Old Mutual prepares for the worst

Old Mutual prepares for the worst

By Daniel Chigundu DIVERSIFIED insurance concern Old Mutual says it has come up with a cocktail of measures and strategies that seek to respond to anticipated negative changes in the economy. Zimbabwe’s is facing a lot of challenges economically fronted by a biting cash crisis, lack of foreign direct investments, policy inconsistencies, operational challenges and high cost of production among others. These challenges have seen companies closing shop in droves, while others are scaling down on operations and economists have painted a gloomy picture ahead. Addressing analysts, group chief executive…

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50 Zim women still detained as sex slaves In Kuwait… Zim investigators denied Visas

50 Zim women still detained as sex slaves In Kuwait… Zim investigators denied Visas

By Daniel Chigundu PARLIAMENTARY Portfolio Committee on Foreign Affairs Chairperson Kindness Paradza says Zimbabwean officials who had been assigned to go and investigate the issue of local women and girls who were trafficked to Kuwait were denied visas. More than 200 women were trafficked to Kuwait on the pretext that they would get jobs in that country’s various sectors but ended up being used as sex slaves. The well-choreographed trafficking syndicate is said to have involved Zimbabwean nationals some of whom have since appeared before the courts of law to…

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Old Mutual maintains US$76M profit

Old Mutual maintains US$76M profit

By Ndafadza Madanha INTERGRATED financial concern Old Mutual Zimbabwe (OMZIL) posted a US$76m adjusted operating profit for 2016 which was at par with the prior year despite the deteriorating economic environment. The performance was largely buoyed by its banking arm CABS which recorded a 38 percent growth in profit to US39.2m from US$28.4m in 2015. OMZIL group and rest of Africa CEO Jonas Mushosho told an analyst briefing that the bank performance was underpinned by a stable net interest margins and reduction in credit loss and impairments. Credit loss and…

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Mangudya runs out of options

Mangudya runs out of options

By Michael Gwarisa IT’S barely three months after the Reserve Bank of Zimbabwe (RBZ) introduced the surrogate currency, or funny money as many might want to call it in the form of bond notes. Although the money has been hugely accepted as a medium of exchange across the economy, the sight at most financial institutions is one that clearly tells  a tale of a currency that has failed to solve the woes that bedeviled depositors before the introduction of bond notes. Long winding queues and hungry depositors sleeping in banking…

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Open Letter to Minister Walter Mzembi

Open Letter to Minister Walter Mzembi

Greetings Honorable minister, Eng Walter Mzembi and hope wherever you are,  you are doing fine. You have been quite a rare individual to come by of late, i guess it is the pressure associated with the campaign ahead of the UNWTO election which is scheduled for May 2017. It is by no doubt that the rest of Zimbabwe and some other African countries are rallying behind your candidature as the UNWTO Secretary General hopeful. We believe in you and indeed you have what it takes to be UNWTO SG. It…

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Zim to get more power from Eskom

Zim to get more power from Eskom

By Ndafadza Madanha GOVERNMENT says South African power supplier Eskom is committed to avail electricity to the country while the parties work on modalities to expunge the debt owed to the power entity. According to South African minister responsible for state entities Lynne Brown as of December 2016, Zimbabwe Electricity Supply Authority (ZESA) owed Eskom 442m rand in power exports. Brown added while responding to a question in the South African parliament that Zimbabwe had paid 192m rand between November and December of 2016. Under an agreement struck between Eskom…

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ZTA engages police over roadblocks

ZTA engages police over roadblocks

By Michael Gwarisa THE Zimbabwe Tourism Authority (ZTA) is negotiating with the Zimbabwe Republic Police (ZRP) to reduce the number of roadblocks on the country’s major roads which have become an impediment to tourism, The Business Connect has learnt. Responding to a question during an Update meeting on the kaza UNIVISA, ZTA chief executive officer Karikoga Kaseke hinted that they were engaging with police extensively in a bid to bring finality to the issue of roadblocks. “The issue of roadblocks is not only a menace on major highways but also…

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Harare intensifies refuse collection drive

Harare intensifies refuse collection drive

By Michael Gwarisa CITY of Harare is set to purchase 20 additional refuse collection trucks  and skip bins in line with its decentralisation drive which will see independent districts or zones running their own affairs. Briefing a decentralisation stakeholder workshop, acting town clerk Josephine Ncube said the decentralisation process would see a lot of changes taking place in the manner in which council business is done as the city has segmented different areas into Zones and districts. “One of the major areas decentralisation would look at is Waste management, we…

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