The Insider

Zimbabwe’s Treasury plans to inject a further $150 million into the central bank to restore its lender of last resort role and confidence in the financial services sector, finance minister Patrick Chinamasa said yesterday.

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Local Government Minister Saviour Kasukuwere told the chairman of the Parliamentary Portfolio Committee on Youth, Indigenisation and Economic Empowerment, Justice Wadyajena, that he was hunting an elephant with a rekeni (catapult). The big animal was, therefore, likely to turn against him.

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AIM-listed resources group Mwana Africa says its full-year profit plunged 86 percent to $7 million compared to the previous year on higher operating costs and falling gold and nickel prices, despite revenue growing by seven percent.

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Zimbabwe’s tax collector says revenue collection for the first half of the year totalled $1.66 billion, nearly six percent behind the $1.76 billion target as most tax heads underperformed due to a weakening economy.

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Parliament has asked the government to suspend the 15 percent valued added tax on foreign tourists with effect from 1 August 2015 until 2019 to allow the sector to recover and potential dividends from the United Nations World Tourism Organisation summit held at Victoria Falls two years ago to pay off.

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The opposition Movement for Democratic Change led by Morgan Tsvangirai has rubbished reports by The Herald that the party has been summoned by Western governments to receive funding and brief them on political developments in Zimbabwe saying this is a ploy to deny the party funds it expects to receive under the Political Parties (Finance) Act.

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The government is planning to implement cost reflective power tariffs — under which higher users will pay more — to reduce the high consumption of energy in the country which is battling power shortages, an official said yesterday.

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Zimbabwe’s road authority says it will seek government invention to reverse a decision by Harare City Council to reject a deal in which the local authority could access more than $200 million to finance rehabilitation of the capital’s decaying road network.

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Bermuda-headquartered platinum miner, Aquarius Platinum said production at its 50 percent owned Zimbabwe unit, Mimosa Mine, reached a record high of 60 035 ounces for platinum group metals (4E) in the fourth quarter to June, but revenue fell two percent to $62 million as metal prices continue to fall.

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Zimbabwe’s largest mobile phone operator Econet Wireless says failure to pay interconnection fees by its state-owned rivals —  NetOne and fixed line phone operator TelOne amounting to over $26 million in the last five years — could paralyse the telecoms sector.

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