Harare’s corridors of shame

Harare’s corridors of shame

COMMENT AS media houses are awash with the country’s hyperinflationary environment that has got business and the ordinary Zimbabwean thinking the economy is relapsing into the 2008 era, a period generally regarded as nation’s lowest point, authorities should do more to combat the cancer that has eroded the economy, which is none other than corruption. In Harare, there are certain well-known places where dealers conduct their under-hand deals, such as money laundering. These people are not your normal street foreign exchange dealers, who are currently engaged in a cat and…

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Zimbabweans brace for worst, as fuel price increases

Zimbabweans brace for worst, as fuel price increases

By Varaidzo Zhakata JUST a few hours after the country implemented the weekly foreign currency auction, Zimbabweans’ fears have been confirmed, as the recent fuel price increase is set to trigger a vicious cycle of an upward price review from various service providers. The country’s fuel prices have increased by approximately 150 percent (%), in the aftermath of communication by the Zimbabwe Energy Regulation Authority (ZERA) confirming removal of the fixed exchange rate that was put forth in March this year. The new price regime will see motorists forking out…

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RioZim appoints new CEO

RioZim appoints new CEO

By Lucy Tandi RIOZIM has appointed Manit Mukesh Shah as its new chief executive, succeeding Bhekinkosi Nkomo, who is to step down after three years at the helm. Manit, who has been with the company, as Chief Operating Officer will take up his new role from July 2020. “The Board of Directors of RioZim Limited is pleased to announce the appointment of Mr. Manit Mukesh Shah, as chief executive officer with effect from 1 July 2020. Manit replaces RioZim Limited’s current chief executive officer Mr. Bhekinkosi Nkomo, whose term ends…

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Seed Co forecasts 65 -75% profit growth, despite Covid-19 effects on business

Seed Co forecasts 65 -75% profit growth, despite Covid-19 effects on business

By Wellington Zimbowa SEED Co International Limited Group forecasts a final profit increase of between 65 – 75 percent (%) for the year, ending 31 March 2020, compared to the previous trading year. The Botswana Stock Exchange-listed firm and a spin-off from Seed Co Zimbabwe, in a recent trade update, eyes a 65% – 75% final profit, approximately US$3.5 million and US$3.9m, a notable increase from a US$5.2m profit before tax realized, in the previous year. The bullish drive is largely supported by the core seed business and hinged on…

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Zimbabwe’s economy relapsing to 2008 era?

Zimbabwe’s economy relapsing to 2008 era?

By Wellington Zimbowa ZIMBABWE’s hyperinflationary environment has hit a ‘new low’, becoming the highest in Africa, with skyrocketing prices, as latest data from the Zimbabwe National Statistics Agency (ZIMSTAT) reveal inflation hit 785.55% in May 2020, evoking fears over the country relapsing into the 2008 era, where the country hit a world inflation record. The country sits on pole position in Africa on inflation and comes second, globally, after Venezuela. Critics indict authorities for rampant corruption, misplaced priorities, and policy discord, while the government lays the blame on economic sanctions…

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Governance and strict policies, mono – currency enablers

Governance and strict policies, mono – currency enablers

By Varaidzo Zhakata ECONOMIC commentators have opined that it would require superior governance, as well as, strict policies for the smooth implementation and use of the mono – currency in Zimbabwe. This assertion by economists comes in the aftermath of the Bankers Association of Zimbabwe’s (BAZ) claim that the country’s highly informalized economy has made it difficult to enforce mono – currency in the country. According to analysts, there is a dire need for the implementation of good cooperate governance, strict and regulative policies, and other important measures that aid…

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UN announces child homicide statistics shocker

UN announces child homicide statistics shocker

By Edward Mukaro A shocking report by the United Nations has revealed that around 40.000 children were victims of homicide, in 2017, alone. The Global Status Report on Preventing Violence Against Children 2020, the first of its kind, has among other statistics brought to light the sad statistics, which among others show that over one billion children worldwide have faced abuse because countries have failed to protect them from perpetrators. Each year children have been affected by physical, sexual, or psychological violence, disability, and to some extent leading to death….

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Bond coins’ necessity questioned

Bond coins’ necessity questioned

Reporter AS business, mainly the informal sector continues to defy the Reserve Bank’s notice clarifying that Bond coins are still legal tender, a survey currently being conducted by the Bankers Association of Zimbabwe shows that citizens are torn between the necessity and effects the Bond has had on the transacting public, and the economy, at large. The informal sector has from last week been rejecting payment of goods for services in bond coins and notes, opting rather for the new ZW$2, $5, $10, and $20 respectively, but leaving many consumers…

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Samanja’s rise to stardom

Samanja’s rise to stardom

By Simbarashe Musaki THE adage, ‘fame is greater than its owner and talent is innate and not attached like a patch of cloth’ basically defines Harare City Football Club legend, Tendai Samanja’s indelible mark in the history of Bindura football fraternity, despite leaving the city 14 years ago, to play for Harare based clubs. Samanja, popularly known as “Jahman”, by a legion of his fans, due to his dreadlocks was born in Bindura in 1986, and his rise to stardom can be rewound to his tender age of eight years…

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Foreign currency auction to fuel black market – analysts

Foreign currency auction to fuel black market – analysts

By Edward Mukaro ANALYSTS have branded the Reserve Bank of Zimbabwe’s move to implement a Foreign Exchange Auction Trading System, as noble expressed concern as its regulations might only serve to fuel the thriving of illegal foreign currency exchange in the black market. In a statement released to the media, the central bank announced plans to implement a formal market-based foreign exchange system, which will be operational from the 23rd June 2020; a move the central bank expects to bring transparency and efficiency in the trading of foreign currency in…

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