THE National Competitiveness Commission (NCC) has urged Zimbabwean authorities to ban the exportation of raw hides to support value addition in the leather industry, which has been billed as a key prospect for the country’s export diversification. In a recent report, the NCC said value addition in the leather value chain will enhance the industry’s…
MASHONALAND Holdings (Mash Holdings) says it expects its foreign currency denominated full year revenue to stand at 75 percent in an increasingly dollarising economy. More than three-quarters of domestic spending is now in foreign currency, according to the Zimbabwe National Statistics Agency. The chief executive of the property concern, Gibson Mapfidza, told The Financial Gazette…
FIRST Mutual Properties (FMP) says the office segment was subdued in 2022 owing to the need to re-adjust from the newly-formed remote working models. Market watchers have since attributed the current trends to the “new normal” conditions prompted by the Covid-19 pandemic, which saw many companies shifting to online-based work practices as opposed to physical…
Amazon Web Services (AWS) experienced a wide-reaching outage on Tuesday afternoon, which affected countless major websites. AWS is a cloud computing offering that makes money by charging businesses to host websites and other applications. While the company says the issue is largely resolved now, the outage lasted about two hours. “We are continuing to work…
SINCE the 2000s, Standard Chartered Bank (StanChart) has been “fading away” from Zimbabwe.
A LOCAL research firm says it expects Zimbabwe’s money supply to remain “under a leash” after recent changes made to Zimbabwe’s exchange controls. As part of measures effected a fortnight ago to promote the use of the local currency, the Treasury will now fund the Zimbabwe dollar component of the 25 percent foreign currency surrendered…
THE Zimbabwe Revenue Authority (Zimra) says it is concerned about the growing number of taxpayers who are failing to declare sales in the currency of trade as domestic US dollar revenues soar across the economy. It comes as a number of companies have also reported growing foreign currency sales. Misheck Govha, commissioner of domestic taxes…
NATIONAL Foods Holdings (NatFoods) has applauded the multi-currency environment, saying it has improved operational sustainability. The fiscal authorities legalised the multi-currency system last year, making both the US dollar and Zimbabwe dollar legal tender for all local transactions in a bid to build confidence in the local currency. “Pleasingly, the multi-currency environment has improved operational…
GOVERNOR of the Reserve Bank of Zimbabwe, John Magudya, says demand for foreign currency under a multi-currency system remains insatiable, but he revealed that the country has so far mopped up $60 billion through its gold backed store of value alternatives. Zimbabwe has oscillated between different currency regimes over the past decade as inflation challenges…
THE Zimbabwe Electricity Transmission and Distribution Company (ZETDC) says tariffs are nearly entirely to blame for the country’s power shortages, which the state utility maintains are not viable. Speaking at the Chamber of Mines Zimbabwe’s annual conference last week, acting managing director for ZETDC, Howard Choga, said power tariffs were hindering investments in energy generation.…
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