Business

Zimbabwe inflation hit 31.01%

Zimbabwe’s annual inflation continues to surge after it reached 31% in the month of November, gaining 10.16 percentage points on the October 2018 rate of 20.85%, according to Zimstat. The CPI for the month ending November 2018 stood at 129.65 compared to 118.73 in October 2018 and 98.97 in November 2017. This means that prices, as measured by the all ...

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Zinara seeks $250m for project

THE Zimbabwe National Road Authority (Zinara) will float US$250 million worth of infrastructure bonds to mobilise funds for upgrading the Harare-Masvingo-Beitbridge highway. This comes after government terminated a contract that had been awarded to Chinese contractor Anhui Foreign Economic Construction Group Limited (Afecc) to roll out the US$1,2 billion project. Afecc, the second highest bidder when the tender was first ...

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VID raids fuel queues

GOVERNMENT is taking advantage of fuel queues to pounce on vehicle owners who have failed to regularise their licenses, Transport minister Joel Biggie Matiza has said. Matiza told NewsDay yesterday that government would be deploying officers from the Vehicle Inspectorate Department (VID) to flush out unregistered vehicles. “People were given a deadline and those that complied have no reason to ...

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Oil baron targeted as Zanu-PF meets

In a move which portends fireworks among delegates at the Zanu-PF conference taking place in Esigodini, businessman and ruling party benefactor – Kudakwashe Tagwirei is a target of attack there by a section of the former liberation movement. Sources close to the happenings have informed us that security is on high alert to thwart the  planned demonstration against fuel mogul ...

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Zimbabwe angles for G7 $1.3 billion bridge loan

Zimbabwe is seeking assistance from France to secure a $1.3bn bridge loan facility from the G7 countries to settle World Bank arrears as the government tries to clear its debt to external creditors. High-level sources said that when Finance Minister Prof Mthuli Ncube met Guillaume Chabert, the French assistant secretary for multilateral affairs, recently, he pleaded with the French to ...

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‘Blacklist firms engaged in corruption’

GOVERNMENT has been urged to blacklist companies engaging in corrupt activities as part of its drive to fight graft. Industrialist, Mr Busisa Moyo, said corruption discourages fair competition in business. Speaking at the belated commemorations of the Anti-Corruption Day and opening of the Zimbabwe Anti-corruption Commission (Zacc) offices in Bulawayo on Monday, Mr Moyo, who was representing the business sector, ...

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Is Zimbabwe ebuilding or establishing a new economy?

THE struggle to figure a way forward continues. The fire-fighting approach is the order of the day. Despite the various economic policy directions by the government, there is lack of clarity on where the country’s economy is going. We do not know if we are establishing a new economic base or repairing the old one. The government’s long-term vision seems ...

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Government bans door to door fuel delivery

The Ministry of Energy and Power Development has blocked a venture by a local delivery company Fresh in a Box which had partnered with a fuel entity Heavy Fuels  in delivering fuel  to anyone over 60 years  old, medical staff and critical care workers. The Ministry on Thursday issued a statement saying, “Section 29 of the Petroleum Act states that ...

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Turkish Airlines set to fly into Zimbabwe

Turkish Airlines is expected to expand its flight route into Zimbabwe by the second quarter of next year following profound deliberations held by authorities from the two countries at the ongoing Turkey Travel Fair currently underway in the city of Izmir. Zimbabwe is making a maiden participation at the Turkey Travel Fair which is rated among the most significant tourism ...

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Zera mulls pricing fuel in forex

The Zimbabwe Energy Regulatory Authority (Zera) has made submissions to Government to allow some selected service stations countrywide to sell fuel to motorists in foreign currency. This comes as the country’s major fuel companies, say they want Letters of Credit (LCs) being allocated by the central bank for fuel payments to cover legacy debts owed to several fuel traders that ...

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