RBZ warned against TBs, overdrafts

South African research firm, Emergent Africa, has warned the Reserve Bank of Zimbabwe against financing fiscal imbalances using Treasury Bills (TBs) and overdrafts, saying this had negative consequences on the country’s overall macro-economic stability. BY TATIRA ZWINOIRA The firm, in its Zimbabwe: A Return to Normalcy report released recently, said …

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Business happy with poll conduct

Business Reporter Industry has lauded Zimbabweans for conducting themselves in a peaceful and mature manner during the whole campaign period until the commencement of voting yesterday and is pinning hopes for major economic turnaround after the harmonised polls. Previous poll campaign periods have been characterised by some political skirmishes that …

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Schweppes to venture in oranges production

Martin Kadzere Senior Business Reporter Schweppes Zimbabwe Ltd intends to venture into production of oranges as the company seeks to boost feedstock for its juice processing plant in Beitbridge, according to the group’s chief executive. Schweppes currently gets oranges from the orchards around Beitbridge, which are under severe pressure from …

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BAT looks to use shareholder’s dividend

Business Reporter The country’s biggest cigarette manufacturing company BAT Zimbabwe says it is looking at ways of utilising dividend funds belonging to its major shareholder British American Tobacco Plc’s following its failure to repatriate pay-outs. The cigarette manufacturer is sitting on more than $12 million belonging to its major shareholder …

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Rand weak

The rand was slightly weaker last Thursday, taking breather after racing to a six-week high against the dollar. Receding fears of a global trade war have contributed a great deal to the recovery of the rand, though recent pledges by China and several other countries to invest in SA have …

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Fate of SA gold rests on giant, loss-making mine

Three thousand metres below the plains southwest of Johannesburg, teams of miners are toiling to revive the gold industry that underpinned South Africa’s economy for generations. The South Deep mine was built to target the world’s second-biggest known body of gold-bearing ore, a deposit that could produce for the next …

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BRICS commits to partnership, collaboration with Africa

Johannesburg. — Leaders of BRICS countries on Friday committed to partnership and collaboration with Africa as key attributes towards achieving mutual aspirations. Speaking at its 10th summit in South Africa, the BRICS said it had provided over $1 billion in various forms of support to Africa in the past year. …

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‘Demand for mortages on the rise’

Enacy Mapakame Property Reporter Demand for mortgage loans in the country has been on the increase this year as Zimbabweans turn to real estate as a store of value, Real Estate Institute of Zimbabwe (REIZ) president, Mike Juru has said. He, however, indicated the market has been stagnant on the …

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US China trade war threat to gold sector

A potential trade war with the U.S. that threatens growth, simmering tensions on the Korean peninsula and this year’s slump in gold prices are reasons to buy. But People’s Bank of China data show the country’s gold reserves haven’t risen since Donald Trump was elected President in 2016. Still, this …

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Forex challenges trample OK Grand Challenge’s contribution

OK Zimbabwe says this year’s OK Grand Challenge Jackpot Promotion’s (OGCJP) contribution to the company’s revenue might have been higher had it not been for forex shortages to import finished goods, despite a 20% growth in revenue. In the company’s trading update covering the past three months announced at OK …

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