THE decision by the government to accept 50 percent of foreign currency corporate tax obligations in the Zimbabwe dollar (ZWL) will help reduce inflationary pressures, but more needs to be done to boost market confidence in the local unit, analysts say. The Treasury recently announced the measures in a bid to stimulate demand for the…
BUSINESS is now reasonably confident that the upcoming harmonised elections will not destabilise the country and its economy. A number of upbeat economic experts who spoke to The Financial Gazette this week also said that they did not anticipate any more significant policy pronouncements by authorities between now and the elections. The chief executive of…
AMALGAMATED Regional Trading Holdings (Art) says it will continue to utilise banks to establish financing facilities to maximise the capabilities of its new Kadoma Paper Mill (KPM). In 2022, Art committed US$10 million to triple the capacity of tissue production while also enhancing quality at KPM to diversify the group’s income streams. “The strides taken…
THE Zimbabwe dollar appreciated against the greenback this week marking the first time it has done so after a sustained period of successive losses. The US dollar traded at $6 327 down from $6 927 the previous week after going for $4 869 in the first week of June when the wholesale auction system came…
NYANZA Light Metals (Nyanza)’s R14 billion titanium oxide plant is due to start early next year, as the company has signed an engineering, procurement and construction (EPC) contract with East…
THE Central Bank says completely dollarising the economy would affect the competitiveness of businesses in the country amid rising pressure from the market to adopt the US dollar as the sole currency of trade. Zimbabwe is currently operating in a multi-currency system with the domestic unit depreciating considerably against major currencies. “So, the challenge with…
INNSCOR Africa (Innscor) group is continuing to upscale its worker empowerment schemes, as National Foods (Natfoods) has paid a US$190 000 dividend to its employee share trust (EST).
MULTI-franchised motor dealer, Croco Motors was recently awarded the ‘Highest Business Growth’ accolade in the region at the Eicher Annual Dealer Conference in Dubai. This comes as Croco Motors has grown its market share in the Eicher Trucks and Buses segment, with a strong focus on delivering after-sales customer service. Eicher Trucks and Buses, which…
ANALYSTS have urged the government to be more consistent in policy-making for the sake of market confidence and to reduce speculative activity. The weakening of the domestic unit has seen prices of goods and services rising sharply, resulting in the resurgence of inflation. Authorities have over the past few weeks introduced a cocktail of fiscal…
ZB Financial Holdings (ZB) says local procurement increased 447,59 percent to $32,63 billion in 2022 compared to $5,96 billion in 2021 amid commitment to sustainable procurement policies by the group. The diversified group spent $39,63 billion on both local and foreign suppliers in 2022, representing a 513,77 percent increase from the $6,45 billion recorded in…
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