Category: Business

Govt slashes fuel price

The government has with immediate effect slashed fuel prices, following the reduction in excise duty on fuel by treasury yesterday. Petrol will now cost $1,35 cents per litre, diesel $1,23 cents per litre and paraffin at $1,17 per litre. The Minister of Energy and Power Development, Ambassador Simon Khaya Moyo however said the reduction in fuel prices will not remain fixed but considerations will be taken into account, among them global oil pricing trends. Industry welcomes new development The slashing of fuel prices is expected to benefit the manufacturing industry in spearheading economic activities and growth. Zimbabwe’s products have...

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World Economic Forum kicks-off

The 48th World Economic Forum annual meeting has been officially opened by the Prime Minister of India, Mr Narendra Modi in Davos Klosters, Switzerland this Tuesday. President Emmerson Mnangagwa is leading a high level government and private sector delegation to the meeting which is being attended by other world leaders, industrialists and business executives. On the sidelines of the meeting, Angolan President, Joao Laurenco and a representative from Standard Chartered International paid a courtesy call on President Mnangagwa. Some of the members of President Mnangagwa’s delegation, Industry and Commerce Minister Dr Mike Bimha and the Special Advisor to the...

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Govt reduces excise duty on fuel

The government has reduced excise duty on fuel with effect from today. The Minister of Finance and Economic Development, Cde Patrick Chinamasa reduced the excise duty on fuel in terms of Section 225 of the Customs  and Excise Act (chapter   23:02.) In a statement to ZBC News, the secretary in the Ministry of Finance and Economic Development, Cde Willard Manungo said the excise duty on petrol comes down from 45 cents a litre to 38.5 cents. The excise duty on diesel has been reduced from 40 cents a litre to 33 cents while the excise duty on paraffin has...

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ZSE records marginal gains

The main all share index almost remained flat weighed down by losses registered in penny stocks whilst the rand almost broke the R12 barrier against the US dollar after news of president Jacob Zuma’s possible stepping down gained traction. The main all share index was almost flat with tiny gains of 0.01 percent. The industrial index also gained by a similar margin to close at 305.73 whilst the top 10 index lost by almost 0.1 percent to close at 90.50. Trading on mining counters remained subdued as the index remained unchanged from Friday – 305.73. The main gainers on...

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Shortage of train wagons hinder chrome exports

Ferro chrome production for export markets at the revived Zimasco is being hindered by the shortage of train wagons. It emerged during the tour of the country’s largest ferro chrome producer, Zimasco by the Minister of Transport and Infrastructural Development Dr Joram Gumbo with adequate wagons to transport their products from Kwekwe to Beira for export to Europe, China and the USA, the company can double production and earn the much needed foreign currency. Zimasco’s marketing manager Clara Sadomba told the delegation the company is pinning hopes of increasing viability through efficient railway systems. Zimasco has however finalised an...

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