Zim lines up 10 diamond auctions

Martin Kadzere Senior Business ReporterZimbabwe is looking at conducting 10 diamond auctions this year, as it seeks to generate more revenue from the gems, the country’s minerals marketing agency has said. The targeted auctions are double what the Minerals and Marketing Corporation of Zimbabwe held last year, the State-owned entity …

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Trade deficit drops

Golden Sibanda Senior Business ReporterZimbabwe’s trade deficit narrowed 37 percent in October last year to $144 million after total exports jumped 25 percent to $449 million largely driven by a 300 percent vault in tobacco shipments, according to latest data published by the Reserve Bank of Zimbabwe (RBZ). This comes …

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Small-scale miners cry foul over fuel shortages

Ishemunyoro Chingwere Business ReporterFuel shortages that have dogged the economy since last year, are now posing a threat to the mining sector and small-scale miners have called on the Government to act decisively to avert the negative effects. The mining sector is Zimbabwe’s largest foreign currency earner led by gold …

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‘Contract farming key to increased output’

Africa Moyo Senior Business ReporterThe country has been called upon to ramp up contract farming for various crops such as tobacco, wheat and soya bean, not only to boost output, but also to save the much-needed foreign currency. This was said by Bullion Leaf Zimbabwe managing director Persistence Gwanyanya yesterday. …

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Export relief for raw hide merchants

Kudakwashe Mhundwa and Princess NcubeGovernment has granted an export tax relief to registered raw hide merchants, as it moves to reduce the amount of unbeneficiated leather raw materials that are going to waste, according to a Government Gazette published last Friday. The waiver comes on the back of pleas by …

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SA rand firm

JOHANNESBURG. — South Africa’s rand firmed yesterday against a softer dollar as increased optimism that China and the United States will reach a trade deal boosted sentiment for riskier assets. At 0700 GMT, the rand traded at 13,9100 versus the greenback, 0,5 percent firmer than its previous close. The rand’s …

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Gold prices low

BENGALURU. — Gold prices edged lower yesterday as a likely end to a long-drawn Sino-US trade war boosted risk sentiment, outweighing expectations of a pause in interest rate increases by the Federal Reserve. Meanwhile, palladium hit a record high at $1,340.50 an ounce during the session. Spot gold slipped 0,2 …

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TIMB in crop assessment survey

Kudakwashe Mhundwa Business ReporterThe Tobacco Industry and Marketing Board (TIMB) will soon embark on a crop assessment programme with a view to determine the state of the crop and help establish dates for the opening of this year’s marketing season, an official has said. This comes on the back of …

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Meikles challenges assets sale

Martin Kadzere Senior Business ReporterMEIKLES Limited has appealed to the sheriff for the confirmation of sale of assets belonging to its subsidiaries, Tanganda Tea Company and Meikles Hospitality. This follows the auctioning of some of the assets related to Meikles’ investments in Tanganda and Meikles Hospitality to recover $1,4 million …

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Govt suspends duty on commodities

Michael Tome Business ReporterSuspension of duty on selected commodities among them luxury and public service buses, ammonium nitrate fertilisers, fertilised eggs for hatching and powdered raw milk among other critical goods, came into effect on Wednesday last week, according to Government Gazette published on Friday. Some of the goods on …

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