Business

ZIMBABWE’S trade development and promotion agency, ZimTrade, has challenged the local clothing and textile industry to increase value added exports and exceed last year’s US$62.3 million earnings. In Africa, total exports of clothing and textile in 2019 were US$18.3 billion, according to Trade Map, dominated by Tunisia (US$4.3 billion), Morocco …

Distributed Power Africa (DPA) Zimbabwe has a solar projects order book that stretches to 120MW in Zimbabwe alone with at least 30MW of those having already been installed or at an advanced stage of deployment, the company has said in a statement. DPA has been on an aggressive nationwide initiative …

Hwange — Following President Mnangagwa’s visit to Hwange last week, the country’s largest producer of thermal coal, Makomo Resources, says its special grant has the capacity to go for the next 48 years producing an average of three million tonnes. The President bemoaned the fact that Zimbabwe was at one …

The world’s largest diamond producer, Alrosa, has begun preliminary exploration work for commercially viable primary diamond deposits in Zimbabwe in what can potentially catapult the country among the world’s leading diamond producers. The mining venture is being undertaken by Alrosa Zimbabwe Limited (Alrosa Zim), a company that is jointly owned …

Diversified agro-industrial concern, Ariston Holdings posted a 15 percent growth in revenue for the nine-months ended June 30 on account of positive export sales of macadamia and local sales of tea. Tea exports were affected by weaker global demand as production reached record levels leading to a glut in the …

Harare mayor Hebert Gomba, mired in a city land scandal, will spend another night in state custody after his bail hearing failed to kick off Thursday. Gomba appeared before Harare magistrate Bianca Makwande facing a charge of criminal abuse of office. The state alleges the city’s first resident illegally parcelled …

THE Reserve Bank of Zimbabwe (RBZ) says it is highly impressed with how the foreign currency auction has helped stabilise prices and the exchange rate, but expressed strong reservations over selected beneficiaries that have continued to set prices using parallel market rates. RBZ Governor Dr John Mangudya told The Herald …

Harare — AN increase in the water allocated from the Zambezi River to both Zambia and Zimbabwe is poised to increase power generation in the two neighbouring countries. The Zambezi River Authority (ZRA) confirmed the increased allocation after marginal inflows to the Kariba Dam in the mighty river during the …

The Zimbabwe Stock Exchange Limited’s profit for the year to December 31 went down 50 percent to $3,2 million compared to $4,8 million recorded in the prior year on challenging business environment. At $5,1 million, total comprehensive income for the year was 3 percent below the previous year’s $5,2 million. …

The ruling exchange rate between the Zimbabwe dollar and the United States dollar depreciated by 4.7 percent to $72.1470 at yesterday’s foreign currency auction amid further narrowing of the bid band, more private holders of foreign currency using the auction to sell, and general growing acceptance of the trading system …