The Insider

Falcon Gold today reported a net loss of $1.8 million for the full-year to September 30, compared to a $12.5 million loss in the prior year, on the back of depressed gold prices and costs for maintaining its closed Dalny Mine.

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Struggling sugar refiner Starafricacorporation’s losses for the six months to September slowed to $3.154 million from $5.237 million in the same period last year despite revenue falling by nearly 60 percent, although it expects to perform better in 2015 because of cost reduction measures and a stable domestic market for sugar.

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The warning by Vice-President Emmerson Mnangagwa for corrupt Zimbabweans to mend their ways or face the wrath of the law could turn into an empty threat as the country’s corruption watchdog, the Zimbabwe Anti-Corruption Commission, remains dysfunctional because it is financially crippled.

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Movement for Democratic Change secretary for local government Eddie Cross thinks so. “The baton has passed and although we remain under Robert Gabriel Mugabe rule, we are in a post Mugabe era,” he wrote in his Christmas column.

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Many people are profoundly pessimistic about the Chinese economy’s growth prospects, owing to the emergence of massive debt, excessive investment, overcapacity, and so-called “ghost cities” since the 2008 global financial crisis.

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China has congratulated Zimbabwe’s newly elected vice-presidents Emmerson Mnangagwa and Phelekezela Mphoko and says it is willing to work with Zimbabwe to lift bilateral friendly relations to a higher level so as to bring more benefits to both peoples.

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Sixteen new auditors with the Ministry of Home Affairs are sharing five chairs and three desks because the ministry has not bought any furniture for a long time, Parliament was told during the debate on the ministry’s budget for 2015.

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As the debate on indigenisation takes centre-stage again with confusion about who is right, the Minister responsible for indigenisation Christopher Mushohwe, or Finance Minister Patrick Chinamasa, or Vice-President Emmerson Mnangagwa, it might be worth reviewing what Zimbabwe is really aiming for. Ricardo Hausmann, a former minister of planning of Venezuela and former Chief Economist of the Inter-American Development Bank and Professor of the Practice of Economic Development at Harvard University says the current relationship between the private sector and the government is often dysfunctional. The private sector often engages with the government in order to make itself more profitable. But these schemes make firms more profitable by making their suppliers, workers, and customers poorer. Outcomes would be very different if the focus of the relationship were productivity rather than profitability. Productivity improvements, by lowering costs, allow firms to pay their workers and suppliers better, reduce prices for consumers, pay more in taxes, and still make more money for their shareholders. A focus on productivity is win-win-win. Below is his article in full.

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