News

Creditors of Archer Clothing Manufacturers on Wednesday finally approved its take-over by Harare-based Paramount Garments, saving it from liquidation, documents from the Bulawayo High Court have shown.

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The African Capacity Building Foundation says it extended $1.3 million to Zimbabwe last year to foster regional integration and economic research and $20 million for project development.

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Zimbabwean companies are set to benefit from a €700 million facility unveiled last July by the Netherlands government earmarked for the development of small to medium businesses in 66 developing countries, the Dutch envoy has said.

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The country’s sole manufacturer of knitting yarn, Karina Textiles, which was placed under provisional liquidation two years ago after failing to raise new investment, has put all its assets on the market to raise funds to pay off creditors, the liquidator has said.

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An overwhelming majority of Zimbabweans would not advise their compatriots living and working abroad to consider returning home in the medium-term as the future of the economy remains hazy, according to a study by a leading consultancy firm.

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Zimbabwe Electricity Transmission and Distribution Company (ZEDTC) yesterday said the installation of prepaid meters is 98 percent complete, but the country’s energy regulator expressed alarm at the high work-related fatalities in the industry.

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Zimbabwe’s annualised inflation rate stood at -0.80 percent in December compared to -0.78 percent recorded in November last year, the national statistics agency said today.

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The government has given businesses 60 days to amend indigenisation agreements with the state as part of changes to the controversial law which is blamed for low Foreign Direct Investment (FDI) in the southern African country, and gave more powers to line ministers.

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