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Biti claims that proposed bank mergers illegal
FORMER Finance minister Tendai Biti, who is also a former chairperson of the National Assembly's Public Accounts Committee, said the proposed mergers of financial institutions involving government ent...Published: 18 Sep 2021 at 19:34hrs | 614 | by Staff reporter
'Zimbabwean families struggling to buy food'
LEADING consumer bodies have confirmed that residents are experiencing decreased food levels in households on the back of the rising cost of living.This comes following a recent damning report...Published: 17 Sep 2021 at 06:19hrs | 285 | by Staff reporter
Govt mulls merger of six banks into three entities
A PROPOSAL to merge six financial institutions into three big ones is being considered by the Zimbabwean government, in a different consolidation process from the CBZ Holdings, ZB Financial Holdings, ...Published: 10 Sep 2021 at 18:53hrs | 2492 | by Staff reporter
Treasury loses $112 billion to dodgy crony tax exemptions
TREASURY, always in financial dire straits, lost about ZW$112 billion in potential revenue last year (approximately US$1.3 billion on the official exchange rate) through tax expenditures consisting of...Published: 10 Sep 2021 at 18:52hrs | 292 | by Staff reporter
Biti caution govt over IMF windfall
ZIMBABWE'S former Finance ministers Herbert Murerwa and Tendai Biti have warned the government against using the recent US$961 million worth of special drawing rights (SDRs) from the International Mon...Published: 10 Sep 2021 at 07:39hrs | 1792 | by Staff reporter
Zacc persues properties in Isle of Man
THE Zimbabwe Anti-Corruption Commission (Zacc) has instituted legal processes to seize properties valued at US$6,5 million (ZW$75 581 395) owned by Zimbabweans in the Isle of Man.The Isle of M...Published: 10 Sep 2021 at 07:38hrs | 2861 | by Staff reporter
Inside the cotton value chain
Cotton has been grown in Zimbabwe from as far back as 1940, even though production was enhanced after the establishment of the Cotton Marketing Board (CMB) in 1969. The white Gold is the second most i...Published: 09 Sep 2021 at 19:33hrs | 345 | by Victor Bhoroma
$60 million windfall to Mwonzora gives away Mnangagwa's game plan
THE swift allocation of funds under the Political Parties Finance Act to the Douglas Mwonzora-led MDC- T by the government clearly reveals the aim by President Emmerson Mnangagwa's ruling Zanu-PF to d...Published: 06 Sep 2021 at 06:52hrs | 6496 | by Staff reporter
Zimra registers 21 643 new tax payers
THE Zimbabwe Revenue Authority (Zimra) says a total of 21 643 enterprises were registered as new tax payers in the year 2020 as the Government's efforts to widen revenue collection bear fruit. ...Published: 06 Sep 2021 at 05:19hrs | 88 | by Staff reporter
Zimbabwe blue chips shine in Africa
AT least five of Zimbabwe's biggest stock exchange-listed firms have made it to the list of Africa's best performing companies, defying storms stemming out of a two year old economic crisis, which was...Published: 03 Sep 2021 at 06:56hrs | 731 | by Staff reporter
2021 Mid Term Monetary & Budget analysis
The latest mid-term budget and monetary policy statements were presented in a low key mode with emphasis on avoiding policy shocks that can rock the economy. The Zimbabwean government revised upwards ...Published: 01 Sep 2021 at 15:30hrs | 485 | by Victor Bhoroma
Import Substitution: A case for soya beans
For the past 10 years, Zimbabwe has produced an average of 56 000 metric tonnes (mt) of soya beans per year against national demand of 240 000 mt for food, animal feed and industrial consumption. In t...Published: 01 Sep 2021 at 15:26hrs | 400 | by Victor Bhoroma
