Muzarabani oil prospects increase

Business Reporter Newly defined data released last week by Invictus Energy, has provided management with increased confidence regarding a sizeable increase in the prospective resource estimate of the Muzarabani oil prospect that currently stands at 3,9 Tcf (trillion cubic feet) and 181 million barrels of condensate. The seismic data, which …

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Renewable energy policies on cards

Kudakwashe Mhundwa and Kumbirai Tarusarira Government will next month launch renewable energy and biofuels energy policies which are aimed at increasing the country’s power sources, Secretary in the Ministry of Energy and Power Development, Engineer Gloria Magombo has said. Renewable energy is increasingly becoming popular with global financiers given its …

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NRZ slowly rebounding

THE National Railways of Zimbabwe (NRZ) needs about $120 million for infrastructural development and a further $100 million for signaling and communication, general manager, Lewis Mukwada has said. “Out of that $400 million (recapitalisation deal), about $120 million or so is going towards the track infrastructure itself, a further $100 …

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Calls for salary, wage adjustments intensify

The Institute of People Management of Zimbabwe (IMPZ) has called for an upward review on the taxable wage threshold from RTGS$350 to cushion workers from the rising cost of living. In the 2019 National Budget, Finance minister Mthuli Ncube reviewed the pay-as-you-earn (PAYE) tax free threshold to $350 from $300 …

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IMF to monitor Zim economic targets, policies

BY MISHMA CHAKANYUKA International Monetary Fund (IMF) staff and Zimbabwe have agreed on steps that will pave way for a Staff Monitored Programme (SMP). An SMP involves the IMF staff monitoring a country’s economic targets and policies. Zimbabwe has had several successful SMPs between 2013 and 2015. The successful completion …

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Zimra workers allege victimisation

by BUSINESS REPORTER MEMBERS of the Zimbabwe Revenue Authority (Zimra) workers’ committee have resigned en-masse, citing victimisation by management and the board. In a letter gleaned by NewsDay, a leader of the workers’ union said management had forced a workers’ representative to write a report following a recent visit by …

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Cement shortage chokes construction industry

BY TATIRA ZWINOIRA ZIMBABWE’S construction industry contracted by 6,3% percentage points last year due to acute cement shortages and unsustainable prices of construction materials, a Treasury report has shown. According to the 2018 fourth quarter Treasury report, the 2018 construction industry is estimated at 7,7%, a downward revision from the …

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‘Exports, investor confidence to jumpstart forex inflows’

BY FIDELITY MHLANGA The Reserve Bank of Zimbabwe (RBZ) says the country’s forex situation will improve as the year progresses on the back of increased confidence and growing exports. RBZ deputy director for economic research division, Nebson Mupunga, yesterday told delegates at the retailers’ indaba that the bank was committed …

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Oil prices lower

Rising US crude stocks dragged oil lower yesterday but prices continued to find a floor as OPEC-led cuts and free-falling Venezuelan output tightened global supplies. International benchmark Brent futures were at $71,38 a barrel at 1350 GMT, down 35 cents from their last close. US West Texas Intermediate (WTI) crude …

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Jet Kadoma re-opens

Blessings Chidakwa in Kadoma Hundreds of excited customers yesterday besieged Jet Kadoma Stores which re-opened its doors four months after an inferno razed shops in the city. There was stampede in the early hours of the day as people thronged the shop to buy as well as window shop various …

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