Sunday 25 June 2017
(APA 06/21/17)
Several parts of the Zimbabwean capital Harare were on Wednesday without electricity following a technical fault on the power grid. Sources at the state-owned Zimbabwe Electricity Supply Authority (ZESA) said the fault, which occurred around 6pm (1600GMT) on Tuesday, plunged several suburbs into darkness until late Wednesday afternoon. They said the affected areas included Avondale, Belgravia, Borrowdale, Mount Pleasant, and Marlborough. Power cuts are a common occurrence in Zimbabwe where ZESA is struggling to maintain obsolete equipment.
(AFP (eng) 06/13/17)
Zimbabwe has banned the import of corn after enjoying a bumper crop that authorities hope will be enough to feed the nation and stimulate home-grown production, state-owned media reported Tuesday. Zimbabwe was once known as the "breadbasket" of Africa for its fertile land and modern farming practices. But a programme of seizing farms from white owners begun in 2000 seriously damaged productivity, causing the country to become heavily dependent on food imports. "Government stopped issuing grain import permits about four months ago and no maize imports are allowed at our borders...
(AFP (eng) 06/12/17)
German Chancellor Angela Merkel will on Monday meet African leaders in Berlin on initiatives aiming to reduce the poverty and conflict driving a mass migrant influx to Europe. The idea is to team up African nations willing to reform with private investors who would bring business and jobs to a continent where instability or graft often scare off foreign companies. Merkel is hosting the initiative as part of Germany's presidency of the Group of 20 powerful economies, whose leaders meet in the northern port of Hamburg a month later. Invited to Berlin are Egyptian President Abdel Fattah al-Sisi and the leaders of Ghana, Ivory Coast...
(Bloomberg 06/07/17)
Hwange Colliery Company Ltd. plans to reduce its workforce by as much as half and will restart underground operations in the third quarter as the Zimbabwean miner seeks to reduce costs and return to profitability. HCCL began a voluntary severance program in March and about 200 staff have already taken the option, Managing Director Thomas Makore said in an interview Tuesday. The company, which employs 2,400 people, probably needs to slim down to about 1,200 to 1,400 to produce competitively,...
(News Day 06/07/17)
Botswana has banned the importation of poultry products from Zimbabwe following an outbreak of avian influenza. In a notice yesterday, the Botswana government said it was also cancelling the import permits that had been issued for Zimbabwe’s poultry products. “The public is informed that an outbreak of avian influenza has been reported in Zimbabwe,” part of the Botswana government notice read. “As a result, the import of domesticated and wild birds, their products (meat, eggs, feathers etc) and poultry feed...
(The Herald Online 06/07/17)
The Zimbabwe Energy Regulatory Authority says retail prices of diesel and petrol fell by 3,27 percent and 3,62 percent respectively, between March and May this year, in tandem with global petroleum trends.This comes as the regulator made assurances that despite the acute shortage of foreign currency needed to import critical imports such as fuel, there were sufficient arrangements to ensure its adequate supply. Zimbabwe is a net importer and a fall in prices saves money for both individual motorists and...
(New Zimbabwe 06/06/17)
Energy minister Samuel Undenge has complained to parliamentarians that the country is facing power shortages because government refused to allow an increase in electricity tariffs. Undenge, presenting oral evidence before the mines portfolio committee on Monday, said failure to review upwards electricity tariffs was among serval reasons why ZESA was failing to meet its import bill and expand local power generation. "The revenue which ZESA is receiving is below the cost of its operations and there is that constraint. I...
(The East African 06/02/17)
A Malawian bank has bought a majority stake in Barclays Plc's Zimbabwean unit. The move by the First Merchant Bank (FMB) of Malawi ends months of speculation after the British financial institution announced it was disposing of its African assets. FMB Malawi's pursuit of the controlling stake had been facing resistance from the management of Barclays Zimbabwe, which had also tabled a bid to take over the iconic financial institution. However, the deal between FMB and Barclays Plc sailed through...
(Reuters (Eng) 06/02/17)
Zimbabwe has reported an outbreak of highly pathogenic H5N8 bird flu at a commercial poultry farm in Mashonaland East province, the World Organisation for Animal Health (OIE) said on Friday. The virus was detected on a farm with 2 million birds in Lanark and killed 7,845 animals. Another 75,155 birds were culled, the Paris-based OIE said, citing a report from the Zimbabwe's livestock and veterinary services. "The affected site is close to a small dam where there are a number...
(The Herald Online 06/01/17)
An attempt by over 900 SMM Holdings non-managerial workers' to file a claim against the firm for salaries and benefits dating back to eight years ago has failed at the High Court.The company shut down its mining operations, Shabanie and Mashava Mines in 2004 after Government annexed the assets from businessman Mr Mutumwa Mawere through a reconstruction order, alleging the company was State-indebted and insolvent. The workers applied to SMM Holdings administrator of Mr Afaras Mtausi Gwaradzimba for leave to...
