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Mugabe in Hot Soup Over Zinara Loan

Former Zimbabwe National Road Administration (ZINARA) board chairperson Albert Mugabe appeared before Harare Magistrates court yesterday charged with criminal abuse of office. Mugabe who appeared before Magistrate Vongai Muchuchuti was released on $500 bail on conditions he resides at the given address, surrender travelling documents, report once every week at …

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‘Interbank market forex unavailable’

BY MTHANDAZO NYONI BUSINESSES in Bulawayo say they are struggling to access foreign currency from the interbank market due to its unavailability, contrary to the central bank’s statement that the firms could not afford to purchase it at the 2,5 rate to the US dollar. While appearing before the Portfolio …

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Government Approves $12 Wage Increase for Bricklayers

Labour Minister Sekai Nzenza has approved a $12 wage increase for bricklayers, a development that will now see the lowest paid bricklayer earning $155 a month, up from $143. The measly wage increase comes when millions of Zimbabwean workers are struggling to survive on salaries that have been eroded by …

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How Chikore Milked Airzim Staff

Zimbabwean engineers maintaining aircraft in Malaysia went for months without being paid their travel and subsistence allowances after former Air Zimbabwe chief operating officer, and later chief executive of the controversial Zimbabwe Airways, Mr Simba Chikore, diverted funds meant to pay them for his personal use. This is contained in …

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Gono’s Jatropha Project Too Small to Ease Fuel Crisis, Says Mangudya

Former RBZ Governor Gideon Gono’s $3 million jatropha project’s contribution to the country’s fuel demands was too insignificant and cannot be considered as a viable solution to current fuel shortages. This was revealed in parliament by current central bank governor John Mangudya. Mangudya was giving oral evidence before parliament’s energy …

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Zinara Boss in Court for Favouring CEO With Unapproved $300k Loan

Former Zimbabwe National Road Administration (ZINARA) board chairperson, Albert Mugabe (41) was Monday dragged to court on allegations of advancing the parastatal’s chief executive officer, Nancy Masiyiwa-Chamisa with a $300 000 loan without board approval. Mugabe appeared before Harare magistrate Vongai Guuriro Muchuchuti facing criminal abuse of office charges. He …

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Banks Reject Government’s 99-Year Leases

Confederation of Zimbabwe Industries (CZI) president, Sifelani Jabangwe says local banks continue to reject government’s 99-year land leases as security for loans. Jabangwe told NewZim Business on Monday that financial institutions were rejecting land based loan applications made through 99-year leases by some industrialists. “Despite getting 99 year leases from …

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Govt to Extend NRZ Deal By 6 Months

Government is understood to have agreed to extend the framework agreement for the US$400 million recapitalisation of the National Railways of Zimbabwe (NRZ) by a further six months, to enable finalisation of outstanding issues. Yesterday, Foreign Affairs and International Trade Minister Dr Sibusiso Moyo, acknowledged in his welcome remarks during …

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SA Reiterates Support for New Zimbabwe

President Cyril Ramaphosa has reiterated South Africa’s commitment to work with Zimbabwe in addressing the socio-economic challenges experienced by the two neighbouring countries. President Ramaphosa made the commitment in his opening remarks of the SA-Zimbabwe Bi-National Commission in Harare, Zimbabwe, on Tuesday. The President is in the country for the …

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