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Business

TBs Stir Widespread Market Anxiety

By Taurai Mangudhla FAILURE by government to honour its Treasury Bills (TBs) as the fiscus increasingly becomes dependent on the debt instruments to finance public spending could have far-reaching implications on the fragile banking sector and the economy. After TBs breached the US$2 billion mark, experts say Treasury’s dependence on …

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Savanna Tobacco Rebrands

By Fidelis Munyoro and Martin Kadzere Government has called for the creation of a cigarette industry which fully embraces value-addition and beneficiation to realise better profits compared to selling unprocessed tobacco. The successful empowerment of the tobacco sector at primary level has not translated to gains further down the value …

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Metbank to Advise Millers

The Grain Millers Association of Zimbabwe (GMAZ) has appointed Metbank Limited as its financial advisor on its $8 million silo facility meant to fund the rehabilitation and repair of the Grain Marketing Board silos. “GMAZ, the apex representative body of the grain milling industry, is pleased to advise that it …

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No Water for Users Without Agreements

OPINIONBy Sirak Gabrehiwot This week the Government and UN Development System in Zimbabwe, together with development partners, civil society organisations validated development results supported by the 2016-2020 Zimbabwe United Nations Development Assistance Framework (ZUNDAF) in 2016. The year 2016 marked the first year implementation of the 2016-2020 ZUNDAF and the …

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Padenga Holdings’ Profit Increases

By Fidelity Mhlanga Padenga Holdings Ltd’s after-tax profit increased to US$8 million in the full year to December 2016 (FY16) from US$7 million in FY15 after surpassing targeted crocodile skin sales. Turnover increased to US$31 million from US$27 million, helped by above-target crocodile sales and high grades achieved. “The group …

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Cresta in multi-million dollar refurbishment

CRESTA Hotels has embarked on multi-million dollar refurbishment of its establishments in Zimbabwe as it seeks to keep in line with international trends and position itself for a boom in the tourism sector, officials said on Wednesday. The tourism sector in Zimbabwe continues to under-perform owing to a number of …

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RioZim courts regional investors

Oliver Kazunga, Senior Business Reporter MINING giant RioZim says it has started courting regional and international investors for the development of a 1 400 megawatt thermal power plant at Sengwa in the Midlands. In 2015, the mining concern announced it needed about $2,1 billion to build the colliery and a …

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Dairibord consolidates Zimbabwean business

ZIMBABWE’S largest milk processor, Dairibord, has consolidated all its local units, Dairibord Zimbabwe, Lyons and NFB logistics, into one operating company, Dairibord Zimbabwe (Private) Limited as it seeks to streamline its operations. The group posted a $3,9 million loss for the year to December 31, 2016. The loss came on …

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Load shedding looms: $77m power import debt haunts Zesa

Business Reporter ZIMBABWE risks being blocked from importing electricity as Zesa Holdings owes regional utilities about $77 million, which may lead to load shedding. The power utility relies on imports to augment supplies due to low generation capacity at home. As of yesterday, the sole power utility generated a combined …

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Namibian President to open Trade Fair

President Hage Geingob President Hage Geingob Kiyapili Sibanda, Business Reporter NAMIBIAN President Hage Geingob will be the guest of honour at this year’s edition of the Zimbabwe International Trade Fair (ZITF) scheduled for April 25 to 29 in Bulawayo. ZITF Company’s board chairperson, Mrs Ruth Ncube, told stakeholders during a …

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