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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 »

SA negotiates with Zim over seized cash

THE South African Reserve Bank (SARB) said on Thursday it was working with Zimbabwean authorities for the release of millions of rand seized by Zimbabwe. But the bank refused to divulge the exact amount of bank notes seized by Zimbabwe. Also on Thursday, South Africa’s ambassador to Zim, Vusi Mavimbela said he was negotiating with Zim authorities for the release ... Read More »

More job cuts expected in SA

JOB losses  in SA’s mining sector are likely to accelerate with mining companies such as Glencore and Anglo American battling to cope with a global commodity price slump. The government has warned that 32 000 workers in the sector could lose their jobs as metals prices fall due to slowing economic growth in China, the world’s biggest metals consumer. Industry officials predict more than ... Read More »

JoBurg one of Africa’s cities still offering investors hope in hard times

 AFRICA’s biggest economies have been hammered by the collapse in commodity prices over the past 18 months but there are still investment bright spots to be found and cities such as Johannesburg,  Lagos, Nairobi, Accra and  Kinshasa  growth remains robust and investors are prospering in the retail, financial services, technology and construction sectors. This means investors can now re-adjust their strategy ... Read More »

Zim EU trade increasing

ZIM  can regain its competitiveness if the country continued to diversify its export profile to Europe and produced products that met European standards, The European Union Ambassador to Zimbabwe, Phillipe Van Damme has said. Speaking in an interview on the sidelines of a media reception at the European Union Delegation offices in Harare on Thursday night, Van Damme said trade ... Read More »

Zim to pull the plug on externalisation of funds

ZIM’s central banker said Thursday that over US$ 1.8 billion was externalized from the country in 2015, worsening the liquidity challenges in a struggling economy. Reserve Bank Governor John Mangudya, presenting his annual monetary policy statement, said according to records, US$684 million was externalized by individuals while firms externalized US$1.2 billion “Such funds leave Zimbabwe without circulating in the economy, ... Read More »

Price of SA petrol to go up

More pain at the pump as SA petrol prices go up

THE  retail price of petrol will increase by six cents a litre and the wholesale price of diesel will drop by 62 cents a litre from midnight on Tuesday, the energy department said on Friday. The wholesale price of illuminating parafin would drop by 59 cents a litre, while the maximum retail price for liquid petroleum gas (LPG) would increase ... Read More »

SA hikes interest rates

SA’s Reserve Bank (Sarb) governor Lesetja Kganyago on Thursday announced a 50 basis-point increase in the repo rate to 6.75%, in line with the consensus. This means the prime lending rate will now be 10.25%. Lending rates have risen by a cumulative 175 basis points since late January 2014. Kganyago said the Sarb’s latest inflation forecast has deteriorated. Inflation is ... Read More »

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