Bulawayo mayoral mansion divides Chamisa's MDC
"The State House was never built for Mugabe (late President Robert) and Mnangagwa (President Emmerson)," Bulawayo mayor Solomon Mguni said, as he sought to justify why the council should also build a ...Published: 28 Aug 2021 at 21:29hrs | 1316 | by Staff reporter
Zamco clears US$14,3m in bad debts
OVER 70% of the total loans taken over by the Zimbabwe Asset Management Company (Zamco) have been fully expunged, with the vehicle now seized with processes to wind up its operations ahead of its suns...Published: 27 Aug 2021 at 06:38hrs | 195 | by Staff reporter
Public confidence in Zimdollar keeps waning, no end in sight
THE revelation by Reserve Bank of Zimbabwe (RBZ) governor John Mangudya that the widening gap between the official and parallel foreign currency exchange rates is due to locals preferring the greenbac...Published: 27 Aug 2021 at 06:37hrs | 1626 | by Staff reporter
$243k Zupco Ecocash fraudster arrested
A BULAWAYO man was arrested for fraud after he allegedly swindled the Zimbabwe United Passengers Company (Zupco) of ZW$243 000 in an EcoCash deal. Pride Tinomuda Muzenda (28) of Nguboyenja sub...Published: 27 Aug 2021 at 06:32hrs | 853 | by Staff reporter
'Demand for local currency working capital swelling'
STANBIC Bank Zimbabwe says its operations have remained resilient to macro-economic challenges bedevilling the country having posted an inflation adjusted profit after tax of ZW$1,2 billion for the ha...Published: 27 Aug 2021 at 06:32hrs | 466 | by Staff reporter
EcoCash merchant transactions reviewed to Z$20 000
THE country's largest mobile money service provider, EcoCash, has been granted greenlight to facilitate once-off transaction limits of up to $20 000 for merchant and bill payments so as to enhance con...Published: 26 Aug 2021 at 17:58hrs | 971 | by Staff Reporter
Company loses ZW$2 million goods to fraudster
A local retail outlet, Brand Port Private Limited, is counting losses after it gave away goods worth $1 777 814 to a suspected fraudster after being shown a fake bank transfer.This followed a ...Published: 22 Aug 2021 at 10:56hrs | 957 | by Staff reporter
Stanbic assists people living with albinism
Stanbic Bank has once again come to support people living with albinism by donating an assortment of sun protection products worth over ZW$ 1. 6 million to the Albino Charity Organisation of Zimbabwe ...Published: 18 Aug 2021 at 10:45hrs | 241 | by Staff reporter
Polyclinics demanding payment for COVID-19 vaccines?
The Harare Residents Trust (HRT) has exposed some Polyclinics for conducting corrupt activities, as they are demanding money from people seeking to be vaccinated against COVID-19.Speaking thro...Published: 13 Aug 2021 at 18:35hrs | 468 | by Staff reporter
Tough targets for NetOne
EXECUTIVES at the State-run mobile telecoms network, NetOne, came under pressure to perform last week, with the government setting tough growth targets to be achieved by the end of 2021.Inform...Published: 13 Aug 2021 at 06:46hrs | 319 | by Staff reporter
Econet calls for tariffs review
THE Zimbabwe Stock Exchange-listed diversified telecommunications group Econet Wireless has called for an upward review of tariffs saying it was the only way to save the ailing telecommuni...Published: 12 Aug 2021 at 08:16hrs | 2226 | by Staff reporter
Fourwinds armed robbers appear in court
Three of six suspected armed robbers who were involved in a shootout with the police Saturday morning in Bulawayo's Fourwinds suburb have appeared in court charged with armed robbery.The suspe...Published: 10 Aug 2021 at 06:40hrs | 1195 | by Staff reporter
New ZW$50 note well overdue?
