Wednesday 13 December 2017
(New Zimbabwe 05/24/13)
CHINESE Vice Premier Wang Yang on Wednesday urged Zimbabwe to ensure peace and political stability ahead of elections this year, to safeguard economic growth. "A peaceful and stable political environment is the prerequisite for economic development," Wang told journalists after meeting Prime Minister Morgan Tsvangirai in Harare during a business visit to Zimbabwe. Wang's comments came as President Robert Mugabe signed the country's new constitution into law, clearing the path to crucial elections expected later this year. Political upheaval that followed the last elections in 2008 sent the country's economy into a tailspin marked by an astronomical rate of inflation of 231 percent that year. China has a long list of business interests in Zimbabwe which span the mining, agriculture...
(The Herald Online 05/23/13)
CHINA has extended a US$36 million loan to Zimbabwe for various projects following the visit by Vice-Premier Wang Yang who met President Mugabe at State House yesterday. The agreements were signed before Mr Wang and Vice-President Joice Mujuru, after which he proceeded to meet President Mugabe.Mr Wang briefed the President on the deals. Speaking through an interpreter after the meeting, Mr Wang said they discussed various issues with President Mugabe. I was deeply impressed by the meeting with President Mugabe,” he said. “I did not expect him to be in such good health. We talked about how we can strengthen our economic and trade co-operation in the areas of agriculture, infrastructure development, health, education and water development.” Vice-President Joice Mujuru...
(News Day 05/23/13)
VISITING Chinese Vice-Premier Wang Yang has admitted that some Chinese companies operating in the country have not been upholding good business practices and warned that his government would soon take action against them. Speaking after paying a courtesy call on Prime Minister Morgan Tsvangirai at his Munhumutapa offices in Harare yesterday, Wang accused some Chinese companies operating locally of furthering personal interests at the expense of morality. Several Chinese companies operating in the country have been accused of poor labour practices, including physically abusing local workers. “What I want to emphasise is that Chinese companies operating in Zimbabwe want to make money. Upon my arrival yesterday, I had a meeting with Chinese companies operating here and I told the representatives...
(News Day 05/23/13)
FOREIGN-OWNED companies operating in Zimbabwe are now required to surrender at least 10% of their equity to locals in partial compliance of indigenisation and empowerment regulations, the Government Gazette has stated. The new regulations carried in a newly gazette statutory instrument could bring to an end the debate of the legality of the mandatory threshold following an earlier attack by Finance minister Tendai Biti over the schemes. The community share schemes form a key part of the indigenisation programme being pushed by Empowerment minister Saviour Kasukuwere, but bitterly opposed by Zanu PF’s coalition partners. “The minimum share that an owner of a business wishing to use the qualifying scheme or trust shall be ten per centum (10%) of the net...
(News Day 05/23/13)
PARLIAMENT yesterday challenged the ministries of Transport and Infrastructural Development, State Enterprises and Parastatals and Labour and Social Welfare to look into the plight of National Railways of Zimbabwe (NRZ) employees who have gone for eight months without pay. Bulawayo South MP Eddie Cross (MDC-T) raised the issue in the House of Assembly, saying the financially troubled parastatal owed $46 million in unpaid salaries to its workers who were now wallowing in poverty. “The railway workers have not been paid for eight months and NRZ owes them $46 million in salary arrears. Is it government policy not to pay workers?” queried Cross. Labour and Social Welfare minister Paurina Mpariwa said it was not government’s policy not to pay employees, adding...
(New Zimbabwe 05/23/13)
Zimbabwe’s police force have detained three of its officers for attending a rally of Prime Minister Morgan Tsvangirai’s party, a rights group said Wednesday. An internal police court sentenced Courage Manyengavana, Marshall Zindoga and Lovemore Mupedzapasi to 14 days detention for “acting in a manner which brought disrespect to the Zimbabwe Republic Police,” according to Zimbabwe Lawyers for Human Rights. “They are currently serving their eleventh day of incarceration,” the rights group said. The officers reportedly attended the rally of Tsvangirai’s Movement for Democratic Change (MDC) party while off duty. The head of the party’s youth wing Solomon Madzore was later charged with insulting President Robert Mugabe after calling him “a limping donkey” at the same rally. Police commissioner general...
(The Herald Online 05/23/13)
GOVERNMENT has set an interim producer price for maize at US$310 per tonne, up from US$295, Agriculture, Mechanisation and Irrigation Development Minister Dr Joseph Made said yesterday. But in an interview, Minister Made said the final price, higher than the interim price, was still to be decided and farmers would be paid the balance once the final price is agreed. The farmers have proposed an increase of US$105 per tonne to US$400 to recoup costs. The decision by Cabinet is that the interim producer price is US$310 per metric tonne and farmers should immediately deliver their maize to the Grain Marketing Board,” said Minister Made. “Since it is an interim price, Cabinet has further directed a full producer price be...
