News

The South African, one of the major trading currencies in Zimbabwe, fell to a new 13-year low today and was at one time trading at 12.13 to the United States dollar.

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SABMiller says its Zimbabwean subsidiary – Delta Beverages’ low-cost, mass market sorghum beer – Chibuku Super is key to the growth of the group’s revenue as it turns to markets previously dominated by the informal players in the face of slowing clear beer volumes.

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At least 21 legislators who were elected or appointed to Parliament on the Movement for Democratic Change-Tsvangirai ticket could face the boot as the party is now asking for their recall because they left the party to form their own, the United Movement for Democratic Change. MDC-T Secretary-General Douglas Mwonzora wrote Speaker of Parliament Jacob Mudenda and President of the Senate Edna Madzongwe last week saying the legislators had ceased to be members of the party when they broke away to form the Renewal Team. Legislators cannot cross floors under the current constitution. Their seats must be declared vacant if the party on whose ticket they were elected notifies Parliament. Mudenda side-stepped the issue last year on a technicality saying the matter was before the courts, but he is under pressure to make a decision following his ruling last week on two legislators expelled from the Zimbabwe African National Union-Patriotic Front, Didymus Mutasa and Temba Mliswa. Mutasa is challenging his expulsion from the party in court.

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Low-cost airline Flyafrica has expanded its fleet to five planes and now boasts assets worth over $10 million as it presses ahead with plans to become a competitive regional airline, an official has said.

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More than 400 British companies are doing business in Zimbabwe and are making huge profits, the Minister of Foreign Affairs Simbarashe Mumbengegwi said in Parliament last week.

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The new look multi-million dollar Victoria Falls International Airport, whose Chinese-funded upgrade is underway, will be ready for commissioning in September, the Civil Aviation Authority of Zimbabwe (CAAZ) has said.

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Finance Minister Patrick Chinamasa said companies, and not individuals, are resisting the use of bond coins because they are making money out of it.

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Pretoria Portland Cement Zimbabwe says it has recorded a marginal one percent growth in sales for the four months to 31 January compared to the prior year, despite an economic slowdown that could be expected to result in declining volumes.

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New measures allowing undercapitalized local tobacco merchants to buy the cash crop could prejudice smallholder farmers funding their own crop and further widen the price gap between the contract and farmer-funded crop, industry experts have said.

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The youth assembly of the Movement for Democratic Change-Tsvangirai faction yesterday held a prayer meeting in memory of Susan Tsvangirai, the party leader’s wife who died in a car accident on 6 March 2009, less than a month after her husband was sworn-in as Prime Minister.

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