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Inflation affecting tourism sector pricing: Matamisa

BY MTHANDAZO NYONI ZIMBABWE’S tourism sector is in a catch-22 situation, with players now failing to even budget on a monthly basis due to price instability. The southern African nation is currently under economic siege, with inflation reaching alarming levels due to the continued devaluation of the local currency after …

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High excise duty threatens Afdis

BY MISHMA CHAKANYUKA WINES and spirits maker African Distillers Limited (Afdis) expects product affordability challenges going forward owing to an upsurge in excise duty charged on its goods. Excise duty is a tax designed to discourage the purchase of particular goods. If you import goods from abroad, you might need …

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Econet buys lithium-ion batteries from Tesla

By Farai Matiashe Zimbabwe’s biggest telecommunications company, Econet Wireless, has turned to lithium-ion batteries to power its base stations in the wake of incessant power shortages currently rocking the country. The power utility company, Zesa Holdings, early this year, introduced 18-hour-long loadshedding schedules to contain the situation, as its electricity …

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Old Mutual revenue spikes 741 percent

By Tawanda Musarurwa Diversified financial services provider Old Mutual Zimbabwe’s revenue for the half year to June 30, 2019 jumped 741 percent to $2,4 billion from $290,7 million previously, but emphasised that the current interims have been prepared on a historical cost basis. The company has become the first company …

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China’s slowdown deepens

BEIJING. — The slowdown in China’s economy deepened in August, with growth in industrial production at its weakest 17 1/2 years amid spreading pain from a trade war with the United States and softening domestic demand. Retail sales and investment gauges worsened too, data released yesterday showed, reinforcing views that …

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Oil prices soar

An attack on Saudi Arabia that shut 5 percent of global crude output triggered the biggest surge in oil prices since 1991, after US officials blamed Iran and President Donald Trump said Washington was “locked and loaded” to retaliate. The Iran-aligned Houthi movement that controls Yemen’s capital claimed responsibility for …

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Stocks lower

European stocks closed lower yesterday as investors digested an escalation of tensions in the Middle East following an attack on Saudi oil production. The pan-European Stoxx 600 closed provisionally about 0,4 percent lower. Household goods fell over 1 percent to lead losses while oil and gas stocks surged 3 percent …

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Zera responds

Yesterday’s jump in international fuel prices might only have an impact on local prices in the next three or five weeks, according to Zimbabwe Energy Regulatory Authority acting chief executive officer Edington Mazambani. “Zimbabwe generally receives its fuel deliveries from the high seas between three to five weeks. ZERA will …

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Emerging markets

Emerging markets will again be looking to central banks to provide the next leg-up in a rally that’s making it the best September so far for stocks and currencies since 2013. That’s assuming there’s no conflagration between the US and China over trade, no panic over the slump in Saudi …

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Gold climbs 1pc

Gold rose more than 1 percent yesterday after an attack on key oil facilities in Saudi Arabia inflamed worries over the stability of the Middle East, driving investors to seek refuge in assets seen as a haven from risk. A 20 percent bounce in oil prices in response to the …

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