Stories

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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Zimbabwe’s largest health insurer by subscription, Premier Services Medical Aid Society (PSMAS), has cleared its tax arrears after government paid $40 million in outstanding contributions last month which also enabled it to pay service providers, an official has said.

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Despite what appears to be sour relations between Britain and Zimbabwe, Britain is still training members of Zimbabwe’s security forces, according to Britain’s Minister of State for Defence (Armed Forces) Penny Mordaunt.

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Zimbabwe’s largest mobile phone operator Econet Wireless has demanded that its supplies cut prices by 15 percent or risk being blacklisted, as the telco feels the effects of government enforced tariff cuts on voice services and a flat-lining economy.

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