Stories

Zimplow shareholders yesterday approved a special resolution to raise $5 million through a rights issue aimed at reducing its expensive short-term debt at an extraordinary general meeting.

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Workers in the horticulture sub-sector have been awarded a five percent wage increase with effect from this month, a Commercial Farmers Union (CFU) official has said.

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Zimbabwe’s diamond export earnings fell nearly 30 percent to $175 million in the nine months to September from $248 million in the prior period last year, the latest African Development Bank (AfDB) report has shown.

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Elections in Zimbabwe are disruptive. It does not matter whether these are national or party elections more so where the Zimbabwe African National Union-Patriotic Front is involved. Everything, especially the economy, comes to a standstill.

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Falcon Gold today reported a net loss of $1.8 million for the full-year to September 30, compared to a $12.5 million loss in the prior year, on the back of depressed gold prices and costs for maintaining its closed Dalny Mine.

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Struggling sugar refiner Starafricacorporation’s losses for the six months to September slowed to $3.154 million from $5.237 million in the same period last year despite revenue falling by nearly 60 percent, although it expects to perform better in 2015 because of cost reduction measures and a stable domestic market for sugar.

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The warning by Vice-President Emmerson Mnangagwa for corrupt Zimbabweans to mend their ways or face the wrath of the law could turn into an empty threat as the country’s corruption watchdog, the Zimbabwe Anti-Corruption Commission, remains dysfunctional because it is financially crippled.

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Movement for Democratic Change secretary for local government Eddie Cross thinks so. “The baton has passed and although we remain under Robert Gabriel Mugabe rule, we are in a post Mugabe era,” he wrote in his Christmas column.

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Many people are profoundly pessimistic about the Chinese economy’s growth prospects, owing to the emergence of massive debt, excessive investment, overcapacity, and so-called “ghost cities” since the 2008 global financial crisis.

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China has congratulated Zimbabwe’s newly elected vice-presidents Emmerson Mnangagwa and Phelekezela Mphoko and says it is willing to work with Zimbabwe to lift bilateral friendly relations to a higher level so as to bring more benefits to both peoples.

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