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...
Government has set up an inter-ministerial taskforce to deal with the fuel and energy crises which have seen most companies closing shop and production declining. Addressing a post Cabinet Press conference on Wednesday, Information minister Monica Mutsvangwa said the committee, which will comprise of Energy minister Fortune Chasi, Finance minister...
Former Mashonaland East Provincial Affairs minister, Ambrose Mutinhiri will see his tractors go under the hammer to settle a $54 000 debt with the State-owned power utility, the Zimbabwe Electricity Transmission and Distribution Company (ZETDC). Mutinhiri was dragged to court over an outstanding $54 798,86 debt to ZETDC and the...
GOVERNMENT has instructed its insurer to compensate holders of nostro accounts in closed banks in either US dollars or the equivalent in local currency, it was revealed. Currently, the Deposit Protection Corporation (DPC) is overseeing the liquidation of six banks, namely, Genesis Bank, Royal Bank, Trust Bank, Interfin Bank, Allied...
Opposition Movement for Democratic Change (MDC) leader Nelson Chamisa has warned President Emmerson Mnangagwa that “dark clouds are gathering” as Zimbabwe slides deeper into a political and economic crisis fuelled by fuel price increases and a worsening power shortage. Writing on his official Twitter page, Chamisa warned that “the time...
Zimbabwe has not had its own independent currency since hyperinflation wiped it out a decade ago. Instead it has relied on the US dollar along with a local money system pegged to the dollar. The economy is no longer in its extreme inflationary spiral, but the country has continued...
PRESIDENT Emmerson Mnangagwa says his administration has no immediate solution to dealing with illegal foreign currency trade despite admitting its role in the economic crisis. Last week, official figures showed that inflation nearly doubled to 175,66% in May from 97,85% in the previous month, revealing an economy already in hyperinflation,...
MDC legislator for Chiwundura, Livingstone Chimina, has embarked on a project to build a police sub-station in Woodlands in order to minimise criminal activities. When Southern Eye visited the site yesterday, artisans were working on the structure that has now reached window level on one of the sections. Chimina told Southern...
Harare - GOVERNMENT has warned universities against raising fees with without its approval, amid reports that some varsities countrywide had yesterday attempted to unilaterally hike fees. Universities increased fees for parallel and block students, leaving out conventional ones whose public outcry usually draws attention. Higher and Tertiary Education, Science and Technology...
Nelson Chamisa’s embattled lieutenant, Job Wiwa Sikhala faces a death penalty or atleast 20 years behind bars for threatening to overthrow President Mnangagwa and his government. The MDC legislator was charged this morning by the Criminal Investigative Department (CID) for treason. Job Sikhala is not new to controversy. Earlier this year,...
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...