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Externalisation probe begins

00HARARE Finance and Economic Development Minister Patrick Chinamasa has said government has started investigations to identify individuals and companies involved in externalising foreign currency from Zimbabwe and in turn fuelling the current cash crisis. Zimbabwe is battling an acute cash shortage attributed to several factors chiefly externalisation and low exports. The country’s monetary authorities have…

Truworths suffers $1m loss as demand weakens

00Truworths suffers $1m loss as demand weakens HARARE – Traditionally, the December peak season drives Truworths first half performance, which would eventually have a bearing on the group’s profitability at year end. The last period was however more broadly characterized by salary reduction, delayed monthly payments – which resulted in subdued trading conditions. According to…

Bindura Nickel production down 16% in Q3, Smelter Restart at 78%

00Bindura Nickel production down 16% in Q3, Smelter Restart at 78%  HARARE – Bindura Nickel Corporation’s (BNC) nickel-in-concentrate production was16% lower in the third quarter to December at 1 571 tonnes compared to 1 866 tonnes in the previous quarter despite significant increases in both mining and milling output. Parent company ASA Resources in its…

Dairibord consolidates operations into two subsidiaries

00Dairibord consolidates operations into two subsidiaries HARARE – Milk processor, Dairibord Holdings has consolidated operations into two subsidiaries namely Dairibord Zimbabwe (Pvt), Dairibord Malawi in an exercise that will see the group achieve at least 10% savings on costs. The initial phase of group restructuring commenced in January 2016 in the wake of reduced revenues…

How VAT on basic commodities impact local firms

00How VAT on basic commodities impact local firms HARARE – The Zimbabwe Revenue Authority last year saw its gross revenue collections missing the target by 4 percent, registering collections of $3.462 billion, compared to the targeted $3.607 billion. This was against increasing expenditures which surpassed the targeted levels. That left treasury with an excessive fiscal…

RBZ releases $15 mln in $5 bond notes

00RBZ releases $15 mln in $5 bond notes HARARE – The $5 bond note has entered into circulation with the Reserve Bank of Zimbabwe saying $15 million has been released as export incentives. Governor Dr John Mangudya told Finx the release brings the total amount of bond notes in circulation to $94 million (from $79…

Zimra surpasses gross and net revenue targets for January

00Zimra surpasses gross and net revenue targets for January HARARE – The Zimbabwe Revenue Authority (ZIMRA) has surpassed gross and net revenue targets for January by over four percent and three percent  respectively. The Authority collected gross and net revenue amounting to $264.79 million and $262.21 million respectively, against a target of $254.10 million. This translates…

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