FBC records $14,8m after tax profit

Business Reporter Banking group FBC Holdings Limited (FBCH) reported a 54 percent jump in after tax profit to $14,8 million in the half year to June 30, 2018 as non- interest income increased during the period on the back of increase in plastic money usage. Profit before tax rose 58 …

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Sino Zim Cement gets ISO certification

Munyaradzi Musiiwa Midlands Correspondent GWERU-based cement manufacturing company Sino Zimbabwe Cement Company has been certified by the International Organisation for Standardization (ISO). The global standards body is non-governmental international organization with a membership of 161 national standards bodies. Through its members, it brings together experts to share knowledge and develop …

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Why money alone can’t help beat poverty in Africa

JOHANNESBURG — Nigeria recently surpassed India to become the country with the highest number of people living in extreme poverty: 87 million. Nigeria is oil rich and boasts Africa’s fastest growing economy. Yet six of its people fall into extreme poverty every minute. This story isn’t unique to Nigeria. It’s …

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Rand rally sputters

The rand halted a four-day winning streak after US President Donald Trump tweeted about South Africa’s land politics, sparking concern the country may become the next target for US sanctions. The currency, the third-biggest decliner in emerging markets in the past three months, dropped as much as 1,9 percent against …

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Crude oil flows to Asia

Shipments of West African crude to Asia are set to reach a record high in August, driven by a surge in demand from Indian refiners, who will take more oil from the region than at any time since mid-2015. According to a Reuters survey of shipping fixtures and traders, some …

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Zinwa to exhibit at Harare Agric Show

The Zimbabwe National Water Authority (Zinwa) will next Monday join hundreds of other organisations that will be exhibiting at one of the country’s premier exhibitions, the Harare Agricultural Show. The annual showcase, which runs from Monday to Saturday next week, provides a unique platform for organisations to reconnect with their …

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Schweppes sees huge potential in citrus fruit production

Unaiswi Nyikadzino, the beverage maker’s commercial director, revealed that current suppliers were struggling to meet local demand for citrus fruit. Nyikadzino was speaking during a media tour of Schweppes’ BeitBridge Juicing plant, which has operated since 2006. “You will find that other major suppliers globally are Brazil and Florida and …

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Old Mutual investment returns on listed equities down

Old Mutual Zimbabwe (Old Mutual) has reported that profit after tax tumbled 40% to $53,9 million in the first half of 2018 from $89,3 million in the comparable period last year mainly due to a decline in investment return on listed equities. BY FIDELITY MHLANGA Total group revenue also fell …

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Why RBZ cash injections won’t ease crisis

SINCE the Reserve Bank of Zimbabwe (RBZ) announced incremental cash injections into the economy in July, bank queues have persisted; demand for foreign exchange has remained high while the parallel market has remained a major source of foreign currency for both corporates and individuals. BY TATIRA ZWINOIRA The statement stated …

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Export business reforms gather pace

Africa Moyo Business Reporter Government has covered reasonable ground towards improving the ease of doing export business, amid indications that players in the pharmaceutical and jewellery sectors are already benefiting from some of the reforms achieved. The doing export business reforms seek to address “colonial laws” that scupper the participation …

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