Zimbabwe inflation at 3.52pct in January

HARARE, February 15 (The Source) – Zimbabwe’s annualised consumer price inflation grew to 3.52 percent in January after gaining 0.06 percentage points on the December, 2017 rate of 3.46 percent, the statistics agency Zimstat reported on Thursday.

Export incentives for miners a two-edged sword

By Mukasiri Sibanda, February 13 (The Source) – RBZ’s export incentives from 05 May 2016 to 31 December 2017 sterilised mineral royalty revenue by a discounting factor of nearly 86%. This obviously hurts the government’s desire to create fiscal space, when revenue generation is constricted… Read More

Forex woes hold up Telecel Zimbabwe sale

HARARE, February 9 (The Source) – The Zimbabwe government still owes Dutch-based firm VEON (formerly Vimpelcom) $18 million for the purchase of its 60 percent stake in Telecel Zimbabwe because it is unable to raise foreign currency, a cabinet minister has said.

ZSE mining index slides on Bindura

HARARE, February 5 (The Source) -The Zimbabwe Stock Exchange (ZSE) mining index eased 1,71 percent on Monday to 128,19 points weighed down by losses in Bindura Nickel Corporation (BNC) which was down 7 percent to trade at 3,72 cents.

ZSE posts marginal gains

HARARE, February 1 (The Source) – The Zimbabwe Stock Exchange All Shares index slightly gained 0,08 percent to close at 91,39 points on Thursday, with trades restricted to a few counters.

ZSE sheds 9pct in January

HARARE, February 1 (The Source) – The Zimbabwe Stock Exchange All Shares index dropped 8,68 percent in January to close at 91,32 points, on profit taking in most counters as the local bourse continues to correct itself from the bull run that ended in November… Read More

Listless ZSE records marginal loss

HARARE, January 31 (The Source) – The Zimbabwe Stock Exchange All Shares index slightly eased 0,05 percent to close at 91,32 points on Wednesday, as trades remained restricted to very few counters with only four stocks changing prices in the day.

No immunity for Mugabes – Mnangagwa

HARARE, January 24 (The Source)- Zimbabwe’s President Emmerson Mnangagwa says the country’s former ruler Robert Mugabe and his family are not immune from prosecution, dispelling reports that the former first family had been granted immunity.

ZSE retreats 

HARARE, January 24 (The Source) – The Zimbabwe Stock Exchange All Shares index retreated by 0,44 percent on Wednesday to close at 91,20 points, offsetting prior gains recorded earlier this week.

Zimbabwe orders immediate fuel price cuts

HARARE, January 23 (The Source) – The Zimbabwe government has ordered fuel dealers to reduce prices immediately by between 7 and 14 percent, less than 24 hours after cutting excise duty on fuel imports in a move aimed at lowering production costs.

AfDB sees Zimbabwe GDP at 1pct in 2018

By Adelaide Moyo, HARARE, January 19 (The Source) – Zimbabwe’s economy is expected to grow by one percent this year, picking up to 1,2 percent in 2019, the African Development Bank has said in its latest African Economic Outlook report.

Liberal democracy in Africa can wait

By Simplice A. Asongu, Africa’s policymakers understand that strong economic and political leadership is essential to growth and stability. For years, African economies have fared better than expected, owing to a commitment to improving governance. The question now is how to sustain the momentum.

Revenue collections top $3,98 billion

HARARE, January 18 (The Source) – The Zimbabwe Revenue Authority (Zimra) on Thursday reported that annual gross collections for 2017 amounted to $3,98 billion compared to $3,4 billion in 2016 on increased use of plastic money and an effective anti-corruption drive.

Succession: MDC-T following ZANU-PF script

HARARE, January 17 (The Source) – An ailing long-time leader allegedly being taken advantage of by a faction that is using his wife. A presidential spokesman under attack. Party leaders responding to calls for new leadership with shouts of “there’s no vacancy.”

Zim inflation edges up to 3,46pct

HARARE, January 15 (The Source) – Zimbabwe’s inflation rose to 3.46 percent on an annualised basis in December after gaining 0.49 percentage points on the previous month, Zimbabwe’s statistics agency said on Monday.

Zim c/bank warns over Bitcoin currency

HARARE, December 21 (The Source) – The Reserve Bank Of Zimbabwe (RBZ) warned the public against investing in cryptocurrencies such as bitcoin, saying those engaging in virtual currency transactions will not have legal protection or recourse in the event that they lost their hard earned… Read More

Highlights from the SONA2017

HARARE, December 20 (The Source) – President Emmerson Mnangagwa delivered his maiden State of the Nation Address on Wednesday, emphasizing that growing the economy is a top priority for his administration. Below are the key highlights of his speech.

Zimbabwe in the right direction, says IMF

HARARE, December 15 (The Source) – The International Monetary Fund (IMF) says the softening of the Indigenization and Economic Empowerment Act is a step in the right direction and feels the 2018 budget is a good starting point in addressing excessive government expenditure.

Rudland quits CFI board ahead of crucial EGM

HARARE,December 13 (The Source) – Hamish Rudland resigned from the CFI board on Tuesday, a day prior to the agro-industrial group’s extraordinary general meeting (EGM) which was meant to fire him, marking the end of Stalap representation on the CFI board.

Mining requires $400mln funding in 2018

HARARE, December 8 (The Source) – Zimbabwe’s mining sector requires at least $392 million in working capital to sustain operations in 2018, up from the $211 million which was invested this year, an industry survey has revealed.

