RESERVE Bank of Zimbabwe (RBZ) governor John Mangudya, says the apex bank is working with the Bankers Association of Zimbabwe (BAZ) on incentives to encourage corporates and individuals to bank US$. Zimbabweans, who suffered widespread losses during the hyperinflationary era, are largely reluctant to entrust large amounts of US dollars to the banks. “We will…
THE Infrastructure Development Bank of Zimbabwe (IDBZ)’s renewable energy projects, which have a total capacity of 67 megawatts (MW), are progressing and well on course, the bank has said. IDBZ is independently executing three projects — Gutu Solar (20 MW), Plumtree-based Tjibundule Energy (15 MW) and Gwayi Solar project (30 MW) — valued at US$93…
US business groups have teamed up to form a coalition opposing tax increase proposals by the Biden administration. The US government is proposing a global minimum corporation tax rate, as well as increasing the tax in the US to pay for infrastructure projects. Twenty eight industry groups have now created an alliance called “America’s Job…
Ferrari say the failure that led to Charles Leclerc’s retirement before the start of the Monaco Grand Prix was caused by his crash in qualifying. The team were not initially sure what led to the left-hand driveshaft hub failure that caused Leclerc to lose drive after he left the pits pre-race. But Monday’s investigation at their…
The US health secretary has urged the World Health Organization to ensure the next phase of investigation into Covid-19’s origins is “transparent”. Speaking to a ministerial-level WHO meeting, Xavier Becerra said international experts should be allowed to evaluate the source of coronavirus. US media reports suggest growing evidence the virus could have emerged from a…
Electricity theft is a global challenge and Zimbabwe hasn’t been spared. The country has lost up to 1,000km of power lines due to cable theft. The official explanation is that this is driven by organised crime with some accomplices coming from government departments. Politicians say theft and the vandalism of electricity infrastructure is politically motivated…
THE Zimbabwe Revenue Authority (Zimra) wants to complete its ICT systems revamp by year end, in line with its current digitisation strategy to speed up operations at ports of entry, as well as to plug the smuggling of goods into the country. Acting Zimra commissioner general, Rameck Masaire, told the Parliamentary portfolio committee on budget,…
PLAYERS in the tobacco industry are bullish about the country achieving the 200 million kg production following a good agriculture season, improved availability of inputs and increased hectarage. However, there are still lingering questions over the foreign currency retention ratios and exchange disparities which farmers fear would worsen side marketing. This comes as the government…
THE Zimbabwe Investment and Development Agency (Zida) says it is speeding up the processing of applications for investment in special economic zones (SEZs). To date, Zimbabwe has designated a total of 15 SEZs across the country which are at different stages of implementation. Zida’s special economic zones manager Nyasha Mupita told a recent business conference…
THE value of transactions processed through the National Payment System (NPS) rose to $96,8 billion during the week ending April 30 from $73,2 billion in the prior week, latest figures have revealed. According to the Reserve Bank of Zimbabwe’s (RBZ) latest weekly economic review, Real Time Gross Settlement (RTGS) rose by 32,2 percent to $80,60…
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