Nigeria exploring adopting Chinese yuan
The Nigerian government is looking to preserve the value of its currency via the adoption of the Chinese Yuan. By making the Yuan an official foreign exchange reserve currency alongside the dollar, the...
View ArticleIMF loans Zambia US$187m
The International Monetary Fund’s (IMF) board on Wednesday approved an immediate US$187 million loan payout to Zambia and said the country was revising a restructuring proposal for $3 billion of bonds...
View ArticleCollective investment schemes register steady growth
Business Reporter The Securities and Exchange Commission of Zimbabwe (SecZim) says the country’s capital market has witnessed steady growth in collective investment schemes (CIS), which now stand at 81...
View ArticleTobacco exports top US$1bn in 2023
Oliver Kazunga Senior Business Reporter TOBACCO exports have earned Zimbabwe US$1,2 billion since the beginning of the year compared to US$975 million the country received during the corresponding...
View ArticleEcoCash full-year margins seen positive
Business Reporter STOCK broking firm IH Securities expects Ecocash Holdings’ (EcoCash) earnings before interest, taxes, depreciation and amortisation (EBITDA) margins to be positive for the firm’s full...
View ArticleCABS secures US$25m trade finance loan facility
Business Reporter The African Development Bank Group (AfDB) has approved a US$25 million trade finance line of credit to the Central Africa Building Society (CABS), for loans to large scale firms and...
View ArticleTanzania gets US$1,1bn from WB
The World Bank has given Tanzania significant aid through a $1.1 billion financing package. The fund is intended to support climate resilience, urban services, and inclusive growth in the country....
View ArticleEU turns to Africa to hit clean energy targets
The European Union is looking to ramp up its use of clean energy sources and reduce its reliance on fossil fuels. Starting next year, those efforts could get an unexpected boost from one of Africa’s...
View ArticleAngola opens for more Chinese investment
BEIJING. – Angola’s decision to leave the Organisation of the Petroleum Exporting Countries could open the way for Beijing to increase investment in the country’s oil and other sectors, as part of a...
View ArticleHippo Valley half-year revenue defies production fall
Enacy Mapakame Sugar processor Hippo Valley Estates recorded a 76 percent jump in revenue to $452,2 billion for the half year to September 30, despite a decrease in sugar production. The revenue...
View ArticleAngola quits OPEC, membership drops
LONDON. — Angola has said it is leaving the Organisation of the Petroleum Exporting Countries (OPEC) with effect from January 1, 2024, after exits from Ecuador in 2020 and Qatar in 2019. Angola, which...
View ArticleSugar production down 4pc
Enacy Mapakame-Business Reporter Zimbabwe’s raw sugar production for the half year to September 30, 2023, fell by 4 percent to 281 231 tonnes compared to 293 050 tonnes achieved in the same period last...
View ArticleKufazvinei takes over as FBC chief next week
Business Reporter FBC Holdings Limited (FBCH) has appointed Mr Trynos Kufazvinei chief executive officer (CEO) with effect from January 1, 2024, replacing Dr John Mushayavanhu who steps down to take...
View ArticleComparing employment and business
Godknows Hofisi Naturally, there are fewer people in business than in employment. In most cases, people venture into business from employment. I have listened to many discussions or even arguments over...
View ArticleBanking sector remains profitable
Nelson Gahadza-Business Reporter The Reserve Bank of Zimbabwe (RBZ) says the banking sector remains profitable, largely driven by non-interest income and resilience attributable to strong risk...
View ArticleNigeria’s first SA gas deal in the works
Nigerian-based Riverside LNG said it’s in talks to supply gas to South Africa, in what would be the first such deal between the two countries. The company earlier this year signed a gas-export...
View ArticleInvictus raises US$10,2m for further gas exploration
Oliver Kazunga-Senior Business Reporter INVICTUS Energy has raised A$15 million, equivalent to US$10,2 million, through private placement to fund ongoing operations at its prospective area in the...
View ArticleCould Tesla still win EV wars even if rivals outsell it?
The Chinese carmaker BYD is expected to surpass Tesla as the top-selling EV company in the world in the coming days. But Tesla doesn’t have to sell more EVs than other carmakers to win the EV war, said...
View ArticleReasons countries want to ditch US dollar
The dollar has been the world’s reserve currency since World War II, but a combination of political and economic reasons is slowly chipping away at its supremacy. Nearly 60 percent of international...
View ArticleNigeria fines BAT US$110m
The Federal Competition & Consumer Protection Commission (FCCPC) has directed British American Tobacco (BAT) and affiliated companies to settle a US$110 million fine as part of the resolution for...
View Article