Business

Captains of the industry and analysts have called for the shutdown of the forex auction system saying the meagre US$5m cap on weekly foreign currency allocation was only fit for Small to Medium Enterprises (SMEs) and admission on the need to dollarise. These comments came after Finance and Economic Development …

Hwange Thermal Power Station Unit 7, which was recently taken off the national grid for further tests, was successfully put back on Monday, adding 300 MW to the national output. The 300 MW Hwange Unit 7 had been disconnected from the grid for system evaluation before beginning the final commissioning …

A majority of Zimbabwe’s 300,000 civil servants find themselves in a predicament as the economic state of the southern African nation spirals out of control. The country is beset by a ruinous economic crisis exacerbated by fluctuations in the currency, resulting in steep increase in the prices of goods and …

Nurses have put government on notice to improve their salaries and conditions of service or face mass action, saying their earnings were no longer viable. The nurses accused their employer of pushing them to the “extremes” as their salaries have been wiped out by inflation, while no effort is being …

Zimbabwe Revenue Authority and Allied Workers Trade Union (ZIMRATU) have petitioned their employer demanding a timetable with three days per week working slots necessitated by eroded salaries which have fallen far beyond the cost of living. A letter gleaned by NewZimbabwe.com written by the ZIMRATU president Dominic Manyangadze to the …

The Zimbabwe dollar tumbled by nearly 26% on the official market on Tuesday, the biggest collapse in one day since the auction system was introduced three years ago, while a government inquiry accused the State of driving the collapse of the local currency. The Zimdollar now officially trades at 1 …

Zimbabwe Newspapers (1980) Limited, the country’s biggest diversified media group has found the going tough as its dominant existence in the industry is under threat forcing it to embark on drastic cost-cutting measures that are likely to cost the jobs of many, Nhau/Indaba has heard. Exacerbated by the continuously dwindling …

Nigerian businessmen and Africa’s wealthiest man Aliko Dangote has announced the inauguration of the groundbreaking Dangote Oil Refinery, which is set to be the world’s largest vertically integrated petrochemical complex. The refinery, which was commissioned today by outgoing Nigerian President Muhammadu Buhari, marks a significant milestone for the nation’s downstream …

A Bulawayo based company has embarked on a series of awareness campaigns to educate Zimbabweans on the importance of bees, their benefit to the economy as well as how they help preserve the ecosystem for our own benefit. Bee’s Honey Company (BHC) began the robust campaign in Bulawayo today (Saturday) …

Parliamentarians have renewed calls for the government to dump the weakening local currency saying it has contributed to rising inflation, urging readoption of the USD. The Zimbabwe dollar, which was readopted in 2020 after years of using foreign currency, has been on a freefall losing value against the greenback. The …