Zimplats to build 160MW solar farm

Golden Sibanda Senior Business ReporterZimbabwe’s largest platinum group metals (PGMs) producer, Zimplats Holdings, says it is interrogating the feasibility of constructing a 160 megawatts solar power plant to guarantee uninterrupted and affordable power supplies to the group’s operations. South Africa’s Impala Platinum (Implats) subsidiary also said excess power would be …

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TIMB bemoans poor tobacco prices

BY MISHMA CHAKANYUKA The tobacco industry is in good shape despite experiencing a poor run this season, newly-appointed chairperson of the sector’s regulator, Patrick Devenish, has said. Devenish, who was appointed to head the Tobacco Industry Marketing Board (TIMB) last month, told NewsDay that the new board will be looking …

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Zim joins Deepening Africa’s Financial Sector programme

BY MISHMA CHAKANYUKA THE Securities and Exchange Commission of Zimbabwe (SECZ) has joined the United Kingdom-funded Deepening Africa’s Financial Sector (FSD), which is part of a continent-wide initiative to support capital market regulators so they attain international standards. In a statement, FSD Africa said the programme will review SECZ’s operations …

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Art records ZWL$8,7m profit FY2018

BY MISHMA CHAKANYUKA Amalgamated Regional Trading (Art) posted an increase in after tax profit from ZWL$3,7 million recorded in 2018 to ZWL$8,7 million in the year-ended March 31, 2019, despite a decline in local sales as consumer purchasing power was eroded by inflation. In a statement accompanying the company’s financial …

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Oil prices jump

Oil jumped nearly 3 percent to above $63 a barrel yesterday after Iran shot down a US military drone, raising fears of a military confrontation between Tehran and Washington. Also supporting oil were expectations that the US Federal Reserve could cut interest rates at its next meeting, stimulating growth in …

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Gold prices rise

Gold prices surged to their highest in more than five years yesterday after the US Federal Reserve signalled a possible interest rate cut as early as next month, pressuring US Treasury yields and the dollar. Spot gold was up 1,7 percent at $1 382,61 per ounce as of 1019 GMT, …

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Milestone in reengagement drive

Mr Charamba Fradreck Gorwe Herald Reporter Some positives continue to pile on the Zimbabwean cause as re-engagement efforts once more find an efficient catalyst at the US-Africa Business Summit in the Mozambican capital of Maputo. The summit  is expected to discharge sound trickle down effects on the Zimbabwean economy as …

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Zimpapers exceeds revenue targets

Tawanda Musarurwa Senior Business Reporter Zimbabwe’s largest diversified media group, Zimpapers (1980) Limited, surpassed its revenue and profitability targets for the first five months of the year, despite battling a significant exchange loss impact resulting from the change of functional currency earlier this year. Zimpapers CEO Pikirayi Deketeke, told shareholders …

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Sec joins hands with UK regulator

The Securities and Exchange Commission of Zimbabwe (Sec Zimbabwe) has joined the UK-funded Financial Sector Deepening Africa’s (FSD Africa) flagship Africa Regulator Support Programme. BY MISHMA CHAKANYUKA The programme is part of a continent-wide initiative designed to support capital market regulators to attain international standards. In a statement, FSD Africa …

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Judge blasts ZPC over Chivayo’s solar project

High Court judge Justice Tawanda Chitapi has castigated the Zimbabwe Power Company (ZPC) for its lackadaisical approach to finding common ground with Intratrek Zimbabwe fronted by Wicknell Chivayo to resolve a four-year impasse over the scandal-tainted Gwanda Solar Project. BY CHARLES LAITON Justice Chitapi said ZPC’s continued refusal to sit …

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