The Insider

Zimbabwe’s central bank has licenced 27 designated money transfer operators and agencies, including Econet Wireless and eight banks, to carry out international remittances as well as trade in currencies, as the authorities bid to draw diaspora remittances into the formal banking system.

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A vendor representative union today vowed informal traders would not vacate street pavements across Zimbabwe’s towns and cities until municipalities offer them alternative vending sites, defying a 7-day government ultimatum and setting up potential clashes with law enforcement agents.

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Movement for Democratic Change leader Morgan Tsvangirai has condemned the move by the government to drive out all illegal vendors out of the major towns and cities by this Sunday.

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Zimbabwe has turned to the private sector to raise over $5 billion to finance water infrastructure projects, including the Matabeleland Zambezi Water Project (MZWP), citing the paucity of state coffers and will hold a conference later this month to highlight investment opportunities in the sector, a minister said yesterday.

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President Robert Mugabe’s eldest daughter, Bona, has been named one of the 10 most beautiful daughters of African presidents, sitting right at the bottom at number 10.

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Zimbabwe’s government, which spends three quarters of its $4.1 billion annual budget on salaries, today assured civil servants of a pay rise this year despite earlier indications there would be no increase this year.

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The Morgan Tsvangirai faction of the Movement for Democratic Change which has vowed not to participate in any elections until the country has implemented electoral reforms for free, fair and credible elections today spelt out some of the reforms it wants.

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Engineering and construction group Masimba Holdings says turnover for the first four months of the year had dropped by 17 percent compared with the same period last year, but expects its plastics and fabrication unit, Proplastics, to drive earnings growth in the full year.

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Vice-President Emmerson Mnangagwa has told the people of Hurungwe not be fooled by independent candidate Temba Mliswa in the coming 10 June by-elections because the Zimbabwe African National Union-Patriotic Front is like an elephant which bulldozes its way without being swayed by barking dogs.

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ZB Financial Holdings says it has reduced operating costs by 15 percent in the four months to April after aggressive cost-cutting measures designed to respond to the poor economic performance.

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