Tobacco season to begin next week

BY OWN CORRESPONDENT ZIMBABWE’S 2019 tobacco marketing season will start on March 20, the industry’s regulator has said. Tobacco is the country’s second biggest export earning commodity after gold. Last year, the country’s tobacco output reached an all-time high of 252 million kilogrammes, earning at least a billion dollars in …

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New lodge for Victoria Falls

BY OWN CORRESPONDENT Jamie Henson, a tourism operator, expects to open a new US$1,5 million lodge in Victoria Falls by June as interest in Zimbabwe’s tourism sector continues to grow despite trouble with the country’s economy. The 23-bedroom lodge, located in the suburbs, was funded by a mix of local …

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Manufacturing sector exports up by 54%

BY MTHANDAZO NYONI ZIMBABWE’S manufacturing sector exports went up by 54% to US$222,6 million in 2018, buoyed by the export incentive introduced by the Reserve Bank of Zimbabwe in 2016, Industry and Commerce minister Nqobizitha Mangaliso Ndlovu has said. Speaking during a business breakfast meeting held in Bulawayo last week, …

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Foreign participation on ZSE declines

BY MISHMA CHAKANYUKA The Zimbabwe Stock Exchange (ZSE) says the participation of foreigners on the bourse has declined following the monetary policy statement last month, but it expects several new listings this year. Last year the bourse added just a single company, Cassava SmarTech, a spin-off of telecoms giant Econet, …

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Gold heads lower

Gold futures retreated modestly yesterday, pulling back from a psychologically significant $1,300 mark, after bullion rose sharply to end last week. April gold GCJ9, -0,43 percent shed $4,70, or 0,4 percent, at $1 294,60 an ounce, after bullion rose 1 percent on Friday and briefly exceeded $1 301 intraday, capping …

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Rand firms

South Africa’s rand firmed in early trade yesterday, helped by increasing demand for emerging market currencies as returns on offer in developed market assets faltered following poor data last week. At 0700 GMT the rand was 0,05 percent firmer at 14.4275 per dollar, moving higher in tandem with Asian peers …

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TSP scores major milestones

GOVERNMENT has set a target of reducing its budget deficit to five percent of Gross Domestic Product (GDP) this year from 12 percent in 2018, riding on milestones achieved so far under its Transitionary Stabilisation Programme (TSP). In his latest progress report on policy reforms, the Minister of Finance and …

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Govt to extend NRZ deal by 6 months

Africa Moyo Senior Business Reporter Government is understood to have agreed to extend the framework agreement for the US$400 million recapitalisation of the National Railways of Zimbabwe (NRZ) by a further six months, to enable finalisation of outstanding issues. Yesterday, Foreign Affairs and International Trade Minister Dr Sibusiso Moyo, acknowledged …

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Global economy hits its weakest spell

The global economy’s sharp loss of speed through 2018 has left the pace of expansion the weakest since the global financial crisis a decade ago, according to Bloomberg Economics. Its new GDP tracker puts world growth at 2,1 percent on a quarter-on-quarter annualised basis, down from about 4 percent in …

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IDBZ recapitalisation gathers pace

Business Reporters THE Infrastructure Development Bank of Zimbabwe is looking at hiring a financial advisor to help raise as much as $1 billion in fresh capital through a partial privatisation. In tender published in the Government gazette last Friday, the State-owned bank said the advisor will be expected to provide …

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