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The impacts of Credit Card Debt on the Economy
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The impacts of Credit Card Debt on the Economy

Consumer spending is the main driver of economic growth and citizens sometimes borrow to spend. While debt isn’t a bad thing, the economy becomes unsustainable if people are burdened with too much credit debt. On the other hand, the responsible utilization of credit leads to consistent economic growth since the debt is manageable. From the surface, credit...

Prospect Lithium secures $10m export facility
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Prospect Lithium secures $10m export facility

AUSTRALIA Stock Exchange (ASX) listed Prospect Resources, says its Zimbabwean unit, Prospect Lithium Zimbabwe, has secured $10 million export finance facility from the Reserve Bank through CBZ Bank Limited. The batteries lithium miner said the loan was another building block in the financing of the Arcadia Lithium Mine and tangible evidence of the Government’s support...

Petrotrade in $3,75m tax profit
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Petrotrade in $3,75m tax profit

State petroleum company, Petrotrade has – for the third year running declared a dividend to Government after registering an after tax profit of $3,75 million for the year ended December 2017. Speaking to journalists after the firm’s Annual General Meeting (AGM) on Thursday, secretary for Energy and Power Development Patson Mbiriri, said although there was...

Zimra suspends senior official
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Zimra suspends senior official

The Zimbabwe Revenue Authority has suspended its commissioner responsible for investigations, Charles Jaure, with immediate effect after he was implicated in a bribery case in which he allegedly demanded a bribe from a whistleblower who had exposed improper financial dealings at NetOne. The suspension follows indications by Zimbabwe Anti-Corruption Commission (Zacc) on Monday that it...

Telecel launches new weekly data bundles
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Telecel launches new weekly data bundles

Mobile Network Operator Telecel Zimbabwe, which is reputed for leading the market in giving subscribers best value for money has done it again and announced the launch of another exciting data offering, Weekly Data Bundles for their Telecel Go prepaid customers. Telecel’s Weekly Data Bundles offer their subscribers a week of all mobile internet access...

Simbisa brands on expansion drive
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Simbisa brands on expansion drive

Simbisa Brands, a Zimbabwe Stock Exchange-isted (ZSE) fast foods operator, is on drive to expand the footprint of the Nando’s brand to meet growing demand for its services. Simbisa Brands chief executive officer Warren Meares speaks at the official opening of Nandos Msasa branch in Harare yesterdayYesterday the restaurant chain opened its tenth Nando’s branch...

Moti Group, ZMM deal to boost chrome output
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Moti Group, ZMM deal to boost chrome output

Chrome output by small-scale producers is projected to hit one million tonnes, a triple jump from 200 000 tonnes at present, under a funding deal with South Africa’s Moti Group, which operates African Chrome Fields Ltd in Zimbabwe. Through its small-scale chrome mining subsidiary, Zimbabwe Motivational Mining (ZMM), the Moti Group launched a $50 million...

Old Mutual investment returns on listed equities down
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Old Mutual investment returns on listed equities down

Old Mutual Zimbabwe (Old Mutual) has reported that profit after tax tumbled 40% to $53,9 million in the first half of 2018 from $89,3 million in the comparable period last year mainly due to a decline in investment return on listed equities. Total group revenue also fell 23% to $290,6 million from $378,6 million during...

Zimra urges taxpayers to review tax affairs
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Zimra urges taxpayers to review tax affairs

he Zimbabwe Revenue (Zimra) has urged taxpayers to review their tax affairs and make voluntary disclosures in circumstances where there is any income omitted from returns submitted. Speaking during the official opening of the Marondera office, Zimra commissioner-general Faith Mazani said voluntary compliance from taxpayers would forestall the imposition of fines. “The intention is to...

Zim inflation on the rise
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Zim inflation on the rise

Zimbabwe’s annual inflation rate rose 1, 38 percent to 4, 29 percent in July, latest figures from the Zimbabwe National Statistics Agency (ZImStats) show. This was a significant upturn from the June 2018 figure of 2, 91 percent. On a monthly basis, the inflation rose 1, 03 percentage points to 0, 98 percent. “The month-on-month...