admin‘ECB can tackle symptoms but not cure crisis’
FRANKFURT. — The European Central Bank can treat the symptoms but not cure the eurozone debt crisis, a top official said yesterday as fresh concerns flared up over debt in Spain and Italy. “The ECB has addressed the immediate symptoms, but monetary policy cannot cure the underlying causes,” ECB executive board member Benoit Coeure told a conference in Paris.
Road fund bosses rapped
Tendai Mugabe Senior Reporter
THE Zimbabwe National Road Administration blew over three times what the law allows it to spend on itself in 2010, the Office of the Comptroller and Auditor-General has said.
The appendix to the draft audit report for 2010 noted that Zinara was allowed, under the Roads Act, to spend 2,5 percent of the money it collected for the roads fund on administration, but it spent 8 percent.
This cut the amount it could spend on roads.
The law expects Zinara to spend at least 97,5 percent of what it collects in tolls, vehicle licence fees, fuel levies, overload fees and transit coupon fees on maintaining and extending Zimbabwe’s road system.
The Auditor-General was particularly concerned that this overspending was done without the written authority of the parent ministry, that of Transport, Communications and Infrastructure Development.
The response of the Zinara management was, in full: “Observation noted. After the economic meltdown and subsequent global recession,
Indian airline shares soar on FDI hopes
NEW DELHI. — Shares of struggling Indian airlines surged yesterday on expectations the government will decide this week to allow foreign airlines to pick up stakes in the domestic carriers. The move would throw a lifeline to companies such as cash-squeezed Kingfisher Airlines, controlled by billionaire liquor baron Vijay Mallya, which is in desperate need of funds toItaly borrowing costs double
MILAN. — Italy’s borrowing costs doubled in a closely-watched bond auction yesterday that raised 11 billion euros (US$14 billion) in short-term debt, as tensions returned to eurozone bond markets. Eight billion euros in 12-month bonds were sold at a rate of 2,84 percent — far higher than the 1,492 percent paid in March while three billion euros due July 2012 went at 1,249Kasukuwere named junior football patron
Mbachi Mutukula-Maregere Sports ReporterTHE Zimbabwe Junior Football League have roped in Youth Development, Indigenisation and Economic Empowerment Minister Saviour Kasukuwere as their new patron with the youthful minister pledging to assist in the development of the game.
Making real estate deals profitable
Vengai Madzima Property GuideMANY writers on real estate investments concur on the universal factors that allow most properties to become profitable.
These factors vary in particular properties, however, where they are present, there is certainty in the potential return of
Cooke breaks decathlon record
Collin Matiza Sports EditorUNHERALDED Zimbabwean athlete Keegan Cooke recently broke a 23-year-old Zimbabwe national record in the decathlon while competing in a track and field event in the United States. Cooke achieved this remarkable feat during last weekend’s Jim Click
EU carbon law deal-breaker for climate talks
New Delhi — A European Union law that charges airlines for carbon emissions is “a deal-breaker” for global climate change talks, India’s environment minister said, hardening her stance on a scheme that has drawn fierce opposition from non-EU governments.From 1 January, all airlines using EU airports have come under the European Union Emissions Trading Scheme (ETS).