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Deadly predator invades Kariba

FISHING tycoons who have exploited kapenta in Lake Kariba for decades are scrambling for alternative sources after a deadly alien predator, crayfish, invaded the world’s second largest man-made lake thereby threatening their businesses. Kapenta output in commercial fishing operations at the lake has declined sharply in the past decade, and…

3 COMMENT
March 20, 2014

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Biti fighting a losing battle

TENDAI Biti, the secretary-general of the Movement for Democratic Change (MDC-T) is straddling a fine line as he pushes for the reversal of the suspension of Elton Mangoma from the party leadership nearly a fortnight ago. Biti has described the decision made by the national council — the party’s highest…

3 COMMENT
March 20, 2014

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Another ZESA scandal

THE Zimbabwe Electricity Transmission and Distribution Company (ZETDC) bungled its tender for prepaid meters, resulting in the ZESA Holdings subsidiary losing millions of dollars in potential revenue as the system that it eventually adopted is not foolproof. Power experts revealed to the Financial Gazette that ZETDC’s design engineers erred when…

0 COMMENT
March 20, 2014

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Govt to miss E20 target

MUTARE — Government is likely to miss its E20 mandatory blending target set for next month owing to low production of sugarcane needed to be fed into the Chisumbanje ethanol plant, the Financial Gazette has learnt. Last year, Energy and Power Development Minister Dzikamai Mavhaire announced that government would regularise…

0 COMMENT
March 20, 2014

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Zimbabweans in SA likely to stay put

ZIMBABWEAN nationals based in South Africa are unlikely to troop back home despite moves by Pretoria to institute tougher legislation against illegal immigrants.…

5 COMMENT
March 20, 2014

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Compromise governor for RBZ?

A STALEMATE has apparently occurred over the selection of a substantive Reserve Bank of Zimbabwe (RBZ) governor, with sources saying there is no clear favourite for the job. Although Finance Minister Patrick Chinamasa recently said there was nothing unusual about the delay, the Financial Gazette understands that consultations on the…

0 COMMENT
March 20, 2014

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Gono begs court to forgive Kereke

IN an unusual twist to the legal battle between Gideon Gono and his former advisor, Munyaradzi Kereke, the ex-Reserve Bank of Zimbabwe (RBZ) governor has sought reprieve for his accuser to argue his case with the Constitutional Court (ConCourt) after the legislator for Bikita West missed the deadline to file…

0 COMMENT
March 13, 2014

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ZESA in US$183m scandal

GOVERNMENT’S designated procurement agency, the State Procurement Board (SPB) and the Zimbabwe Power Company (ZPC) — a subsidiary of ZESA Holdings — have been drawn into a scandal involving the awarding of a US$183 million tender to losing bidders, the Financial Gazette can reveal. Sometime last year, ZESA’s flagship business…

5 COMMENT
March 13, 2014

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Diamond centre construction hangs in the balance

CONSTRUCTION of the Zimbabwe Diamond Technology Centre (ZDTC) faces a major hurdle after companies involved in the construction of the hub downed tools, before proceeding to sue the centre owner, Lovemore Kurotwi, over non-payment of US$5 million in fees and interest, the Financial Gazette can reveal. Billed as a critical…

1 COMMENT
March 13, 2014

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IDBZ in US$1.2 million loan scandal

AT a time when the Infrastructure Development Bank of Zimbabwe (IDBZ) has been haggling with non-managerial staff over a housing support facility that started in 2008, the institution has generously issued out loans totalling US$1,2 million to top management. …

0 COMMENT
March 11, 2014

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