Stories

Zimbabwe’s economy risks being caught in the trap of deflation, with corporate earnings seen continuing to shrink unless the country restores investor confidence to attract investment, a local investment advisory firm has said.

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Botswana’s central bank has been granted an order by the High Court in that country to liquidate Nigel Chanakira’s Kingdom Bank Africa Limited due to insolvency, the bank said today.

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Harare City Council has resorted to legal action to recover up to $25 million owed by residents and companies and cancelled more than 250 lease agreements after tenants failed to pay rentals, an official has said.

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Kuwadzana East legislator Nelson Chamisa took Parliament by surprise on Wednesday when he sneaked in a question about what the nation should do to make President Robert Mugabe stay in the country to avoid embarrassment similar to the one he faced when he was confronted by a female journalist in Nigeria.

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Zimbabwe’s central bank chief John Mangudya says the Deposit Protection Corporation will compensate Zimbabwe dollar accounts that were held by financial institutions that closed post dollarisation as the apex bank moves in to restore confidence in the financial services sector.

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Zimbabwe is losing about $1 billion annually on infrastructure deficiencies and current expenditure on development is not enough to encourage the country’s economic recovery, the African Development Bank (AfDB) has said.

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Advisory firm Brainworks Capital today said only one indigenisation deal had been consummated by government, while transactions worth over $1 billion with major platinum mining firms Anglo American Platinum, Impala and Aquarius had been abandoned.

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Telecel Zimbabwe, which is currently embroiled in a legal battle with government over the cancellation of its operating licence, has appointed Angeline Vere as its new chief executive, the company said today.

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The Zimbabwe Football Association, which is embroiled in bitter fighting within its executive and has failed to foot the bills of the national teams to fulfill their matches, cannot operate outside the jurisdiction of the government, Vice-President Emmerson Mnangagwa told Parliament yesterday.

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The stock of the government’s treasury bills has risen to $338 million as at March this year from $75 million when the instruments were introduced two years ago with state borrowings overtaking private sector lending, latest Reserve Bank of Zimbabwe figures have shown.

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