ENERGY minister, Zhemu Soda, says the government is in the process of formulating an electric-vehicles (e-vehicle) policy as part of its efforts to achieve universal access to sustainable and modern energy in Zimbabwe by 2030. “The e-vehicles policy is currently being formulated and has a bearing on the overall performance of the Petroleum sub-sector when…
GOVERNMENT is targeting wheat production of 337 500 metric tonnes from the current cropping season, compared to 250 000 metric tonnes last year. The national annual wheat requirement is about 350 000 metric tonnes, but production has persistently fallen short over the years. Information minister Monica Mutsvangwa said a total of 47 519 hectares had…
THE economy will continue on its current growth trajectory despite the “blips” that followed the introduction of a new foreign currency policy that seeks to deal with unscrupulous traders, Reserve Bank of Zimbabwe (RBZ) governor John Mangudya has said. Speaking in an exclusive interview with The Financial Gazette yesterday, Mangudya also emphasised once again that…
BUSINESS has renewed its calls for the government to reduce fuel taxes, which have placed prices in Zimbabwe above those in most countries in the region. In its recent submissions to Treasury for the 2021 mid-term budget statement, the Zimbabwe National Chamber of Commerce (ZNCC) said the government needs to consider reducing the high taxes…
THE Zimbabwe Stock Exchange (ZSE) says retail investment has grown significantly since the introduction of mobile trading platforms, ZSE Direct and C-Trade. Retail investors are non-professional market participants, who generally invest smaller amounts than larger institutional investors, who have historically dominated the local bourse. “Since the introduction of ZSE Direct in September 2020, we have…
FOREIGN activity on the Zimbabwe Stock Exchange (ZSE) declined by 33 percent to $1,15 billion in May. This was despite a 27 percent increase in overall turnover to $3,9 billion. Purchases by foreigners amounted to $332 million compared to $363 million in April, while sales declined to $816 million from $1,34 billion. Analysts say the…
According to Small Enterprise Impact Investing, Exploring the “Missing Middle” beyond Microfinance by Symbiotics (Roland Dominicé and Julia Minici), more than 95 percent of registered businesses in the world are small. Together, they constitute the largest employer in any given private-sector economy, whether of high, middle or low-income levels. Generally, lower income countries tend to…
Former US president Donald Trump has praised Nigeria’s government for banning Twitter after it deleted President Muhammadu Buhari’s post for breaching its rules. “Who are they to dictate good and evil, if they themselves are evil?” Mr Trump said in a statement. He urged other countries to ban Twitter and Facebook for not allowing “free…
AUSTRALIAN Securities Exchange listed junior miner, Prospect Resources Limited (PRL), says development of its Arcadia lithium project is progressing well and within budget, with plant works 92 percent complete on engineering, procurement and construction (EPC). The Arcadia lithium project is located in Arcturus on the outskirts of Harare. In an update to shareholders this week,…
COAL miner Hwange Colliery Company’s (Hwange) inflation adjusted profit was down by 74 percent to $1,6 billion during the year to December 31, 2020, weighed down by an exchange loss of $1,4 billion on legacy foreign creditors. The company’s revenue, however, increased by 13 percent to $4,47 billion. “This was due to a combination of…
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