Govt pegs relief fund interest threshold at 4 percent

Oliver Kazunga Bulawayo Bureau Government has pegged interest rates for loans to be accessed by businesses looted during the recent violent protests at between two and four percent a year. The loans are set to be accessed soon and would have repayment period of up to 24 months, Industry and …

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‘Inter-bank trades US$12m weekly’

Tawanda Musarurwa Business Reporter The inter-bank foreign exchange market is averaging trades of US$12 million weekly, three weeks after its introduction, Reserve Bank of Zimbabwe (RBZ) governor Dr John Mangudya told Parliamentarians yesterday. Appearing before the Portfolio Committees on Public Accounts Budget, Finance and Economic Development, the central bank governor …

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CBZ pledges support for enterprising youths

BY TATIRA ZWINOIRA CBZ Holdings Limited group chief executive officer Blessing Mudavanhu says the company will strive to support enterprising youths as part of its objective of contributing to the country’s economic development. This comes as CBZ Holdings last Thursday completed the Youth Entrepreneurs Programme (YEP) 2018 edition. Ten youth …

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Industry appeals for import controls

BY MTHANDAZO NYONI ZIMBABWE’S industry has appealed to government to put in place import controls to protect local companies. At a meeting organised by the Ministry of Industry and Commerce in Bulawayo last week, captains of industry said government should review the repealing of Statutory Instrument 122 (SI122) because allowing …

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IMF puts caveat on Zim currency reforms

BY FIDELITY MHLANGA THE International Monetary Fund (IMF) says the success of currency reforms will depend on the implementation of an effective monetary policy framework supported by market-determined interest rates and prudent fiscal policies. According to an IMF Press briefing held last week after Finance Minister Mthuli Ncube met IMF …

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EcoCash loses bid to block search

BY CHARLES LAITON Strive Masiyiwa’s EcoCash (Pvt) Ltd, whose computers had been targeted for search and seizure by Dr Dish (Pvt) Ltd in the on-going $1, 7 million debt dispute, has lost its bid to interdict and restrain the latter from executing a court order after its application was dismissed …

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China exports decline 21 percent

Hong Kong China’s huge export industry has suffered its worst month in three years, hurt by the trade war with the United States and a slowing global economy. Chinese exports plunged 21 percent in February from a year earlier, according to Chinese government data released Friday. It was the weakest …

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Pitfalls of hydropower at a time of climate change

Zimbabwe’s main hydropower dam, Kariba, is running out of water due to the current drought. The dam is only 41 percent full, according to the Zambezi River Authority, which oversees the dam. This time last year, Kariba was 48 percent full. Now, the implications for a drying up Kariba on …

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Beta Bricks to build US$10m plant

BETA Bricks, Zimbabwe’s largest clay brick maker is investing about $10 million in building a factory in Goromonzi – about 40 kilometres east of Harare – as it seeks to double capacity to meet growing demand, chief executive officer Godfrey Manhambara has said. The factory — with annual capacity of …

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‘Expanding economy driving fuel demand’

The huge demand for fuel, which has caused supply challenges and spawned fuel queues across the country, is testimony that economic activity has expanded significantly over the past year or so, Reserve Bank of Zimbabwe (RBZ) governor Dr John Mangudya said last week. Dr Mangudya, however, allayed fears of continued …

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