RBZ digs in on cryptocurrency ban

Reserve Bank of Zimbabwe (RBZ) governor John Mangudya has defended the central bank’s decision to ban cryptocurrency transactions and accused a local dealer of exposing the country, money-laundering, evasion of foreign currency exchange controls and violation terrorism financing.BY WONGAI ZHANGAZHA Bitfinance (Pvt) Ltd, trading as Golix, is challenging the recent …

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Day-old chicks shortage hits industry

THE production of hatching eggs in Zimbabwe is projected to remain depressed until the last quarter of this year, necessitating the continued high dependence on imports to satisfy demand for day-old chicks from poultry farmers, an official has said.BY MTHANDAZO NYONIIn an industry update for the first quarter of 2018, …

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Women share business ideas

Women from various church denominations gathered in Harare yesterday for the Christian Women of Faith in Action Economic Empowerment Meeting where they shared ideas on ways of boosting their businesses. The women said they are committed to contributing to the economic revival of Zimbabwe by sharing business ideas of how …

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China touts its economic reforms amid US tariff threats

On Shanghai’s famous waterfront, the Bund, some 300 officials, foreign business leaders and journalists gathered last week to celebrate the 40th anniversary of what China calls its “Reform and Opening” — an economic liberalisation plan that opened the state-run economy to the outside world. The reforms benefited companies like American-Italian …

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Edgars turnover up 37 percent

Business Reporter Listed clothing retailer Edgars Stores Limited’s turnover for the first quarter to April 2018 grew 37 percent from the comparable prior year and was 10 percent above budget. After-tax profit was however 2,5 percent lower at $1,3 million, but management said the profit was “well above budget”. For …

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Only 11pc of plastic waste recycled in Zim: EMA

Jeffrey Gogo Climate Story Every June 5 the world commemorates the World Environment Day, a day set aside by the UN Environment Programme at its formation in 1972, aiming to draw public attention to pressing global environmental issues, and to encourage people to take action against such. This year’s celebrations …

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Rand tumbles to 6-month low

JOHANNESBURG. — South Africa’s rand slumped more than 2 percent to a near six-month low against the dollar and government bonds weakened sharply on Friday, dragged down by weak economic growth and investors shying away from riskier assets. The rand traded at 13.2400 per dollar, 1,7 percent weaker than its …

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Stanbic ploughs $164m into mining

Business Reporter Stanbic Bank Zimbabwe has availed $164 million over the past 12 months to fund the working capital needs of the country’s mining sector. The funding represents 71 percent of the sector’s working capital requirements. Stanbic’s corporate and investment banking director Rhett Groves told guests at the Chamber of …

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Shareholder nod sought for Ziscosteel sale

Tawanda Musarurwa Senior Business Reporter Shareholders of the Zimbabwe Iron and Steel Company (Ziscosteel), will hold an extraordinary general meeting on June 28, to approve a transaction that will see the steelmaker’s assets sold to Chinese investor Tian Li (Hong Kong) Limited. Approval of the transaction will bring into effect …

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Govt urged not to forget local business

ZIMBABWE National Chamber of Commerce (ZNCC) is worried about the increased focus by government on foreign direct investment (FDI) while neglecting local businesses that endured the tumultuous economic era of yesteryear. BY LEARNMORE NYONI Speaking at the ZNCC Midlands annual dinner and business awards ceremony held at the Village Lodge …

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