Meikles swindled $1,7 million

BY CHARLES LAITON LISTED conglomerate Meikles Limited has approached the High Court seeking an order compelling a local firm, Wide Free Investments (Pvt) Ltd T/A Core Solutions, to reimburse it over $1,7 million it received as payment for facilitating the recovery of a debt owed by government. According to court …

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US$ remains the base currency for trading: Zimcodd

BY MTHANDAZO NYONI THE Zimbabwe Coalition on Debt and Development (Zimcodd) says the United States dollar will remain the base currency for trading purposes in Zimbabwe because businesses prefer trading in a stable currency. In his monetary policy statement on Wednesday, central bank governor John Mangudya effectively brought back the …

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Processed transactions value surge 62% to $151,75bn

BY FIDELITY MHLANGA Zimbabwe registered a 62% increase in the value of transactions processed on its payment system to $151,75 billion in 2018 from $93,83 billion in the prior year, driven mainly by real time gross settlement (RTGS) transactions, official data has shown. According to the Monetary Policy Statement (MPS) …

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Banking sector stable, but assets quality deteriorates

BY MISHMA CHAKANYUKA ZIMBABWE’S banking sector remained generally stable and adequately capitalised during the year ended December 2018, but the quality of assets deteriorated as reflected by the increase in the average non-performing loans (NPLs) to total loans ratio, the central bank has revealed. The country has 19 banking institutions, …

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SA rand gains

South Africa’s rand rebounded yesterday as traders bet that a budget released the day before would persuade ratings agency Moody’s not to downgrade the country’s debt to “junk” status next month. President Cyril Ramaphosa, who faces divisions within his ruling African National Congress before parliamentary elections in May, has staked …

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Paying for water is critical for dam maintenance

Over the years, users of raw water, especially irrigators have been questioning the rationale behind paying for the untreated water they draw from Zinwa managed dams or other Zinwa controlled water bodies around the country. A number of them have even resisted paying their water bills or to at least …

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Registry to keep credit culture in check

Michael Tome and Kudakwashe Mhundwa Business Reporters About 18 banking institutions and 140 financial institutions have to date registered to be part of the Reserve Bank of Zimbabwe’s Credit Registry, as the apex bank moves to keep the country’s credit culture in check. The Credit Registry, which went live in …

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Gold steady

Gold was trading below the previous session’s 10-month peak yesterday as the dollar gained after minutes from the last US Federal Reserve meeting rekindled expectations of another rate hike this year. Investors were also keeping a close eye on talks to end a trade dispute between China and the United …

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Chrome producers feel the heat

Munyaradzi Musiiwa Midlands Correspondent Local ferrochrome producers are starting to feel the heat over plummeting global chrome prices that are likely to affect their viability with far reaching implications on the economy. According to the producers, Global markets for ferrochrome and chrome ore have taken a downturn and 2019 is …

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Zim to sign air service pacts with Oman, Sri Lanka

The Zimbabwe has approved the signing of bilateral air service agreements with Oman and Sri-Lanka as authorities forge on with efforts to make the country open and accessible to the wider world. The agreements will allow airlines from the respective countries to service Harare, Colombo and Muscat respectively. Information, Media …

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