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US firm monitors Zimbabwe’s situation

July 12, 2018, 9:50 am
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THE United States development finance institution, Overseas Private Investment Corporation (OPIC), says it is closely monitoring Zimbabwe’s political situation ahead of the July 30 elections, while mobilising $1 billion-plus to fund projects in the country and Africa. Zimbabwe is preparing to hold elections to choose a new leader following the deposition of long-ruling president Robert […]

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Fraudsters spark insurance fears

July 12, 2018, 9:58 am
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SPOOKED consumers are now afraid of buying insurance, as many have been fleeced by crooks presenting themselves as experts, but end up ill-advising them, the Insurance and Pensions Commission (IPEC) said this week. The commission’s remarks come as the Insurance Brokers Association of Zimbabwe (IBAZ) has said it has only certified and registered 24 professional […]

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Government borrowings reach $6,21 billion

July 12, 2018, 9:59 am
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GOVERNMENT borrowing surged by 61,1 percent to $6,21 billion in February this year compared to $3,9 billion in the 2017 prior period, raising fears that government’s over-reliance on local banks is crowding out private sector lending. Official data from the Finance ministry’s Fiscal Policy and Advisory Services Department indicates that despite a 61 percent surge […]

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Industry ‘demands’ domestic currency

July 12, 2018, 10:00 am
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ZIMBABWE’s distressed industries are renewing their push for the reintroduction of a domestic currency after this month’s national elections, as part of measures to arrest the country’s deepening liquidity crisis, The Financial Gazette can report. Alternatively, the major local companies that are represented by the Confederation of Zimbabwe Industries (CZI) say Harare should consider adopting […]

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ZESA crippled by meter tampering

July 12, 2018, 1:14 am
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THE Zimbabwe Electricity Transmission and Distribution Company (ZETDC) says it will take legal action against consumers who tamper with its pre-paid meters system to avoid paying for power. ZETDC — a unit of State-owned power utility Zimbabwe Electricity Supply AuthorityA Holdings (ZESA) — reported in May this year that it was owed over $1 billion […]

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ZIMRA identifies 32 illegal entry points

July 16, 2018, 3:12 am
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THE Zimbabwe Revenue Authority (ZIMRA) says it is struggling to stem smuggling due to a rise in porous border points. ZIMRA compliance manager Robson Mukwena told a Confederation of Zimbabwe Industries (CZI) workshop on border control last week that the porous borders were conduits for smuggled goods, depriving Treasury of much needed revenue for capital […]

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Stop RBZ overdrafts, CZI tells government

July 16, 2018, 7:03 am
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THE Confederation of Zimbabwe Industries (CZI) says government should stop making overdrafts from the central bank as this fuels inflation and aggravates the country’s fiscal deficits. After an extended period of low inflation, the country has seen inflationary pressures piling. Money supply growth has also accelerated, sending shock waves across sectors. Inflation remained flat at […]

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Inflation jumps to 2,91%

July 17, 2018, 3:17 am
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Zimbabwe’s year- on-year inflation rate for the month of June 2018 as measured by the all items Consumer Price Index (CPI) stood at 2,91 percent, gaining 0,20 percentage points on the May 2018 rate of 2,71 percent. This means that prices as measured by the all items CPI increased by an average of 2,91 percent […]

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German firms eye ZSE listing

July 19, 2018, 12:57 am
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PRESIDENT Emmerson Mnangagwa says Zimbabwe is expecting German firms to list on the local bourse following a recent engagement visit by Treasury officials. Mnangagwa told delegates at the launch of Escrow Group’s online capital market trading platform, C-Trade, that Treasury had engaged several German companies who were willing to come and operate in Zimbabwe. “(Finance […]

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Bond notes vanish

July 19, 2018, 12:58 am
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BOND notes continue to vanish from the formal market, with latest statistics indicating that only seven percent of the unique currency’s issued value was in circulation at the close of 2017. According to Equity Axis (Equity) — a local financial research firm Equity, of the $345 million bond notes issued by the Reserve Bank of […]

