Imports rise 26%, forex pressures worsen

ZIMBABWE’S import bill rose 26% in the six months to July 31 this year, driven by firming demand for fuel and food. Data for January is missing. BY MTHANDAZO NYONI The growing import pressures also saw the country’s trade deficit rising 27% to $1,48 billion from $1,15 billion in the …

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Metbank to focus on mortgage financing, e-banking

METBANK says it will focus its lending business on mortgage financing and commercial banking products that promote financial inclusion under a strategic plan that will determine the direction of the institution on a five-year horizon. BY FIDELITY MHLANGA The lender’s mortgage business will prioritise property development, while its commercial banking …

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Sable Chemicals warns of fertiliser crisis

SABLE Chemicals Industries (Sable), Zimbabwe’s only manufacturer of ammonium nitrate (AN), says it will only be able to meet just about 38% of national demand this year. BY MTHANDAZO NYONI AN is a top-dressing fertiliser used to boost yields. In an email interview with NewsDay, the agro-chemicals company disclosed that …

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New Treasury chief eyes urgent reforms

Golden Sibanda Senior Business Reporter Newly appointed Finance and Economic Planning Minister Mthuli Ncube, has pledged extensive economic reform measures expected to begin with scrapping of Zimbabwe’s surrogate currency, bond notes and reining in Government spending to restore macro-economic stability and sustainable growth. Minister Ncube, a professor of economics and …

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Business endorses new Cabinet

Enacy Mapakame Business Reporter ZIMBABWE’s largest business representative bodies, the Confederation of Zimbabwe Industries (CZI) and Zimbabwe National Chamber of Commerce (ZNCC), have endorsed President Mnangagwa’s newly appointed Cabinet, and pledged private sector collaboration to propel the industrialisation agenda. The president has appointed a leaner 20-member Cabinet blending youth, experience …

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Buyanga to bring wealth to Zim

South Africa-based Zimbabwean businessman Frank Buyanga, yesterday said his main focus was to bring wealth into the country as it was possible to make Zimbabwe the wealthiest per capita state in the world. In an interview, Mr Buyanga said he will continue striving to assist and help so that the …

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Govt engages Metallon

Ishemunyoro Chingwere Business Reporter GOVERNMENT is engaging the country’s largest gold producer Metallon Corporation with a view to finding a lasting solution to the miner’s problems which has seen it placing hundreds of workers on retrenchment notice. The London Stock Exchange listed miner which has a firm footprint in Zimbabwe …

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GBP/ZAR rate falls

The Pound-to-South-African-Rand rate fell for the third consecutive session at the start of the new week after following reports alleging that officials are sacrificing much needed detail in order to get a quick fix in the Brexit negotiations, but the bigger picture supports a bullish outlook for GBP/ZAR. The Rand …

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Industry minister outlines plans

Africa Moyo Senior Business Reporter New Minister of Industry and Commerce, Mr Mangaliso Ndlovu, plans to introduce a raft of measures including a “robust” industrialisation policy and removing bottlenecks so as to attract more investors. Minister Ndlovu said this yesterday in an exclusive interview with The Herald Business immediately after …

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