Stories

Finance Minister Patrick Chinamasa yesterday said he had shocked ministry officials by declaring his “love” for the World Bank and the International Monetary Fund (IMF), multilateral organisations seen as hostile to President Robert Mugabe’s government.

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Zimbabwe economy is likely to grow by just one percent this year in the absence of political will to institute economic reforms, Bankers Association of Zimbabwe (BAZ) president Sam Malaba said today.

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Beverage maker Delta Corporation has sounded alarm over the impact of the poor economic outlook on its financial performance, but hopes the recent reduction in excise duty on lagers and the resumption of barley malt exports to Zambia and Mozambique could offset the impact of softening beverage demand.

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Zimbabwe African National Union-Patriotic Front national political commissar Saviour Kasukuwere yesterday said the party was a mean political machine which had survived defections from people like Edgar Tekere, Margret Dongo, Simba Makoni and Dumiso Dabengwa.

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Revenue generated by Zimbabwe’s mobile network operators revenue grew nine percent to $247 million in the three months to September last year compared to the previous quarter, a regulator’s report has shown.

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Conglomerate Innscor Africa says it is working on a new pricing model for all products which might even see the price of bread going down to 90 cents due to the introduction of bond coins.

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The Bulawayo City Council recorded a rare budget surplus of $8.7 million from January to November last year but noted that reduced expenditure over the year was mainly due to cash flow constrains.

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Zimbabwe’s gold mining firms are making losses due to weak bullion prices and could collapse unless the government reduces royalties for producers, the Chamber of Mines said.

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A Chicago man, C. Gregory Turner, who entered into a contract with the Zimbabwean government to lobby for the lifting of sanctions against the Southern African country, was yesterday sentenced to 15 months in jail for violating the United States sanctions laws.

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The Reserve Bank of Zimbabwe recorded a 320 percent profit increase to $74 million in 2012 up from a loss of $35 million in 2011, the Bank’s latest annual report has revealed.

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