The Reserve Bank of Zimbabwe (RBZ) recently introduced ZW$360 million worth of a new ZW$50 dollar note into the market, having taken regard of inflation and the need for convenience. The new note is w...Published: 08 Aug 2021 at 16:06hrs | 1306 | by Vince Musewe
Zimbabwe banks defy headwinds
ZIMBABWE'S banking sector posted a combined ZW$15,1 billion (US$176,2 million) net profit during the first half of the year, after riding out headwinds posed by the deadly Covid-19 pandemic, Reserve B...Published: 06 Aug 2021 at 07:53hrs | 196 | by Staff reporter
Zinwa switches off govt, council
THE Zimbabwe National Water Authority (Zinwa) disconnected water supplies to government ministries and local authorities over non-payment of bills amounting to ZW$2,4 billion (US$28 million).A...Published: 06 Aug 2021 at 07:52hrs | 144 | by Staff reporter
Bulawayo changes roads repair plan
GOVERNMENT recently withdrew the Intergovernmental Fiscal Transfers (IGFT) 2021 funds allocation for devolution for Bulawayo to rehabilitate roads, Bulawayo City Council (BCC) documents show.M...Published: 06 Aug 2021 at 07:51hrs | 726 | by Staff reporter
Inefficient auction system dragging economic recovery
Zimbabwe has managed to turnaround and achieve double digit annual inflation from a periodic high of 838% realized in July 2020 to 56% achieved in July 2021. The redollarization of the local economy a...Published: 04 Aug 2021 at 15:57hrs | 785 | by Victor Bhoroma
Steward Bank partners Kunashe Foundation to support underprivileged girls
HARARE - Zimbabwe's largest bank by depositors, Steward Bank, has joined forces with Kunashe Foundation to end period poverty in the country by supplying reusable sanitary wear to underprivileged girl...Published: 04 Aug 2021 at 15:48hrs | 1900 | by Agencies
Catholic nuns seize control of US$2m Covid-19 project
CATHOLIC Church nuns, through Sisters of the Little Company of Mary (LCM), owners of St. Anne's Hospital in Harare, have acrimoniously seized control of the refurbished health facility's Covid-19 cent...Published: 02 Aug 2021 at 08:38hrs | 2256 | by Staff reporter
Mr Cross's zeal with limited knowledge, a danger to macro-economic stability
Mr Eddie Cross's article titled "Challenges facing the foreign exchange auction" made a lot of casual reading amusement, especially for those amongst us uninitiated in the domain of macro-economic ana...Published: 31 Jul 2021 at 19:32hrs | 992 | by Jameson Dapi
Mnangagwa's govt pampers army, war veterans
ZIMBABWE'S government spent higher amounts funding operations of the Defence and War Veterans ministry during the first half of the year, compared to expenditures committed to crucial sectors, such as...Published: 30 Jul 2021 at 07:38hrs | 1714 | by Staff reporter
Ashy's supermarket goes down in flames
A FIRE gutted a supermarket in the city on Tuesday, destroying property worth ZW $500 000.The fire at Ashy's supermarket which is located along Lobengula street started just after 6PM on Wedne...Published: 29 Jul 2021 at 14:29hrs | 1847 | by Staff reporter
Zimbabwe Economic Forecast H2 2021
Zimbabwe's economy is largely expected to register modest growth in 2021 buoyed by a bumper harvest in agriculture, partial dollarization and declining inflation, growth in export earnings and increas...Published: 29 Jul 2021 at 13:30hrs | 455 | by Victor Bhoroma
'Mthuli Ncube, Mangudya refusing to cooperate with fuel cartels investigations'
Energy and Power Development deputy minister Magna Mudyiwa has told Parliament that the finance ministry and the Reserve Bank of Zimbabwe (RBZ) are refusing to release information that is critical in ...Published: 28 Jul 2021 at 08:58hrs | 3038 | by Staff reporter
Fact-checking Biti's corruption speech
Opposition MDC Alliance vice president and former finance minister Tendai Biti gave an online speech on corruption in Zimbabwe on July 18, 2021.Here, we check key claims from Biti's address:...Published: 26 Jul 2021 at 19:35hrs | 2171 | by Staff reporter
CABS taken to court over currency conversion
