ANALYSTS say the proposed BRICS single currency would be a solution to some of Zimbabwe’s economic challenges, which have lately been headlined by currency volatility. It comes as the foreign affairs ministry has said the country is willing to join the grouping’s unified currency proposal among other trade pacts. BRICS is an acronym that started…
BUSINESS is hopeful that things will get better in the medium to long-term after authorities recently announced new policy measures to stabilise the country’s economy. This comes after the Reserve Bank of Zimbabwe’s (RBZ) monetary policy committee overhauled the country’s foreign currency auction system last week, among other interventions, with the aim of achieving a…
ECOCASH Holdings (EcoCash) witnessed significant growth in transaction volumes and values for the year ended February 28, 2023, following the intermediate money transfer tax (IMTT) reduction in January 2023. The IMTT was reduced to two percent from four percent and is currently at one percent, as it was slashed further. The group said 78 percent…
MINISTER of Tourism, Mangaliso Ndlovu, says arrivals to Zimbabwe were up by 108 percent to 271 000 during the first quarter of 2023. This comes as the country’s tourism economy recovers from the catastrophic effects of the Covid-19 outbreak, which resulted in travel restrictions across numerous jurisdictions. Speaking at the relaunch of Cresta Lodge in…
RIOZIM will this year prioritise securing a stable power supply across all its operations to ensure consistent plant throughput. In a trading update for the first quarter of 2023, company secretary Tawanda Chiurayi bemoaned the increasing power outages elongating downtime. “Power supply challenges worsened during the period under review due to load shedding and unstable…
NIGERIA says it expects commercial ties with Zimbabwe to improve as the two countries work to open up access to each other’s markets. This comes as national trade development and promotion organisation, ZimTrade, this week disseminated results from a market survey it recently completed in Nigeria exploring the potential for Zimbabwean products in the West…
KUVIMBA Mining House (Kuvimba) says it is mobilising internal resources to raise around US$500 million to kick-start operations at its Darwendale platinum asset, Great Dyke Investments (GDI). This comes as Kuvimba is of the persuasion that enlisting another foreign investor would further delay the resumption of the keenly anticipated project. “This project is now valued…
HOSPITALITY Association of Zimbabwe (HAZ) president, Farai Chimba, says new investments in the industry have provided a boost to domestic tourism by offering more affordable products. This comes amid a push to boost the domestic segment, which began at the height of the Covild-19 pandemic after the introduction of crippling restrictions on international travel, as…
PIPING products manufacturer, Proplastics, has set annual capital spending at $2,6 billion despite reporting an 86 percent dip in its 2022 inflation adjusted profit. A total of US$2,7 million was spent by the group on capital equipment in the nine months ended September 30, 2022. This includes the newly-commissioned PVC line. The plant modernisation efforts…
A LOCAL research firm says it expects Padenga Holdings’ (Padenga) revenue for this year to rise by almost 30 percent to US$166,81 million, underpinned by the expansion of gold mining activities, and an increase in crocodile. In 2022, the group generated US$127,89 million in revenue, which was a 68 percent increase from US$76,10 million in…
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