Business

imbabwe ATMs now dispensing rands despite market hesitation

Bank withdrawal limits continue to shrink amid reports that some financial institutions have started giving out the South African rand to ease serious cash shortages. As the cash shortages worsen, bank withdrawals dropped in recent weeks to as low as $20 from a usual average of between $100 and $200. An FBC Bank client said that the amount of cash ...

Read More »

Thuli-Makwe Irrigation Scheme in joint venture with local investor

Farmers at Thuli-Makwe Irrigation Scheme in Gwanda have entered into a joint venture with a local investor in a development that is expected to enhance agricultural productivity at the underutilised facility. The partnership between Thuli-Makwe Irrigation Scheme and Sense Marketing Private Limited will see the investor occupying 139 hectares of land while 55 hectares will remain in the hands of ...

Read More »

‘Cash shortages set to worsen’

As jittery ordinary Zimbabweans wait with bated breath for the introduction of bond notes next month, the Reserve Bank of Zimbabwe (RBZ) has warned of worsening cash shortages ahead, in a further dose of bad news for the country’s dying economy. This comes as the current severe cash shortages have seen desperate depositors swamping banks as they bid to withdraw ...

Read More »

Samsung takes £4.4bn hit to profits from Note 7 fallout

The total cost of pulling Galaxy Note 7 smartphones off the market will be at least £4.4bn ($5.4bn), Samsung said. The South Korean tech giant had already lowered its third-quarter profit guidance by £1.9bn ($2.3bn). On Friday, it said it expected an additional hit of about 3.5 trillion won ($3bn, £2.5bn). The Note 7 was recalled last month after battery ...

Read More »

Forget the South African rand – RBZ

Reserve Bank of Zimbabwe has again stressed that the country is not adopting the South African rand. The rand has traditionally been used mostly in Bulawayo and Matabeleland South due to its proximity to South Africa. Due to cash shortages, some banks especially AgriBank are now giving clients the rand. However, RBZ deputy governor Kupukile Mlambo said there are slim ...

Read More »

EMA faces uphill task on mercury ban

The Environmental Management Agency (EMA) is facing an uphill task on concientising artisanal and small scale miners on the dangers of mercury who have expressed apathy in adapting to alternative methods of processing gold pending a United Nations Environmental Program (UNEP) ban on the liquid metal to be phased out by year 2020. Mercury  is a slow poison in human ...

Read More »

China tops US in numbers of billionaires

China’s annual rich list has indicated that, once again, the country has more dollar billionaires than the US, and the gap is widening. Property magnate Wang Jianlin of Dalian Wanda tops the list of 594 billionaires in the country, ahead of 535 billionaires in the US. Alibaba’s Jack Ma was second, with his wealth having risen 41% from last year. ...

Read More »

Ecosure unveils ‘Thwala sonke’ funeral package

Mobile telecommunications firm Econet Wireless has launched a new micro insurance funeral package to cater for the underprivileged in society. The group’s subsidiary, Ecosure unveiled a package dubbed “Thwala sonke” which allows existing and potential policy holders to cover their immediate and extended family members directly from their mobile pones. Thwala sonke is a Ndebele phrase which means “carry them ...

Read More »

Zimbabwe in state of the art tollgate plaza project

GOVERNMENT is set to spend millions of dollars in constructing state-of-the-art tollgate plazas to replace the makeshift structures that are currently being used at some tolling points around the country. The State Procurement Board has since published tenders for the construction of five of the tollgates. According to the Government Gazette of September 19, contractors are being invited to bid ...

Read More »

Samsung slashes profit forecast over Galaxy Note 7 crisis

Samsung Electronics has slashed its quarterly profit forecast due to the scrapping of its Note 7 smartphone. The South Korean firm now expects third quarter profits of 5.2tn won ($4.7bn; £3.8bn), which is a third lower than its original estimate of 7.8tn won. The Note 7 was recalled last month after battery fires, but after replacement phones experienced the same ...

Read More »