ARCHITECTURAL firm Stone/Beattie Studio has filed a High Court application seeking to recover US$142 000 from Central Africa Building Society (CABS) that was converted to the equivalent local unit fol...Published: 23 Jul 2021 at 08:58hrs | 936 | by Staff reporter
Global Compensation Fund mobilised …despite COVID-19 threatening the process
Government has managed to mobilise funds to pay the former white farm owners (FFOs) as agreed under the Global Compensation Agreement (GCA), despite COVID-19 pandemic slowing down the process....Published: 22 Jul 2021 at 16:04hrs | 220 | by Business Reporter
Zimbabwe extends Covid-19 vaccination to private sector
Health experts have welcomed the move by the government to extend the Covid-19 vaccination campaign to the private sector saying it would speed up the uptake of the vaccine.As part of the cond...Published: 21 Jul 2021 at 17:41hrs | 1322 | by Staff reporter
6,000 residents live in the dark for 2 years
Over six thousand residents in Sakubva suburb of Mutare have been living in the dark after ZESA allegedly disconnected them due to a ZW$2 million legacy debt owed to the power utility by Mutare City C...Published: 18 Jul 2021 at 08:47hrs | 834 | by Staff reporter
Foreign currency deposits rise 778%
FOREIGN currency deposits held by banks have risen by 778,9 % inside a year on the back of economic reforms and increasing confidence levels in the banking sector among other factors.The lates...Published: 17 Jul 2021 at 15:47hrs | 1303 | by Staff reporter
Air Zimbabwe says administrators rescued the insolvent airline
AIR Zimbabwe administrators Grant Thornton, whose term of office came to an end last week when government appointed a six-member board, saved the airline from litigious creditors and set the troubled ...Published: 17 Jul 2021 at 15:26hrs | 785 | by Staff reporter
SI 127 ghost still haunting economy
After passing Statutory Instrument (SI) 127 of 2021 on the 26th of May 2021, the Zimbabwean government made a quick summersault on the new regulations through a press statement issued by the Reserve B...Published: 14 Jul 2021 at 08:47hrs | 518 | by Victor Bhoroma
Mystery over Zimbabwe army deal?
MYSTERY over President Emmerson Mnangagwa's adviser and shadowy businessman Kudakwashe Tagwirei's murky purchase of the Zimbabwe Defence Forces (ZDF) partly-owned Pen East Mining's stake in platinum m...Published: 11 Jul 2021 at 20:43hrs | 4729 | by Staff reporter
Illicit financial flaws daunt RBZ
THE central bank is facing a gigantic task in curbing illicit financial flows with exporters having devised complex ways of evading high retention thresholds as swap deals top the list of their illega...Published: 09 Jul 2021 at 12:09hrs | 348 | by Staff reporter
Rising operational costs prompt Econet bundle tariff adjustment
HARARE - Econet Wireless has confirmed the review of its promotional bundle prices, saying the average 20 percent adjustment effective tomorrow (July 8) w...Published: 07 Jul 2021 at 17:47hrs | 1325 | by Agencies
RBZ introduces new ZW$50 note
The Reserve Bank of Zimbabwe (the Bank) wishes to advise the public that the ZW$50 banknote issued on 6 July 2021 through Statutory Instrument 196 of 2021 will be introduced into circulation on 7 July...Published: 06 Jul 2021 at 15:48hrs | 2863 | by Staff Reporter
Row over farm seizure deepens as owners produce deed of title
HOLDERS of Kershelmar Farms (Pvt) Limited - which legally owns Kershelmar Farm currently at the centre of a fierce row between politicians in Matabeleland North province and its lawful property owners...Published: 03 Jul 2021 at 21:32hrs | 3509 | by Staff reporter
Lockdown internet demand boosts TelOne
STATE-OWNED telecoms operator TelOne last year realised inflation-adjusted revenue growth of 147% to ZW$4.7 billion compared to the corresponding period in 2019 due to an upsurge in the demand for bro...Published: 03 Jul 2021 at 21:31hrs | 432 | by Staff reporter
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