Business

Govt Welcomes Removal of Its Banks from U.S. Sanctions List

Zimbabwe welcomed the U.S. decision Thursday to remove two of its banks from the sanctions list, saying the move will allow them to easily obtain credit to address the country’s moribund economy. However, the ruling ZANU-PF party is calling for more from the U.S. and other Western countries that imposed …

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Executives Face Penalty Charges Over Abuse of EcoCash Platform

Two executives of mobile money transfer platform, EcoCash, face penalty charges for allegedly destabilising the country’s already fragile economy through failure to manage the system. The warning was delivered to EcoCash chief executive Natalie Jabangwe and Eddie Chibi, a director, by the Reserve Bank of Zimbabwe (RBZ) Financial Intelligence Unit …

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NRZ Offers Free Rail Cargo to Transport COVID-19 Goods

Struggling National Railways of Zimbabwe (NRZ) has availed free transport for the movement of goods and commodities meant to assist in the fight against Covid-19 to every entity demanding the services. The State-run company’s public relations manager, Nyasha Maravanyika confirmed the development to NewZimbabwe.com and said the decision to provide …

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RBZ Payment Delays Cripple Gold Producers

Small-scale miners have expressed concern over late payment for gold delivered to Fidelity Printers and Refiners (FPR), saying the development will cripple production of the yellow metal. FPR – the Reserve Bank of Zimbabwe’s sole gold buyer and exporter — is struggling to import cash by air transport to pay …

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Lafarge Projects 30pc Q2 Volumes Decline

Listed cement producer, Lafarge Cement, is anticipating a 30 percent decline in volumes during the current quarter as a result of the debilitating effects of the novel coronavirus (Covid-19) pandemic. The global health pandemic is negatively impacting the construction sector — which is key to cement producers like Lafarge — …

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ZSE Races Past $112 Billion Mark

The Zimbabwe Stock Exchange reached unprecedented levels on yesterday with the overall market capitalisation closing the day at $112,1 billion. The ZSE has been a standout performer even in US Dollar terms. The $112 billion market cap puts its value at US$4,48 billion using the official exchange rate pegged at …

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Cotton Picking Begins in Hurungwe

Cotton farmers in Hurungwe who planted early have started harvesting the crop, and have expressed hope prices for the commodity would be attractive. The crop is Zimbabwe’s second biggest agricultural export after tobacco, and is mainly grown in drier regions of the country. But a combination of lack of funding …

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Zupco Adds 294 Buses, Kombis to Urban Fleet

At least 294 privately-owned buses and kombis recently cleared by the Central Mechanical and Equipment Department (CMED) will now join the Zupco franchise. CMED in the past week inspected 326 buses and kombis and 294 passed the test. In addition, 221 drivers were also tested and 197 of them passed. …

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