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‘Govt to finalise 99-year leases banking instruments’

BY Fidelity Mhlanga/Kuda Chideme FINANCE minister Mthuli Ncube says the process of modifying 99-year leases to be bankable instruments needs to be brought to finality so as to unlock funding to the agriculture sector and make it more productive. In Zimbabwe, all farming land is owned by the State, which …

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Simbisa sinks $10m into 21 new outlets

BY MTHANDAZO NYONI Quick service restraint chain Simbisa Brands says it will invest about $10 million in setting up 21 new outlets across the country this year, as it forges ahead to consolidate its share of the local market. Simbisa Brands managing director Warren Meares told NewsDay that the company …

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From high-tech marvel to commercial flop

This time it really is over. Airbus chief executive Tom Enders recently announced the end of the A380, the largest commercial aircraft ever built. Despite reported investments of more than €14 billion, this iconic European project has not been as successful as was originally hoped. With only 234 units delivered …

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Zimra to continue charging duty in forex

Business Reporter The Zimbabwe Revenue Authority says it will continue charging duty in foreign currency on goods designated to pay in forex despite the liberalisation of trading of the United States dollar exchange rate against Real Time Gross Settlement (RTGS) Dollars and all other currencies in the multi-currency basket. Last …

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Batoka documents complete by September

Kudakwashe Mhundwa Business Reporter Government expects to begin negotiations this September with developers for the construction of the $4 billion Batoka-Hydro project once engineering documents on the scheme have been completed. Once completed, the project is expected to produce a total of 2 400MW, to be equally shared between Zimbabwe …

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Gold output on the rise

Blessings Chidakwa in Kadoma Zimbabwe’s monthly gold output has been on a steady increase averaging at least 1,56 tonnes a month since November last amid rising expectations that it will surpass the 33 tonnes record for 2018. In a recent interview, Mines and Mining Development Deputy Minister Polite Kambamura, confirmed …

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Lender of last resort facility on cards

Tawanda Musarurwa Senior Business Reporter The Reserve Bank of Zimbabwe (RBZ) has announced plans to re-introduce a lender of last resort facility. A lender of last resort is an institution, usually a country’s central bank, which offers loans to banks or other eligible institutions that are experiencing financial difficulty or …

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$400m NRZ Deal On Track

The $400 million National Railways of Zimbabwe (NRZ) recapitalisation deal is on track with Government negotiating with its partner the Diaspora Infrastructure Development Group/Transnet consortium. Transport and Infrastructure Development Minister Joel Biggie Matiza said many other suitors were approaching Government with various proposals. Minister Matiza was speaking at a meeting …

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ED Govt Lacks Patriotism – Chamisa

Opposition MDC President Nelson Chamisa has accused top government officials of lacking patriotism by shunning local health and educational institutions in preference of India and South Africa. Addressing thousands of party followers yesterday in Gweru at Mkoba Stadium at a ‘Thank You Rally’, Chamisa said the senior government officials lack …

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