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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Govt rules out bread shortages

Africa Moyo Senior Business Reporter Government has ruled out the possibility of bread shortages in the country as mechanisms have been put in place to import wheat in the short-term. Further, Government wants to boost wheat cropping to secure long-term availability of flour. This was said by Lands, Agriculture and …

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Prospect Lithium secures $10m export facility

Golden Sibanda AUSTRALIA Stock Exchange (ASX) listed Prospect Resources, says its Zimbabwean unit, Prospect Lithium Zimbabwe, has secured $10 million export finance facility from the Reserve Bank through CBZ Bank Limited. The batteries lithium miner said the loan was another building block in the financing of the Arcadia Lithium Mine …

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GMB receives 900k tonnes of maize

The Grain Marketing Board (GMB) has received 896 273 tonnes of maize and 21 750 tonnes of small grains as the parastatal has come up with measures to ensure smooth deliveries of the grain to its depots. GMB general manager Rockie Mutenha, yesterday said GMB was receiving an average of …

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Zim gets new IMF representative

Business Reporter THE International Monetary Fund has a new resident representative in Zimbabwe, Patrick Amir Imam. Mr Imam, who prior to his posting to Zimbabwe was IMF representative for Madagascar, takes over from Mr Christian Beddies who has been the IMF’s resident representative in Zimbabwe since May 2014. “The International …

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Mtsambiwa appointed Tongaat Hulett CEO

Tawanda Musarurwa Johannesburg Stock Exchange-listed sugar producers Tongaat Hulett Limited, has appointed Zimbabwean Sydney Mtsambiwa as its interim chief executive officer. This follows the pending retirement of current CEO Peter Staude at the end of next month. “Further to the announcement on 6 August 2018 that Mr Peter Staude will …

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Petrotrade in $3,75m tax profit

Ishemunyoro Chingwere Business Reporter State petroleum company, Petrotrade has – for the third year running declared a dividend to Government after registering an after tax profit of $3,75 million for the year ended December 2017. Speaking to journalists after the firm’s Annual General Meeting (AGM) on Thursday, secretary for Energy …

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Gold steadies

LONDON. — Gold steadied yesterday as the dollar trod water against a basket of currencies, with investors reticent to bid up the metal in the face of looming US interest rate increases and escalating Sino-US trade tensions. Since its April peak gold has dropped more than 12 percent as a …

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SA rand firms

JOHANNESBURG. — South Africa’s rand firmed against the dollar early yesterday as some emerging market currencies that sold-off sharply in recent weeks regained some lost ground. At 0650 GMT the rand was 0,77 percent stronger at 15.0925 per dollar compared to a close of 15,2100 in New York. Investors remain …

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