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Bond notes won’t solve Zim’s macro-economic imbalances – World Bank

ZCTU shelves anti bond demos

June 21 2017 ‑ ZIMBABWE’s newly-introduced trade currency, the bond notes, will not address the country’s underlying macro-economic challenges, despite trade currency increasing the cash supply, boosting liquidity and attenuating deflationary pressures, says the World Bank. In a report titled Zimbabwe Economic Update: The State in the Economy, released  Wednesday, the World Bank said Zimbabwe’s growing public debt burden and ... Read More »

Bank’s refusal to renew SAA loans raises eyebrows

June 18  2018  – Reports , today  that Standard Chartered Bank has refused  to renew their loan facilities to SAA  and that repayment of these loans has been demanded may only be the tip of the iceberg and government might be forced to foot the bill,  says the opposition DA.  “According to a repayment schedule, SAA has listed R8.887 billion ... Read More »

SA bans Zimbabwean poultry imports

June 8  2017 – SA has  banned trade in all  birds and chicken products from Zimbabwe on (today) Thursday after an outbreak of H5N8 bird flu was reported over the weekend. “All importers were immediately notified that their import permits are any permits which have not been used should please be returned to the Department with immediate effect,” South Africa’s ... Read More »

SA agriculture weathers recession

June 8 2017  – SA’s AGRICULTURE sector remains the only shining light, as the country’s economy  declines with  its 12.8 percent positive contribution to the Gross domestic product (GDP) for the first quarter of 2017, says Agric SA. This follows news released by Statistics South Africa that the economy contracted by 0.7 percent for the first quarter of 2017, following ... Read More »

Gigaba to meet business leaders as SA plunges into recession

June 6  2017  – NEWLY appointed  finance minister, Malusi Gigaba, will  be meeting business leaders  to counter  SA’s economic recession, the first since  2009 and achieve inclusive growth, following an announcement by   Statistics South Africa  that the economy has entered a recession  after growth contracted by 0.7 percent in the first quarter of the year. The economy had slowed by ... Read More »

Ex Zimra boss faces criminal charges

June 04 2017 – FORMER  Zimbabwe Revenue Authority Commissioner-General Gershem Pasi who recently resigned after being suspended over 45 charges of misconduct will not walk free as the authority will press criminal charges against him. Zimra board chair Willia Bonyongwe says hat serious allegations of corruption will be pursued despite  Pasi’s resignation, on May 22, 2017, citing irretrievably broken down ... Read More »

SA high data costs to be probed

May 25  2017  – A MARKET  inquiry into high data costs in South Africa is on the horizon. Economic Development Minister Ebrahim Patel on Thursday announced he would be asking the Competition Commission to the conduct the probe. Tabling his department’s budget vote, Patel cited the Economist newspaper which published a story describing data as the world’s most valuable resource ... Read More »

OK Zimbabwe posts a whopping 800% profit increase

May 24 2017 – ZIMABWBE‘s largest grocery chain OK Zimbabwe posted an 800 percent jump in full-year after tax profits to $6.1 million from US$700 000 in 2016 after reducing costs and improving margins, the company said on Wednesday. Revenue rose 8 percent to US$472 million during the year to March despite a weak economy and acute cash shortages while ... Read More »

Rhodes Foods increases regional sales

May 23 2017  – WESTERN based food producer  Rhodes Food Group Holdings on Tuesday pointed to an increase in regional sales as it reported growth of 15.9 percent in headline earnings to R126 million for the six months to March 2017. Rhodes, which owns a portfolio of brands including Rhodes, Bull Brand, Magpie, Squish and Bisto, increased group turnover by ... Read More »

Europe bans struggling Air Zimbabwe

May 17  2017 ‑ The European Commission (EC) has banned Zimbabwe’s struggling flag airline, Air Zimbabwe, from their airspace over safety concerns. On Tuesday, the EC said they had updated the European Union (EU) Air Safety List, the list of non-European airlines that do not meet international safety standards, which are, therefore, “subject to an operating ban or operational restrictions ... Read More »

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