Uncategorized

Victoria Falls to get a Dubai-linked gold exchange

Published

4 years ago

September 9, 2021

BY RAY NDLOVU

The Dubai Gold & Commodities Exchange (DGCX) and Zimbabwe’s Victoria Falls Stock Exchange (VFEX) signed a memorandum of understanding that may lead to the establishment of a gold market in the African country.

Zimbabwe wants to open the exchange in a bid to create a reference market that will see miners offered competitive prices, said Justin Bgoni, chief executive officer of the VFEX.

“It is a holistic approach to the needs of gold miners,” Bgoni said in response to queries from Bloomberg. “They raise capital and we make it easy for them to sell.”

More than $1.5 billion of gold is smuggled out of Zimbabwe every year, much of it to Dubai, according to a report from research organisation International Crisis Group last year. An exchange could make it easier to sell the metal legally and locally.

Other commodities may also be traded on the exchange, should it be established.

There is an “ultimate aim of establishing an international commodities exchange in Zimbabwe”, the exchanges said in a statement.

Zimbabwe is the second African country to seek an alliance with the DGCX. Earlier this year the Dubai-based exchange signed a memorandum of understanding with the Financial Markets Regulatory Authority in Sudan to boost gold trading between the two countries. – Bloomberg

In the community

Victoria Falls man sentenced to six months for domestic violence

Published

3 days ago

August 15, 2025

VicFallsLive

BY STAFF REPORTER

A 33-year-old Victoria Falls man has been sentenced to 6 months imprisonment for domestic violence charges. The sentence was handed down by the Victoria Falls Magistrates’ Court.

The man, from Chinotimba, was arrested on August 3 for a domestic violence charge. According to the National Prosecuting Authority, the facts of the matter are as follows: a misunderstanding arose between the offender and his 32-year-old wife over money left in her jacket. Later that evening, the offender shouted at his wife before strangling her several times on the neck. The victim reported the matter to the police, which led to the offender’s arrest.

The court sentenced the offender to 6 months imprisonment, with two months suspended for five years on condition of good behavior.

A further four months were suspended on the condition that he performs 140 hours of community service.

National

Zimbabwe roads claim 24 lives over Heroes holiday

Published

4 days ago

August 14, 2025

VicFallsLive

BY NOKUTHABA DLAMINI

A total of 24 people lost their lives on Zimbabwe’s roads during the 2025 Heroes and Defence Forces holidays, according to statistics released by the Zimbabwe Republic Police.

The police reported 196 road traffic accidents, 13 of which were fatal, between August 11 and 13. This represents a significant increase from the previous year’s figures, which saw 149 accidents and eight fatalities.

Reckless driving, mechanical faults, speeding, and overtaking errors were cited as major causes of the accidents.

Two major accidents occurred during the period, including a fatal crash on the Mutare-Masvingo Road that claimed the lives of six Zion Christian Church congregants. Another accident on the Bindura-Shamva Road resulted in four fatalities and 17 injuries.

The police have urged motorists to prioritize vehicle maintenance, avoid speeding and reckless overtaking, and adhere to road rules and regulations to prevent further loss of life.

In the community

Dete teen convicted for theft

Published

4 days ago

August 14, 2025

VicFallsLive

BY WANDILE TSHUMA

A Dete teenager has been convicted of breaking into a local shop and stealing goods and cash worth US$131.

Artwell Ncube, 18, of Lupote in Dete, was found guilty of aggravated unlawful entry by the Hwange Magistrates Court.

According to court records, Ncube used an unknown object to open the locked shop door between May 20 and 25, 2025. Once inside, he stole groceries, airtime, and US$50 in cash.

The shop owner unexpectedly returned to the premises on May 25 at midnight and found Ncube inside. The teenager fled, leaving some stolen items behind.

A subsequent police investigation led to Ncube’s arrest. Property worth US$31 was recovered.

Ncube was sentenced to 12 months’ imprisonment, which was fully suspended on condition that he repays ZWG3 516.04 to the complainant within six months and performs 110 hours of community service at Lupote Clinic which he started on Wednesday.