Business

WATCH: “New Currency Is NOT A Currency” – Mthuli Ncube Clarifies On Mangudya’s Bombshell

  Minister of Finance and Economic Development Mthuli Ncube has clarified on the issue of the introduction of a new currency in the next two weeks which was made by Reserve Bank of Zimbabwe governor John Mangudya. Ncube clarified that the monetary authorities were only adding a cash injection of news notes but insisted that […] The post WATCH: “New Currency Is NOT A Currency” – Mthuli Ncube Clarifies On Mangudya’s Bombshell appeared first on iHarare News. iHarare

Mthuli Is Sabotaging Us: Scared Zanu-PF Bigwigs Bay For Minister’s Head

Officials in the ruling Zanu-PF party are reported to be panicking that they may lose the 2023 elections. The officials are worried that the government’s economic policies which are causing great suffering will alienate them from the voters and cause the ruling party to go out the same way Kenneth Kaunda’s UNIP went out in […] The post Mthuli Is Sabotaging Us: Scared Zanu-PF Bigwigs Bay For Minister’s Head appeared first on iHarare News. iHarare

Month-on-month inflation slows

BY MISHMA CHAKANYUKA ZIMBABWE’s month-on-month inflation rate decelerated by 0,35 percentage points in September to 17,72% from 18,07% in August, the statistics agency has revealed. Treasury barred the publication of the annual inflation rate in its mid-term fiscal policy review issued in August, after the rate had reached a decade-high of 175,66% in June. However, the implied annual inflation drawn from the official statistics show a significant increase to 353% from the August figure of 288,5%. According to the Zimbabwe National Statistics Agency (ZimStats), the inflation slow down means that prices, as measured by the all items Consumer Price Index (CPI), increased by an average rate of 17,72% from August 2019 to September 2019. “The month-on-month inflation rate in September 2019 was 1...

Bread price up 61%

BY TAFADZWA MHLANGA Zimbabwe’s bread price has shot up 61% to $15 after days of shortages, piling more misery on a citizenry already bearing the brunt of poor earnings. This comes after the bread price had been continuously going up since last year due to shortage of wheat and foreign currency. NewsDay yesterday visited Bakers Inn shops and witnessed bread retailing at $15 per loaf up from $9 previously. This was after bakers had initially informed trading partners that the new bread price was now pegged at $14 per loaf. National Bakers Association of Zimbabwe (NBAZ) president Denis Wala said bread price increases were stemming from the rise of cost of production due to fuel prices and power cuts, forcing bakers to rely on costly generators as alternative power sources. “The prices have be...

Horticulture workers awarded 71,36% pay hike

Employees in the horticulture sector have received a 71,36% salary increment which they, however, said was too little to cushion them from the prevailing economic hardships BY MTHANDAZO NYONI ZIMBABWE’S agriculture industry has awarded its employees in the horticulture sector a 71,36% salary increment which is, however, too little to cushion them from the prevailing economic hardships. Before the adjustment, the least paid employee in the horticulture sector was earning $213 a month, while the highest was taking home $421. Following the latest adjustment, the lowest paid employee will now get $365 while the highest paid will earn $722. In a circular, the National Employment Council for the agriculture industry said the wage review and agreement, signed on October 3, was reached by several ...

Zim adopts hyperinflation reporting

Zimbabwe’s listed companies will start presenting their financial statements using the hyperinflationary economies standard (IAS) following approval by the Public Accountants and Auditors Board (PAAB). BY FIDELITY MHLANGA According to a circular by the accountants’ apex board, usage of the new reporting model covers financial periods ended on or after July 1, 2019. “The PAAB can advise that there is broad market consensus within the accounting and auditing professions that the factors and characteristics to apply the Financial Reporting in Hyperinflationary Economies Standard (IAS 29), in Zimbabwe have been met,” PAAB said. Section 44(2)(a) of the Public Accountants and Auditors Act empowers PAAB to make regulations prescribing auditing standards, accounting standards and accountancy repor...

