Simbisa sinks $10m into 21 new outlets

BY MTHANDAZO NYONI Quick service restraint chain Simbisa Brands says it will invest about $10 million in setting up 21 new outlets across the country this year, as it forges ahead to consolidate its share of the local market. Simbisa Brands managing director Warren Meares told NewsDay that the company …

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From high-tech marvel to commercial flop

This time it really is over. Airbus chief executive Tom Enders recently announced the end of the A380, the largest commercial aircraft ever built. Despite reported investments of more than €14 billion, this iconic European project has not been as successful as was originally hoped. With only 234 units delivered …

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Zimra to continue charging duty in forex

Business Reporter The Zimbabwe Revenue Authority says it will continue charging duty in foreign currency on goods designated to pay in forex despite the liberalisation of trading of the United States dollar exchange rate against Real Time Gross Settlement (RTGS) Dollars and all other currencies in the multi-currency basket. Last …

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Batoka documents complete by September

Kudakwashe Mhundwa Business Reporter Government expects to begin negotiations this September with developers for the construction of the $4 billion Batoka-Hydro project once engineering documents on the scheme have been completed. Once completed, the project is expected to produce a total of 2 400MW, to be equally shared between Zimbabwe …

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Gold output on the rise

Blessings Chidakwa in Kadoma Zimbabwe’s monthly gold output has been on a steady increase averaging at least 1,56 tonnes a month since November last amid rising expectations that it will surpass the 33 tonnes record for 2018. In a recent interview, Mines and Mining Development Deputy Minister Polite Kambamura, confirmed …

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Lender of last resort facility on cards

Tawanda Musarurwa Senior Business Reporter The Reserve Bank of Zimbabwe (RBZ) has announced plans to re-introduce a lender of last resort facility. A lender of last resort is an institution, usually a country’s central bank, which offers loans to banks or other eligible institutions that are experiencing financial difficulty or …

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‘RTGS/USD rate to settle at 1:2,5’

Africa Moyo Senior Business Reporter STOCKBROKING firm, IH Securities, believes the scrapping of the 1:1 exchange rate by Reserve Bank of Zimbabwe (RBZ) Governor Dr John Mangudya in last week’s 2019 Monetary Policy Statement, is revolutionary and would improve competitiveness in the local market. In its macro-economic update released last …

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NOIC to upgrade Feruka pipeline

Kudakwashe Mhundwa Business Reporter The National Oil and Infrastructure Company (NOIC) intends to start work on upgrading the Feruka Oil Pipeline in the second half of this year to increase fuel transportation capacity into the country. This comes after demand for fuel in Zimbabwe nearly doubled last year on the …

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A budget designed to steady the ship

South Africa is supposed to be a secular state, but one can perhaps forgive Tito Mboweni, the Minister of Finance, for quoting numerous biblical verses in his 2019 Budget Speech. After all, South Africa’s fiscal situation is enough to make many people hope for divine intervention. The 2019 budget numbers …

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