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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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Stanbic Bank Zimbabwe records $10.5 million profit

Stanbic Bank Zimbabwe has recorded a $10.5 million profit in the first half after boosting net interest income. The financial institution’s chief Executive Joshua Tapambgwa said the bank’s interest income grew by 11 percent to $23.1 million from $20.8 million. In the same period last year in the half year to June 2016, Stanbic experienced a 12 percent decline in ...

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NMBZ records half-year before tax profit of $3,6 million

NMBZ Holdings, NMB Bank’s holding company, recorded a profit before tax of $3,558 801 for the half-year ended June 30, 2016, resulting in an attributable profit of $2 640 274. The attributable profit was, however, 17 percent less than that for the same period last year, which was $3 166 684, a reflection of the difficult operating environment. Total income ...

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Zesa to apply for tariff review . . . again

THE Zimbabwe Electricity Supply Authority will submit a fresh application for a tariff review next year after the Zimbabwe Energy Regulatory Authority blocked its most recent bid. The power utility contends that increasing energy costs will help it pool resources needed to guarantee stable supplies and pursue power-generating projects. Zesa has had to pursue debtors after Zera blocked a proposed 14 percent ...

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Re-visiting agricultural financing models

The viability of agriculture depends on the yield while access to markets is equally important. Here I will also tackle climate change. Financing agriculture. If you borrow working capital at 15 percent (interest rate) on a short-term basis and end up using that money for repairs and maintenance, you are indirectly capitalising your farm. So, you are using your short-term money on ...

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Tobacco sales surpass revised target

Zimbabwe’s 2015/16 output of the golden leaf, at 200 million kilogrammes, surpassed the Tobacco Industry Marketing Board’s revised production target of 190 million kg. The remarkable growth in deliveries, beating last marketing season’s 198 million kg realised, is despite an El Nino-induced drought. Earnings have also naturally risen, with farmers – who have dropped in number from 97 616 to 81 794 ...

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