Stalap goes to court over ‘fraudulent’ CFI Holdings EGM results

HARARE, December 4 (The Source) – Stalap Investments, a major shareholder in agro-industrial group CFI Holdings, has instituted legal action seeking to declare last month’s extraordinary general meeting (EGM), which cancelled a 2015 $18 million land-debt swap deal with Fidelity Life Holdings, null and void.

China says to work with Mnangagwa administration

HARARE, November 29 (The Source) – China’s President Xi Jinping is willing to work together with Zimbabwe’s new leader, Emmerson Mnangagwa, an envoy said on Wednesday, giving hope to the possible revival of ‘mega deals’ signed between the two countries two years ago.

Mnangagwa sworn in as president

HARARE, November 24 (The Source) – Emmerson Mnangagwa was on Friday sworn in as Zimbabwe’s third president by Chief Justice Luke Malaba to loud cheers at a packed National Sports Stadium, marking the end of Robert Mugabe’s nearly four decades rule and a new chapter… Read More

Mnangagwa to be sworn in as president on Friday

HARARE, November 22 (The Source)- Zimbabwe’s Emmerson Mnangagwa is set to return to the country on Wednesday and will be sworn in as president on Friday to replace Robert Mugabe who quit after nearly four decades in power, Speaker of Parliament Jacob Mudenda said.

Zimasco agrees marketing deal with US-based firm

HARARE, November 19 (The Source) – The Zimbabwe Mining and Smelting Company (Zimasco) has signed an agency agreement with New York-based Traxys to market and distribute its ferro-chrome products in North America, a deal seen reviving the struggling miner.

Delta net income up 4pct in H1

HARARE, November 8 (The Source) – Delta Corporation on Wednesday reported a 4 percent increase in after tax profit to $32,3 million for the six months to September, from $30,98 million in the comparable period last year on improved finance and income from associates.

ZSE opens week lower

HARARE, November 6 (The Source) – The Zimbabwe Stock Exchange opened the week lower with the industrial index and mining index losing 0,27 percent and 3,81 percent to close at 524,23 points and 135,14 points respectively.

ZSE indices open new month higher

HARARE,November 1 (The Source) – The Zimbabwe Stock Exchange indices opened the month of November higher, with both the industrial and mining index advancing 0,26 percent and 4,36 percent to close at 523,22 points and 138,27 points respectively.

Zimbabwe’s inflation puzzle

HARARE, October 30 (The Source) – Renowned professor at The John Hopkins University, Steve Hanke suggests in his latest note that Zimbabwe’s inflation has in fact, reached 332,62 percent, not the official 0,78 percent.

Larfarge makes play for PPC

HARARE, October 30 (The Source) – Regional cement maker Pretoria Portland Cement (PPC) says it has received an offer from a global building materials and solutions company, LarfargeHolcim, challenging an earlier offer from Fairfax.

Africa’s schooling without learning

By Atukwei Okai, ACCRA – As the school year began this September, there was welcome news for Ghana’s nearly half-million students entering high school: President Nana Akufo-Addo had fulfilled his campaign promise of free secondary education for children nationwide. He swore not only to do… Read More

Zimbabwe crisis: Confidence is the missing link

By Respect Gwenzi, HARARE, October 13 (The Source) – Predictions by renowned world economic bodies and the government point towards economic recovery in Zimbabwe at least over the next 3 years. Underlying this foreseen recovery is a projected sustained favourable rainfall pattern which is expected… Read More

Delta Beverages feels cash crunch

HARARE, October 11 (The Source) – Zimbabwe Stock Exchange-listed beverages manufacturer, Delta Corporation (Delta), says its sorghum beer volumes for the quarter to September were down three percent, affected by cash shortages in the main markets.

ZSE bull run picks up pace

HARARE, October 11 (The Source) – The stock market bull run accelerated on Wednesday, with the main industrial index gaining 3,95 percent to 487,14 points while the mining index added 1,73 percent to 137,52 points.

Dangote Cement bids for PPC

HARARE, September 14 (The Source) – Regional cement maker Pretoria Portland Cement (PPC) on Thursday said it had received an offer from Nigeria’s Dangote Cement to acquire the company’s entire share capital.

Broke govt hires 2,300 teachers

HARARE, September 11 (The Source) – Zimbabwe’s cash-strapped government has hired an additional 2,300 teachers, effectively lifting a ban on public sector recruitment put in place to reign in on spending.    

ZSE market cap hits $8bln

HARARE, September 10 (The Source) – The Zimbabwe Stock Exchange (ZSE) market capitalisation increased by $1,37 billion in the week to close at $8,12 billion on Friday, from $6,74 billion in the previous week.

Zimbabwe expects 2,5mln carat diamonds in 2017

HARARE, June 22 (The Source) – Zimbabwe expects to produce 2,5 million carats of diamonds this year after acquiring equipment for its state-owned Zimbabwe Consolidated Diamond Company but legal challenges remain over its move to nationalise diamonds fields in the east of the country. President… Read More

Afdis H1 net income up 57pct

HARARE, February 19 (The Source) – Wine and spirits maker African Distillers (Afdis) reported a 57 percent rise in after tax profit to $2,8 million in the six months to December, 2017 from $1,8 million in the prior comparable period. Revenue rose 18 percent to… Read More

$141mln for road rehabilitation 

HARARE, February 13 (The Source) – The Zimbabwe National Roads Authority (Zinara) has budgeted $140,7 million for repairing and maintaining roads in the country this year, a Parliament portfolio committee heard on Tuesday.