Zimtrade rallies industry to export

THE need to increase Zimbabwe’s exports will come under the spotlight when government, local exporters, industry players, academia and researchers among others meet in Bulawayo on Thursday for the ZimTrade annual exporters’ conference. BY MTHANDAZO NYONI The conference, taking place under the theme, Rethink, Reform, Export is set to discuss best approaches aimed at addressing challenges faced by local businesses. The conference will also bring together local exporters and buyers from other countries to share ideas that will boost exports of local industries. From issues raised during the annual exporters’ conference, key outcomes that are industry-driven will be produced. These resolutions will inform engagement activities that ZimTrade will use to facilitate on improving Zimbabwe’s export...

Synchronise tourism, trade and investment frameworks: First Lady

BY MTHANDAZO NYONI ZIMBABWE Youth in Tourism patron, First Lady Auxilia Mnangagwa, has called on African countries to synchronise their tourism, trade and investment policy frameworks to take full advantage of the African Continental Free Trade Area (AfCFTA) agreement. In a speech read on her behalf by acting Environment, Tourism and Hospitality Industry minister Nqobizitha Ndlovu at the Africa Youth in Tourism conference held in Bulawayo last week, Mnangagwa said: “There is need to synchronise African countries’ tourism, trade and investment policy frameworks to engineer enabling mechanism to take full advantage of the newly formed African continental free trade area.” “This calls on Zimbabwe as a major actor in tourism to drive the south regional economic integration to make Africa an op...

Mureza’s Prim8 eyes local market

BY TAFADZWA KACHIKO A ZIMABWEAN-OWNED African car brand Mureza Auto Company, headquartered in South Africa is set to start assembling its vehicle, Prim8 (pronounced Primate) re-badged from Iran’s SAIPA Quick at Willowvale Motor Industries (WMI) assembly plant next year. Mureza-Zimbabwe events co-ordinator and public relations officer Chidochemoyo Nemhara told NewsDay that the vehicle’s selling price will be US$13 500 and the auto company would aim to manufacture 100 cars per month. “We are undoubtedly going to start assembling our vehicles named Prim8 (pictured) at W MI assembly next year. Our components are manufactured in Iran and South Africa, but Mureza’s ultimate objective is to design and manufacture vehicles for Africans. We are targeting to produce 100 units per month and the vehic...

$50m bank loans too little: LMAC

THE Livestock and Meat Advisory Council (Lmac) has said the maximum bank lending limit of $50 million for each project is inadequate to finance cropping by major contracting companies for the new season due to escalating costs. BY MTHANDAZO NYONI In its latest update, Lmac said inflationary pressures, predominately driven by exchange rate depreciation, continue to characterise the operating environment and as such, farmers would find it difficult to put more hectarage under crops this season. “The principal concern for the forthcoming season is the tight liquidity on the market. Farmers estimate that in local currency terms, the nominal amount required to cover a fixed hectarage is 13 times higher than that needed a year ago,” read part of the update. “This will severely constrain producer...

Farmers lambasts errant tobacco buyers

FARMERS’ unions are lobbying for the crafting of a legal framework that will deter and punish firms that run tobacco marketing floors from delaying payments for produce delivered. BY FIDELITY MHLANGA This came after Goldern Barn, a tobacco contracting firm, is in the eye of a storm after failing to pay farmers who delivered their crop to the company a month ago. In June, farmers protested in Mvurwi against another contracting firm, Voedsel Contract Tobacco Floor over payment delays. Farmers’ unions now feel the recurrence of these aberrant activities could jeopardise the reputation of the billion dollar industry and force growers to quit the trade. Zimbabwe Farmers Union (ZFU) executive director Paul Zakariya said farmers expect prompt payments as soon as they delivered their tobacco. “Tha...

Five Golden Rules for Visiting an Online Casino

Slowly but surely, gambling laws are being shaped all round the world in an effort to catch up with the internet age. Authorities in many countries have been slow to regulate the burgeoning iGaming industry, but a push to make it more accessible, safer and accountable is on the way in every country from Australia to Zimbabwe. Each country will have its esoteric issues to deal with, of course, but there are some rules which every player should abide by, regardless of where they are located. Below we look at five golden rules you should be aware before you visit an online casino: Check the licence before you play Anyone with access to the internet and a big of knowhow could create a fake online casino site in an effort to snare people for malicious purposes. Look for credentials from an offi...