Econet rings up 266% profit

ECONET Wireless Zimbabwe Limited (EWZL) has registered a near 266% jump in profit after tax for the company’s financial year ending February 28, 2018 to $132,29 million on the back of cost-cutting measures. BY TATIRA ZWINOIRA The rise in profit is from $36,18 million recorded in the comparative period last …

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RBZ secures $1,19 billion worth of liquidity facilities

THE Reserve Bank of Zimbabwe (RBZ) now has $1,19 billion worth of liquidity facilities from various foreign institutions, as it seeks a solution to foreign currency shortages. BY TATIRA ZWINOIRA In a presentation to Parliament on Monday, RBZ governor, John Mangudya said they had put these facilities in place to …

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Arcturus mine to increase production output of gold ore

ARCTURUS Mine is working towards increasing production to 15 000 tonnes of gold ore per month through expanding its current operations under its medium term plan, an official has said. BY FREEMAN MAKOPA Arcturus Mine owner, Tawanda Nyambirai told NewsDay in emailed responses on Wednesday that the investments he has …

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Steward Bank‘s 176k new customers help boost profits

STEWARD Bank recorded 176 000 new customers, which helped grow its profit after tax by 268,4% to $22,45 million for the financial year ending February 28, 2018. This was from a previous of $6,15 million recorded over the same period last year. BY TATIRA ZWINOIRA In a statement accompanying the …

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Local engineers should be engaged

ZIMBABWE Institution of Engineers (ZIE) wants a higher participation of local engineers in infrastructure national projects as they are not happy with the current levels. By Tatira Zwinoira As such, ZIE are hosting an inaugural conference sometime next month in Victoria Falls meant at having dialogue with policymakers on the …

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Chitando appoints new boards for parastatals

MINES minister Winston Chitando yesterday named new boards for the Zimbabwe Consolidated Diamond Company (ZCDC) and the Zimbabwe Mining Development Corporation (ZMDC), amid strong calls on the parastatals to roll up their sleeves to realise their full potential. BY TINOTENDA MUNYUKWI “I have the pleasure to announce the two boards, …

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Brazil oil workers strike

RIO DE JANEIRO/SAO PAULO. – Brazilian oil workers began a 72-hour strike yesterday in a new blow to President Michel Temer following a nationwide trucker protest that has strangled Latin America’s largest economy for over a week. The strike is the latest challenge for state-led oil firm Petroleo Brasileiro SA, …

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Global business principles, local nuances

Somebody said a Chinese student who goes to study business in the West will return home and do business the Chinese way. An Indian student will do the same. It is not yet clear whether an African business student will also come back home and conduct business the African way. …

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Three trends ahead for China’s employment market

As the 2018 global economy looks to continue getting stronger thanks to cyclical recovery, most signs point to faster growth across all regions. China in particular has become one of the world’s most important battlefields for global capital as mobile technology, artificial intelligence (AI), robotics and big data bolster our …

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Govt to import $200m edible oil

Zimbabwe is expected to import crude edible oil worth $200 million this year in an effort to supplement local production as it emerged the country’s soya beans harvest of around 50 000 tonnes falls short of national demand. Zimbabwe requires about 300 000 tonnes, with oil expressers alone requiring 150 …

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