Business

The Zimbabwe dollar is slowly being rendered irrelevant in the market due to growing dollarisation, heightening fears the domestic unit might face complete rejection in the market by 2025 if no immediate action is taken to reverse the trend, a key industrial group says. The domestic currency is experiencing growing …

Business lobby group, the Zimbabwe National Chamber of Commerce (ZNCC) has urged government to destroy all illicit goods especially cigarettes on the spot in an effort to improve accountability and transparency and generate income from under-reported exports. This development coincides with the fact that organized crime syndicates comprising prominent politicians …

Brent crude futures increased by $1.69 to reach $91.59 a barrel at 03:47 GMT. US crude inventories were reduced by approximately 4.4 million barrels during the week ending 13 October 2023. Credit: drpepperscott230 from Pixabay. Crude oil prices have surged by 2% over concerns about potential disruptions to oil supply …

Top banker and entrepreneur Nigel Chanakira has challenged Zanu PF to ensure the removal of barriers for enterprising Zimbabweans willing to join the ruling party-dominated league of billionaires. Speaking at the just-ended CEO Roundtable in Victoria Falls, Chanakira questioned whether those from Zanu PF had preserved that status for themselves …

As the Second Republic continues to create an enabling environment to accelerate modernisation and industrialisation, all scientific research should be contextualised to respond to the country’s needs, President Mnangagwa has said. Already, President Mnangagwa, who is the Chancellor of all State universities, has established industrial parks and innovation hubs at …

The Zimbabwe Stock Exchange (ZSE) recorded a total market turnover of ZWL$171 billion in the third quarter of this year, up 418% from the comparable quarter last year, with five firms contributing more than half of the total revenue. Higher turnover in a stock indicates better liquidity, which means that …

Tanzania has opened an office for the Tanzania Ports of Authority (TPA) in Zimbabwe which will assist in the importation of cars and other goods from the ocean-linked country. Hitherto, Zimbabweans have been travelling long distances to access their second-hand cars bought from either Asia and Europe, which come through …

Development partners financing the nearly US$300 million Kariba Dam Rehabilitation project have expressed concern over delays in completing expansion works at the lake after the Zambezi River Authority (ZRA) missed the completion deadline by four years, resulting in rising costs. Kariba, the largest man-made lake in the world by water …

Zimbabwe hopes to become the world’s largest exporter of the chemical element Lithium. Lithium, or ‘white gold’ as it is often known to investors, has become an incredibly valuable resource, as it is one of the key components of electric vehicle batteries. Now an unlikely African country hopes to become …

The Financial Intelligence Unit (FIU) has expressed disquiet over high prices charged by local manufacturers amid worries this could set off another wave of price increases across the entire supply chain. Oliver Chiperesa, director general of the FIU, told Business Times that the national task force’s desire was to remove …