Oil prices rise

Oil prices rose yesterday, lifted by output cuts led by producer group OPEC as well as healthy demand, although analysts said economic headwinds posed downside risks to crude markets. US West Texas Intermediate (WTI) crude oil futures were at $56,99 per barrel at 0012 GMT, up 20 cents, or 0,4 …

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Gold firms

Gold edged higher on Tuesday, supported by a retreat in the dollar after an apparent breakthrough in Brexit negotiations between the European Union and Britain, although rallying equities capped bullion’s gains. Spot gold rose 0.2 percent to $1,295.89 per ounce as of 1055 GMT, while US gold futures were up …

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Govt exempts Japanese firm from income tax

Golden Sibanda Senior Business Reporter GOVERNMENT has exempted all expatriate staff of Japanese firm Konoike Construction Company from paying non-resident’s tax in respect of income related to infrastructure projects the firm is undertaking with funding from Tokyo’s foreign development agency. The Japanese company is undertaking the construction of irrigation facilities; …

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Arda revives operations

Kudakwashe Mhundwa Business Reporter The Agriculture and Rural Development Authority (ARDA) has revived operations on all its 21 estates countrywide, as Government’s public private partnership framework implemented by the parastatal begins to bear fruit, ARDA Board Chairman Basil Nyabadza has revealed. ARDA has estates in all the country`s ten provinces …

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Zim, SA in talks for financial package

Zimbabwe and South Africa yesterday agreed to vigorously pursue negotiations over possible financial packages to be extended to the central bank and the local private sector, as part of efforts by Pretoria to assist Harare turn around its economy. The two countries intimated in January this year that negotiations for …

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2pc tax to yield $600m by year end

TREASURY expects to collect at least RTGS$600 million through the two percent tax that Government imposed on all electronic transactions late last year. In a latest progress report on the implementation of policy reforms under the Transitional Stabilisation Programme (TSP), the Minister of Finance and Economic Development, Professor Mthuli Ncube, …

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Livetouch invests US$30m in new Hwange plant

BY MTHANDAZO NYONI REDCLIFF-based cement manufacturer, Livetouch Investments, is investing US$30 million in a new plant to be set up in Hwange, the company has said. The Chinese company already has a plant capable of producing 410 000 tonnes of cement annually. Livetouch Investments chief executive Dongning Wang told NewsDay …

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‘Interbank market forex unavailable’

BY MTHANDAZO NYONI BUSINESSES in Bulawayo say they are struggling to access foreign currency from the interbank market due to its unavailability, contrary to the central bank’s statement that the firms could not afford to purchase it at the 2,5 rate to the US dollar. While appearing before the Portfolio …

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Cost of lending up 8%: MFIs

BY FIDELITY MHLANGA MICRO Finance Institutions (MFIs) say the cost of lending has risen by eight percentage points on the back of rising inflation and the 2% tax on electronic money transfers. According to the Zimbabwe Association of Microfinance Institutions (Zamfi) 2018 report, the institutional cost of delivering loan services …

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