Business

Bulawayo’s SKYZ Metro FM hits the airwaves

Bulawayo-based radio station – SKYZ Metro FM on Sunday began broadcasting, days before final deadline day. However, the station said it was testing its signal carrier. “Finally we have landed from Beyond the skyz! Catch us on air 100.3FM and give us feedback on our signal testing” it said on its twitter account. SKYZ Metro FM had up to Thursday ...

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Corruption levels alarming, admits Chinamasa

CORRUPTION in both public and private sectors has reached “alarming proportions” and is stifling growth, revenue mobilisation efforts as well as scaring away investors, Finance and Economic Development Minister Patrick Chinamasa said. Minister Chinamasa said given the resource constraints in the economy and losses through corruption and mismanagement, it was necessary that more effort be applied to establish robust systems ...

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RioZim loss after tax drops

RIOZIM has reduced its loss after tax to $403 000 in the half year ended June 30, 2016 from $6,9 million recorded during the same period last year. During the period under review, the resource group also registered a 40 percent growth in revenues buoyed by an increase in gold production. “In the second half of the year the group ...

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Chinamasa silent on bond notes but says multi-currencies to stay

Finance Minister Patrick Chinamasa has said  the use of multi-currencies  will continue until such a time the country is able to  sustain its own  currency. Chinamasa said this while presenting his  mid-term fiscal policy review statement  in parliament today. However, he never mentioned the issue of bond notes introduction set for October. Zimbabwe adopted the multicurrency regime, which has a ...

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Chinamasa ‘sweats’ ahead of mid-term policy statement: will he talk about bond notes?

Finance and Economic Development Minister Patrick Chinamasa will present his mid-term fiscal policy review statement this week amid calls to free up fiscal space through a combination of bold policy decisions and major reforms. The policy statement, delayed due to a number of factors including the unavailability of the minister and other Government commitments, is probably one of the most ...

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Thousands of Zimbabweans lose money as MMM crashes

THOUSANDS of people, among them civil servants and vendors, have lost thousands of dollars to fraudulent online pyramid scheme MMM Global Zimbabwe after it collapsed recently. The social financial network, which relied on an accelerating number of new members to pay off the old, abruptly terminated its services last week leaving participants stranded. This comes as Econet’s mobile financial service ...

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Zimbabwe will not introduce a bond notes next month if….

The Zimbabwean central bank says the troubled southern African country will not introduce a local bond currency next month if there are no exports as pressures mounts for Harare to scrap its plans for a local legal tender. Zimbabwe abandoned its own currency in 2009 after the Zimdollar lost value, leading to record hyper-inflation in the country. Following the adoption ...

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EcoCash distances itself from MMM and Ponzi Schemes

EcoCash has distanced itself from MMM and Ponzi Schemes. Econet issued out a notice to all stakeholders advising that it has noted that some of these Pyramid schemes are allegedly advertising in a manner that suggests that the EcoCash facility is a medium for prospective members to deposit their money. Below is the statement from EcoCash: EcoCash is not associated ...

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NRZ secures 31 wagons from China

The National Railways of Zimbabwe (NRZ) will this month commission 31 wagons secured from China at a cost of $2,9 million as part of efforts to boost its carrying capacity. NRZ acting public relations officer Martin Banda, said the wagons have already arrived in Durban, South Africa. Banda said the wagons were supported by a dual breaking system, making them ...

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Zimplats bounces back to profitability

Zimbabwe’s largest platinum miner Zimplats says production for the year ended June 2016 hit a record 290 410 ounces, 53 percent higher than prior year, helping the company bounce back to profitability. Run of mine ore for the period surged 26 percent to 6 million tonnes. Total ore milled also improved 24 percent to 6,4 million tonnes. In the period ...

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