Business

Fuel, Forex Shortages Eat Into Hwange Bottom Line

Hwange Colliery Ltd has reported an after-tax loss of 65% for the first quarter ended March 31, 2020, owing to high inflation, as well as shortages of fuel and foreign currency. During the same quarter, the company’s sales decreased by 33%.In a trading update, Hwange’s acting company secretary Rugare Dhobbie …

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Fuel, Forex Shortages Eat Into Hwange Bottom Line

Hwange Colliery Ltd has reported an after-tax loss of 65% for the first quarter ended March 31, 2020, owing to high inflation, as well as shortages of fuel and foreign currency. During the same quarter, the company’s sales decreased by 33%.In a trading update, Hwange’s acting company secretary Rugare Dhobbie …

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Anjin Gets Fresh Diamond Chiadzwa Mining Claims

President Emmerson Mnangagwa’s government has allocated fresh diamond mining claims to Anjin Investments in Chiadzwa, in Manicaland province, four years after the company was evicted from the mineral-rich area alongside other miners on allegations of under-declaring proceeds, the Zimbabwe Independent can reveal. Anjin, which resumed operations in December after the …

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RBZ Not Printing More Money – Mthuli Ncube

Finance Minister Mthuli Ncube has said the printing of new $10 and $20 denominations does not translate to the Reserve Bank of Zimbabwe (RBZ) printing more money, but it was merely swapping RTGS balances into hard cash. The RBZ this week put into circulation new $10 notes while $20 notes …

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WB Approves U.S.$2,2m Grant

The World Bank (WB) has approved a US $2,2 million grant for Zimbabwe’s recovery and resilience projects to address the devastating impact of Cyclones Idai and Kenneth in March last year. The grant represents one of rare occasions when Zimbabwe gets funding from the global lender, which has not given …

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48% of Local Sanitisers Fail Standards Tests

Recent laboratory tests have shown that 48 percent of hand sanitisers and face masks produced locally have failed to meet the mandatory health standards and Government is now working with the manufacturers to improve the quality of the products, a Cabinet minister has said. Since the gazetting of Statutory Instrument …

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Zimbocash Lists On Cryptocurrency Exchange Platform

The newly-launched blockchain token for Zimbocash, a project that is developing a national decentralised currency network in Zimbabwe, has been listed on major international cryptocurrency exchange Bithumb Global with a free-floating price in trade. Zimbocash revealed that as the Zimbabwean dollar collapses in value, the token launch and listing propels …

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Fixed Exchange Rate – More Harm Than Good

The Reserve Bank of Zimbabwe suspended the new managed floating exchange rate and introduced the fixed exchange rate of US$1 to ZW$25 on March 26, 2020. Two weeks earlier (on March 11), the Treasury department had announced the introduction of a managed floating exchange rate so as to bring the …

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New Zimdollar Notes – Streets Know No Data

Zimbabwe this week entered the second phase of the injection of new banknotes into circulation since the reintroduction of the local currency in 2019. Firstly, the second phase of the introduction of new notes represents the first time since de-dollarisation that the government has really introduced “new notes”. Besides the …

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Zimplow Eyes Improved Performance

Listed agro-industrial firm Zimplow Holdings Limited is optimistic that there will be an improved performance across all its business units in full-year 2020 buoyed by various initiatives it has put in place. This follows a mixed performance across the group in full-year 2019, which saw Powermec and Mealie Brand increasing …

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