The Insider

Corporate earnings are expected to remain subdued this year exacerbated by deflation and persistent liquidity pressures resulting in a continuation of low consumer demand and generally negative sentiment, according to a report by a local securities firm.

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Kuwadzana East Member of Parliament Nelson Chamisa says Parliament must reject the Reserve Bank of Zimbabwe (Debt Assumption) bill because accepting it is the height of irresponsibility. Those who benefitted must pay because if Parliament accepts the bill, this is tantamount to condoning corruption.

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Bikita West legislator Munyaradzi Kereke, the former advisor to central bank governor Gideon Gono, said all the loans that the Reserve Bank of Zimbabwe borrowed were authorised by the Treasury. Gono, therefore, did a sterling job in discharging his mandate to superintend over the financial affairs of the country.

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The former chief executive of the now defunct SFG Insurance firm, Charles Madziva is facing allegations of diverting over $300 000 meant for settling a claim by a client.

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The High Court has approved an application by the Reserve Bank to liquidate Interfin Bank after it failed to secure fresh investment and appointed the Depositors Protection Corporation (DPC) as the provisional liquidator.

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The chairman of the Parliamentary Portfolio Committee on Finance and Economic Development David Chapfika says there are glaring anomalies on the amounts that the central bank reportedly owes to creditors with some more than 20 times the loan amount.

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Textile company National Blankets, which is currently operating at 20 percent of its capacity, has appealed to the central bank to make cheap funds available for local industry for recapitalisation.

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Trade between Zimbabwe and China grew marginally to nearly $1.2 billion between January and November last year compared to $1.1 billion for the whole of 2013, an official has said.

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Speaker of Parliament Jacob Mudenda yesterday ruled that Bikita West Member of Parliament Munyaradzi Kereke was elected on a Zimbabwe African National Union-Patriotic Front ticket and his purported dismissal from the party was settled out of court because then ZANU-PF secretary for Administration Didymus Mutasa had not followed the party’s constitutional process.

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