Cotton firms under probe

Jeffrey Gogo and Martin Kadzere AGRICULTURE, Mechanisation and Irrigation Development Minister Joseph Made has threatened to bring all cotton marketing activities under Government control to prevent smuggling and side marketing by private firms, accused of causing disorderly marketing. In an interview this week, Dr Made said his ministry had also opened investigations into allegations that…
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Zera closes in on illegal fuel imports

Business Reporter— THE Zimbabwe Energy Regulatory Authority has moved closer to ending smuggling of fuel into Zimbabwe following the close of window yesterday for submission of private tenders for marking of all imported fuel. Marking of fuel, Zera said, will make it easy to detect all irregular fuel imports, which will compel dealers to declare petroleum…
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Govt sets soya beans price

Livingstone Marufu Business Reporter— Government has set the price for soya beans to be financed under the Presidential Input Scheme during 2017 /18 season at $610 per tonne, 22 percent higher than the prevailing market price to encourage production of the oil seeds, Agriculture, Mechanisation and Irrigation Development Minister Dr Joseph Made announced yesterday. The development…
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Decriminalisation of gold possession looms

Africa Moyo Business Reporter— THE new Mines and Minerals Amendment Act is expected to create a favourable operating environment for small-scale miners, who are currently bearing the brunt of a punitive colonial law that criminalises their activities. The Mines and Minerals Amendment Bill is currently being reviewed by Parliament. Amendments to the Mines and Minerals Act (Chapter 21:05),…
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Cabinet moves to plug financial leakages

Taurai Mangudhla BEING conduits for most financial transactions, governments closely watch banks and bank executives who are normally used as mules in illicit financial flows. By their nature, illicit financial flows take complex structures and also use non convention practices such as physical smuggling of cash out of the boarders, making it difficult for authorities…
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Manyere re-emerges behind six-figure portfolio

Happiness Zengeni Business Editor George Manyere, the former Brainworks Capital chief executive, has re-emerged in the investment finance field as the controlling shareholder of Johannesburg Stock Exchange-listed Ecsponent group. Ecsponent is an investment services group with multiple subsidiaries and a footprint across South Africa, Botswana, Swaziland, Zambia and Namibia. It is listed on the JSE’s main…
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Metallon in $31m externalisation storm

Tendai Rupapa Senior Court Reporter ZIMBABWE’s biggest gold producer, Metallon Gold is facing allegations of externalising over $30 million through dividends paid to shareholders without profits to back them and fictitious external loan payments. This comes as the net is closing in on externalisers who, according to an exclusive report by our sister publication Business…
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Zesa recovers $24m debt through prepaid meters

Business Reporter THE Zimbabwe Electricity Transmission and Distribution Company, a unit of Zesa Holdings, has in the first six months of the year, recovered $24 million owed by customers in power bills through its prepayment system. Mining companies and industry owe ZETDC over $244 million, while domestic users and farmers debts stand at over $300…
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Zim informal sector 6th biggest in Africa

Darlington Musarurwa ZIMBABWE’s informal sector could be the sixth largest in the Sub-Saharan region, contributing between 40 percent and 50 percent to economic growth — an estimated $7 billion — especially for the four-year period between 2010 and 2014, according to the latest International Monetary Fund (IMF) working paper. The country’s gross domestic product (GDP),…
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Kangai takes fight to AG’s office

Conrad Mwanawashe Business Reporter FORMER NetOne chief executive Mr Reward Kangai, who is taking legal recourse to challenge his ouster from the State-owned mobile telecommunications company, is taking umbrage over audit findings made by PricewaterhouseCoopers (PwC) over some questionable dealings made at the firm during his tenure. The audit report titled: “Provision of Comprehensive Forensic Investigation…
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