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Zinara Board Acts On Audit Report

The recently appointed Zimbabwe National Road Administration board has resolved to implement the Grant Thornton audit report which unearthed deep-rooted corruption at the road authority, including illegal awarding of tenders to underserving companies. The audit report also exposed academic corruption at the parastatal where some individuals were promoted to senior …

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Buy Zimbabwe Happy With Government Support

Buy Zimbabwe says it is satisfied with the progress Government is making in value chains development across sectors, as a means to boost industry and achieve an all-inclusive growth. Value chains are crucial to industry due to their focus on the sub-sectors that are most relevant for job creation, strengthen …

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John Deere Dangles US$50 Million Deal

World-renowned manufacturer of agriculture, construction and heavy equipment — John Deere — is in talks with the Government with a view to concluding a deal that could see the firm providing agriculture mechanisation equipment worth over US$50 million. Representatives of the conglomerate met with senior Government officials in Harare yesterday …

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Chivayo in Court Over New Zesa Scandal – Gave Parastatal Chief $10,000

Harare businessman Wicknell Chivayo appeared before a Harare magistrate Wednesday facing bribery charges. He was jointly charged with his company Intratrek Zimbabwe Private Limited. Allegations are that Chivayo and his company paid a $10,000 bribe to Zimbabwe Power Company (ZPC) board chairperson Stanley Kazhanje. The charges relate to the multi-million …

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Bank Loses Over $400k to Ex-Employee

First Capital Bank Limited allegedly lost over USD$400 000 to a former employee, a Harare magistrate heard on Monday. Bangiso Tafirei (30) was employed as a cashier at the bank’s non-governmental organisations branch. The branch is a specifically instituted cash out point for NGOs. He allegedly withdrew $455 680. Tafirei, …

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Farm Workers’ Allowances Increased

Farm workers will have a little cheer after their employers increased their accommodation, transport, fuel and light allowances with effect from January 1, 2019. The allowances were reviewed following months of negotiations as both farmers and employees sought ways to cushion the latter against the rising cost of living. In …

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RTG Virtual platform grows

BY MTHANDAZO NYONI ONE of the country’s largest hospitality groups, Rainbow Tourism Group (RTG), says it now has 61 properties representing over 700 rooms in Bulawayo on its virtual accommodation platform. RTG Virtual is a partnership platform between RTG and selected hotels, lodges and tourism activity companies in Zimbabwe, which …

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SA bonds rise to three-week high

South Africa’s dollar-bond yields aren’t too bothered by electricity blackouts. While rand-denominated government yields due in December 2026 rose to their highest levels in three weeks, and the rand was the worst performer in emerging markets on what was generally an up day for its peers, South Africa’s dollar-bond yields …

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Afdis reports $7m PAT for the half-year

BY FIDELITY MHLANGA Wines and spirits maker African Distillers Limited (Afdis) yesterday said it’s profit-after-tax for the six months to December more than doubled to $7 million from $2,7 million in the prior year, buoyed by higher revenue and cost containment. Revenue was up 57% to $25,9 million from $16,4 …

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Export credit insurance policy uptake increases

BY MTHANDAZO NYONI THE Export Credit Guarantee Corporation of Zimbabwe (ECGC) has seen an increase in the number of exporters taking up the export credit insurance cover policy. The performance of insured exports, however, remains low due to high production costs among other constraints. ECGC is an export credit agency …

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