BUSINESS NEWS

Zimdollar strengthens against the real US dollar

The local currency appreciated for the first time against the US dollar after it firmed a marginal 0.094% to 83.3209 from 83.3994. This followed a drop in both the highest and lowest bids to 87.5 and ...

By Staff reporter | Published: 01 September 2020

BUSINESS NEWS

Concerns that informal market may mop up US$ as parallel rates creep up

Industry is yet to gather data on how much sales are being generated in foreign currency although there is an increase in the use of domestic nostro accounts to settle transactions as RTGS liquidity b...

By Staff reporter | Published: 01 September 2020

BUSINESS NEWS

Mnangagwa okays US dollar use

PRESIDENT Emmerson Mnangagwa has gazetted Statutory Instrument 85/20, which will allow citizens and businesses to charge goods and services using the United States (US) dollar as part of combating the...

By Staff reporter | Published: 31 March 2020

BUSINESS NEWS

RBZ suspends 30-day forex liquidation requirement

The Reserve Bank of Zimbabwe has suspended the 30-day liquidation requirement on un-utilized foreign currency balances for exporters to support its use of free-funds policy. Last week the RBZ announce...

By Staff reporter | Published: 31 March 2020

BUSINESS NEWS

Tax breaks for renewable energy investors as govt launches new policy

Government has dangled a carrot to potential investors in the renewable energy sector by giving tax breaks as well as awarding national project status for such ventures.This is contained in the new en...

By Staff reporter | Published: 19 March 2020

BUSINESS NEWS

US$24m for fuel

The Reserve Bank of Zimbabwe (RBZ) has released US$23,89 million for the purchase of fuel to be sold in local currency for the week March 16 to 22. RBZ governor Dr John Mangudya made the announcement ...

By Staff reporter | Published: 18 March 2020

BUSINESS NEWS

COVID-19: Zimbabwe places restrictions on visitors from high risk countries

President Mnangagwa has said that travellers from ‘high risk countries' will be quarantined for 14 days before they can mingle with Zimbabweans as Zimbabwe upped efforts to stop the spread of COVID-...

By Staff reporter | Published: 18 March 2020

BUSINESS NEWS

All deposit classes now indexed to treasury bill yields, say Mthuli Ncube

Government has gazetted a statutory instrument which directs that all classes of deposits in the banking system, should be indexed to treasury bill yields as part of efforts to promote fair compensati...

By Staff reporter | Published: 13 March 2020

BUSINESS NEWS

Zimbabwe introduces Reuters system for forex trading

GOVERNMENT has introduced a Reuters system for foreign currency trading which allows banks to trade freely as a way of stabilising the exchange rate as well as bringing down inflation to sustainable l...

By Staff reporter | Published: 11 March 2020

BUSINESS NEWS

UK cranks heat on Mnangagwa

BRITAIN is turning up the heat on President Emmerson Mnangagwa and his government to urgently implement much-needed political and economic reforms, as well as end corruption and human rights abuses in...

By Staff reporter | Published: 07 November 2019

BUSINESS NEWS

Decriminalise gold possession: Miners

ZIMBABWE Miners Federation president Henrietta Rushwaya has called on government to re-align mining laws to decriminalise the possession of gold to increase production by artisanal miners.Speaking at ...

By Staff reporter | Published: 07 November 2019

BUSINESS NEWS

'US ban hurts Marange diamonds'

The Zimbabwe Consolidated Diamond Company (ZCDC) yesterday said the decision by the United States to issue a withhold release order (WRO) for artisanal rough cut diamonds from Marange was impacting ne...

By Staff reporter | Published: 07 November 2019

BUSINESS NEWS

Riot police block civil servants demo

CIVIL servants have threatened to completely down tools and escalate their fight for better wages after police yesterday blocked their march to hand over petitions to Finance and Labour ministers.The ...

By Staff reporter | Published: 07 November 2019

BUSINESS NEWS

AMG boss proposes gold-backed Zimbabwe currency to RBZ

A leading South Africa precious metals dealer African Medallion Group (AMG) has proposed to the Reserve Bank of Zimbabwe (RBZ) the launch of a digital currency backed by physical gold, with an aim to ...

By Staff reporter | Published: 07 November 2019

BUSINESS NEWS

Matsekete replaces Mushosho as Old Mutual CEO

Old Mutual has announced First Capital Bank MD Sam Matsekete as CEO-Designate. This follows Matsekete's resignation from the banking group effective January 1, 2020.He will take over from Jonas Mushos...

By Staff reporter | Published: 07 November 2019

BUSINESS NEWS

ZETDC vending system crashes

THE Zimbabwe Transmission Distribution Company (ZETDC) has directed consumers to revert to physical banking halls to purchase electricity tokens following technical glitches which have crippled its pr...

By Staff reporter | Published: 29 October 2019

BUSINESS NEWS

'Sanctions to blame for outdated ICT infrastructure'

THE country requires robust state-of-the-art infrastructure for ICTs to be competitive in line with the global trends, Information Communication Technology and Courier Services Minister Kazembe Kazemb...

By Staff reporter | Published: 29 October 2019

BUSINESS NEWS

Chasi proposes 30-year sentence for Zesa vandals

Energy and Power Development Minister Fortune Chasi has proposed a 30-year mandatory prison sentence for vandalising ZESA infrastructure. This comes after the power utility has suffered losses amounti...

By Staff reporter | Published: 29 October 2019

BUSINESS NEWS

No more need to queue for fuel

LOCAL company ezFuelapp.com has launched its first patent registered mobile application which enables Zimbabweans to purchase fuel online.  The mobile application is now available for download on...

By Staff reporter | Published: 22 October 2019

BUSINESS NEWS

Hwange station needs complete overhaul

SUBDUED power generation at Hwange Power Station is contributing to prolonged load shedding as only four units out of six are operating, general manager for the plant, Engineer Arnold Chivurayise, has...

By Staff reporter | Published: 22 October 2019

BUSINESS NEWS

Fuel prices remain unchanged

THE Zimbabwe Energy Regulatory Authority (Zera) said on Saturday that the country's fuel prices remain unchanged for this week, much to the relief of motorists used to weekly price increases. This i...

By Staff reporter | Published: 22 October 2019

BUSINESS NEWS

600MW Hwange plant takes shape

WORK on the expansion of the Hwange Power Station Stage 7 and 8 expansion is on track with 26 percent ground work having been covered so far, Sunday Business has learnt.The Government contracted Chine...

By Staff reporter | Published: 22 October 2019

BUSINESS NEWS

The future is tech, Mnangagwa

President Mnangagwa yesterday challenged the Harare Institute of Technology (HIT) and other local universities to become centres of economic revival leveraging on technology. He said it was important ...

By Staff reporter | Published: 22 October 2019

BUSINESS NEWS

Peter Moyo wants Trevor Manuel and other Old Mutual directors jailed

Axed Old Mutual CEO Peter Moyo says there is no punishment befitting Old Mutual directors other than six months' jail time, without the option of a fine, on the contempt of court charges he lodged aga...

By Staff reporter | Published: 18 October 2019

BUSINESS NEWS

High money supply keeps inflation up

The spectre of sustained high inflation remains a real threat after Zimbabwe's annual broad money grew 81 percent to $17 billion in the 12 months to July 2019 driven by growth in foreign currency acco...

By Staff reporter | Published: 18 October 2019
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