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Fed Reserve intervenes to ease money market strains

Pressure is mounting on the Federal Reserve to ease the strain on US money markets after the central bank was forced to intervene yesterday for the third time using a type of operation it last used during the financial crisis a decade ago. The Fed injected $75 billion in overnight …

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‘Super platforms’ cripple African digital businesses

Digital enterprises in Africa are often heralded as the future of the continent’s development, particularly when it comes to “leapfrogging” the numerous barriers to becoming profitable businesses able to take advantage of internet technologies to scale rapidly. A report this month on the global digital economy from UNCTAD worries “wealth …

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SA interest rates unchanged

As expected, the SA Reserve Bank’s monetary policy committee left the repo rate unchanged at 6,5 percent. The prime rate will remain 10,25 percent. The announcement was made by the central bank’s governor Lesetja Kganyago at a media briefing in Pretoria yesterday afternoon. The decision was unanimous, Kganyago said. The …

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RBZ gives thumbs up to Stanbic’s SMEs programme

Business Reporter The Reserve Bank of Zimbabwe (RBZ) has given thumbs up to Stanbic Bank’s innovative and financially inclusive programme aimed at supporting and empowering budding entrepreneurs and Small to Medium Enterprises (SMEs). Stanbic Bank launched the initiative, aptly named the Stanbic Bank Incubator Hub, over the weekend as the …

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Total market value jumps 6,2pc

Enacy Mapakame A bullish sentiment prevailed on the Zimbabwe Stock Exchange (ZSE), leaving the bourse with three of its indices in the positive. In the week to yesterday, the primary indicator was 6,28 percent above prior week to close pegged at 173,52 points. The ZSE Top 10 Index paced the …

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Govt scraps RBZ special trade approval requirement

Tawanda Musarurwa Senior Business Reporter Government has removed a special requirement by the Reserve Bank of Zimbabwe (RBZ) to grant prior approval for trade and investment remittances outside the country. The move is aimed at making Zimbabwe a broadly attractive investment destination in line with the ‘Zimbabwe is open for …

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Credit risk tops microfinance concerns

Martin Kadzere Senior Business Reporter The Reserve Bank of Zimbabwe (RBZ) has warned that inflationary pressures on the back of escalating interest rates are expected to heighten credit risk in the microfinance and financial services sector, as the majority of borrowers are likely to default. While the microfinance sector appeared …

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Zesa, minister face off

The US$400 000 electricity debt row between Local Government, Public Works and National Housing Minister July Moyo and the Zimbabwe Electricity Transmission and Distribution Company (Private) Limited was yesterday tabled before High Court judge Dube, with lawyers refusing to comment. The matter went for a pre-trial conference before Justice Dube …

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Falgold’s loss widens

Troubled gold producer, Falcon Gold Zimbabwe Limited (Falgold) widened its loss for the half year to March 31, 2019 to $27,2 million from $1,6 million during the same period last year as production marginally fell. According to Falgold, the increase in comprehensive loss was mainly a result of exchange rate …

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SA inflation jumps due to bread, mealie meal price shocks

South Africa’s consumer inflation rose by 4,3 percent in August, compared to 4 percent in July. This is slightly higher than expected: economists polled by Bloomberg had predicted an increase of 4,2 percent . Annual food inflation reached its highest level in 18 months, registering 3,8 percent in August, Statistics …

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