(The Zimbabwe Mail 05/23/13)
Zimbabwe's Prime Minister Morgan Tsvangirai on Wednesday said Chinese investments are welcomed and he hopes the economic ties can be further strengthened after Zimbabwe's elections. Tsvangirai told visiting Chinese Vice Premier Wang Yang that Zimbabwe's new constitution, which was signed into law Wednesday, provides strong protection for foreign investments. Chinese businesses form the forefront of foreign investments in Zimbabwe, Tsvangirai said, adding that he wants to be assured that the economic cooperation can be strengthened after the country holds harmonized elections later this year. China is the third largest trading partner of Zimbabwe with bilateral trade exceeding 1 billion U.S. dollars last year. China has also become Zimbabwe's largest foreign direct investment source. Tsvangirai assured Wang that the Zimbabwe side...
(News Day 05/23/13)
THE value of the tobacco crop delivered to the country’s auction floors has inched closer to the half a billion dollar mark as the cash crop consolidates its position as one of the top foreign currency earners, official figures have shown Statistics provided by the Tobacco Industry and Marketing Board (TIMB) show that the value of tobacco deliveries stood at$466 142 098, up 27% from the same period last year. The figures also show that more deliveries were made during the period under review as more farmers turn to the golden leaf to improve livelihoods. A total of 125 million kilogrammes of the cash crop were sold by Friday compared to $97 million kgs sold during the same period last...
(Reuters (Eng) 05/22/13)
(Reuters) - Zimbabwe President Robert Mugabe signed a new constitution into law on Wednesday, replacing a 33-year-old document forged in the dying days of British colonial rule and paving the way for an election later this year. Approved overwhelmingly in a referendum in March, the constitution clips the powers of the president and imposes a two-term limit. However, it does not apply retroactively so the 89-year-old Mugabe technically could extend his three decades in office by another 10 years. A beaming Mugabe, flanked by Prime Minister Morgan Tsvangirai, his main political rival, and Deputy President Joice Mujuru signed multiple copies of the charter at State House in the capital to cheers and applause from aides. The constitution was rewritten under...
(Bloomberg 05/22/13)
Zimbabwe’s stock exchange, whose main industrial index has jumped 38 percent this year, plans to sell shares through an initial public offering by the end of 2013, according to the country’s Securities Exchange Commission. The market value of shares listed on the bourse may nearly double to $10 billion from the current $5.4 billion over the next 12 months as it plans to start automated trading to attract more investors, Chief Executive Officer Tafadzwa Chinamo said in an interview in Lusaka, the capital of neighboring Zambia, where he spoke at a capital markets conference. An IPO might value the ZSE at $15 million to $20 million, he said. Zimbabwe’s plans come as African bourses record some of the highest growth...
(New Zimbabwe 05/22/13)
WITH several low-key, but unmistakable gestures, the United States, the European Union block and other western countries have signaled that it is moving toward normalising relations with Zimbabwe after years of frosty relations. In March, former United Nations Ambassador Andrew Young was dispatched by the Obama administration to meet with President Robert Mugabe. After the 2-hour meeting, Young told reporters that the State Department had sent him to Zimbabwe to let Mugabe know the U.S. was interested in repairing its strained relations with the mineral-rich country. Last month, another civil rights veteran, Jesse L. Jackson, Sr., also held a 2-hour unofficial meeting with Mugabe in which the Chicago-based leader called for open and free elections and pledged to work for...
(The Associated Press 05/22/13)
HARARE, Zimbabwe – Chinese vice-premier Wang Yang has arrived in Zimbabwe at the start of an official trip to view his nation's burgeoning trade and development ties in Africa. Officials at the Harare airport said Tuesday that the third ranking of China's four vice-premiers in President Xi Jinping's communist party is scheduled to meet with Zimbabwe President Robert Mugabe on Wednesday. Mugabe's party, facing travel, banking and trade bans in the West to protest its human rights record in the past decade, has promoted a "Look East" policy toward China and Asian nations for new investment in the southern African country's troubled economy. Critics accuse Chinese enterprises of receiving preferential commercial and mining rights that discriminate against local businesses. Wang...
