Cash-strapped Zimbabwe diplomats to vacate upmarket houses

Cash-strapped Zimbabwe, which owes its envoys posted throughout the world nearly US$30 million in salary arrears, has directed its foreign diplomatic missions to vacate upmarket houses they are currently occupying in host countries and find cheaper accommodation as it can no longer pay rentals.

PM Tsvangirai receives Honorary degree of Doctor of Laws

Prime Minister and Head of Government Mr. Morgan Tsvangirai has been conferred with an honorary degree of Doctor of Laws by Pai Chai University, the 13th such honorary degree conferred to an individual in the 125-year history of this United Methodist Church institution.

Non-existent firms awarded diamond mining claims

NON-EXISTENT companies were allegedly used to acquire 214 diamond mining claims in Marange in 2006, a Mutare court heard last week.

Ministers bleeding state coffers by flouting foreign travel restrictions

In a development that exposes the rampant abuse of control systems in the inclusive government and how the polarity in the coalition is being taken advantage of for selfish gain by high-ranking office bearers, several ministers have been accused of bleeding State coffers by flouting foreign travel restrictions.

S.A Julius Malema gives Zimbabwe mine grab a boost

Zimbabwe’s mining sector faces a growing threat of property seizures, led by President Robert Mugabe’s radical loyalists in government, after a rabble-rousing visit to Harare at the weekend by militant African National Congress Youth League president Julius Malema.

Investec fund buys OK Zimbabwe stake

INVESTEC Asset Management's Africa Frontier Private Equity Fund is finalising a private equity investment for a 10%-20% stake in OK Zimbabwe, the second-largest supermarket chain by number of stores in that country.

Biti releases US$100m for infrastructure

The Ministry of Finance yesterday allocated US$100 million from the US$510 million Special Drawing Rights from the International Mone-tary Fund to ministries, parastatals and local authorities for infrastru-cture development.

Zimbabwe to shut down Hwange

Zimbabwe is considering closing down the Hwange thermal power station because of constant breakdowns, three years after Namibia pumped US$40 million, nearly N$300 million, into the refurbishment of the plant.

Government uses 65 percent revenue on wages

Zimbabwe’s government is earning only US$100 million per month, 65 percent of which goes to wages, Finance Minister Tendai Biti told reporters on Thursday, painting a grim picture of the state coffers at a time civil servants are on strike for improved salaries.

Finance minister says West ready to cancel debt

Western donors are ready to cancel Zimbabwe's $6 billion foreign debt, Finance Minister Tendai Biti said on Thursday, adding that the lenders were waiting for Harare to put the process in motion.