News

It is easy to dismiss the stalwart, albeit slumping, figure of 90-year-old Zimbabwean president, Robert Mugabe, as a reminder of all that has gone wrong with the African continent; failed economies, dictatorships and the resigned inertia of the African people. But to the African Union, which recently elected him as its chair, Mugabe is a symbol of everything that could have gone right with the continent but never did.

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Zimbabwe received $840 million last year from the Diaspora compared to $790 million in 2013, boosting the country’s income while the central bank has relaxed laws governing foreign currency dealers.

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The central bank will demonetise the Zimbabwe dollar currency by June 30 this year to compensate depositors who lost their savings and pensions when it adopted foreign currencies in 2009 to replace the collapsed local unit.

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Workers at troubled former steel giant Ziscosteel received only a fraction of their December salaries as the company struggles to generate revenue to meet its monthly costs, amid growing doubts over the Essar takeover, which was expected to restore it as one of Africa’s biggest steelworks.

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Zimbabwe’s faltering economy has no room for salary increases as they would further erode competitiveness and hold back recovery, the central bank governor John Mangudya said today, pushing for price cuts to stimulate demand and economic activity.

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Lawmakers from Zimbabwe’s two main political parties, the ruling ZANU PF and the opposition Movement for Democratic Change (MDC) yesterday crossed swords over the proposed assumption of the central bank’s $1 billion debt by government.

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Harare plans to raise up to $80 million in bond finance for housing for the city’s poor and is considering replicating Senegalese capital Dakar’s model of mobilizing infrastructure finance from African capital markets.

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Zimbabwe’s textile industry needs to explore the lucrative United States market as it bids to recover its former lustre, a US trade specialist has said.

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A South African government minister who described Robert Mugabe as a “crazy old man” six years ago because he was resisting reform during the first few months of the inclusive government yesterday showered praise on him over the professional manner in which he had chaired the recent African Union meeting.

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A High Court judge says spot fines charged by the Zimbabwe Republic Police who often insist that motorists must pay or have their vehicle impounded are illegal and must be…