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Zim economy slips into recession

THE  Zim  economy slipped into recession late in 2015 due to a crippling drought, weakened international demand for key mineral exports and limited investment opportunities, a US-based international business monitoring group has said. In a new report released on Tuesday, Business Monitor International (BMI) said the deflationary conditions experienced in Zimbabwe for the past two years will persist throughout 2016. ... Read More »

SA recognises township economy

RURAL  and township economies was put under the spotlight on Tuesday when the Minister of Small Business Lindiwe Zulu was in Nelson Mandela Bay for a Small, Medium and Micro-Sized Enterprises (SMME) stakeholder summit. Adressing SMMEs at the Nelson Mandela Bay Stadium, Zulu said that her department had recognised the importance of the revival of township and rural economies. The ... Read More »

FNB closes Gupta accounts over Zuma scandal

FIRST  National Bank has closed the accounts of a company owned by the Gupta family following a scandal over the family’s relationship with President Jacob Zuma. Oakbay Investment said in a statement on Wednesday that First National Bank (FNB), owned by FirstRand, South Africa‘s biggest bank, had closed its accounts without giving a reason. FirstRand follows three other companies – ... Read More »

Zim’s tobacco heads for a subdued season

ZIM’s  tobacco auction floors roared to life Wednesday, with Tobacco Industry and Marketing Board (TIMB) chairperson Monica Chinamasa saying the late onset of the rainy season had delayed the marketing season by about three weeks. Despite projections that agriculture ‑ the mainstay of the economy ‑ will grow by 3,4% anchored on tobacco production, the golden leaf’s marketing authorities say ... Read More »

Cosatu slams plans to sue eToll defaulters

THE  Congress of South African Trade Unions (Cosatu) on Tuesday described the decision by the South African National Roads Agency Limited (Sanral) to issue summonses to e-toll defaulters as an “extreme form of bureaucratic bullying and arrogance”. “Cosatu rejects and denounces this form of social harassment and condescension and calls on government to reign in their marauding state entity, Sanral,” ... Read More »

Zim to get first IMF loan in 20 years

ZIMBABWE  expects a loan from the International Monetary Fund in the third quarter of this year, the first since 1999, the central bank governor said on Wednesday. John Mangudya said the IMF would decide the exact amount of the loan to issue at a later date. The fund had agreed to double the amount available for Zimbabwe to US$984 million, ... Read More »

More than US$7 billion circulating within Zim’s informal economy

MORE than US$7 billion is circulating in Zim’s informal sector, the fact that the country’s budget was just a measly $4 billion, a local economist has revealed. Addressing a formalisation strategy workshop in Harare Thursday, Gift Mugano, a senior advisor with a local research company, said Zimbabwe could not go forward as a country if people did not put their ... Read More »

IMF to re-engage Zim after years of isolation

THE International Monetary Fund (IMF) has started talks with Zim’s government to review its economic performance, stepping up engagement as Harare seeks a financial aid package after years of isolation. An IMF team met government representatives on Wednesday under the final phase of a Staff Monitoring Programme, Christian Beddies, the IMF representative in Zimbabwe, told Reuters. The team will also meet central ... Read More »

No more Telkom shares to be sold – Cwele

THE  SA government has no plans to sell off further stakes in Telkom, Telecommunications Minister Siyabonga Cwele said on Tuesday amid calls from the opposition for the parastatal to be fully privatised. “Telkom has already been privatised. There is no such discussion to dilute the State’s share,” Cwele told a media briefing by Cabinet’s international co-operation, trade and security cluster ... Read More »

Zim returns SA cash

ZIM has released a US-registered cargo plane and the unidentified body of a suspected stowaway found on board last Sunday, saying the cause of death was lack of oxygen. National police spokeswoman Charity Charamba told reporters that the MD11 cargo plane, owned by Florida-based Western Global Airlines, its crew, the man’s body and cash belonging to SA’s central bank had left ... Read More »

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