there is only three weeks’ supply left. BY FREEMAN MAKOPA In an urgent letter to the Reserve Bank of Zimbabwe dated …

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Vendors not to blame for CBD retail decline: Zvorwadza

SOMETIME this week, the National Vendors’ Union of Zimbabwe (Navuz) and the Confederation of Zimbabwe Retailers met to discuss ways in which vendors could conduct their business in a way that does not impede on retailers. By Tatira Zwinoira This came as property experts say the vendors were now affecting …

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Gold steadies

LONDON. — A weaker dollar helped gold prices to edge higher yesterday, but gains were limited as the market waited for clues on the pace of US interest rate rises from a meeting of the Federal Reserve next week. Spot gold was up 0,1 percent at $1 297,24 an ounce …

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Oil gains

LONDON. — Oil rose by nearly $1 a barrel yesterday, lifted by concern about a steep drop in exports from Venezuela, although surging U.S. production kept gains in check. Brent crude futures LCOc1 were up 85 cents at $76,21 a barrel by 1222 GMT, while U.S. West Texas Intermediate (WTI) …

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Davipel invests $12m in snack plants

Livingstone Marufu Business Reporter Davipel Group of Companies has invested $12 million to construct snacks producing plants in Sunway City as the firm moves to become a fully-fledged agro-processing group. The establishment of a one stop shop factory, comes after the Government put in place Statutory Instrument 64 of 2016, …

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IDBZ records bankable projects worth $85,7m

Enacy Mapakame Business Reporter Infrastructure Development Bank of Zimbabwe (IDBZ) has converted $85,7 million worth of programmes at concept stage into bankable projects during the financial year 2017. This comes as the financial services group moves towards fulfilling its mandate for promoting development especially in infrastructure, while maintaining financial sustainability. …

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Command Agric not permanent: Shiri

Tawanda Musarurwa Senior Business Reporter Zimbabwe’s successful agro-import substitution programme, Command Agriculture, will not be a permanent feature and will be phased out once Government is convinced farmers can now mobilise own funding, the Minister of Lands Agriculture and Resettlement Perrance Shiri has said. He said the programme is aimed …

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We don’t trust Zim with investment just yet: Netherlands

NETHERLANDS ambassador to Zimbabwe, Barbara van Hellemond says the African nation still has a long way to go before it can be trusted with investment from her country. BY KUDZAI MUCHENJEKWA Speaking at a business to business matchmaking seminar yesterday involving farmers in livestock, horticulture and poultry from Netherlands and …

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‘Govt lacks holistic infrastructural developmental capacity’

ZIMBABWE Institution of Engineers (ZIE) chief executive officer, Sanzan Diarra says the government on its own cannot tackle the country’s infrastructural development challenges. BY TAFADZWA MUTACHA Speaking to NewsDay yesterday, Diarra said there was need for the government to consult and partner professionals as this could help in the formulation …

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