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Mining Development Strategy On the Cards

By Ishemunyoro Chingwere Government will early next year roll out a mining development strategy aimed at optimum utilisation of the country’s potential in the mining sector in order to stimulate sustained macro-economic growth, Mines and Mining Development Minister Winston Chitando has said. Government is on recording saying one of the …

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Intercape Speaks On Bus Robbery

Intercape Bus Company has expressed regret over the incident in which their passengers were last week robbed of their belongings at gunpoint by a gang of robbers near Kranskop tollgate on the N1 in Limpopo, South Africa. In a statement, Intercape confirmed that the incident occurred around 11pm on Saturday, …

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Power of Organised Currency Dealers Must Be Broken

Zimbabwe’s informal sector appears to be a lot better organised than anyone suspected, with what cannot be more than a few dozen black-market currency dealers at the apex of that illegal business being able to effectively demonetise smaller denomination coins across the whole swathe of the informal economy. This concentration …

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Mthuli withdraws RBZ Amendment Bill

Zvamaida Murwira Senior Reporter Finance and Economic Development Minister Professor Mthuli Ncube has withdrawn the Reserve Bank of Zimbabwe Amendment Bill before Parliament saying the issues it sought to address were already catered for in the Finance Bill. The RBZ Amendment Bill sought to move into permanent law the temporary …

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Rand slips

JOHANNESBURG. — South Africa’s rand slipped against a stronger dollar yesterday. The rand was 14,4480 versus the greenback by 0814 GMT, 0,4 percent weaker than the previous day’s close. An index measuring the dollar against a basket of six major currencies jumped to a six-day high of 97,343 and was …

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Tesla to cut prices

US electric vehicle maker Tesla Inc is considering cutting the prices of its China-built Model 3 sedans by 20 percent or more next year, Bloomberg reported yesterday, citing people familiar with the plans. Prices of the cars, which will be manufactured in Tesla’s new Shanghai factory, will stand at 355,800 …

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Credit regulator loses to furniture retailer

The Supreme Court of Appeal last week dismissed an appeal by the National Credit Regulator (NCR) in a drawn-out legal battle against major furniture retailer Lewis Group. The regulator’s appeal was dismissed with costs, including the costs of two counsel, Lewis said in a statement issued on the JSE Stock …

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Court to clear illegal contracts

State – owned freight rail and port group Transnet says it plans to approach the courts to have a number of controversial contracts for the procurement of 1 064 locomotives – that together amount to R54 billion – declared unlawful and set aside. The contracts for the new engines, which …

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Oil prices fall

LONDON. — Oil prices fell yesterday after US industry data showed a surprise build up in crude inventories but losses were kept in check by expectations for an uptick in demand next year on the back of progress in resolving the US-China trade row. Brent crude futures dropped 41 cents, …

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US-China deal absolutely done

WASHINGTON. — The so-called Phase One trade deal between Washington and Beijing has been “absolutely completed,” a top White House adviser said on Monday, adding that US exports to China will double under the agreement. “They’re . . . going to double our exports to China,” National Economic Council Director …

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