Stories

Tobacco Industry Marketing Board (TIMB) has approved four new firms to finance contract farming, a move likely to help improve tobacco output, an official said yesterday.

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In one of its first surveys on corruption in Harare, Transparency International Zimbabwe, found that quite a substantial number of Zimbabweans believed that corruption promotes development.

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The underperformance of the banking sector will force struggling financial institutions to look offshore for support to satisfy prescribed capital requirements and rising bad loans, a local brokerage and advisory firm has said.

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Mauritius has appealed to Zimbabwe to resume its beef and butter exports to the island country which relies mainly from imports as it does not breed cattle, a trade official has said.

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The Commercial Farmers Union (CFU) says the government must prioritise funding for agriculture in the 2015 national budget or risk ‘wasting’ funds on food imports.

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Harare firm Paramount Garments’ bid to acquire Archer Clothing Manufacturers was thrown into doubt after a meeting called for creditors to vote on the takeover failed to take place, an official of the company said on Friday.

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Zimbabwe will set aside up to two million carat of diamonds, 10 percent of its annual production, for local industry to help grow its value addition and beneficiation services, Mines and Mining Development Minister Walter Chidakwa has said.

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MDC congress gives Tsvangirai more powers- The Movement for Democratic Change congress which met yesterday and today gave more powers to its president Morgan Tsvangirai by stripping away the powers of the secretary-general and vesting them with the president.  According to one of the resolutions passed by the congress, the party said it will amend its constitution to make Tsvangirai “the custodian of the party name, custodian of all party assets, to supervise all in the leadership, to be the party’s chief fundraiser and to suspend National Standing Committee members through the National Council for breach of the party constitution”.  It said that the secretary-general shall no longer be responsible for all party affairs in the national secretariat and shall report to the party president.  The two previous secretary-generals of the party have been responsible for party splits, Welshman Ncube masterminding the 2005 split and Tendai Biti, the 2014 split.  The expulsion of Biti, Elton Mangoma and Solomon Madzore was ratified by congress today.  Party elections were still on at the time of writing, but Obert Gutu had been elected party spokesman after Douglas Mwonzora decided to contest the post of secretary-general.

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The Cotton Company of Zimbabwe has applied to the High Court to be placed under provisional judicial management, the company said on Thursday, with its application suggesting it was technically insolvent.

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Wines and spirits maker African Distillers (Afdis) says it is close to reaching an agreement with its South African major shareholder, Distell, to take over distribution of ciders in Mozambique, Malawi and Zambia to utilise its new $5 million alcoholic beverages plant, chairman Joe Mutizwa says.

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