Zimbabwe Association of Pension Funds (ZAPF) is saying the introduction of Statutory Instrument (SI) 142 has reduced confidence in policyholders and shareholders in the pensions industry that has been on recovery path during the multi-currency regime. The multi-currency regime was introduced in 2009 after a decade-long hyperinflation which eroded prescribed...
The two-year delay in constructing the 100MW Gwanda solar plant has prejudiced the Zimbabwe Electricity Supply Authority (Zesa) of more than US$50 million in unrealised revenue, a Cabinet Minister has said. Speaking in an interview after visiting the site on Friday, Energy and Power Development Minister Advocate Fortune Chasi...
GOVERNMENT’s Monday move to dump its basket of foreign currencies, opting to use its own currency in local transactions, triggered chaos on the market yesterday, with some retailers closing shop for the better part of the day, while some financial experts described the legal instrument used to effect the...
Reserve Bank of Zimbabwe (RBZ) Governor Dr John Mangudya yesterday reiterated that companies and individuals can still withdraw their money held in foreign currency accounts, adding that NGOs can still pay their employees in forex. Further, Dr Mangudya clarified that possession of forex remains in...
Daniela Allen, Genius ‘Ginimbi’ Kadungure’s ex-girlfriend set social media ablaze a few days ago with nude pictures of business mogul Zodwa Mkandla It was a form of revenge after Zodwa allegedly recently wrecked her affair with a married Harare businessman (name withheld). She allegedly told the businessman’s wife about the affair and...
ZIMBABWE’S year-on-year inflation rate for the month of June 2019 rose sharply by 77,75 percentage points to 175,66% from 97,85% in May 2019, driven by increases in the price of basic goods, the statistics agency reported yesterday. “The month-on-month food and non-alcoholic beverages inflation rate stood at 55,07% in June...
BUSINESSMAN Frank Buyanga faces civil imprisonment over a US$172 000 debt. He has been taken to the High Court for failing to service a 2014 debt that emanated from a property dispute. The High Court has since ordered Buyanga to pay Mr Patison Sithole the amount, but he has not...
DELTA Corporation yesterday said it would start selling all its products in foreign currency with effect from tomorrow, a decision described by the Government as unacceptable and illegal. Analysts also warned that the decision by Delta could backfire as most Zimbabweans were paid in Bond notes or RTGS. In an...