Gold to disappoint

Struggling gold prices seem set for further pain, with a flight to the dollar leaving the traditional refuge asset searching for its place as investors build short positions in futures markets and Exchange-Traded Fund (ETF) holdings fall. Investors betting on a stronger US economy and higher interest rates have sought …

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Oil turns positive

Oil prices traded slightly higher yesterday, reversing course after a report suggested crude stockpiles at the US storage hub at Cushing, Oklahoma fell in the latest week. US stockpiles have been in the spotlight because they rose unexpectedly last week, stoking fears that the market is becoming oversupplied. Thursday’s data …

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45 merchandisers lose jobs

Business Reporter A TOTAL of 45 workers are up in arms with their employer, Edge Compass Trading (Pvt) Limited, after they were allegedly laid off under unclear circumstances. The workers were employed as field marketers in Bulawayo by Edge Compass Trading, which was contracted by Proton Bakery, a confectionery firm …

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Zim merchandise trade down 8,5pc in May

Tawanda Musarurwa Senior Business Reporter Zimbabwe’s total merchandise trade stood at $799,6 million in May, down 8,5 percent down from $873,7 million in April this year. According to latest Reserve Bank of Zimbabwe (RBZ) figures, the decline was on account of a month-on-month decrease in merchandise exports and imports. The …

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‘Continue to produce more gold’

Oliver Kazunga Bulawayo Bureau ZIMBABWEAN gold producers have been urged to continue producing more despite the global mineral’s demand remaining subdued at 964 tonnes in the second quarter. According to the World Gold Council’s latest gold demand report, the yellow metal’s demand on the international market was four percent lower …

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Zim reduces sovereign debt

Tawanda Musarurwa Senior Business Reporter A significant portion of Zimbabwe’s sovereign debt has been reduced after a $225 million debt owed by ZiscoSteel to the German Development Bank (KfW) was assumed by a new investor into a section of the giant steel-maker. The country’s sovereign debt has been having ripple …

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Industry frets over violence

Africa Moyo Business Reporter INDUSTRIALISTS have expressed concern over the political violence that gripped the country on Wednesday, saying it was a step in the wrong direction at a time the country has embarked on a massive growth trajectory since December last year. Opposition supporters torched vehicles, destroyed shops, looted …

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Zim sets 400 000t winter wheat target

ZIMBABWE’S winter wheat output is expected to reach 400 000 metric tonnes up from 158 000 tonnes achieved in the past seasons due to an increase in hectarage under command agriculture and introduction of support initiatives, an official has said. By Freeman Makopa Department of Research and Specialist Services principal …

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Basic principles of economics to diagonise price hike

THE price hikes being experienced in Zimbabwe could be easily diagnosed by the basic principles of economics, the Confederation of Zimbabwe Retailers (CZR) has said. Zimbabwe has been experiencing price hikes on basic commodities since September last year as a result of panic buying. BY MTHANDAZO NYONI Giving his presentation …

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