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Gono’s Jatropha Project Too Small to Ease Fuel Crisis, Says Mangudya

Former RBZ Governor Gideon Gono’s $3 million jatropha project’s contribution to the country’s fuel demands was too insignificant and cannot be considered as a viable solution to current fuel shortages. This was revealed in parliament by current central bank governor John Mangudya. Mangudya was giving oral evidence before parliament’s energy …

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Zinara Boss in Court for Favouring CEO With Unapproved $300k Loan

Former Zimbabwe National Road Administration (ZINARA) board chairperson, Albert Mugabe (41) was Monday dragged to court on allegations of advancing the parastatal’s chief executive officer, Nancy Masiyiwa-Chamisa with a $300 000 loan without board approval. Mugabe appeared before Harare magistrate Vongai Guuriro Muchuchuti facing criminal abuse of office charges. He …

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Banks Reject Government’s 99-Year Leases

Confederation of Zimbabwe Industries (CZI) president, Sifelani Jabangwe says local banks continue to reject government’s 99-year land leases as security for loans. Jabangwe told NewZim Business on Monday that financial institutions were rejecting land based loan applications made through 99-year leases by some industrialists. “Despite getting 99 year leases from …

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Govt to Extend NRZ Deal By 6 Months

Government is understood to have agreed to extend the framework agreement for the US$400 million recapitalisation of the National Railways of Zimbabwe (NRZ) by a further six months, to enable finalisation of outstanding issues. Yesterday, Foreign Affairs and International Trade Minister Dr Sibusiso Moyo, acknowledged in his welcome remarks during …

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SA Reiterates Support for New Zimbabwe

President Cyril Ramaphosa has reiterated South Africa’s commitment to work with Zimbabwe in addressing the socio-economic challenges experienced by the two neighbouring countries. President Ramaphosa made the commitment in his opening remarks of the SA-Zimbabwe Bi-National Commission in Harare, Zimbabwe, on Tuesday. The President is in the country for the …

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Government Blacklists Crash Prone Boeing 737-Max 8

The Zimbabwean government has joined China, Indonesia and other world countries in blacklisting the American Boeing 737-Max 8 aircrafts after an Ethiopian air plane of the same make weekend crashed moments after take-off in Addis Ababa, killing all 157 passengers on board. It was the aircraft’s second plane crash in …

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Cost of lending up 8%: MFIs

BY FIDELITY MHLANGA MICRO Finance Institutions (MFIs) say the cost of lending has risen by eight percentage points on the back of rising inflation and the 2% tax on electronic money transfers. According to the Zimbabwe Association of Microfinance Institutions (Zamfi) 2018 report, the institutional cost of delivering loan services …

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Tobacco season to begin next week

BY OWN CORRESPONDENT ZIMBABWE’S 2019 tobacco marketing season will start on March 20, the industry’s regulator has said. Tobacco is the country’s second biggest export earning commodity after gold. Last year, the country’s tobacco output reached an all-time high of 252 million kilogrammes, earning at least a billion dollars in …

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New lodge for Victoria Falls

BY OWN CORRESPONDENT Jamie Henson, a tourism operator, expects to open a new US$1,5 million lodge in Victoria Falls by June as interest in Zimbabwe’s tourism sector continues to grow despite trouble with the country’s economy. The 23-bedroom lodge, located in the suburbs, was funded by a mix of local …

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Manufacturing sector exports up by 54%

BY MTHANDAZO NYONI ZIMBABWE’S manufacturing sector exports went up by 54% to US$222,6 million in 2018, buoyed by the export incentive introduced by the Reserve Bank of Zimbabwe in 2016, Industry and Commerce minister Nqobizitha Mangaliso Ndlovu has said. Speaking during a business breakfast meeting held in Bulawayo last week, …

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