November 30, 2024
ZIMBABWE’S gold mining sector, rattled by massive cuts in global metal prices, is bracing for a renewed wave of mine closures that could significantly affect the country’s embattled economy, the Financial Gazette can reveal. At peak, Zimbabwe’s gold mines produced 27 tonnes of gold annually but the figure…
THERE is nothing in Zimbabwe that spells a crisis more than a long winding queue. The zigzagging length of humanity has from time immemorial and recorded history — from the American great depression to Zimbabwe’s food and cash crisis — epitomised shortage, desperation and a cornered people with…
MORE than a month since the Reserve Bank of Zimbabwe (RBZ) introduced bond coins into the economy with a view to easing change challenges across the country, the circulation of the special coins remains subdued in Matabeleland. The bond coins, which are meant to help with the divisibility…
GENERAL MOTORS (GM) sales in Zimbabwe hit a new level of success in 2014 as the company took the number one spot in the local market at the end of the year. Following strong sales efforts by GM's authorised dealer in the country - Autoworld, with branches in…
POWER utility, ZESA Holdings, is saddled with a staggering debt amounting to about US$800 million, with most of it now due but insufficiently covered, the Financial Gazette has established. This renders the country’s power supply position precarious, and could dent efforts to turnaround the struggling economy. In its…
THE future of nearly 40 000 Zimbabweans who missed the deadline for the application of new South African residence permit remains precarious as key officials from the Home Affairs Ministry are still away on festive holidays break. This greatly delays the possibility of urgent interaction between Zimbabwe and…
FOURTEEN-year-old Tendai Marenga who was in Form One dropped out from a resettlement school near Tengwe farming community after she eloped to be a house wife late last year. Marita Tarembera aged 15 from Zvimonja under Chief Mudzimu, 85 kilometres out of Karoi town, is now a mother…
At least 40 applicants are eyeing the post of general manager at struggling National Railways of Zimbabwe, an official. The new appointee is likely to be announced next month to replace acting general manager Lewis Mukwada who has been in acting capacity since the death of Mike Karakadzai…
THE RESERVE Bank of Zimbabwe on Thursday announced that it had cancelled Allied Bank’s operating licence after determining that the financial institution was no longer in a safe a sound condition. “The cancellation followed a voluntary surrender of the licence by the banking institution,” the apex bank said.…
THE ZANU-PF government is on a collision course with its employees as the cash-strapped administration moves to trim its labour force, estimated to number over 250 000. Finance Minister, Patrick Chinamasa, in his budget presentation last month said employment costs had become a problem which could “not continue…
