Business

Business

Consumer Council boss blasts govt economic advisors for leading country astray

By Business Reporter CONSUMER Council of Zimbabwe (CCZ) deputy director, Rose Mpofu has scorned government’s highly qualified economic advisors for allegedly leading the country astray and failing to proffer correct advice to avert the current economic mess. She was speaking during last week’s retailer’s breakfast meeting in Harare. “It is disturbing to note that most

Ex-VP Mphoko

Ex-VP Mphoko quits Choppies Supermarket

By Staff Reporter FORMER state Vice President Phelekezela Mphoko and family have finally quit Choppies Supermarkets Zimbabwe, bringing to an end a protracted battle for control of the Botswana owned retail giant between the parties. This was revealed in a press statement this week by lawyers representing the embattled ex-VP and son on one hand

Zimbabwe inflation data hugely understated – economists

By Business Report HARARE: A steep rise in Zimbabwe’s inflation has worsened the country’s economic plight, with Zimstats data showing yesterday that inflation now stands at 42 percent, but economists say the figures are hugely understated. The country is battling to tame price increases exacerbated by a foreign currency crunch that has been pushing up prices

STEVE Hanke: Zimbabwe’s Monetary Death Spiral

By Prof Steve H. Hanke PRESIDENT Mnangagwa’s pledge that Zimbabwe is “open for business” rings hollow. Indeed, many businesses in Zimbabwe are shuttered. An increase in government controlled fuel prices over the weekend has ignited simmering fury over what is in fact a currency crisis. In response, Zimbabwe’s security forces have launched a violent crackdown on

Inflation Shock at 42.1%; Adds to Harare’s Woes

By Agencies Zimbabwean consumer prices rose at a new post-hyperinflation record pace in December, adding to the economic woes of a country that’s reeling from foreign-exchange and fuel shortages. Inflation accelerated to 42.1 percent, from 31 percent in the previous month, the Zimbabwe National Statistics Agency said in a statement emailed Thursday. While that’s well

What next for Zimbabwe’s govt after fuel price hike backfires?

Africa News Zimbabweans have reacted with anger and frustration to last week’s announcement of a fuel price hike by President Emmerson Mnangagwa. In a televised address last Saturday, Mnangagwa said prices of petrol and diesel would more than double to tackle a shortfall caused by increased demand and “rampant” illegal trading. Petrol prices have been

Facebook to tighten political ad rules for 2019 elections

AFP Facebook said Tuesday it will tighten rules for political ads in countries with elections scheduled in the first half of the year, building on transparency efforts already underway in the United States, Britain and Brazil after a series of scandals. “As we prepare for major elections around the world this year, we’re continuing our

Tito Mboweni

SA finance minister wants end to Zimbabwe sanctions

By African News Agency SOUTH African Finance minister Tito Mboweni said on Wednesday that Zimbabwe should look at introducing a new currency to counter its economic and financial challenges and also called for political leadership to intervene in ending sanctions in the troubled SADC country.  Mboweni said that South African government representatives, including National Treasury

By killing the internet, Zimbabwe kills commerce and lights

By Bloomberg WHEN the Zimbabwean government ordered internet service providers to shutter parts of the web in an effort to curb anti-government protests, it also plunged homes into darkness because people can’t pay their utilities online.  Most people in the country use Econet Wireless, Zimbabwe’s Ecocash mobile phone payment system for daily transactions. They buy

No Currency, Just a Currency Crisis: Zimbabwe’s Woes Deepen

By Bloomberg News Not having a currency of its own hasn’t stopped Zimbabwe from sliding into a currency crisis. A scarcity of foreign exchange has led to long queues for fuel, bread and medicine and sent prices surging across the southern African country. Police clashed with protesters in the capital, Harare, on Monday as the

Ford, VW call off joint Detroit appearance to announce alliance

By AFP Automakers Ford and Volkswagen on Monday called off a joint appearance at the Detroit auto show set for the following day during which they were widely expected to announce an alliance. The two car giants have been in discussions over a partnership to develop self-driving and electric technologies. But a source close to

The GAC Entranze concept electric vehicle is unveiled at the North American International Auto Show on Monday

Trade war delaying Chinese automaker’s US plans

By Associated Press DETROIT: The U.S.-China trade war has delayed but not derailed Chinese automaker GAC Motor’s plans to enter the American market, company officials said Monday. Company President Yu Jun, speaking at Detroit’s North American International Auto Show, said the dispute is a factor in moving its U.S. product launch from the end of

ANALYSIS: Critical economic challenges facing Zimbabweans

This an abridged version of an article recently published by the Election Situation Room POST the 30th July 2018 harmonized elections, one of the most important questions that Zimbabweans have had to deal with is how the new government will resolve the deep and complex economic problems Zimbabwe is grappling with. Economic commentators have expressed

Huawei fires sales manager who Poland charged with spying

By Associated Press LONDON: The Chinese tech company Huawei on Saturday announced it has fired a sales director who was arrested in Poland and charged with spying for China, saying he has brought the firm’s reputation “into disrepute.” The company said it has “decided to terminate the employment of Mr. Wang Weijing, who was arrested

Coal mine collapses in northern China, killing at least 21

By Associated Press BEIJING: Twenty-one coal miners were killed when a mine collapsed in northern China, state media reported Sunday. The disaster occurred Saturday in Shenmu in Shaanxi province in the heart of the country’s coal-mining belt, according to state TV and the Xinhua News Agency. Sixty-six other miners were rescued, the city government said

Labour Minister Sekai Nzenza

Panicking govt reconvenes TNF as economy faces implosion

By Alois Vinga GOVERNMENT has called for a Tripartite Negotiation Forum (TNF) with its key partners Monday after over a year since such meeting was convened. The TNF is a dialogue platform which brings together government, business and labour representatives to deliberate on economic issues and pursue mutual agreement that does not hurt any of

Vice President Constantino Chiwenga

Government warned against interfering with business

By Alois Vinga ZIMBABWE National Chamber of Commerce (ZNCC) chief executive Chris Mugaga has warned government to stop interfering with business or risk the consequences of economic failure. He was addressing a delegates at a retailers breakfast meeting in Harare this week. “Government hand is just too much,” Mugaga said. “There is no economy which

Cement and beverage sales down by 50 percent

By Alois Vinga PLAYERS in the retail sector have reported that cement and beverages sales have gone down by 50 percent owing to the ongoing challenges linked to foreign currency shortages affecting the economy. Briefing delegates at a retailers breakfast meeting this week, N. Richards Group managing director, Archie Dongo revealed that the two products

Cooking oil shortage looms as top manufacturer Olivine shuts down

By Robert Tapfumaneyi ZIMBABWEANS must brace for a massive cooking oil shortage after the country’s leading manufacturer Olivine Industries Private Limited has shut down owing to operational challenges caused by foreign currency shortages. This was revealed in a press statement Friday by the company’s management. “The board of directors and management at Olivine Industries (Pvt)