Stories

Information Minister Jonathan Moyo has entered into the spot fines debate arguing that police have the right to collect spot fines but former Education Minister David Coltart who is a lawyer says Moyo is wrong. He must admit it.

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The chrome sector is seriously considering importing power dedicated for its smelters as local tariffs are being charged at a premium, stifling the viability of the sector, mines minister Walter Chidhakwa has said.

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Black empowerment lobby group, Affirmative Action Group (AAG) yesterday told Parliament that government must reverse the acquisition of Redcliff steel maker, Ziscosteel by Essar Africa Holdings, arguing the economy would not gain any significant benefits from the deal in its current structure.

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It is easy to dismiss the stalwart, albeit slumping, figure of 90-year-old Zimbabwean president, Robert Mugabe, as a reminder of all that has gone wrong with the African continent; failed economies, dictatorships and the resigned inertia of the African people. But to the African Union, which recently elected him as its chair, Mugabe is a symbol of everything that could have gone right with the continent but never did.

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Zimbabwe received $840 million last year from the Diaspora compared to $790 million in 2013, boosting the country’s income while the central bank has relaxed laws governing foreign currency dealers.

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The central bank will demonetise the Zimbabwe dollar currency by June 30 this year to compensate depositors who lost their savings and pensions when it adopted foreign currencies in 2009 to replace the collapsed local unit.

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Workers at troubled former steel giant Ziscosteel received only a fraction of their December salaries as the company struggles to generate revenue to meet its monthly costs, amid growing doubts over the Essar takeover, which was expected to restore it as one of Africa’s biggest steelworks.

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Zimbabwe’s faltering economy has no room for salary increases as they would further erode competitiveness and hold back recovery, the central bank governor John Mangudya said today, pushing for price cuts to stimulate demand and economic activity.

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Lawmakers from Zimbabwe’s two main political parties, the ruling ZANU PF and the opposition Movement for Democratic Change (MDC) yesterday crossed swords over the proposed assumption of the central bank’s $1 billion debt by government.

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Harare plans to raise up to $80 million in bond finance for housing for the city’s poor and is considering replicating Senegalese capital Dakar’s model of mobilizing infrastructure finance from African capital markets.

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