Trade deficit narrows to $127m

Golden Sibanda Senior Business Reporter Zimbabwe’s negative trade balance narrowed markedly in August this year, falling 42 percent to $127,2 million on the back of strong growth in exports, the Reserve Bank of Zimbabwe (RBZ) said in its monthly economic review for August. This came as overall merchandise trade increased …

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Zim on course to record gold delivery

Ishemunyoro Chingwere Business Reporter  Zimbabwe is on course to achieving record breaking gold deliveries this year with the set target of 34 tonnes for the year expected to be surpassed. Speaking at the official send-off of the gold mobilisation task-force on Sunday, Mines and Mining Development Minister Winston Chitando implored …

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‘Zimbabwe could be gateway to investment’

Business Reporter Zimbabwe could be the gateway to investment into Africa through establishment of an Offshore Investment Centre with strong links to the local one-stop investment shop for processing investments. The Minister of Finance and Economic Development, Professor Mthuli Ncube, said this dream was part of the country’s Vision 2030 …

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Oil prices down on Iran sanction exemptions

LONDON. — Oil prices fell on Tuesday after Washington granted sanctions exemptions to top buyers of Iranian oil, lifting supply concerns and turning the market’s focus to worries that an economic slowdown may curb fuel demand. Benchmark Brent crude futures LCOc1 were down 53 cents at $72,64 a barrel by …

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United Refineries to invest $30 million in soya bean production

AGRO-PROCESSING concern United Refineries Limited (URL), together with its partners, says it will invest about $30 million in soyabean outgrowers’ project with a target to satisfy its demand for the edible oil seed. BY MTHANDAZO NYONI URL chief executive officer Busisa Moyo told journalists in Bulawayo on Monday that the …

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Ncube to present 2019 budget on November 22

FINANCE minister Mthuli Ncube has said he will present his maiden budget statement on November 22, in what will be a litmus test of how he will address Zimbabwe’s economic crisis. BY FIDELITY MHLANGA Shortages of basic commodities, hard currency and falling purchasing power of wages are among some of …

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Packaging cost could push up mealie meal price

Enacy Mapakame The price of mealie meal could increase if tomorrow’s deliberations between millers and packaging manufacturers fail to reach a consensus after the latter increased cost of packaging by over 500 percent. Manufacturers of packaging for mealie meal and bread more than doubled their prices, a situation that is …

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ZSE suspends Hwange

Ishemunyoro Chingwere and Enacy Mapakame  The Zimbabwe Stock Exchange (ZSE) has suspended coal miner, Hwange Colliery Company Limited from the local bourse following its placement under administration. The suspension is with effect from November 2, 2018. ZSE acting chief executive officer Martin Matanda, in a statement said the suspension of …

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Govt mulls sale of stake in Olivine

Business Editor GOVERNMENT is considering selling part of its stake in Olivine Industries to an external investor to raise foreign currency towards recapitalising operations. This was said by the Minister of Finance and Economic Development, Prof Mthuli Ncube, yesterday during his tour of Surface Wilmer plant, the largest cooking oil …

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