RioZim closes 3 mines over forex crisis

RIOZIM has pleaded for government intervention after it suspended operations of its major mines due to foreign currency shortages. BY FIDELITY MHLANGA In a communique gleaned by NewsDay addressed to the Reserve Bank of Zimbabwe (RBZ) governor John Mangudya, copied to Finance minister Mthuli Ncube and his Mines counterpart, Winston …

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SA rand firms

South Africa’s rand firmed against the dollar in early trade yesterday, as investors awaited third quarter unemployment data. At 0705 GMT, the rand traded 0,54 percent stronger at 14,6400 per dollar, having closed in New York at 14,7200. The currency is expected to trade in a range of 14,5000 to …

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Oil dips

Brent oil prices dipped yesterday, weighed down by ongoing weakness in global stock markets and by signs of rising global supply despite looming sanctions on Iran’s crude exports. Front-month Brent crude oil futures were at $77,18 a barrel at 0518 GMT, down 16 cents, or 0,2 percent, from their last …

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Explore alternative investment options that retain value

Zimbabwe, a nation on the brink of a possible economic turnaround, had its progress almost halted last month by the “invisible hands” of the market, with pressures coming in many different forms. Citizens were thrown into a flurry of panic, succumbing to market pressures and irrational market behaviour. The multiple …

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Explore alternative investment options that retain value

Zimbabwe, a nation on the brink of a possible economic turnaround, had its progress almost halted last month by the “invisible hands” of the market, with pressures coming in many different forms. Citizens were thrown into a flurry of panic, succumbing to market pressures and irrational market behaviour. The multiple …

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‘Manufacturers have let down consumers’

The manufacturing sector has let consumers down by failing to produce enough for the domestic market despite enjoying protection from competition in the last few years, the Consumer Council of Zimbabwe (CCZ) has said. In a recent interview with our Bulawayo Bureau, CCZ executive director, Ms Rosemary Siyachitema, said manufacturers …

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Hwange Colliery under administration

GOVERNMENT has placed ailing coal mining firm Hwange Colliery Company Limited under administration to allow it to recover and potentially return to profitability. HCCL, which has been performing badly for several years, has been changing management regularly but that did not translate to a turn of fortunes for the company. …

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Zim FDI increases

Zimbabwe was among top destinations for Foreign Direct Investment (FDI) last year, recording a near 100 percent growth in number of projects from the previous year compared to its neighbours that recorded declines, the latest report from global accounting firm, Ernst and Young (EY) shows. Harare, under a new administration …

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‘Foreigners fuel smuggling’

FOREIGNERS who operate small unregistered shops in downtown areas of major cities in Zimbabwe, are reportedly perpetrating rampant smuggling of basic goods into neighbouring countries at a time Zimbabwe is experiencing acute shortage of the same, the Confederation of Zimbabwe Retailers (CZR) has claimed. CZR says the issue has been …

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Govt wage bill to hit $3,7bn after salary hikes

BY TATIRA ZWINOIRA GOVERNMENT’S wage bill is seen growing by 16% this year to $3,7 billion, rising to $3,9 billion next year and pushing the budget deficit to nearly 14% of the gross domestic product (GDP), government projections show. Zimbabwe already spends 80% of its budget on salaries for government …

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