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Edgy investors await election

July 19, 2018, 12:59 am
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“DEALS that take too long are never good ones,” United States president Donald Trump said while commenting on the long-dragging Brexit during his recent two-day visit to the United Kingdom. The candid leader’s remark is not far from the truth — it’s a sentiment most probably shared by many. Zimbabweans would confess to that. The […]

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ZPC in $20m legal services bill scandal

July 19, 2018, 12:59 am
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THE Zimbabwe Power Company (ZPC) is engulfed in a $20 million legal-payment row amid revelations that the Zesa Holdings subsidiary might have flouted procurement regulations by awarding such a hefty contract to Harare lawyer Sheila Mugugu without going to tender. In recent months, the energy firm has been under the spotlight for a number of […]

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Red flag over government pay hike

July 19, 2018, 1:00 am
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THE government’s decision to award civil servants unbudgeted-for pay hikes and special allowances on the eve of this month’s crunch national elections has been roundly condemned by experts as wholly “unaffordable, and an ill-conceived gamble”. Speaking to The Financial Gazette yesterday following the controversial move, economists said this would raise inflation and further squeeze the […]

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$5m gold, cash scandal suspects set free

July 22, 2018, 1:21 am
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THE $5 million gold and cash scandal, which rocked Zimbabwe about two weeks ago, is dead in the water amid indications that the five Indian suspects have been released along with their “loot”. While police spokesman Chief Superintendent Paul Nyathi was not readily available for comment this week, new information suggests the probe has hit […]

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Net foreign currency inflows surge

July 22, 2018, 5:08 am
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ZIMBABWE’S net foreign currency inflows surged over 1 700 percent to $192,4 million in the first quarter, buoyed by tobacco earnings, latest central bank data indicates. As Society for Worldwide InterBank Financial Telecommunications (SWIFT) foreign currency payments increased six percent to $970 million during the quarter ending March 31, 2018 from $920 million in the […]

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Samuel Undenge jailed for corruption

July 22, 2018, 8:29 am
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Former Zimbabwean cabinet minister Samuel Undenge, who served under ex-president Robert Mugabe was found guilty of corruption and sentenced to four years in jail, his lawyer said on Friday, just weeks ahead of a key national elections. He is the first former minister to be convicted and jailed since Mugabe resigned in November after 37 […]

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RBZ pumps $45m into banks

July 22, 2018, 10:50 am
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ZIMBABWE’S Reserve Bank has pumped nearly $45 million into the banking system to ease cash shortages and fight off parallel market rates. John Mangudya’s institution injected $20 million and another $25 million this week, enabling a few banks to start disbursing hard currency amounts of $200 to $300. “We have secured facilities for critical imports […]

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Robert Mugabe ‘hindered FDI inflows’

July 23, 2018, 8:06 am
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FORMER president Robert Mugabe was a hindrance to foreign direct investment (FDI) inflows due to his bad policies and mismanagement of the economy, a senior government official has said. Monica Mutsvangwa, the Manicaland Provincial minister, said Zimbabwe received less than $4 billion in FDI in the past decade under Mugabe’s rule. “In the past seven […]

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Land reform cost Zimbabwe $33bn

July 26, 2018, 12:21 am
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THE land reform programme has cost the country over $33 billion in export revenue due to failure to fully participate on the global markets, statistics have indicated. Zimbabwean agricultural economist and trade policy analyst based in South Africa, Tinashe Kapuya, said land reform did not achieve any economic development as the country lost opportunities on […]

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2 million Zimbabweans have no access to internet

July 26, 2018, 12:31 am
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MORE than two million Zimbabweans have no access to internet and mobile network connectivity, the industry’s regulator has said. Gift Machengete, the Postal and Telecommunications Regulatory Authority (Potraz) director general, said it was important for the country’s mobile network operators to share infrastructure, a development he described as “a collaborative and yet competitive business model […]

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