adminThink sustainability!
Egpha JokomoThe issue of climate change is very topical. So much is being written and said by experts. There is emphasis on managing and protecting the environment today than before. As human beings we have not been good stewards of our God given resources. We have taken out so much and
Editorial Comment: City can do better to conserve water
The serious problems faced by Harare City Council in abstracting seriously contaminated raw water and having to treat this adequately to make it safe are not an excuse to deny vast swathes of the city treated water for days on end.The outbreaks of typhoid and the ever present danger of cholera, require that every household should have a basic supply of safe water for at
Banking Act set to be amended
Farirai Machivenyika Senior ReporterGOVERNMENT is working on amendments to the Banking Act to compel banks to pay interest on deposits and set limits on interest rates to be charged on loans.
Merchants still to review seed cotton price
Agriculture ReporterMerchants are still buying the seed cotton at the old price of between 29 cents and 35 cents per kilogramme. Agriculture, Mechanisation and Irrigation Development Minister Joseph Made on Wednesday announced a minimum price of US$0.77 per kilogramme after farmers and ginners failed to agree
Jehovah’s Witnesses conventions begin
Herald ReporterPEOPLE may often hear the expression “Follow Your Heart”, but rarely “Safeguard Your Heart”. The latter phrase will be heard many times starting this weekend to mid-October when Jehovah’s Witnesses hold 35 conventions throughout Zimbabwe. The Harare Assembly Hall of Jehovah’s Witnesses
Civil servants slam Minister Biti
Herald ReporterGOVERNMENT workers have slammed Finance Minister Tendai Biti for his utterances in Parliament rebuking them for demonstrating against poor salaries and working conditions.
US keen to normalise relations
Zvamaida Murwira Herald Reporter
The United States is keen to engage Zimbabwe to lift sanctions and normalise relations after realising that the embargo had not produced any meaningful effect, a former diplomat has said.
‘Give schoolchildren condoms’
Lloyd Gumbo in Gweru
Copac requires US$2m to host conference
Herald Reporters
Copac requires at least US$2 million to host the second all-stakeholders’ conference where 2 000 delegates are expected to
Royal Bank shuts down
Victoria Ruzvidzo and Martin Kadzere
ROYAL Bank has surrendered its licence amid revelations that the bank has been involved in serious abuse of depositors’ funds and is burdened by non-performing insider loans among a cocktail of operational irregularities.
It becomes the third bank to fall in as many months.
Reserve Bank of Zimbabwe senior division chief: Banking Licensing, Supervision and Surveillance Mr Norman Mataruka last night said onsite investigations by the central bank had unearthed gross irregularities indicating the bank was beyond redemption.
Royal, which was reissued with a licence two years ago had a capital base of US$1,9 million against the requisite US$12,5 million for commercial banks and cumulative losses of US$6 million to June 2012 rendered the bank insolvent.
“The surrender of the licence followed a Reserve Bank of Zimbabwe’s determination that Royal Bank was no longer in a safe and sound financial condition.
The institution has failed to maintain the prescribed minimum amounts of capital and reserves in violation of the Banking Act and has failed to conduct banking business in accordance with sound administrative and accounting practices and procedures, adhering to proper risk management policies,” said a statement issued by RBZ Governor Dr Gideon Gono last night.
Briefing journalists in Harare, Mr Mataruka described the banks’ shareholders and directors as unrepentant, abusing funds in the same manner that saw the bank collapse in 2004.