Business

Business / Economy Goobye interbank rate!…RBZ chief speaks on auction system by Staff Reporter <!– –> FARMERS, gold miners and other producers who have been crying foul over the 1:25 fixed interbank exchange rate have something to smile about as the Reserve Bank of Zimbabwe (RBZ) starts implementing the foreign …

MULTI-NATIONAL company Gold Leaf Tobacco Corporation (GLTC) co-owned by South Africa-based Zimbabwean tobacco mogul Simon George Wilburn Rudland, who also deals in tobacco processing, cigarette manufacturing, marketing and distribution, has proved to be a significant player in the industry. GLTC has made significant inroads into the market that was previously …

BY MTHANDAZO NYONI BLANKET Mine, one of Zimbabwe’s largest mining companies, continued with its strong financial and operating performance, registering a 146% increase in gross profit to US$10,6 million in the first quarter of this year. Blanket, which is controlled by Caledonia Mining Corporation (Caledonia), also registered a gross revenue …

THE Zimbabwe National Gazelles has launched a programme to support yet-to-be-identified small-to-medium enterprises (SMES) with an annual turnover of $1,2 million into medium-sized entities through intensive business workshops, coaching and mentoring and access to funding and markets. BY FIDELITY MHLANGA The programme is being managed by Kukura Business Accelerator (Pvt) …

ZIMBABWE’S richest man, telecommunications mogul, Strive Masiyiwa, was the leading influencer among business leaders on Facebook in the week ended April 19, 2020 beating the world’s second wealthiest man, Bill Gates, at number seven. TATIRA ZWINOIRA This was revealed in the Facebook owned, CrowdTangle, a leading content discovery and social …

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PRESIDENT Emmerson Mnangagwa’s government has sent a distress call to the International Finance Institutions for a bail package, admitting the cashless government was close to collapse and an implosion was imminent in the absence of the stimulus rescue package. By Everson Mushava According to Africa Confidential, Finance Minister Mthuli Ncube …

THE Zimbabwe Revenue Authority (Zimra) says second quarter collections will be adversely affected by business closures and reduced profitability due to the impact of the COVID-19 pandemic. BY TATIRA ZWINOIRA In the first quarter ended March 31, 2020 before the start of the national lockdown, Zimra surpassed its cumulative net …

THE commencement of the 2020 tobacco marketing season on Wednesday is expected to pacify the volatile exchange rate through the injection of fresh forex liquidity in the market. — By Fidelity Mhlanga The 2020 tobacco marketing season opened this week after a delay of over a month as authorities battle …

AUSTRALIAN energy firm, Invictus Energy Limited (IEL) has announced a 25% cut to its board and management annual fees and remuneration in light of global market and oil uncertainty over the coronavirus (COVID-19). BY TATIRA ZWINOIRA Due to the uncertainty around COVID-19, global oil market prices have fallen substantially at …