Stories

Zimbabwe’s inflation slid to -1.28 percent in January from the December 2014 rate of -0.80 percent on an annualised basis, the national statistics agency said yesterday.

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The European Union (EU) has given Zimbabwe $270 million in development assistance after lifting a 12 year embargo on the provision of direct financial support to the southern African state’s government, the bloc said yesterday.

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At least 76 percent of Zimbabwe’s 7 million adult population is living on less than $200 a month, according to a consumer survey conducted by the country’s official statistics agency…

Hotel group Meikles has been suspended from trading on the Zimbabwe Stock Exchange with effect from today, the bourse said without immediately giving reasons for the move, which market sources said could be linked to allegations that the firm had overstated the debt it is owed by the Reserve Bank.

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The Confederation of Zimbabwe Industries (CZI) says the Reserve Bank of Zimbabwe (RBZ) must compensate individual account holders according to their different bank balances as it moves to demonetise the Zimbabwean dollar, shooting down the central bank’s proposal to pay flat figure of $5 per account.

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The Tsvangirai faction of the Movement for Democratic Change says central bank governor John Mangudya’s monetary police statement released last week is anti-worker and anti-poor.

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Gold production at Mwana Africa’s Freda Rebecca was up by nine percent to 14 298 ounces for the full year to 31 December from 13 072oz during the same period in 2013, the chief executive Kalaa Mpinga has said.

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Information Minister Jonathan Moyo yesterday said Zimbabwe’s constitution was the supreme law of the land so there was no need to spend too much time talking about re-aligning laws to the new constitution as this took a very long time.

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Listed roofing and building materials producer, Turnall Holdings says it will increase production to over 80 percent of capacity this year after securing a contract worth more than $1 million from Masvingo Town Council.

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A local bank has said that the $5 to be paid to depositors who lost their money when the country abandoned its local currency five years ago as part of the demonetisation of the Zimbabwe dollar is fair, while the swap itself sends a clear welcome signal the government is committed to continue using foreign currencies.

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