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Monday, December 9, 2019

Business

Mail and Telegraph Business News

At least 60% of the money meant for old people was used to finance luxury living, hotel and allowances of civil servants while the intended beneficiaries wallowed in poverty, an audit has revealed. In  2017, according to the Auditor-General Mildred Chiri, the ministry of finance released a grant of $100...
Government last year over spent $2 billion without parliamentary approval, the Auditor-General has said. In a statement issued Friday after tabling the 2018  audit reports for ministries, state entities and local authorities, Auditor-General, Mildred Chiri said the state used more than $2.5 billion more than what was budgeted for. Chiri said parliament...
Cabinet has urged Zimbabweans to embrace government's move to abolish the multicurrency system adding that it would place the country's economy on a firm growth trajectory. Addressing journalists during a post cabinet briefing, Information, Publicity and Broadcasting Minister Monica Mutsvangwa said Zimbabweans should be driven by by the sense of...
President Emmerson Mnangagwa has said the country is now back to normal following the outlawing of the multi currency system that has been in place since 2009. In a statement, Mnangagwa said the country had normalised it's domestic issues,"We have normalised our domestic issues. "We were living under an abnormal financial...
Cabinet has approved Zimbabwe national Industrial Development (ZNIDP) policy which is aimed at achieving an export based industrialization. Addressing journalists during a post cabinet briefing, Information, Publicity and Broadcasting Minister Monica Mutsvangwa said the policy would promote sustainable industrial development. "Cabinet considered and approved the Zimbabwe national Industrial Development as presented by...
Cabinet has pegged the produce price of maize in USD$ and directed that the Grain Marketing Board to pay farmers at the prevailing interbank rate. Information minister Monica Mutsvangwa told a post cabinet briefing that from now, the produce price of maize would be USD$ 242 per tonne and would...
The Zimbabwe Energy Regulatory Authority (ZERA) has increased prices of fuel by RTGS $0.30 cents with immediate effect, a situation that may result in increases of prices of basic commodities. ZERA acting chief executive officer Mr Edington Mazambani confirmed the price hike last light saying fuel dealers had been advised...
ENERGY and Power Development Minister Advocate Fortune Chasi has fired the entire ZESA board for failing to “appreciate the urgency of the situation we are in”. A new board of ‘hands-on” people will be appointed soon. More details to follow . . . The Herald
President Emmerson Mnangagwa’s much-hyped rehabilitation of Mbare flats is proving to be hot air after the company contracted by government and the Harare City Council to do the rehabilitation, FCG Singapore, ceased operations a month ago. The contractor is embroiled in a war with its workers who claim exploitation and...
Zimbabwe has been battling to get financial bailout due to the country’s geopolitics and risk assessments that has forced lenders to take a wait and see attitude, Reserve Bank of Zimbabwe (RBZ) governor John Mangudya has said. Mangudya said the country has been battling to access offshore lending due to...
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