April 2023 - The Financial Gazette

MAX MATTERS: Withholding taxes on contracts possible threat to food security

Marvelous TaperaApril 30, 20230641 views

https://fingaz.co.zw/wp-content/uploads/penci-text-to-speech/post-290795.mp3?cb=1732289854.mp3The pangs of the post Covid-19 crisis coupled with the recent Russia-Ukraine war have put an unprecedented strain on food supply worldwide. Zimbabwe has not been spared the global economic woes, which are further exacerbated by the effects of hyperinflation and onerous taxes that have left most taxpayers struggling to survive. One sector that is…

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POSB targets revenue growth

Emmerson Njanjamangezi, Group Features EditorApril 29, 20230640 views

POSB Bank says it will this year focus on digital transformation to grow non-funded income. The mass-market lender commenced a digital transformation project three years ago, which it says has seen the reconfiguration of its mobile banking processes. The bank has also incorporated new billers and widened its international money transfer services, increased US$ products…

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No progress on government, Border Timbers settlement

Mishma Chakanyuka, Staff WriterApril 29, 20230417 views

BORDER Timbers (Border) says no finalisation has yet been reached in ongoing negotiations with the government on the settlement of the company’s award from a 2015 arbitration. In 2010, the company filed a request for arbitration with the International Center for the Settlement of Investment Disputes (ICSID) against the expropriation of its land by the…

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Tourism bullish as peak season approaches

Farai Mabeza, Senior Staff WriterApril 29, 20230503 views

ZIMBABWE’S tourism is gearing up for its peak season amid sentiments that the worst is now behind it after two years of Covid-19-induced interruptions. Tourism was severely affected by the pandemic outbreak as governments across the world imposed travel bans to try to contain the spread of the disease. Tourism Business Council of Zimbabwe president…

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The devil of digital currency in details

Emmerson Njanjamangezi, Group Features EditorApril 27, 20230501 views

THE plan by authorities to introduce a gold-backed digital currency has received mixed responses from economic experts. With many of the experts still awaiting details of the move before taking a definitive position on it, some believe that this will mitigate the Zimbabwe dollar’s volatility, while others fear that it could create more economic instability…

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‘Power key to attaining mining targets’

Mishma Chakanyuka, Staff WriterApril 27, 20230450 views

THE Chamber of Mines says the attainment of Zimbabwe’s target of a US$12 billion mining industry depends on the availability of adequate power. This comes amid revelations that the sector recorded a significantly subdued performance during the fourth quarter of 2022, largely due to acute power cuts in the country. Zimbabwe’s heavy load-shedding has seen…

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Willdale sets sight on regional markets

Almot Maqolo, Staff WriterApril 27, 20230653 views

WILLDALE says it has set its sights on exporting its products to Mozambique and Zambia to boost its foreign currency generation. The brickmaker’s chief executive, Nyasha Matonda, recently told The Financial Gazette that Mozambique will be the starting point for the regional push. “We have had serious inquiries coming through and we have been there…

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Chinese citrus deal excites Zimbabwe

Farai Mabeza, Senior Staff WriterApril 27, 20230507 views

The Zimbabwean government is upbeat about the prospects of local horticulture products gaining access to the Chinese market after the signing of a citrus trade protocol between the two countries. The 2021 protocol was signed amid efforts by Zimbabwe to add China as a major agriculture export market. It will broaden export destinations for Zimbabwean…

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Diamond output surges 62 percent

Almot Maqolo, Staff WriterApril 27, 20230781 views

ZIMBABWE’S diamond production increased by 62,2 percent to 1,52 million carats in the fourth quarter of 2022, from 942 000 carats produced in the fourth quarter of 2021, a new report shows. The southern African country is one of the major diamond producers in Africa. “The increase in output of diamonds was largely due to…

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Tobacco, US$ wages ‘driving’ dollarisation

Almot Maqolo, Staff WriterApril 27, 20230459 views

A LOCAL research firm, Akribos, says transactional dollarisation will likely continue to expand as economic actors try to hedge against currency risk in a high inflationary environment. This comes as experts have continuously warned that the worsening volatility of the Zimbabwe dollar is creating uncertainty within the economy. More than three-quarters of domestic spending is…

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