Econet bemoans power cuts

BY BUSINESS REPORTER The country’s biggest telecommunication company, Econet, says its operations have been severely crippled by the prolonged power outages, compromising service delivery. The country is experiencing crippling electricity cuts lasting for at least 16 hours per day, affecting households and industry operations. Econet services such as voice, data …

Read More »

Govt processing mineral specific policies

GOVERNMENT is in the process of crafting mineral specific policies for chromium, diamond and gold, among others, in order to support and facilitate envisaged sustainable mineral development. Addressing delegates attending the Mine Entra conference in Bulawayo last week, Mines and Mining Development deputy minister Polite Kambamura said in order to …

Read More »

Chasi calls for inclusive approach to tackle power cuts

ENERGY and Power Development minister Fortune Chasi has called upon all citizens, including corporates, to play a role in alleviating the power crisis gripping the nation, which he says is now a “huge problem”. The southern African nation is currently facing a crippling power crisis which has seen some areas …

Read More »

FED to create firewall to contain downturn

LONDON. – Like booms, recessions help individuals and businesses make sense of changes in the level of economic activity and drive those changes with their impact on spending and savings. As the world economy slows, the US Federal Reserve is now openly discussing an interest rate cut designed to ensure …

Read More »

Europe stocks gain. . . oil jumps on Middle East tensions

LONDON. — European stocks struggled higher yesterday, shrugging off dialed-down expectations for a big US rate cut this month, while escalating tensions in the Middle East boosted safe-haven assets and oil prices. MSCI’s broad index of world stocks slipped 0,2 percent, pulling further away from the near-year-and-a-half high reached earlier …

Read More »

Mine workers get salary adjustment

Ishemunyoro Chingwere Business Reporter THE Chamber of Mines of Zimbabwe has acceded to workers’ demands for salary adjustments and agreed to settle for a 35 percent salary hike to cushion them from inflation. The workers, through the Associated Mine Workers Union of Zimbabwe had been arguing that their earnings had …

Read More »

South Africa allocates Eskom extra US$4,2 billion

CAPE TOWN. – The South African government has allocated an extra 59 billion rand ($4,24 billion) to struggling state-owned power utility Eskom over the next two years so it can service its debt, a special appropriation bill seen by Reuters yesterday showed. Eskom, which supplies more than 90 percent of …

Read More »

Trade deficit down 71 pc

Michael Tome Business Reporter ZIMBABWE’S trade deficit for the period February-May 2019 decreased by 71 percent to US$325 million from US$1,1 billion recorded in the comparative period in 2018, ZimTrade has revealed. The development is attributable to a 32 percent decrease of total import bill which stood at US$1,6 billion …

Read More »

Unki earnings rise

Enacy Mapakame Platinum producer, Unki Platinum Mine’s earnings before interest, tax, depreciation and amortisation (EBITDA) rose 15 percent to R488 million ($310 million using Monday’s interbank rate) in the half year to June 30 2019, after achieving record production in platinum group of metals (PGMs). This led to a growth …

Read More »

Fuel prices up 22pc

Tawanda Musarurwa and Leeroy Dzenga The Zimbabwe Energy Regulatory Authority (Zera) has implemented a 22 percent increase in the prices of petrol and diesel, respectively. Zera announced yesterday that a litre of petrol will now cost $7,47, a 22,4 percent jump from $6,10. Diesel now costs $7,19 a litre, a …

Read More »