Category: Business

Banking sector deposits surge                  

Zimbabwe’s banking sector deposits have increased to $7.4 billion reflecting confidence despite cash challenges affecting the transacting public.           Banks ability to serve the interests of the transacting public on the back of cash challenges came under spotlight at the currency reforms meeting in the capital this Thursday (today).                         Reserve Bank of Zimbabwe director for economic research Mr Simon Nyarota said the banking sector deposits continue to rise.             He however said although officially the bond note is at par with the United States dollar, concern arises over its trade in other informal sectors.         “Banking sector deposits have increased but we...

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Govt committed to KPCS reforms: AG 

The government is committed to the Kimberley Process Certification Scheme’s reform agenda amid proposals by the plenary to start the implementation of some of the reforms. The KPCS family converged in Brisbane, Australia, for the plenary session amid pressure to reform the organisation in line with the obtaining environment. The plenary session has set up an adhoc committee to spearhead the reform agenda which will see the setting up of a permanent secretariat by the first quarter of the year. Speaking to journalists on the sidelines of the plenary session Attorney General Advocate Prince Machaya said government is committed...

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Industry hails Afreximbank package

Captains of industry and commerce have hailed the US$1,5 billion Afreximbank economic stabilisation package  for Zimbabwe, saying it has set the tone for more credit line inflows. Zimbabwe’s economy has been reeling under several challenges in the past few years, resulting in low business confidence and limited growth opportunities. With the Cairo headquartered Afreximbank availing the economic stabilisation package, the economy is guaranteed of a restart with strategic sectors being expected to benefit, according to Grant Thorntorn Accountants Public Auditor, Mr Tinashe Mawere. While in terms of the package, US$150 million will be set aside for the banking sector,...

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Shabanie Mine pins hope on new minister

Zvishavane Ngezi legislator, Cde John Holder says hopes for the revival of Shabanie mine are now anchored upon the new Mines and Mining Development Minister, Cde Winston Chitando whose rich understanding of the sector must help spur the revival path of the docile institution. Having been the lifeline and the reason why the town of Zvishavane came into existence, Shabanie Mine used to employ thousands. Many businesses and families benefited directly and indirectly through the asbestos mining entity. “Cde Chi9tando understands the industry so there is hope that Shabanie Mine’s woes will finally be addressed,” Cde Holder said. Over...

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ZSE bullish in Tuesday’s trading

The Zimbabwe Stock Exchange ended Tuesday’s trading on a high note due to gains by the two indices on the market. The industrial index gained 0,65 percent to close at 335,82 points, while the mining index gained 2,59 percent to close at 140,32 points. In green were Meikles which was 19,52 percent up to close at 30,00 cents and Axia which was 17,18 firmer to end at 19,92 cents. Old Mutual gained 2,41 percent to 450,00 cents and Econet was 1,95 percent up to end at 99,74 cents. Top losers included Ariston, down by 2, 86 percent to end...

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