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Mthuli Ncube Making Bid to Lead African Development Bank

THE African Development Bank’s chief economist Mthuli Ncube is making a bid to head the bank, taking over from current President Donald Kaberuka whose second five-year term expires next May. Ncube, a native Zimbabwean and naturalized South African, is lobbying South Africa’s finance minister and other officials for the country …

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Luke Ngwerume Launches ZimSelector.com

An exciting new company in Zimbabwe offers good news against a global backdrop of falling confidence and failing finances. ZimSelector.com is the first on-line Financial Services Mall for Zimbabweans at home and abroad.Led by Old Mutual CEO emeritus Luke Ngwerume, ZimSelector.com is proud to bring Zimbabwe’s most trusted brands in …

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Eddie Cross on Zimbabwe Renewal – Stability and Freedom

Eddie Cross on why the business community views the possible return of the Zim dollar with horror Zimbabwe Renewal – Stability and Freedom Stability and freedom are inextricably intertwined in national affairs; you cannot have the one without the other. The instability that has taken a grip on the countries …

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Mashonaland Holdings Limited records 28% decline

MASHONALAND Holdings Limited has recorded a 28% decline in after tax profit to $1,6 million for the half year ended March 31 2014 as compared to $2,7 million over the same period last year. Business Reporter In a statement accompanying the group’s unaudited results, the company attributed the decline to …

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Delta to upgrade its plant, machinery

ZIMBABWE’S largest beverages producer Delta Corporation Limited, has announced plans to upgrade its plant and machinery at a cost of $54 million in a programme expected to run until next March. Company secretary Alex Makamure told journalists during a tour of the beverage maker’s Harare factory last week that several …

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Differences Threaten Cairns, Vasari Deal

Cairns Holdings prospective investor Vasari Global has requested to renegotiate a number of issues with major creditors amid fears the deal could collapse over undisclosed differences. In an update to creditors and members dated May 13 2014, judicial manager Mr Reggie Saruchera of Grant Thornton Camelsa said negotiations with the …

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More retrenchments loom at PG Industries

More retrenchments are looming at PG Industries as the group seeks to turn around its fortune after sinking deeper into the red, posting a $11,3 million loss for the year ended December 2013. The group’s acting chairman Mr Francis Dzanya said the group is expecting to have completed the retrenchments …

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RBZ chief defends bank interest rates

Banks charge punitive interest for loans to industry and commerce because they get funds at a premium due to the high country risk profile, a central bank official said. RBZ senior divisional chief, economic research and policy enhancement Mr Simon Nyarota, said Zimbabwe has a high country risk profile due …

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Govt’s code of conduct to slash hefty perks

The National Code of Conduct drafted by Government and the private sector proposes a raft of strict measures to be followed when pegging salaries for chief executives of companies and state entities to ensure that no one in future awards themselves mega salaries and perks. The code, to be launched …

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31 mln boost for sugarcane farmers

The European Union has set aside 31 million euro to boost sugarcane farming by resettled small-holder farmers in the Lowveld through the Zimbabwe National Sugar Adaptation Strategy (ZNSAS).The strategy seeks to restore sugarcane output to pre-2002 levels in Zimbabwe before the imposition of the illegal sanctions by the West. At …

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