ZIMBABWE’S diesel consumption saw a four percent increase in the first half of 2024 compared to the same period in 2023, according to latest data released by the Zimbabwe Energy Regulatory Authority (Zera). Diesel consumption reached 528,99 million litres, up from 510,22 million litres in the prior year. The month of June 2024 alone witnessed…
ZIMBABWE’S trade deficit increased by 23,4 percent to US$274,8 million in July, despite an increase in exports during the month.Zimbabwe is currently working to localise several value chains to reduce imports and promote value addition and benefits to optimise exports. In June, the trade deficit was US$222,7 million. According to ZimStats data, July 2024 exports…
THE Confederation of Zimbabwe Retailers (CZR) has urged the central bank to reduce and standardise bank charges to make digital transactions more attractive and curb the growing shift towards a cash economy. This plea comes as the government has standardised the two percent intermediated money transfer tax (IMTT) for both local and foreign currency transactions,…
CBZ Holdings has secured a US$20 million credit line from the Trade and Development Bank Group (TDB) to be channelled to exporting companies. This is the part of the regional development financier’s commitment to provide cumulative lines of credit worth US$50 million through various local financial institutions amid a huge demand for credit. CBZ group…
Manchester United have held exploratory talks over a deal to sign Raheem Sterling from Chelsea. The 29-year-old forward has been training away from the first-team squad after being told by Blues manager Enzo Maresca he will struggle for minutes at the club. While it is being stressed there is no guarantee of an agreement being reached, it…
THE Common Market for Eastern and Southern Africa (COMESA) has raised concerns about the devastating impact of recurring droughts on regional integration, especially as Southern Africa grapples with the aftermath of an El Niño-induced drought that severely impacted harvests. “Recurring droughts are a real danger to integration,” warned Willard Mwemba, COMESA Competition Commission director and…
FINANCIAL services group CBZ Holdings (CBZ) says it will exercise caution in lending to clients despite overwhelming demand for credit on the domestic market. The country’s biggest bank by assets and deposits attributed demand to the widespread market liquidity crunch that has widened the mismatch between demand and supply. The shortage of foreign currency has…
RETAIL giant OK Zimbabwe Limited (OK Zimbabwe) experienced a sharp decline in US-dollar (US$) collections during the first quarter, ending June 30, 2024 as consumer payment patterns shifted towards the local currency. Since its introduction on April 5 this year, the new local currency-Zimbabwe Gold (ZWG), has been widely embraced by the market due to…
TANGANDA Tea Company (Tanganda) is focusing on extending regional and international market reach for its packed tea products to spread risks amid volatility in the domestic market. The group endured a difficult third quarter ended June 30 that was characterized by weaker consumer spending due to tightened liquidity of the local currency as authorities sought…
BRICK-making firm, Willdale Limited (Willdale) plans to step up capital raising initiatives next quarter in an attempt to increase plant efficiencies, which should increase its competitiveness in the face of fierce market competition. The company’s ability to meet brick demand is being hamstrung by failure to replace its antiquated machinery. Improving plant efficiency will be…
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