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Winter Wheat Production Down 29 Percent

ZIMBABWE’S winter wheat production is this year seen dropping by as much as 29% to 10 000 metric tonnes (mt) as structural challenges affecting viability of the cereal’s production persist, a top farming expert says. The country will fail to meet last year’s production levels of 14 000mt as the …

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Russia Group Forms for $3 Billion Zimbabwe Platinum Mine Project

Vi Holding, a closely held Russian company, and state corporations Rostec and Vnesheconombank formed a group to develop the world’s second-largest platinum deposit in Zimbabwe, Rostec’s press office said. Today’s comments from Moscow-based Rostec confirmed Russian press reports from earlier this week. The partners may invest as much as $3 …

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First Mutual Holdings Reports U.S.$1 Million Profit

First Mutual Holdings Ltd (FML) has reported a US$1 million technical profit in the first four months of 2014 to April despite a difficult operating environment, group CEO Douglas Hoto said. In a trading update to shareholders at an annual general meeting held in the capital this week, Hoto said …

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Air Zimbabwe board pushes to recover stolen funds

The new Air Zimbabwe board led by Mr Valentine Sinemane is pushing for the arrest and specification of five senior managers implicated in the aviation insurance scam in an attempt to trace and recover $10 million the national airline was defrauded. An audit conducted by BCA Forensic Audit Services last …

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Zimbabwe May Introduce Empowerment Levy on Foreign Companies

Zimbabwe may introduce a levy on foreign and white-owned companies to pay for the training of unemployed black Zimbabweans, Indigenization Minister Francis Nhema said. The southern African nation has said its law on local ownership, which requires companies to sell or cede 51 percent of shares to black Zimbabweans, may …

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Tetrad shelves commercial banking plans

Sergey Pokusaev’s Horizon Capital Consortium (HCC) has put on hold plans to turn Tetrad Investment Bank (TIB) into a commercial bank and will stick with investment banking specialising in mining and infrastructure development, businessdigest has established. Sources said Pokusaev, who recently acquired a controlling stake in TIB, will abandon plans …

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Nigel Chanakira, AfrAsia feud drags on

FRASIA Bank has failed to beat the deadline to settle the $12,5 million for shares held through banker Mr Nigel Chanakira’s Crustmoon which would have concluded the long running divorce of the two parties. The deadline for the separation of AfrAsia and Mr Chanakira through the repurchasing of 289 133 …

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Nhema told to align indigenisation laws

Zanu-PF’s Politburo has directed Youth Development, Indigenisation and Empowerment Minister Francis Nhema to align the indigenisation laws with the policy and report back to the ruling party with recommendations. Party spokesperson Cde Rugare Gumbo said yesterday Minister Nhema was on Wednesday directed by the Politburo to ensure the law reflects …

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