Business

Forex Currency Allotments At Auction Reach Record U.S.$32m

Foreign currency allotments at yesterday’s auctions reached a record US$32,95 million, with both the main auction and the SME auction setting new allotment records in their sector, while the Zimbabwe dollar remained stable, easing a marginal 0,12 percent to trade at $81,81 to the US dollar. Despite the minute weekly …

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Govt to Revisit Vehicle Policy

The Government might soon reintroduce a policy that compels line ministries, departments and State institutions to procure certain types of vehicles only from local producers to aid industrial recovery and growth. A similar policy position was introduced through a Cabinet Circular number 16 of 2011, issued by the Office of …

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Construction Activity Uptick to Push Up Willdale Earnings

Listed brick making firm, Willdale Limited, is upbeat of an increase in earnings driven by increased demand for bricks as activity in housing development picks following the relaxation of Covid-19 induced lockdown restrictions. The relaxation of Covid-19 restrictions has seen demand for products increase across sectors, while the Reserve Bank …

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Covid-19 Cuts RTG Occupancy Levels

Listed hospitality firm, Rainbow Tourism Group Limited (RTG), recorded a significant decline in occupancies during the nine months to September 30, 2020 as the Covid-19 pandemic took its toll. Across the globe, the travel and tourism sector is arguably the worst affected by the highly infectious pandemic. But a refurbishment …

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Nssa Makes Substantial Upward Review of Benefits

The National Social Security Authority (NSSA), has increased its minimum pension for the Pension and Other Benefits (POBS) to $1 000, while the Accident Prevention and Workers’ Compensation scheme minimum pensions have also been increased to $1 000 with effect from November 1, 2020. This follows a 2020 ad-hoc actuarial …

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Govt Targets Over $400bn in Revenue

Finance and Economic Development Minister Professor Mthuli Ncube may have given a peek into the projected size of his 2021 national budget, which he presents this week on Thursday, after indicating that Treasury expects to mobilise around $400 billion in tax revenues over the next year or two. Minister Ncube …

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Tollgates, Licensing Fees Up

THE Government has adjusted vehicle tolling and licensing fees keeping in line with the prevailing economic situation and to ensure that the Zimbabwe National Road Administration (zinara) adequately supports road authorities with meaningful disbursements for road development and rehabilitation. The new tariffs contained in the latest Government Gazette are with …

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Lafarge Profit Exceeds Targets

Cement maker, Lafarge Cement Zimbabwe Limited, says the gradual easing of Covid-19 induced lockdown restrictions and general improvement in business environment has seen its business experience a rebound in the third quarter period. The business recorded solid gross profit margins exceeding targets on the back of cost containment measures. Record …

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Potraz Extends Helping to the Vulnerable in Mutare

The Postal and Telecommunications Regulatory Authority of Zimbabwe (POTRAZ), has extended a helping hand to the needy as part of its wider corporate social responsibility (CSR) programme. Yesterday, the telecommunications sector regulator donated an assortment of foodstuffs and personal protective equipment to 50 individuals living with disability in Mutare. The …

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RBZ to Smoothen Forex Allocation System

Delays currently being experienced by firms in accessing foreign currency allotted to them at the auction trading system are teething problems and the central bank is working flat out to smoothen the process, an official familiar with the developments has said. The foreign currency auction trading system, introduced on the …

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