News about Zimbabwe that you can use
A Chicago man charged with illegally lobbying for the lifting of sanctions against Zimbabwe may have tried to con President Robert Mugabe as it emerged yesterday that one of the State Senators for Illinois Donne Trotter who was allegedly fighting for the lifting of sanctions did not write some of the letters of support sent to the Zimbabwean president.
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Mbada Diamonds yesterday said it will acquire high-tech machinery to start mining deep-seated conglomerate and kimberlite diamonds in the Marange area as alluvial deposits decline.
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The Zimbabwe Revenue Authority (Zimra) says it is planning to introduce automatic revenue machines next year to facilitate easy processing of documents and payment of tax at border posts.
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Chinamasa appeals for cheap South African finance- Finance minister Patrick Chinamasa today appealed to South African development financial institutions for cheap finance as several parastatals seek $14.7 billion for retooling and to revive operations. A delegation of South African development financial institutions – Development Bank of South Africa, Public Investment Corporation , Transnet and Industrial Development Corporation – is in Harare for talks on funding for several infrastructural and utility projects. The government and DBSA are reportedly in talks over a $700 million loan to fund the rehabilitation of the National Railways of Zimbabwe. “Charge us fairly with a view to bring us to the same level of development as (South Africa is) industrially and in infrastructure. Don’t take advantage of your neighbour’s problems or desperation,” said Chinamasa. “Don’t charge us interest rates which are way above what you charge South African businesses. Being our neighbour you know we don’t have the country risk that is spoken of.” Chinamasa said developing the country’s infrastructure and economy would stop the migration of people to South Africa to seek better opportunities. An estimated three million Zimbabweans live in the neighbouring country. “You know all our boarders are porous and you can’t stamp that tide. It is in your interest to keep people in their countries,” Chinamasa said. “We should reverse that tide and it can only be reversed if, through your assistance we develop to the same level industrially as South Africa.” South Africa is Zimbabwe’s largest trading partner, accounting for at least 40 percent of total exports and 60 percent of total imports.
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The level of non-performing loans (NPLs) in the banking sector has reached ‘frightening’ levels after it emerged that some banks had a bad loan ratio of up to 91 percent, a senior central bank official said yesterday.
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Some of the companies that closed down in Zimbabwe’s former manufacturing hub of Bulawayo in recent times will not be revived due to capital constraints, industry minister, Mike Bimha said today.
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The sanctions busting case in which a Chicago man C Gregory Turner is accused of lobbying for the lifting of sanctions against Zimbabwe for which he and his partner Prince Asiel Ben Israel were to make US$3.4 million was just verbal masturbation in which the two were going to make cash from b.s.
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The number of farmers who have registered to grow tobacco in the 2014/15 period is up nearly 10 percent to 71 000 compared to the same period last year as preparations get underway for the new season, the industry regulator has said.
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