NMB constructs head office in Borrowdale

Financial services group, NMBZ Holdings Limited, has commenced construction of its head office in Harare’s Borrowdale area. NMBZ chief executive Benefit Washaya, told shareholders at the group’s annual general meeting last week that funding for the new head office will come from part disposal of the piece of land, which …

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Trust is the new currency in surreal Venezuelan economy

“How much for an empanada?” I ask Junior Morel, manager of the Lunchería Andina, a canteen on a street corner in Catia, a working-class district of Caracas. “Today, 150 000 bolívares,” he replies, pointing to a small pile of the ubiquitous South American pasties wilting under the tropical heat in …

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Govt welcomes investment in steel industry

Enacy Mapakame Business Reporter Government is receptive to investment in the steel industry that promotes growth of the small to medium enterprises together with beneficiation and value addition across value chains, Industry, Commerce and Enterprise Development Minister Dr Mike Bimha has said. Dr Bimha was speaking at the launch of …

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RBZ to increase forex allocation for fuel

THE Reserve Bank of Zimbabwe (RBZ) plans to increase foreign currency allocations for the importation of fuel in the second half of the year to about $100 million per month as it steps up efforts to fight supply bottlenecks. Plans are afoot to increase the allocations to a cumulative monthly …

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CBZ appoints new CEO

The country’s biggest banking institution CBZ Holdings Limited has announced the appointment of Dr Blessing Mudavanhu as the group chief executive officer with effect from June 1, 2018. Dr Mudavanhu has over 15 years experience in the regional and international financial services markets. He has qualifications from the USA and …

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Trade deficit hits $1 billion

The country is battling for solutions to address trade deficit, which hit $1 billion in the first four months of the year, Reserve Bank of Zimbabwe Governor Dr John Mangudya has said. Dr Mangudya said this while giving oral evidence before the Parliamentary Portfolio Committee on Energy and Mines yesterday. …

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Hwange boss denies resignation claims

A SHOWDOWN is looming between suspended Hwange Colliery Company Ltd managing director Thomas Makore and the board after he denied claims he had resigned. It has emerged Eng Makore only agreed to resign subject to the fulfilment of the conditions for his resignation, his lawyer Selby Hwacha of DMH Commercial …

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Powermec to distribute Perkins Engines products

BY WINSTONE ANTONIO Perkins specialises in diesel engines for agricultural, construction, material handling, power generation, mining and industrial sectors. Officiating at the launch of the partnership deal in the capital last Friday, Mines secretary, Munesu Munodawafa said the deal was part of the fruits of government’s “Zimbabwe is open for …

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Zimra targets foreign companies evading tax

BY TATIRA ZWINOIRA Responding to questions from NewsDay at a recent media engagement, Mazani said Mnangagwa and Chinamasa had lent a supportive ear. “This is something that I have actually engaged with the minister (Chinamasa) and have emphasized, even in my engagements, where I have had an opportunity to talk …

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Craft Properties wins international award

BY BUSINESS REPORTER In a statement yesterday, Craft Properties said they felt honoured by the recognition of its work in real estate and land development in Zimbabwe. “This International award comes after our work was also appreciated locally resulting in Craft Properties (Pvt) Ltd being awarded the Company of the …

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