Gold Star, a subsidiary of ZSE-listed StarAfrica, has temporarily closed its Harare refinery and placed employees on indefinite leave, citing a sharp increase in raw sugar prices by its supplier Tongaat Hulett. Gold Star commercial executive Revesai Gwenhamo said raw material price increases made their operations unprofitable. “We are writing …
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The Zimbabwe dollar official exchange rate has converged with the parallel market premiums while at the same time falling within internationally acceptable margins the Reserve Bank of Zimbabwe (RBZ) Foreign Exchange Auction latest results have revealed. A trading update released at the close of business Tuesday shows that the official …
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When global leaders gathered at the annual World Economic Forum conclave in Davos last month, they were looking at a bleak economic scenario. Two-thirds of the economists polled by the WEF for its Chief Economists Outlook report said a global recession – a shrinking of the world’s gross domestic product …
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By Purity MarungisaFormer TelOne managing director, Dr. Chipo Mutasa has been appointed as the new Chairperson of the beleaguered Air Zimbabwe with immediate effect. Her appointment was announced by Minister of Transport and Infrastructural Development, Felix Mhona Monday. She replaces Dr. Silvanos Gwarinda who was appointed substantive chair on August …
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Belarus President Alexander Lukashenko this week travelled 7 982 kilometres, the distance by air from his capital Minsk to Harare, in his first sub-Saharan visit to meet President Emmerson Mnangagwa for critical talks on bilateral issues and contracts involving his cronies, but the big deal was the country’s natural resources …
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Government has with immediate effect restored the operating licence for Rimbi Tours Private Limited, after suspending the bus company from operating following a fatal accident last month. The accident claimed one life on the spot at the 160km peg along the Harare-Nyamapanda Highway and injured several last month after his …
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One of Zimbabwe’s leading petroleum supply company, Trek Zimbabwe, has sold its stake to a new investor at the same time booting its managing director Innocent Mugwisi, after some operational disagreements with other shareholders. Insiders told Zim Morning Post Mugwisi left the company on 31 January 2023 upon the arrival …
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Yesterday, Nigeria became the first African country where Elon Musk’s SpaceX internet service, Starlink, became active. This announcement comes seven months after Musk initially announced that Starlink had received approval to launch in Nigeria—and Mozambique. According to the website, Starlink offers speeds of 50–200Mbps in most areas in Nigeria—an upgrade …
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Rimbi Tours has withdrawn its court application filed against Government after its operating licence was suspended and instead wants to work with the Ministry of Transport and Infrastructure Development to ensure its operational practices meet all the criteria for safe operations. Minister of Transport and Infrastructure Development Felix Mhona announced …
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THE parallel market exchange rate should not be used as a reference for pricing in the economy as it constitutes only a small fraction of cumulative trade volumes, Ministry of Finance and Economic Development Permanent Secretary Mr George Guvamatanga has said. According to Treasury, the parallel market accounted for less …
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