ZSE tumbles on military intervention

ZSE tumbles on military intervention

By Ndafadza Madanha THE Zimbabwe Stock Exchange tumbled yesterday as investors adopted a wait and see attitude following the military intervention in the political arena. At close of trade the  industrial index had dropped 7.4 percent while market capital capitalization was US$13.8 billion from US$15 billion. Counters that lost ground include Edgars, CFI,Delta, Hippo Valley, Willdale, and SEEDCO. The resource index plunged 2,6 percent to $134,40. Market watchers say the drop was anticipated in light of recent developments which saw the military intervene to stop factional purges in the ruling…

Read More

Vendors benefit from military coup

Vendors benefit from military coup

By Daniel Chigundu THE decision by the Zimbabwe Defence Forces to take over government on Tuesday appears to have also worked in favour of vendors who sell their wares in Harare’s Central Business District (CBD). Of late vendors were having endless running battles with both municipal police and the Zimbabwe Republic Police (ZRP) following a directive from President Robert Mugabe that they must be removed from the streets. However since Tuesday when the ZDF entered the capital with its armoured personnel carriers, the ZRP and municipal police seem to have…

Read More

We dare to hope

We dare to hope

By Ndafadza Madanha SEVEN days ago to imagine President Robert Mugabe under the custody of the military and the bulk of the G40 cabal languishing in military barracks or on the run would have certainly passed for thoughts of the mentally deranged. Seven days ago President Mugabe was in cruise control he had just got rid of his deputy and seemed to have easily ridden out the headwinds that followed his actions affirming his position as the sole center of power in his party. A week ago he was attending…

Read More

Zanu PF purges: military seriously concerned

Zanu PF purges: military seriously concerned

By Daniel Chigundu COMMANDER of the Zimbabwe Defence Forces (ZDF) general Constantine Chiwenga says the military is worried by the current purging in Zanu PF which seems to be targeting people with liberation war history. Zanu PF is currently embroiled in factional fights over succeeding President Robert Mugabe who will turn 94 years in February next year. The succession fight has claimed such cadres as Joice Mujuru, Didymus Mutasa, Rugare Gumbo, Christopher Mutsvangwa and more recently Emerson Mnangagwa. War veterans have also not been spared by the fights which are…

Read More

CDF: why proportional MPs deserve a share

CDF: why proportional MPs deserve a share

By Daniel Chigundu ZIMBABWE’S constitution says there shall be 210 Parliamentary Constituencies in the country which shall be represented by a legislator elected directly through the secret ballot. The constitution also makes provision for the inclusion of 60 women legislators elected through proportional representation (PR) for the duration of the first 10 years (2013 to 2023) of the life of the new supreme law. The 60 women (6 from every Province) are in the National Assembly to help raise issues affecting women and also to help them get the courage…

Read More

Kaseke hopeful Chombo will adequately fund tourism

Kaseke hopeful Chombo will adequately fund tourism

By Daniel Chigundu ZIMBABWE Tourism Authority (ZTA) chief executive Dr Karikoga Kaseke says he is hopeful that the new Minister of Finance and Economic Development Ignatius Chombo will adequately fund tourism. The Finance Minister is expected to present the 2018 national budget anytime soon and Parliament will this week attend a pre-budget seminar in Victoria Falls. The tourism sector has largely been neglected when it comes to budget allocation from treasury and the thinking is that it should fund its activities from the 2 percent Tourism Fund Levied from operators in…

Read More

MPs want CDF increased to US$1million

MPs want CDF increased to US$1million

By Daniel Chigundu LEGISLATORS have called on the government to increase the Constituency Development Fund (CDF) from the current US$50 000 to at least US$1 million per year. Parliament this week adopted the CDF constitution that will see legislators begin to receive the important funds that have been talked about since 2013. Currently, treasury has availed about US$5 million from the expected US$10.5 million budgeted towards the development fund. According to a circular received by legislators, the funds will begin to trickle into the designated accounts as soon as all…

Read More

2018 budget should prioritise renewable energy: Chirisa

2018 budget should prioritise renewable energy: Chirisa

By Daniel Chigundu PROPORTIONAL Representation legislator Fanny Chirisa has called on Finance Minister Ignatius Chombo to prioritise renewable energy in his 2018 national budget as a way of reducing pressure on the environment. Owing to limited energy sources in the country, the majority of people have largely been turning to firewood which has resulted in depletion of forests and has health effects to women. Since independence, Zimbabwe has depended heavily on hydro and thermal power, but these sources have not been adequate to cover the entire country and at some…

Read More

Don’t be fooled, tourism drives the economy: Kaseke

Don’t be fooled, tourism drives the economy: Kaseke

By Daniel Chigundu ZIMBABWE Tourism Authority (ZTA) chief executive Dr Karikoga Kaseke says contrary to what most people think, tourism drives many sectors in the economy and deserves a better share of the national budget. Despite requiring about US$17 615 400 to effectively implement its various programs that will help drive tourism, ZTA only got about US$830 000 from the 2017 budget. Appearing before a Parliamentary Portfolio Committee on Environment, Water, Tourism and Hospitality Industry, Dr Kaseke said hotels which many people refer to as tourism are just a distant fraction…

Read More

Lima agreement stalls

Lima agreement stalls

By Ndafadza Madanha THE Lima agreement which was intended to resolve the country’s foreign debt and unlock fresh capital has stalled amid indications that government is failing to implement some provisions of the agreement. Addressing the media on the sidelines of the launch of the Regional Economic Outlook in Harare, IMF Africa director Abebe Selassie said traction on the Lima agreement was dependent on implementation of key reforms. “Lima depends on implementation of key issues we have raised and government has struggled to do so. The 2018 budget will be…

Read More