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Fiat Chrysler proposes merger with Renault

Fiat Chrysler has made a “transformative” merger proposal for French car-maker Renault, the Italian firm said yesterday. The combined business would be 50 percent owned by Fiat shareholders and 50 percent by Renault stockholders. The car-maker said the merger would create a global automotive leader, with 8,7 million vehicle sales. …

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Oil steadies

Oil steadied yesterday, trading below $69 a barrel, as concern over the US-China trade dispute and global economic outlook offset support from Middle East tensions and supply cuts. Figures yesterday showed that profits for Chinese industrial companies shrank in April while new orders for US-made capital goods fell more than …

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ZEDTC warns of increased load shedding

The Zimbabwe Electricity Transmission and Distribution Company (ZEDTC) has said load shedding in the country is now on stage 2 following a technical fault at Hwange Thermal Power Station which could result in increased electricity outages outside the originally advertised schedule. The power utility recently introduced a load-shedding programme that …

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Gold hits one-week high

Gold prices touched a more than one-week high yesterday as fears of a protracted US-China trade war hurt risk sentiment, while poor economic data from the United States bolstered bets of a US Federal Reserve rate cut. Spot gold edged 0,1 percent higher to $1,286.21 per ounce as of 0714 …

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Mlambo leaves BAT

Cigarettes manufacturer, British American Tobacco (BAT) managing director Clara Mlambo will resign from the helm of the company next month. In a notice, BAT indicated Mrs Mlambo would resign effective June 30, 2019. The firm is already in the process of recruiting a replacement for Mrs Mlambo. “The board of …

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African Sun sheds light on Legacy management deal

There has been a lot of developments in the tourism industry recently and chief among them involved the relationship between African Sun Limited (ASL) and Legacy Hospitality Management Services Limited that has been terminated. The Herald Business (HB) caught up with African Sun Limited managing director Mr Edwin Shangwa (ES) …

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Nampak revenue ahead of previous year

Enacy Mapakame Business Reporter Paper and packaging group Nampak Zimbabwe says revenue for the six months to March 31, 2019 was ahead of prior year although volumes went down significantly in the plastics and metals segments. It was, however, marginally ahead of the comparable prior year in the printing and …

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Local consortium bids for Metallon’s mines

Martin Kadzere Senior Business Reporter LOCAL consortium, Vara Mining, has made a bid for Metallon Corporation’s Mazowe and Shamva gold mines, according to sources familiar with the developments. This comes as mid-tier Canadian miner B2Gold dismissed reports that it was considering buying the assets, emphasising it was not currently interested …

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Govt polishes up interbank market

Golden Sibanda Senior Business Reporter GOVERNMENT is working on ensuring efficient functioning of the interbank market to meet the economy’s foreign currency requirements and bring sanity to price increases that are driven by black market currency premiums. The Government believes that the country is generating enough hard currency but prevailing …

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A mouthful of zollars

Most currencies have snappy names, like yen, won, kip or lek. Some have unfortunate ones: dong or colón. Few have names as cumbersome as Zimbabwe’s Real-Time Gross-Settlement Dollars, also known as rtgs-dollars or “zollars”. Hard to say, the new currency is also hard to price. Last week it lost about …

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