Manyenyeni wants Town Clerk issue resolved fast

Manyenyeni wants Town Clerk issue resolved fast

By Daniel Chigundu HARARE Mayor Councillor Bernard Manyenyeni has called on the new Minister of Local Government July Moyo to quickly solve the issue of Town Clerk which has dragged for some time. Since the departure of Tendai Mahachi, some 30 months ago, there have been fights between the former Minister and the City over the responsibility to appoint a successor. The city council tried to appoint James Mushore but the move was shot down by former Minister Saviour Kasukuwere. Addressing the media, Mayor Manyenyeni said the position of town…

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Govt to roll out SMEs incubation programs

Govt to roll out SMEs incubation programs

By Daniel Chigundu PRESIDENT Emmerson Mnangagwa says government will be rolling out Business Incubation Programs to help unlock potential in the country’s small to medium enterprises (SMEs) sector. Zimbabwe has about 3.5 million SMEs operating in various sectors of the economy but most of them have been failing to realise their full potential owing to various challenges that range from operational, financial and markets for their products. Despite the various challenges they face, SMEs are currently contributing above 60 percent to the country’s gross domestic product and about 80 percent…

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NSSA eyes US$150m profit

NSSA eyes US$150m profit

By Staff Reporter THE National Social Security Authority (NSSA) expects profit (surplus) to come in at US$150m against US$103m achieved last year. According to the NSSA general manager Elizabeth Chitiga the authority will issue a 13th cheque to pensioners as it continues to register improvement in operations under new management. “Pensioners will get a 13th a cheque and things are now looking up as we enter a new era. The 13th cheque is owing to good performance as our balance sheet is now at US$1.5bln from US$950m when the new…

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Is Joice Mujuru destined for the bin?

Is Joice Mujuru destined for the bin?

By Daniel Chigundu JOICE Mujuru is one politician in the country who would like to quickly forget the month of November and December owing to developments that saw several of her party supporters resigning in numbers at a time when others are consolidating. The veteran liberator who was sacked from Zanu PF a few years ago on allegations of trying to usurp power, has not had it easy since the death of her powerful and cunning husband general Solomon Mujuru who is believed to have been the force behind her…

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China extends US$213m to Zim

China extends US$213m to Zim

By Ndafadza Madanha CHINA has extended US$213m to Zimbabwe consisting of a concessional loan for the upgrade of Robert Mugabe international airport and a grant for the construction of the new parliament and High Performance Computing Center (HPCC) expansion project. The concessional loan amounting to US$153m will be used to upgrade the RGM airport and attracts a two percent interest per annum payable over 20 years with a seven year grace period. Another US$65m grant will be used for the HPCC and construction of parliament. “The agreements that we’ve signed…

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Parly warns Geiger International over contempt

Parly warns Geiger International over contempt

By Daniel Chigundu TRANSPORT and Infrastructure Development Portfolio Committee has warned Geiger International that they risk facing contempt charges for failing to appear before Parliament without giving reasons. Geiger International won the tender for the dualisation of the accident-prone Beitbridge-Masvingo-Harare which is valued at a cost of about US$2.7 billion. Former President of Zimbabwe Robert Mugabe did the ground-ceremony in May this year but work is yet to begin on the road 971-kilometre road. Parliament had summoned the Austrian company to come and give feedback on the progress with regards…

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Finance costs hamper Star Africa

Finance costs hamper Star Africa

By Ndafadza Madanha FINANCE costs continue to weigh down on the profitability of sugar concern Star Africa. Though the company recorded a 63 percent increase in income for the six months ending September it could not help avert a US$1.3m loss before tax. “In the six months ended 30 September 2017, the company achieved a 63 percent increase in turnover which totaled $23.2m compared with $14.3m recorded in prior year. The EBITDA amounted to 1.9million which is not only better than a negative of 0.3m in prior year but is…

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Externalisation amnesty welcome

Externalisation amnesty welcome

By Ndafadza Madanha THERE are high hopes that the move by President Emmerson Mnangagwa to offer a three month amnesty to those who have externalized funds will go a long way in resolving the current liquidity challenges. The lack of liquidity on the market has spawned long queues at banking halls reminiscent of the hyper- inflationary era and fuelled a three tier pricing regime. “As a first step towards the recovery of the illegally externalized funds and assets, the Government of Zimbabwe is gazetting a three month moratorium within which…

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GBV ratio unacceptable: Parajuli …as Sweden, Ireland pours US$4.7m to boost the fight

GBV ratio unacceptable: Parajuli …as Sweden, Ireland pours US$4.7m to boost the fight

By Daniel Chigundu UNITED NATIONS resident Coordinator Bishow Parajuli says the current ratio of women who are becoming victims of gender-based violence (GBV) in the country is unacceptable and more needs to be done to address it. According to the Zimbabwe Demographic Health Survey (ZDHS), 2015 violence against women and girls remains a huge problem with at least 1in every 3 women aged 15-49 have experienced physical violence since the age of 15. The survey further reveals that 27 percent in the same age group (15-49 years) have experienced sexual…

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IDBZ lists US$65m energy bonds

IDBZ lists US$65m energy bonds

By Ndafadza Madanha THE Infrastructure Development Bank of Zimbabwe (IDBZ) has listed two bonds on the Financial Securities Exchange Fixed Income Board (FINSEC). The bonds worth US$65 million are intended to raise capital for IDBZ energy projects. Speaking at the official listing of the bond permanent secretary in the ministry of Finance Willard Manungo said the bonds will provide flexibility to investors and help the bank achieve its objective of deepening financial markets. “In addition, the capital market continues to provide a viable alternative investment avenue for institutional investors. Therefore, in…

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