Stories

The former chief executive of the now defunct SFG Insurance firm, Charles Madziva is facing allegations of diverting over $300 000 meant for settling a claim by a client.

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The High Court has approved an application by the Reserve Bank to liquidate Interfin Bank after it failed to secure fresh investment and appointed the Depositors Protection Corporation (DPC) as the provisional liquidator.

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The chairman of the Parliamentary Portfolio Committee on Finance and Economic Development David Chapfika says there are glaring anomalies on the amounts that the central bank reportedly owes to creditors with some more than 20 times the loan amount.

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Textile company National Blankets, which is currently operating at 20 percent of its capacity, has appealed to the central bank to make cheap funds available for local industry for recapitalisation.

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Trade between Zimbabwe and China grew marginally to nearly $1.2 billion between January and November last year compared to $1.1 billion for the whole of 2013, an official has said.

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Speaker of Parliament Jacob Mudenda yesterday ruled that Bikita West Member of Parliament Munyaradzi Kereke was elected on a Zimbabwe African National Union-Patriotic Front ticket and his purported dismissal from the party was settled out of court because then ZANU-PF secretary for Administration Didymus Mutasa had not followed the party’s constitutional process.

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Zimbabwe’s clothing sector is importing more than 45 percent of its fabric requirements after local cotton output fell by over 60 percent in the last three years as farmers moved to more viable cash crops, an industry official has said.

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Zimbabwe mineral earnings dropped by 5.59 percent to $1.41 billion in the year to November 2014 due to poor performance of commodity prices on the international market, the African Development Bank (AfDB) has said.

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The government needs to urgently implement productive and proactive policy reforms in order to attract foreign direct investment as the economy is buckling under ‘increasing stress,’ a securities firm has said.

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Central bank governor John Mangudya says he will present his first monetary policy statement for 2015 next week, set to carry some weight as it has been crafted with some monetary leverage following the introduction of bond coins.

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