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Zimplow records 76% after tax profit

BY MISHMA CHAKANYUKA Zimplow reported an after tax profit increase of 76% to US$6 million in the year ended December 31, 2018 from US$3,4 million recorded in the previous year, driven by growth in revenue and a marked decline in costs. The group’s revenue was up 25% on the prior …

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Agric industry awards employees 47% salary increment

BY MTHANDAZO NYONI ZIMBABWE’S agriculture industry has awarded its employees a 47% salary increment to cushion them from current economic hardships. The workers will receive the new salary structure backdated to March 1, 2019. Before the adjustment, the least paid employee in the horticulture sector was earning ZWL$89 a month, …

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Oil in 5-month high

Oil hit a five-month high above $71 (54.2 pounds) a barrel yesterday, supported by concern that violence in Libya could further tighten supply, although Russian comments signalling willingness to pump more dampened the rally. Supply curbs led by the Organisation of the Petroleum Exporting Countries have underpinned a more than …

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Make Fresh Interbank Interventions – Industry

Captains of industry have called on authorities to make fresh interventions in the inter-bank market to ensure access to foreign currency for importation of critical raw materials for the manufacturing industry. This comes amid reports that the willing buyer willing seller system on the interbank is failing to yield rewards, …

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Veld fire awareness for farmers

Veld fires have become one of the greatest environmental challenges of our time, causing intense damage to Zimbabwe’s natural flora and fauna, biodiversity, forests, animal habitats, crops and even leading to the loss of life and valuable property. Veld fires are defined as blazes that get out of control, become …

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Gold prices rise

Gold prices rose yesterday and were hovering close to their highest in more than a week touched in the previous session as the dollar eased on weak US economic data, with the metal gaining further support from higher oil prices. Spot gold was up 0,3 percent at $1,300.47 per ounce, …

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‘Motor industry revival tops Govt priorities’

Africa Moyo Senior Business Reporter GOVERNMENT is determined to revive the motor industry, which is seen as strategic in economic turnaround given its invaluable impact in job creation, value addition and contribution to Gross Domestic Product (GDP). This was said yesterday by Major General Godfrey Chanakira (retired), who is the …

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CTC engages Govt over VAT on imports

Kudakwashe Mhundwa The Competition and Tariff Commission has made submissions to Government for the removal of a 15 percent value added tax (VAT) payments on canola and sunflower imports. This comes as the ministry of Industry and Commerce last approach the commission to assess requests made by Pure Oil Industries …

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Cabinet okays TelOne debt takeover

Tawanda Musarurwa Senior Business Reporter Government will soon complete the assumption of fixed telecommunications provider TelOne’s US$383 million legacy loans after Cabinet gave its thumbs-up. TelOne managing director Chipo Mtasa said her organisation is currently in negotiations with the relevant authorities over the modalities of the takeover. “We have been …

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ZCDC Granted Permission to Establish Special Economic Zone

The Zimbabwe Consolidated Diamond Company (ZCDC) has been granted permission by government to spearhead the establishment of a Special Economic Zone (SEZs) in Mutare in a development that will see the mining giant undertaking major construction projects to expand its operations. ZCDC confirmed the latest development, which was issued under …

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