adminBanks likely to be caught in liquidity crunch
Business ReporterBANKS are likely to be caught in a liquidity trap due to the increasing rate of non-performing loans despite tightening liquidity challenges and limited fresh capital. Finance Minister Tendai Biti yesterday
Electoral Amendment Bill passed
Herald ReporterTHE House of Assembly on Tuesday passed the Electoral Amendment Bill and it now awaits debate in the Senate. The Bill was read for the second time last week and was forwarded to the Parliamentary Legal
New Egyptian govt promises to strengthen bilateral co-operation
Takunda Maodza Senior ReporterTHE new Egyptian government led by President Mohammed Morsi has pledged to strengthen bilateral co-operation with Zimbabwe. The indications are that Harare and Cairo will soon hold a joint commission
Overcharging refuted
Herald ReporterEconet Wireless and Telecel, two of the country’s three mobile phone service providers, yesterday refuted claims they are overcharging customers. Representatives of the companies appeared
Masvingo on housing
Masvingo BureauThe cash-strapped Masvingo municipality is considering temporarily freezing development of new residential areas until the completion of water works. The country’s oldest town has a housing backlog of
Rufaro winding up
Municipal ReporterRUFARO Marketing, the Harare City Council beer liquor utility, is winding operations to engage in real estate business. The city’s business committee, which met last month, agreed that the utility should
Zifa CEO Mashingaidze arrested
Daniel Nemukuyu and Freeman Razemba
ZIMBABWE Football Association chief executive Jonathan Mashingaidze was yesterday arrested on allegations of criminally defaming the football board’s former boss, Ms Henrietta Rushwaya.
He was released later after police recorded statements from him.
Mashingaidze was recently reported in the local media as accusing Ms Rushwaya of secretly meeting two national soccer team star players — Knowledge Musona and Ovidy Karuru.
He claimed that the meeting was part of a shadowy match-fixing plot.
Detectives from the Criminal Investigation Department’s Law and Order Section picked up Mashingaidze at the Harare Magistrates’ Court after he attended an abduction case in which he was the complainant.
No joy for civil servants as Biti slashes budget 10pc
Business Reporters
THERE is no hope for civil servants salary increment this year as Finance Minister Tendai Biti yesterday slashed the 2012 National Budget by about 10 percent to US$3,64 billion, citing poor revenue inflows.
The civil servants had given the Government up to the end of this month to review their pay or risk devastating strike.
Presenting his Mid-Term Fiscal Policy Statement in Parliament yesterday, Minister Biti said
Government missed its revenue target by US$244 million by end of June with a large chunk being shortfalls on diamond dividends of US$229,3 million.
The economic growth forecast was also revised from 9,4 percent to 5,6 percent due to revenue shortfalls and poor performance of agriculture.
US$375m for Kunzvi Dam secured
Michael Chideme Municipal Reporter
WATER woes for Harare and surrounding areas will soon be a thing of the past after Kunzvi Water Development Corporation secured US$375 million to build Kunzvi Dam.
The construction of the dam is expected to begin late this year and end in 2015.
Vinci of France and Group Five of South Africa have been engaged as the major contractors.
The two contractors, together with Locan Holdings (local), Development Bank of Southern Africa, Bigen (South Africa), Okada (Nigeria) and Swede Water, form the funding partners.
But Water Resources Development and Management Minister Sipepa Nkomo said he was not aware of the developments.
Inclusive Govt slams Hain’s sanctions call
Lloyd Gumbo Herald Reporter
THE inclusive Government has condemned British MP Peter Hain