Bitcoin comeback overplayed: Analyst

The recent Bitcoin price rebound does not mean the cryptocurrency will be heading back to its all-time highs of near $20,000 any time soon, according to Kevin Dennean, tech analyst at UBS. “The argument here is that Bitcoin has gone through its bubble phase and is ready to rise phoenix-like …

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First Mutual Property positive on 2019 outlook

Business Reporter Zimbabwe Stock Exchange listed property concern First Mutual Property expects the general economy of the country over the long term to remain positive with real economic growth. In a statement accompanying the Group’s results for the year ended December 31, 2018 forecast for the long term remain positive …

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FML targets US$20 million capital raise

Insurance group, First Mutual Holdings Limited is set for a US$20 million capital raise, in a transaction that should help capacitate its Botswana reinsurance business. This comes after the board agreed to relocate its reinsurance head office business to Botswana for a wider international market, access foreign capital as well …

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Expedite RTGS$30m for looted firms’

The Confederation of Zimbabwe Retailers (CZI) wants Government to expedite modalities of disbursing the RTGS$30 million facility designed to bail out distressed firms, including those that were looted dry by opposition hooligans during the January disturbances. Government set up the RTGS$30 million fund to help businesses reconstruct and restock. Bulawayo …

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FML records 44% growth after tax

FIRST Mutual Holdings Limited recorded a 44% growth in after-tax profit to US$17,6 million in the year ended December 31, 2018, down from US$12,2 million in 2017 driven by increased investment income and a positive fair value on investment property. Operating profit for the period went up by 37% to …

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RTG shells out $2,5m on Byo hotel rehab

THE Rainbow Tourism Group (RTG) has invested about $2,5 million in the refurbishment of its Bulawayo hotel, an official has said. In a statement yesterday, RTG operations director Tichawona Hwingwiri said the hotel, which underwent a major plumbing refurbishment since February 2019, was now open and fully operational. The scope …

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Trade deficit drops by 90%

ZIMBABWE’S trade deficit dropped by 90% to $22,1 million in February this year with analysts attributing the decline to foreign currency shortages. Figures released by the Zimbabwe Statistics Agency (ZimStat) show that in February, the country imported goods and services worth $370,5 million against exports of $348,4 million. In the …

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Zimbabwe hosts chrome conference

Ishemunyoro Chingwere Business ReporterZimbabwe will next month host the biggest international chrome sector conference with hopes abound that it could herald the beginning of investment into the metal that has been left largely unutilised despite its huge potential. The conference was confirmed by the International Chrome Development Association president, Mr …

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ZESA to cut power generation 5pc

Golden SibandaZesa Holdings will need to reduce average power output at anchor power station, Kariba South by 5.3 percent to 445 megawatt after the Zambezi River Authority (ZRA) cut the water allocation for electricity generation by 5.3 percent from 38 billion cubic metres to 36 billion cubic metres. Kariba South …

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Women launch construction lobby group

Ishemunyoro Chingwere Business Reporter Women entrepreneurs in the construction industry have launched a representative lobby group —  “WomenBuild” — which will be tasked with making sure women marginalisation in infrastructure building and utilities cluster is halted. The WomenBuild programme will dedicate time to the practical education, development and empowerment of women in …

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