Moza indicts 18 people for fraud

MAPUTO — Mozambique has indicted 18 citizens for their involvement in fraud involving $2 billion in loans to State-owned companies, the Attorney General’s office (AGO) said on Monday, in a scandal that has ensnared two major international banks. “Mozambique AGO is indicting 18 defendants, (ranging) from public workers and other …

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Avoid market jitters, stay the course

Rishay LallaThe recent inflation spike coupled with volatility on the parallel market, low interest rates and a hazy economic outlook are just a few ingredients of what seems to be a rather distasteful beverage being served to investors in Zimbabwe. Media coverage has raised toxicity, fuelling anxiety levels through providing …

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SA rand slips

JOHANNESBURG. — South Africa’s rand slipped early yesterday, as the dollar inched higher following a recent slump. At 0640 GMT, the rand traded at 13 9550 versus the US currency, 0,5 percent weaker than its previous close. Similar falls were seen in other emerging market currencies like the Russian rouble …

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Gold prices fall

Gold prices fell yesterday, as the dollar recovered from lows and hopes for a trade deal between China and the United States whetted risk appetite, making bullion less attractive. Spot gold slipped 0,62 percent to $1,280.69 per ounce as of 8:45 a.m. ET. US gold futures were 0.64 percent lower …

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Miners want to import own fuel

ZIMBABWE Miners Federation (ZMF), the representative body of small-scale miners, says it is pushing for a licence to import fuel for onward distribution to its members to ensure continuity of production in the sector. BY FIDELITY MHLANGA ZMF president Henrietta Rushwaya said small-scale miners have been hard hit by the …

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Life assurance profits down 63% in Q3

ZIMBABWE’S life assurance industry recorded 68 % decline in after tax profits to $314,85 million in the nine months to September 2018 compared to $979,27 million during the same period in 2017, the industry regulator has said. BY FIDELITY MHLANGA In its sector report for the third quarter, the Insurance, …

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Bond notes unsustainable, fuel inflation: Fitch

Fitch Solutions, the macro-economic arm of global rating agency says Zimbabwe’s currency regime is highly unsustainable and will continue to fuel inflationary pressures going forward. BY TATIRA ZWINOIRA In 2009, the southern African nation ditched its own currency and adopted a basket of currencies anchored by the United States dollar …

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Shurugwi seeks town status

Ishemunyoro Chingwere Property Reporter Shurugwi South constituency has started a process to tap into devolution drive being championed by Government after submitting proposals for the development of a town in the gold rich area, an official has said. Government is pushing for devolution as one of the key anchors to …

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US booming economy and soaring deficits

The US is currently experiencing a disastrous “new normal”; the economy is booming at the same time that government debt and deficits are exploding. That scenario is a radical departure from the normally healthy, self-correcting interplay between economic growth and budget shortfalls – and its likely long-term consequences are worth …

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