‘We are geared to bring $2,8bn from minerals’

FORMER Public Service, Labour and Social Welfare deputy minister Tongai Muzenda (TM) was recently appointed general manager of the Minerals Marketing Corporation of Zimbabwe (MMCZ), a government arm mandated to market the country’s minerals. NewsDay (ND) business reporter Mthandazo Nyoni interviewed Muzenda to get to know the plans he has …

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Companies get greenlight to report in US$

THE Public Accountants and Auditors’ Board (PAAB) has issued a new reporting guidance framework that permits companies to present financials for year ending December 31, 2018 in United States dollars (US$). The guidance framework was issued after consultative work undertaken by the Zimbabwe Accounting Practices Board through its sub-committees, the …

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TIMB hikes tobacco weighing, auction floor fees

THE Tobacco Industry Marketing Board (TIMB) has hiked weighing and auction floor charges, further eroding farmers’ earnings. The fee was raised from US$4,50 last season to US$7,70 per bale this season, much to the chagrin of farmers who felt that their earnings were being squeezed. Apart from weighing and auction …

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Mine workers, NEC in salary row

WORKERS under the National Mine Workers’ Union of Zimbabwe (NMWUZ) have accused the mining sector’s National Employment Council (NEC) of not timeously processing cases of underpayment and non-payment. NMWUZ members besieged NewsDay offices in Bulawayo yesterday, accusing the NEC of failing to effectively discharge its mandate. “We have a challenge …

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Zimplats gives $500 000 goodies to cyclone survivors

Zimbabwe Platinum Holdings (Zimplats) has extended $500 000 worth of goods to survivors of the Cyclone Idai. The goods were handed over to the Ministry of Local Government, Public Works and National Housing in Harare yesterday. Zimplats managing director Stanley Segula said the company will continue working with the Civil …

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CFI expects improved performance

Michael Tome Business Reporter AGRI-industrial firm CFI Holdings Limited says it expects an improved performance in 2019 following the partial clearance of credit and recapitalisation of Glenara Estates and CFI Retail. The group has two of its companies placed under judicial management namely Victoria Foods and Crest Poultry Group since …

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Oil rises to $68

Oil rose to around $68 a barrel yesterday as OPEC supply cuts and expectations of lower US inventories outweighed concern about weaker demand due to an economic slowdown. The price of global benchmark Brent crude has risen by more than 25 percent in 2019, supported by supply curbs by the …

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Gold prices slip

Gold eased yesterday, after hitting one-month high in the previous session, as a slight recovery in share markets and US Treasury yields reduced some of the precious metal’s safe-haven appeal. Spot gold was down 0,3 percent at $1,317.46 per ounce as of 0816 GMT, after touching its highest since February …

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Zesa starts fixing damage from Idai

Golden Sibanda Senior Business Reporter ZESA has started fixing the extensive damage inflicted on its power infrastructure by Cyclone Idai in Manicaland, but bringing hardest hit areas, such as Chimanimani, back on the grid might take a bit of time, group acting chief executive Patrick Chivaura has said. The tropical …

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Outrage over Byo hotel rates

Kudakwashe Mhundwa Business Reporter Some leading Bulawayo hotels have reportedly increased their rates by as much 350 percent ahead of the Zimbabwe International Trade Fair (ZITF) expected to take place next month. ZITF, the country’s largest trade showcase is set to take place between 23 and 27 of next month. …

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