The Insider

The City of Harare’s revenue could be understated as council does not have effective controls in place to stop fraud, an eternal auditor’s report has showed.

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Beverage maker Delta Corporation attributable income for the six months to September was down seven percent to $44 million as the group seeks to commission two sorghum beer plants to boost the group’s revenue after lager beer sales fell on weakening demand.

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The Zimbabwe Microfinance Wholesale Facility (ZMWF) says it has disbursed $4 million to micro finance institutions for working capital purposes since January up from $1.3 million last year.

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Anjin Diamond Mine is set to retrench an undisclosed number of workers barely a month after employees downed tools demanding outstanding salaries and better working conditions.

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Zimbabwe’s Treasury will with immediate effect remit a quarter of mining royalties to the Sovereign Wealth Fund (SWF) after President Robert Mugabe yesterday signed into law a bill to set up the fund, which is meant to secure investments for future generations and support economic growth.

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Tobacco Industry Marketing Board (TIMB) has approved four new firms to finance contract farming, a move likely to help improve tobacco output, an official said yesterday.

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In one of its first surveys on corruption in Harare, Transparency International Zimbabwe, found that quite a substantial number of Zimbabweans believed that corruption promotes development.

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The underperformance of the banking sector will force struggling financial institutions to look offshore for support to satisfy prescribed capital requirements and rising bad loans, a local brokerage and advisory firm has said.

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Mauritius has appealed to Zimbabwe to resume its beef and butter exports to the island country which relies mainly from imports as it does not breed cattle, a trade official has said.

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