Zimbabwe's government, battling to avoid economic collapse on Tuesday decreed that all basic commodity prices be slashed by a whooping 50 percent, with immediate effect.Already reeling from the effects...
HARARE - Zimbabwe's currency plunged to new depths on Friday as the U.S. ambassador to Harare predicted galloping inflation will force President Robert Mugabe from office before the end of the year.The Zimbabwe dollar, which is pegged to the U.S dollar and was effectively devalued by the central bank to 15,000 to the greenback in April, was trading in the 170,000-200,000 range on the thriving black...
LONDON - Zimbabwe's galloping inflation will force President Robert Mugabe from office before the end of the year, the United States ambassador to Harare said on Friday, predicting the rate could hurdle 1 million percent within months.In an interview with the Guardian newspaper, Christopher Dell said Mugabe's government was effectively "committing regime change on itself".The southern...
BATTLING a crippling foreign currency crunch, the Zimbabwe government has proposed to pay critical professionals' salaries in foreign currency, a move seen as a desperate bid to contain the flight of critical staff to "greener pastures".The ambitious proposal was publicly unveiled by Central Bank Governor, Gideon Gono at a tour of a private hospital in Harare.Gono, who bemoaned the flight...
ZIMBABWE'S annual gold production has hit an all time low, with the Chamber of Mines estimating annual production figures to be at 8 700 kilogrammes.This is a huge slump from the 11 tonnes recorded last year.Latest data from the chamber shows that the gold industry has been on a steady decline since the beginning of the year, with February figures falling from 819,05 kilogrammes in January to 768,11kg....
South African trade unions have launched one of the biggest national strikes of the post-apartheid era in a move widely seen as spearheading the left's challenge to win control of the ruling African National Congress (ANC) ahead of next year's presidential election. Public-service unions are determined not to back down on their demands, Congress of South African Trade Unions (Cosatu) general...
Zimbabwe's gold output is expected to fall by 23 percent this year to about 8,700 kg from 11,354 kg last year as producers continue to face serious operating problems, the mining chamber said on Wednesday. "Estimated annual gold production at current production rate is 8,700 kg," the Chamber of Mines said in a note accompanying output figures for the first five months of the year.The...
ZIMBABWE'S largest mobile phone operator, Econet Wireless says its shareholders on Thursday gave a unanimous approval for the company to issue new shares to foreign investors. In a statement, the company said it has already reached an agreement with a South African institutional investor who will buy new shares for US$15 million following the approval. This is the first time the company has...