Pound to euro rate plummets

The pound to euro exchange rate has plummeted to a five-month low just as Britons prepare to jet off for half term holidays. Despite gains made yesterday following optimism that a second Brexit referendum could be on its way, GBP soon slumped. The pound continues to react to Prime Minister …

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Low prices constrain tobacco deliveries

Tawanda Musarurwa and Kudakwashe Mhundwa Low prices have resulted in constrained delivery of tobacco to the auction floors as farmers apparently hold on to their crop in anticipation of an improvement in the price. Official figures from the Tobacco Industry Marketing Board (TIMB) show that farmers have to date sold …

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Livestock slaughters increase

Business Reporter Zimbabwe slaughtered an increased number of livestock for the year ended December 2018 compared to the previous year although performance became subdued towards the end of the year. According to a fourth quarter economic review released last week by the Reserve Bank of Zimbabwe (RBZ), the number of …

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‘DIDG, NRZ transaction ready by August’

Oliver Kazunga Senior Business Reporter The Diaspora Infrastructure Development Group (DIDG)/Transnet Consortium, which won the tender for the US$400 million National Railways of Zimbabwe (NRZ) recapitalisation project, has expressed optimism to conclude the transaction by August this year. Last week, Transport and Infrastructural Development Minister Joe Biggie Matiza told Parliament …

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Zimbabwe, HCB in power deal

Golden Sibanda Senior Business Reporter Mozambique has offered to export power to Zimbabwe and Zambia in exchange for further reduced generation at Lake Kariba, to cut down on water released by their hydro power plants, whose discharge is worsening overflow at Cahora Bassa Dam. If this materialises, the offer will …

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GMAZ embarks on price monitoring exercise

Grain Millers Association (GMAZ) says it will this week move around the country, monitoring prices of basic commodities to protect consumers from being short-changed by unscrupulous retailers. Earlier this month, GMAZ signed a Memorandum of Understanding with the Confederation of Zimbabwean Retailers and agreed on a model pricing system of …

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Poultry feeds production up 44%

POULTRY feeds production increased by 44% to 111 231 tonnes in the first quarter of the year, but the cost of raw materials continues to surge, an official has said. In an industry update, Zimbabwe Poultry Association chairperson Solomon Zawe said poultry feeds continued to dominate the stockfeed industry in …

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Insurance companies blame hyper-inflation for losses

INSURANCE company representatives yesterday told Parliament that a new commission of inquiry will be needed to ascertain the value of policies between 2016 to date, as they have also been eroded by inflation which is affecting the country. “You will understand that the United States dollar, which you introduced in …

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Auto Tyres retrenchees demand salary arrears

Auto Tyres Zimbabwe (ATZ) company, formerly Dunlop Zimbabwe, is embroiled in a labour dispute with 150 former workers who were retrenched between 2015 and 2018 over unpaid wages. The workers said they were owed US$518 000 in salaries and exit packages. The same firm has another standing dispute with over …

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RBZ in trouble over US$27,5m debt

London-based grain and fertiliser exporter, Holbud Limited, has approached the High Court seeking a court order to register a US$27,5 million arbitral award granted against the Reserve Bank of Zimbabwe (RBZ) in November 2018. According to Holbud’s chief executive officer Hasnain Merali, the company received two Treasury Bills totalling US$40 …

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