The government has issued a stern warning to delinquent fuel companies that are abusing foreign currency they obtain from the Reserve Bank of Zimbabwe (RBZ) through the auction system. The oil firms stand accused of obtaining cheap foreign currency from the RBZ’s weekly auction system for fuel procurement and importation before they illegally sell the […]
Tag: Business and Finance
Finance Minister Mthuli Ncube says the government will not be forced into following the parallel market foreign currency rate. He was responding to MPs during a question and answer session Wednesday on the continuing rise of the US dollar against the Zimbabwe currency. However, the government insists the exchange rate has been stabilised due to […]
Victoria Falls — South African Airways (SAA) has announced plans to resume flights into the region, including Zimbabwe, starting next month. According to the carrier, the first flights will commence on Thursday 23 of September 2021. SAA had suspended flights in response to the adverse effects of Covid-19, which led to international travel restrictions. Several […]
APM Terminals’ West Africa Container Terminal Nigeria (WACT) has taken delivery of six more state-of-the-art Rubber Tyred Gantry Cranes (RTGs) to enhance service delivery at its terminal at the Onne Port, Rivers State, effectively consolidating its position as the best equipped port terminal in Nigeria’s eastern ports. The new addition brings the total number of […]
Since the past 30 years Nigerian airlines have been major operators in the West Coast destinations, including Central and West Africa. Before the incursion of the Chinese into the West African market, Nigeria businessmen and women held sway in the sub-region, providing goods and services to the growing market in the cities in West and […]
Nigeria’s Gross Domestic Product (GDP) has expanded at a real rate of 5.01 per cent in the second quarter of 2021 from the 0.51 per cent recorded in the first quarter of the year. The GDP report released Thursday by the National Bureau of Statistics (NBS) shows the latest economic growth rate is the highest […]
“If your aggregate revenue is N14.8billion and–even in 2018, government-funded you. Your total expenditure was N8.9 billion, what it means to me is that we have an extra of about N5 bilion. You remitted N669 million, what happened to the N4.9 billion” The National Agency for Food and Drugs Administration (NAFDAC) has been indicted by […]
The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Malam Mele Kolo Kyari, said on Thursday that infrastructural deficit in the country remains a challenge in delivering gas to the domestic market even as the corporation was working towards making gas accessible to every Nigerian in the next three years. Kyari, who spoke […]
For the first time in the history of the Nigerian National Petroleum Corporation (NNPC), President Muhammadu Buhari announced that the corporation generated a profit after tax of N287 billion in 2020. Buhari said the NNPC’s audited financial statement for year 2020 showed the NNPC’s losses were reduced from N803 billion in 2018 to N1.7 billion […]
African leaders will meet German Chancellor Angela Merkel at the Africa-Summit in Berlin. The conference — Merkel’s final with Africa — is to take stock of results from an economic drive to boost investment in Africa. Officially, the event is called the “Compact with Africa Conference.” But in reality, an era is coming to an […]
The South African Reserve Bank is critical in formulating and implementing monetary policy and ensuring financial stability in the country. In this Wits Business School Leadership Dialogue, Professor Mills Soko talks to Reserve Bank Governor Lesetja Kganyago about the central bank and the issues that it grapples with on a day-to-day basis. Mills Soko: When […]
Mr Buhari said the net profit of N287 billion in 2020 was the first in the 44-year history of the state oil company. President Muhammadu Buhari, who doubles as Minister of Petroleum Resources, has announced a Profit after Tax of N287 billion by the Nigerian National Petroleum Corporation (NNPC) in 2020. The president made the […]
Addis Abeba — United States Trade Representative Katherine Tai met virtually with Ethiopia’s Senior Policy Advisor and Chief Trade Negotiator Mamo Mihretu on August 25, according to the U.S. Department of State’s Bureau of Global Public Affairs. “Both leaders discussed the historic economic relationship between the United States and Ethiopia, and potential for further growth,” […]
The final report into the chemical spill at the United Phosphorus Limited (UPL) Warehouse in Cornubia, KwaZulu-Natal, is expected to be completed by the end of September 2021. The incident, which took place in July, has had serious consequences for both people and the environment, including on the air, soil, freshwater and the ocean itself. […]
Dar es Salaam — Tanzanian cashew nut processors must now up their processing capacity and standards as an American firm has announced that it would buy all the processed and certified cashews from Tanzania. American Company, World Holdings International (WHI), said on Monday that it has secured a firm that would buy the product from […]
ENHANCING cooperation on the Tanzania Zambia Railway Authority (TAZARA) and Tanzania Zambia Crude Oil Pipeline (TAZAMA) topped the discussion between President Samia Suluhu Hassan and newly-elected Zambian President Hakainde Hichilema. The two leaders met in Zambia’s capital, Lusaka on Tuesday shortly after President Hichilema took oath of office, following his landslide victory in the recent […]
The US$961 million, Zimbabwe’s share of the new issue of special drawing rights to all members of the International Monetary Fund, may not be riches beyond the dreams of avarice but since it amounts to roughly 20 percent of annual Government revenue, it will be extremely useful. More importantly it is in convertible currency, special […]
Opposition MDC Alliance has expressed fear that the US$961 Million International Monetary Fund (IMF) allocated Special Drawing Rights (SDR) might be diverted for the 2023 general elections by the Zanu PF led Government. In a statement, the party’s national spokesperson Advocate Fadzayi Mahere said history has many examples of funds being channeled towards elections. “The […]