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WorldRemit partners ZimPost for new remittance routes

WORLDREMIT has partnered with ZimPost to open new remittance routes to Zimbabwe, which is expected to support the growing demand for instant transfers. BY BUSINESS REPORTER In a statement yesterday, WorldRemit South Africa country director, Pardon Mujakachi said they wanted to offer customers the widest and most convenient pay-out options. …

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Foreign suppliers add premium on raw materials

FOREIGN suppliers are now charging local businesses and manufacturers premiums on bank transfers in a sign that they have lost confidence in local banks. BY TATIRA ZWINOIRA A cash premium is the mark up on top of the amount of cash that is transferred in a transaction through the real …

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Indian businesses set terms for investments

Indian businesses need to have confidence in the market in long term projects if they are to invest in Zimbabwe, the Asian giant’s National Small Industries Corporation Limited (NSIC) has said. BY TATIRA ZWINOIRA NSIC chairperson, Ravindra Nath told NewsDay on the sidelines of the official proceedings after the visiting …

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Banking sector profits jump to $181m

Oliver Kazunga, Senior Business Reporter THE banking sector in Zimbabwe closed year 2016 with $181 million profits, recording a 42 percent increase from $127 million in 2015, the central bank reported. In his 2017 Monetary Policy Statement presented yesterday, Reserve Bank of Zimbabwe (RBZ) Governor, Dr John Mangudya, attributed the …

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Zimbabweans blow $206 million on DSTV subscriptions

Business Editor RESERVE Bank of Zimbabwe Governor Dr John Mangudya yesterday expressed shock that Zimbabweans blew a total of $206,7 million on DSTV subscriptions paid through nostro accounts between July and December 2016. This brings the nation’s priorities to question at a time when the country is experiencing a crippling …

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Zimbabwe’s CEOs Face Tricky Terrain

By Paul Nyakazeya ZIMBABWE’s chief executives officers (CEO) face the daunting task of restoring fortunes in their organisations against the backdrop of a declining economy and persistent erosion of disposable income. The company executives have had to contend with persistent cash shortages, aging equipment, a gridlock in payment systems and …

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Zimbabwe: Nicholas Vingirai Flexes Muscle Within ZB

By Paul Nyakazeya BANKER, Nicholas Vingirai, has embarked on a restructuring of financial services group, ZB Financial Holdings Limited (ZFHL), after assuming a 26 percent shareholding last year. The transaction was compensation for the loss of Intermarket Holdings Limited (IHL) in 2004. IHL had been bought by ZFHL with the …

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Zimbabwe: Current Account Deficit to Narrow, Says BMI

A LONDON-BASED research firm has predicted an improvement in the country’s current account deficit this year, forecasting a surge in export earnings during the calendar and an improved liquidity position following major monetary reforms that ushered in a new currency in the country. BMI Research said economic growth, which will …

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Zimbabwe: Firms Fight Zimra Garnishee Orders

LAST month, the Supreme Court overturned a High Court order lifting a US$20 million garnishee order that the Zimbabwe Revenue Authority (ZIMRA) had placed on Packers International Private Limited, a fast foods and retail business concern which owns Chicken Slice, Pizza Slice and Creamy Slice. Justice Anne-Mary Gowora with her …

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