(The Herald Online 05/22/13)
he Zimbabwe Farmers’ Union has begun using mobile phones to disseminate important information to farmers. Farmers receive information on farm produce prices and available markets and other information happening in the agriculture industry. ZFU second vice president Mr Berean Mukwende said the system would keep farmers informed and make informed decisions especially when selling their produce. “The information is free and the farmer qualifies for the programme by becoming a member of the union. We are also communicating with some farmers through e-mails and we may soon use ‘Whatsapp’ to convey messages to farmers,” he said. Mr Mukwende said the system of using mobile phones is common in West Africa and is convenient to farmers. Head of marketing Mr Philip...
(The Herald Online 05/22/13)
PRESIDENT Mugabe is today expected to sign Constitutional Amendment (No. 20) Bill into law at State House at a function to be attended by Principals to the Global Political Agreement. Presidential spokesperson Mr George Charamba confirmed the development yesterday. "Once the signing is done, the document goes for gazetting and in terms of coming into force, there are two critical dates, the publication date and the effective date," he said. The publication date is the day the Constitution is published in the Government Gazette. The effective date is the day when the Constitution comes wholly into operation when the President-elect assumes office. If signed into law, the new Constitution does not come into effect in its totality on the same...
(Lusaka Times 05/22/13)
THE United States ambassadors to Zambia and Zimbabwe today began a three-day cross-border bike ride between the two countries to promote tourism. Ambassadors Mark Storella and Bruce Wharton, the US envoy to Zimbabwe were joined by diplomatic staff and celebrities from both countries including comedian Carl Joshua Ncube, ZiFM DJ Lorraine Bgoya and the reigning Miss USA Nana Meriwether, who is currently visiting Zambia. Ahead of the expedition, Ambassador Wharton said: “Zimbabwe and Zambia share one of the great natural wonders of the world: Victoria Falls. “With spectacular landscapes and wildlife, this area is truly a world treasure and should be protected and nurtured for future generations from every country to cherish. It is also the foundation for a growing...
(The Herald Online 05/22/13)
UNITED STATES private equity firm Equator Capital is nearing a deal to acquire a 10 percent shareholding in Zimbabwe Stock Exchange-listed financial group, FBC Holdings, sources familiar with the deal have said. FBCH decided to look for an equity partner ahead of the June deadline in which banks and building societies will be required to have a minimum capital of US$50 million and US$40 million respectively. This was after a move by the diversified financial services group to sell its 58 percent stake in Turnall Holdings Ltd hit a brick wall. FBCH owns 100 percent in FBC Bank and 60 percent in FBC Building Society. FBCH chief executive Mr John Mushayavanhu yesterday confirmed the deal, but would not shed more...
(The Herald Online 05/22/13)
PRIME Minister Morgan Tsvangirai took delivery of a brand new Mercedes-Benz S350 model worth US$163. 196,35 when he joined the inclusive Government in 2009, contrary to what he told some sections of the private media on Tuesday that he got a second-hand vehicle. Mr Tsvangirai — who in a public relations piece sought to deflect attention from increasing reports of his love for the good life that saw him go on expensive boat cruises and stay in expensive hotel suites, some costing upwards of several thousands a night — claimed he leads “a humble life.’’ However, documents in our possession show that Mr Tsvangirai received a brand new official Mercedes-Benz from CMED (Private) Limited on February 6 2009, which was...
(The Herald Online 05/21/13)
Farmers and ginners have agreed on a minimum cotton producer price of US$35 cents per kilogramme, far way below than what cotton growers expected. Most cotton growers expected a minimum price of US$0.70 cents and upwards, an increase from last season’s price of US$0.30 cents per kilogramme. The price was agreed on by the joint president council which comprised of farmers unions presidents and directors and ginners. Announcing the prices in Harare today, the joint presidents’ council spokesman, Mr Garikayi Msika said this season cotton would be sold according to grades. The grade D cotton seed price which is the minimum is pegged at US$0.35 cents per kilogramme. The parties agreed that no ginner will buy at a price below...
(The Herald Online 05/21/13)
Government will enact laws requiring all banks to list on the Zimbabwe Stock Exchange to help them raise capital, Finance Minister Tendai Biti has said. Addressing journalists recently, Minister Biti said the proposed laws are meant to help prevent future bank failures in the country. Several banks have in recent years collapsed due to under-capitalisation and mismanagement. A number are currently under curatorship while there are reports that some banks are facing collapse. “Hopefully, the regulations will be gazetted this Friday to compel banks to list on the stock exchange in the next two years,” Minister Biti said. Only seven banks — Barclays, ZB, NMB, Kingdom, BancABC, FBC and CBZ — are currently listed on the stock exchange. Minister Biti...

Pages