Stories

That is what the private local media says. One said China told Mnangagwa that it would not give Zimbabwe any bail out unless Harare pays back Beijing loans totaling $1.5 billion first.

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The local unit of Barclays Bank Plc’s profit for the half-year to June fell 24 percent to $1.3 million from $1.7 million in corresponding period last year on higher operating expenses, the bank reported on Friday.

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South Africa’s Eye Witness News reported last week that Cecil, the lion which was killed by an American dentist, was the biggest international news from Zimbabwe since the 2008 elections which the Zimbabwe African National Union-Patriotic Front lost narrowly to the Movement for Democratic Change.

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Zimbabwe’s largest platinum miner, Zimplats slipped to a $32.6 million loss in the quarter to June from a profit of $6.8 million in the previous quarter after sales for platinum group metals (4E) fell 35 percent and poor commodity prices.

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Atlas Mara, the London-listed financial services group founded by former Barclays Plc chief executive Bob Diamond and Ugandan billionaire Ashish Thakkar, has completed the sale of its 10 percent stake in Brainworks Capital Management for nearly $9 million, the company said on Thursday.

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Troubled Cotton Company of Zimbabwe (Cottco), sub-Saharan Africa’s largest ginner and marketer reported a $30.2 million loss for the full-year to March from a profit of $14.9 million last year citing poor lint prices and low margins.

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First Lady Grace Mugabe yesterday urged children to be serious with their education saying they should stop seducing men because education should be their first husband.

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Zimbabwe received $409.5 million from the Diaspora in the first half of the year compared to $397.8 million the previous year as confidence in formal money transfer channels grows, finance minister Patrick Chinamasa has said.

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Confederation of Zimbabwe Industries (CZI) president Busisa Moyo says policy inconsistencies and failure by the government to address investor concerns on its local ownership policy are major stumbling blocks to attracting foreign direct investment.

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Industry and Commerce Minister, Mike Bimha, said the ongoing wave of job losses is good for the industry, which he said has been saddled with ‘excess workforce’ before a recent Supreme Court ruling gave employers leeway to fire workers without the costs associated with retrenchment packages.

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