The Insider

The country’s sole manufacturer of knitting yarn, Karina Textiles, which was placed under provisional liquidation two years ago after failing to raise new investment, has put all its assets on the market to raise funds to pay off creditors, the liquidator has said.

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An overwhelming majority of Zimbabweans would not advise their compatriots living and working abroad to consider returning home in the medium-term as the future of the economy remains hazy, according to a study by a leading consultancy firm.

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Zimbabwe Electricity Transmission and Distribution Company (ZEDTC) yesterday said the installation of prepaid meters is 98 percent complete, but the country’s energy regulator expressed alarm at the high work-related fatalities in the industry.

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Zimbabwe’s annualised inflation rate stood at -0.80 percent in December compared to -0.78 percent recorded in November last year, the national statistics agency said today.

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The government has given businesses 60 days to amend indigenisation agreements with the state as part of changes to the controversial law which is blamed for low Foreign Direct Investment (FDI) in the southern African country, and gave more powers to line ministers.

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Britain has refused the grandparents of five-year-old Andrea Gada, a  Zimbabwean, permission to visit the country to attend her funeral because, it says, they will not return to Zimbabwe.

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Zimbabwe’s economy will grow by 3.2 percent this year — faster than the global average — and pick up to 3.7 percent next year, the World Bank said in its latest global report which also shows the world economy was still struggling to recover five years after the financial crisis.

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Creditors of chrome smelter, MonaChrome today finally voted in favour of the company’s takeover by current German shareholder, NK Trading at the High Court while two banks, AfrAsia and Stanbic bickered over its disposal.

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Struggling starafricacorporation’s workers halted production today in protest over unpaid salaries in the latest labour unrest to hit the sugar refiner.

(416 VIEWS)