(New Zimbabwe 06/01/17)
Government has pleaded with the United Nations Development Programme, (UNDP), to lure more humanitarian and development funding from its members for the country because of "the confidence we have built in UNDP" of managing donations. Since 2002, when Harare was slapped with sanctions by the European Union after America, western countries have been channelling both humanitarian and development assistance to Zimbabwe through UN agencies and other NGOs. The development was meant to by-pass the President Robert Mugabe administration which the...
(New Zimbabwe 05/24/17)
Zimbabwe has run out of potatoes for making potato crisps, prompting a company in Southerton industrial area to approach government seeking an urgent import permit to buy potatoes from South Africa, as heavy rainfall affected local supply. Hanawa Super Foods, a potato chips company, made the appeal to the Industry and Commerce ministry on Monday, as it seeks to step up efforts to fill in gaps created by Statutory Instrument (SI) 64 of June 2016, which banned foreign made potato...
(Xinhuanet 05/24/17)
Entrepreneurs from East Africa on Tuesday called for increased investments in the power generation so as to develop a strong value-added manufacturing base in the region. Delegates participating in the second high-level East African Manufacturing Business Summit and Exhibition (EAMBS) held in Rwanda's capital city Kigali, said that heavy investments by both private and the public in the energy sector will enhance the production capacity of manufacturing industries in the region. Rwanda hosts the forum from May 23 to 25...
(News24 05/23/17)
"Massive" load-shedding could begin as early as next week in Zimbabwe - because the cash-strapped authorities still haven't settled an $80 million debt to Eskom, the Herald reports. The state-run Zimbabwe Electricity Supply Authority (Zesa) has been unable to keep up with a payment plan agreed upon with Eskom earlier this year. Now "frantic" efforts are being made to meet a May 31 payment deadline, Zesa boss Josh Chifamba was quoted as saying. Eskom's Matshela Koko has told Zesa supplies...
(Reuters (Eng) 05/22/17)
Countries in sub-Saharan Africa need to get their budgets in order, diversify their economies and look after their poorest people. If they do that, there is no reason why the region cannot have the strong growth needed to meet the aspirations of a young and growing population. That, at least, is the three-pillared prescription from the International Monetary Fund as expressed by one of its top Africa researchers, Celine Allard, in an official IMF blog post and podcast. Allard co-authored...
(Reuters (Eng) 05/19/17)
When rich countries wrote off billions of dollars of African debt in 2005, they hoped governments would think twice about borrowing again in costly foreign currencies. Over a decade later, most sub-Saharan African countries still rely on U.S. dollar-denominated debt to finance their economies. Some investors say this is sowing the seeds of future debt crises if local currencies devalue and make dollar debt repayments more expensive. Aside from South Africa and Nigeria, governments have not yet done enough to...
(News24 05/18/17)
The International Monetary Fund (IMF)is warning that excessive spending by President Robert Mugabe's government will worsen cash shortages and stoke inflation. The warning came as latest figures showed inflation rose to 0.48% in April up from 0.21% in March. "Excessive government spending, if continued, could exacerbate the cash scarcity, further jeopardise the health of the external and financial sectors, and, ultimately, fuel inflation," said Ana Lucia Coronel, who headed an IMF mission to the country this month. Hyper-inflation peaked in...
(The Herald Online 05/18/17)
Meikles Limited is set for an improved performance after reaching an agreement with Government over the Reserve Bank of Zimbabwe (RBZ) debt issue which has been outstanding for two decades. Mr Moxon told the company's annual general meeting yesterday that a resolution to the long standing dispute over the debt recorded during the Zimbabwe dollar-era had since been agreed to by both the Government and the group. "An agreement with Government has been reached following high level meetings between its...
(Bloomberg 05/18/17)
Steinhoff International Holdings NV plans to list its African assets separately as the acquisitive retailer seeks a new prize for shareholders following this year’s failed merger talks with Shoprite Holdings Ltd. The company said Wednesday it will seek to list businesses including clothing retailer Pepkor and furniture chain JD Group Ltd. on the Johannesburg Stock Exchange, about 18 months after moving its primary listing to Frankfurt from the South African commercial hub. The new business could be worth as much...
(The Herald Online 05/16/17)
Chinhoyi — Government is working on a plan to establish a gold reserve set to anchor the introduction of a local currency when the right time comes for the return to the Zimdollar, it has been learnt. This comes at a time when the country is grappling with cash shortages and economists believe the issuance of a gold backed local currency would help stimulate economic activity. Modelled around the $200 million Afreximbank facility, which is backing the current bond notes...

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