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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Interest caps hit POSB income

POSB’s net interest income declined by 9,84% to $11,02 million in the financial year ending December 31, 2017, which it blamed on the interest caps put in by the central bank last year. BY TATIRA ZWINOIRA Net interest income is the main source of revenue for a bank. At POSB’s …

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Hwange targets 300 000t of coal

Hwange Colliery Company Limited (HCCL) is targeting to start producing more than 300 000 metric tonnes of coal of different grades by end of June 2018, a board member has said. BY MTHANDAZO NYONI Speaking during the commemorations of the Kamandama mine disaster in Hwange yesterday, HCCL board member, Edward …

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EcoCash investigates unscrupulous agents

Econet is investigating claims that some EcoCash agents are offering cash outs at a premium. BY TATIRA ZWINOIRA In a statement yesterday, Econet said it routinely did security checks on its agents to clamp down on the practice. “EcoCash routinely carries out system reviews and security checks on its agent …

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Govt to continue supporting Hwange

Africa Moyo in HWANGE GOVERNMENT will continue to support Hwange Colliery Company Limited’s bid to return to profitability, given the role it plays in the country’s economy. This was said yesterday by the Minister of State for Matabeleland North Province Ambassador Cain Mathema, in a speech read on his behalf …

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