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Stanchart Bank closes branch

Standard Chartered Bank, one of the country’s biggest and oldest financial institutions, has said it will close its Gweru branch next month and transfer the city’s accounts to Bulawayo. In a statement, the bank’s Head, Retail Banking Valeta Mthimkhulu, said Standard Chartered Bank will close its Gweru branch on October …

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New ZISCO, IDCZ boards appointed

Tawanda Musarurwa Senior Business Reporter Industry and Commerce Minister Mangaliso Ndlovu, has appointed new boards for Zisco and the Industrial Development Corporation of Zimbabwe (IDCZ), respectively. The minister is yet to finalise the substantive chair for Zisco, but renowned economist Dr Gift Mugano, will head the board on an interim …

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Revaluations boost FML’s results

Enacy Mapakame Insurance firm, First Mutual Holdings Limited profit for the six months to June 30, 2019, rose 2 244 percent to $201,6 million compared to $8,6 million achieved in the same period in the prior year. Operating profit fell 17 percent to $4,5 million from $5,3 million on an …

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CZI lauds syndication of exports

Michael Tome Business Reporter The Confederation of Zimbabwe Industries (CZI) has commended the promotion of syndication of Zimbabwean companies to penetrate and grow export markets. CZI president Henry Ruzvidzo said the move would create a common purpose of penetrating into the export markets. An export syndicate is a self-organised group …

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Zesa loses 2 200 transformers

Ishemunyoro Chingwere Business Reporter The Zimbabwe Electricity Supply Authority’s ability to effectively supply electricity to businesses and residents continues to be seriously hamstrung following reports that more than 2 200 transformers were stolen from sites dotted across the country. The power utility that has been failing to supply power due …

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ZSE market capitalisation plummets 11,71% in August

BY MISHMA CHAKANYUKA The Zimbabwe Stock Exchange (ZSE) market capitalisation fell by 11,71% last month to $21,66 billion. In real terms, at yesterday’s official exchange rate of US$1: $11,38, the ZSE market capitalisation was valued at US$1,90 billion. The drop in the market cap translated to a 11,09% retreat in …

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First Capital Bank axes 120 workers

BY FIDELITY MHLANGA FIRST Capital Bank Zimbabwe (FCB), formerly Barclays Bank, has laid off 120 workers as the economic crisis continues to take a toll on the beleaguered financial services sector, NewsDay can exclusively reveal. The workers were served with the retrenchment letters early last month and ceased reporting for …

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Investor snaps up 74,73% BNC shareholding

BY MISHMA CHAKANYUKA AN unnamed Zimbabwean mining company has snapped up a controlling 74,73% shareholding in Bindura Nickel Corporation (BNC). BNC is a subsidiary of Asa Resource, an African focused mining group. “Shareholders are referred to the cautionary statement published on August 8, 2019 advising that the ultimate holding company …

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Milk output down 50%

BY MTHANDAZO NYONI THE Zimbabwe Association of Dairy Farmers (ZADF) says its members have so far produced 45 million litres of milk against their yearly target of 90 million litres. ZADF chairperson Kudzai Chirima told NewsDay that the industry was currently being weighed down by drought which has affected the …

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President Arrives in SA for WEF

By Victoria Ruzvidzo The World Economic Forum (WEF) on Africa begins here today with Zimbabwe and other African participating nations expecting to deliberate on issues that will shape the continent’s future in terms of sustainable development, innovation, digitisation and governance. President Mnangagwa arrived here yesterday to attend the meeting, which …

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