AfSun in US$25mln refurbishment

AfSun in US$25mln refurbishment

By Anyway Machani AFRICAN Sun limited has embarked on a US$25 million revamp for its properties, the listed firm confirmed in its latest trading update for the nine months and third quarter ended 30 September 2019. Properties targeted for facelifts include Troutbeck Resort and Great Zimbabwe hotel. “We have commenced the refurbishment of Troutbeck Resort, Carribea Bay Resort and Great Zimbabwe Hotel albeit at a much slower pace as funding commitments and long term planning have been hampered by the 20% foreign currency surrender, as well as the thirty (30)…

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Mthuli’s embarrassing gaffe

Mthuli’s embarrassing gaffe

By Tendai Sahondo Finance minister, Professor Mthuli Ncube was left with egg on his face earlier this week when the Chinese embassy claimed he had understated the assistance that the country received from Beijing by a yawning margin in his budget statement. According the embassy, China provided support to Zimbabwe amounting to US$136.8mln and not the US$3.7mln claimed by government. “The Embassy of the People’s Republic of China in Zimbabwe has taken note of the release of 2020 National Budget Statement by the Zimbabwean government. The Embassy appreciates the positive…

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Investigate USD10 billion contentious debt: ZIMCODD

Investigate USD10 billion contentious debt: ZIMCODD

By Anyway Machani  The Zimbabwe Coalition on Debt and Development (ZIMCODD) says government should investigate the country’s contentious US$10bln debt rather than overburden the taxpayer. Speaking at a post budget workshop held in the capital, ZIMCODD Campaign and Advocacy Officer, Confidence Tendai Bobo said corrupt government officials responsible for the debt should be held accountable for their actions. “There is the US10billion over expenditure by different line ministries and government departments and we are saying as a nation we need to audit where this debt came from because it cannot…

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New $2 bond coin to hit market next week

New $2 bond coin to hit market next week

By Anyway Machani THE Reserve Bank of Zimbabwe (RBZ) says it has minted a new two dollar bond coin which will make its debut next week. In a statement, the central bank said the new coin which is expected to ease the liquidity challenges in the market will complement the $2 note that is already in circulation. “In line with the pronouncement made in the 2019 Mid-term Monetary Policy Statement and the Press Statement of 2 October 2019 to increase the level of physical cash in circulation, the Reserve Bank…

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FATF grey-lists Zimbabwe

FATF grey-lists Zimbabwe

By Tendai Sahondo The Financial Action Task Force (FATF) recently grey-listed Zimbabwe, a move that is likely to heap more challenges on the country’s troubled banking sector. As part of its ongoing review of compliance with Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) standards, FATF listed Zimbabwe as one of the countries with ‘strategic deficiencies that that pose a risk to the international financial system. Iceland and Mongolia were also added to the grey-list while Sri Lanka, Ethiopia and Tunisia were delisted. “In October 2019, Zimbabwe made a high-level political commitment…

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ED launches USD12 billion mining sector roadmap

ED launches USD12 billion mining sector roadmap

Anyway Machani PRESIDENT Emmerson Dambudzo Mnangagwa recently launched a road map to achieving of a USD12 billion mining sector by 2023, which is expected to spearhead recovery of the ailing domestic economy. Speaking at the event, president Mnangagwa said that the roadmap is equally pivotal to the attainment of vision 2030, which is aimed at upgrading the country to Upper Middle-Income status. He said the blueprint, which was set out in 2018, would result in significant economic reforms and acceleration of the country’s reengagement efforts. “Trough the Transitional Stabilization Program…

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CIO trail Ashimolowo in Zimbabwe

CIO trail Ashimolowo in Zimbabwe

By Staff Reporter Kingsway International Christian Centre (KICC) global pastor and president, Matthew Ashimolowo says members of the Central Intelligence Organisation (CIO) trailed him in Zimbabwe to validate if his philanthropic activities were not politically motivated. Ashimolowu’s church distributed thousands of food hampers, clothes and free medication to thousands of Zimbabweans that thronged KICC’s operation feed 5000 at Borrowdale race course. Speaking at one of his sermons at the Harare International Conference Centre (HICC), Ashimolowo said the donations were sourced from members of his church in the United Kingdom (UK)….

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MDC to defy High Court judgement

MDC to defy High Court judgement

By Natalie Chiwomadzi MDC says its elective Congress set for Gweru will not be abandoned despite the High Court judgement that has nullified Nelson Chamisa’s presidency. High Court Judge Justice Edith Mushore ruled that Chamisa and Elias Mudzuri’s appointments to the party’s vice presidency were illegal and that the party must quickly hold an extraordinary Congress to choose Tsvangirai’s successor. Addressing a press conference MDC spokesperson Jacob Mafume said the Congress will go on as planned despite the Justice Mushore’s judgement. “For the avoidance of doubt, preparation for the main…

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Cllr. Maiko is the new Chitungwiza Mayor

Cllr. Maiko is the new Chitungwiza Mayor

By Staff Reporter CHITUNGWIZA Town Council has finally elected a substantive mayor 7 months after the nullifications of Councillor Gift Tsverere election to the top seat by the High Court. The new Mayor Councillor Lovemore Maiko of MDC Alliance polled 16 votes against Zanu PF’s Councillor Kevin Mutimbanyoka who managed only 7 votes. Councillor Musa Makweza of MDC Alliance was elected Deputy Mayor with 16 votes outclassing Zanu PF’s candidate Councillor John Matienga who got 5 votes while 2 ballots were deemed to be spoiled votes. Speaking after his election,…

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Parliament in near blows

Parliament in near blows

By Staff Reporter CORRUPTION allegations almost saw the Mines and Mining Development Portfolio Committee turned into a boxing ring as Norton legislator Temba Mliswa and Dexter Nduna (Chegutu West) almost exchanged blows in full view of the media. This resulted in the postponement of the oral evidence on gold and chrome mine which was supposed to be given by the Ministry of Mines and the Zimbabwe Mining Development Corporation (ZMDC). Hackling started when Chiredzi North legislator Royi Bhilah (Zanu PF) proposed that Norton legislator Temba Mliswa, Leonard Chikomba (Gokwe-Kabuyuni), Anele…

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