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International remittances recipients to get forex

Martin Kadzere Senior Reporter Recipients of international remittances will continue receiving money in hard currency following the abolishment of multi-currency system or can be paid in local currency at a prevailing official exchange rate, the Reserve Bank Zimbabwe has said. This also applies to cash withdrawals by individuals who hold …

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Mthuli slams debt takeover practice

Golden Sibanda Senior Business Reporter Government may not take over the debts of State-owned entities such as Air Zimbabwe and Zisco, touted as critical to make them more attractive to investors, after Finance and Economic Development Minister Professor Mthuli Ncube indicated that automatic debt takeover was not good financial practice. …

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Diamond miners demand salary increment

BY MTHANDAZO NYONI THE Zimbabwe Diamond and Allied Minerals Workers’ Union (Zdamwu) has written to the National Employment Council for the mining industry, requesting an urgent meeting to consider salary adjustments to cushion the workers. In a letter dated June 20, Zdamwu general-secretary Justice Chinhema said they were concerned about …

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‘Zim sitting on US$600m ivory, rhino horns’

BY Business Reporter Zimbabwe is sitting on ivory and rhino horn stocks worth US$600 million and is considering disposing it to fund conservation efforts, President Emmerson Mnangagwa has said. “Currently, Zimbabwe has about US$600 million worth of ivory and rhino horns stocks, most of which is from natural attrition of …

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ZAS shopping mall project hangs in balance

BY FIDELITY MHLANGA THE Zimbabwe Agricultural Society (ZAS) says it is yet to reach financial closure for the construction of its proposed $10 million shopping mall. ZAS chief executive, Anxious Masuka, told NewsDay that work on the mall will be done after the agricultural show set for this August. “We …

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Proplastics slashes production on low disposable incomes

BY MISHMA CHAKANYUKA PIPES manufacturing concern Proplastics says its order book is low due to low disposable incomes, with the group resultantly forced to cut down on production. During the company’s annual general meeting, chief executive Kudakwashe Chigiya said weak demand was affecting the group’s operations, with the situation expected …

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ZSE capitalisation surges 4,6% on multi-currency ban

BY TATIRA ZWINOIRA The Zimbabwe Stock Exchange’s capitalisation on Monday increased by 4,6% to ZWL$30,86 billion as the market reacted to government’s decision to outlaw a multi-currency system adopted a decade ago. The industrial index was up 4,05% to 773,06 points, sustained by gains recorded in Econet (ECO:ZH), which was …

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David Whitehead reschedules meetings

David Whitehead (DW) has postponed two crucial meetings where shareholders and creditors were expected to consider a scheme of arrangement designed to revive the company, the judicial manager said in a statement. Mr Knowledge Hofisi said the meetings, which were initially expected to be held tomorrow and Friday will now …

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Rand firmer

South Africa’s rand firmed early on Tuesday, boosted by a dollar slide to multi-month lows against other major currencies as investors looked to emerging markets in the wake of dovish turn by US and eurozone central banks. At 0730 GMT the rand was 0,37 pc firmer at 14,3100 per dollar …

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Exporters to continue getting US$

Reserve Bank of Zimbabwe (RBZ) Governor Dr John Mangudya says the new monetary regulations as announced through Statutory Instrument (SI) 142 of 2019 will have no effect on payment modalities to exporters. Exporters – who are largely in gold, tobacco and cotton production – are allowed to retain part of …

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