Oil falls again

SINGAPORE. – Russia’s energy minister said yesterday no emergency action was warranted to stem a decline in oil prices, as crude benchmarks fell again. Alexander Novak reporters on the sideline of an international conference in Singapore that long-term oil prices should be taken into consideration when any decision was taken by …

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Intermediated money transfer tax

Intermediated money transfer tax is a tax collected in terms of Section 36G as read with the Thirtieth Schedule of the Income Tax Act [Chapter 23:06]. This tax has been in place since 2003 and an amendment was made by Statutory Instrument 205 of 2018 on October 12, 2018 and …

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Caledonia’s production drops

CALEDONIA Mining Corporation’s gold production for the nine months to September 30, 2018 fell by 0,4% to 39 558 ounces from 39 710 ounces recorded over the same period last year. The mining company, which runs Blanket Mine in Gwanda, saw its profit rise to $10,170 million up from $7,907 …

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URL soap-making division slips on forex crunch

DIVERSIFED agro-processor United Refineries Limited (URL) last month sent home its entire workforce in the soap department due to shortage of raw materials, an official said yesterday. BY MTHANDAZO NYONI URL chief executive officer Busisa Moyo told NewsDay that the shortage of foreign currency to purchase critical raw materials was …

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Inflation rate shoots to 20,85%

Zimbabwe’s inflation rate shot up to 20,85% in October, the highest since 2008 from 5,39% in September as the rate of price increases quickened, rekindling memories of hyperinflation. By Business Reporter On a monthly basis, consumer prices increased 16,44% from 0,92% in the previous month, the Zimbabwe National Statistics Agency …

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Fake brown bread on the market: CCZ

Some unscrupulous bakers are reportedly colouring white flour brown in making bread as a substitute to using brown flour, NewsDay has learnt. BY TATIRA ZWINOIRA The difference between colouring white flour brown and brown flour is that the latter is made from whole-wheat that has not undergone heavy processing, making …

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Tourism sector seeks tax reviews

TOURISM players have pleaded with Treasury to review the 15% value-added tax (VAT) on foreign accommodation, the 2% transactional tax and duty exemption for car rental owners in order to make the country a cheaper destination ahead of the budget presentation next Thursday. BY FIDELITY MHLANGA Tourism Business Council of …

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Foreign suppliers threaten TelOne services over $18m debt

STATE-OWNED telecoms operator, TelOne, has been threatened with service disruption by critical foreign suppliers, who include West Indian Ocean Cable Company (Wiocc) and China-EximBank, among others, over an $18 million debt. BY MTHANDAZO NYONI According to a report from the chairperson of the Parliamentary Portfolio Committee on Information Communication Technology, …

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Zim receives $3,6 million grant to fight cyber crime

ZIMBABWE yesterday received a $3,6 million grant from Japan to help fight cybercrime. BY FIDELITY MHLANGA Finance minister Mthuli Ncube said the grant for procurement of cyber security equipment, deepened the bilateral relations between the two countries. “I am therefore grateful for the grant aid support from government of Japan …

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Govt unveils parastatal reform strategy

Africa Moyo Senior Business Reporter Government has rolled out detailed plans for the restructuring of State-owned Enterprises (SOEs), with 41 entities lined-up for privatisation, departmentalisation and listing on the Zimbabwe Stock Exchange. Other firms would be commercialised, merged while four will be guillotined. It is expected that 13 parastatals would …

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