The Insider

CABS has reduced the initial deposit payable for stands under its Budiriro housing development scheme to 10 percent from 25 of the total cost after reporting slow uptake of the stands, an official has said.

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The High Court today attended to a record 17 cases of companies under judicial management and liquidation, a sign of the country’s worsening economic crisis with many firms closing shop and leaving creditors — mainly the taxman, employees and banks — in the lurch.

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The Zimbabwe Congress  of Trade Unions (ZCTU), the largest labour body in the country today hit out at Zimbabwe Revenue Authority (ZIMRA) boss Gershom Pasi for calling for a wage cut, and alleged a conspiracy among top government officials to trample on workers’ rights.

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The resuscitation of the Redcliff-based Zimbabwe Iron and Steel Corporation, now renamed New Zim Steel, is still unclear as the agreement between the government and India’s ESSAR Group had to be renegotiated and is yet to be signed.

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Mining companies are bracing to challenge the recent three percent wage increase awarded to workers citing viability challenges.

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The Reserve Bank of Zimbabwe today cancelled struggling AfrAsia Bank Zimbabwe’s operating licence after determining that the financial institution was no longer in a sound financial condition.

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Gweru City Council has proposed to convert the idle mayoral mansion into a state of the art lodge to support its budget, according to  minutes of a recent council meeting.

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Zimbabwe’s daily power generation has dropped to 772 megawatts from about 1 200MW following a systems disturbance at Hwange Thermal Power Station, the power utility said today.

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The Morgan Tsvangirai faction of the Movement for Democratic Change has spelt out 10 points that Zimbabwe must fulfil for it to rejoin the international community.

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