News

The World Bank has advised government to overhaul the country’s consumer protection laws and promote financial literacy but says inclusion remains low due to lack of confidence in the banking sector, a report has shown.

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Movement for Democratic Change leader Morgan Tsvangirai is expected not only to attend the prayer meeting organised for activist Itai Dzamara on Saturday but will also deliver a speech according to his spokesman Luke Tamborinyoka.

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Former indigenization minister, Saviour Kasukuwere today maintained that five diamond mining companies in Marange had pledged $50 million to community trusts but were failing to meet their pledges due to lack of finances.

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State-owned National Railways of Zimbabwe (NRZ) says it narrowed its losses in the full-year to December 2013 by seven percent to $49 million but poor business and failure to recapitalise have left the parastatal facing a bleak future.

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Every Zimbabwe can be a millionaire because Zimbabwe is sitting on $15 trillion worth of mineral resources Vice President Phelekezela Mphoko, who is currently the acting president, said yesterday.

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Players in the poultry industry in Zimbabwe have cut chicken prices by 23 percent, with indications that the market was flooded by cheap imports, an industry official has said.

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The Deposit Protection Corporation (DPC) says its fund to pay out depositors of banks that collapse has declined to $7.2 million from $16 million since December last year, and warned that healthy institutions face the risk of contributing additional funding should more banks fail this year.

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Telecel Zimbabwe, which is currently embroiled in a legal battle with government over the cancellation of its operating licence, says it has started negotiations with the government to resolve the impasse, an indication that it could get its licence back.

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The runway at Harare International Airport, among the longest in Africa, faces being declared unsafe in three years if government fails to complete its rehabilitation while debris from the stalled works poses risks to aircraft, Parliament has heard.

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Britain says its companies should consider investing in Zimbabwe after the southern African country toned down rhetoric on its indigenisation law compelling foreign firms to sell majority shares to locals as relations with its former colony continue to thaw.

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