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Zim could miss IMF targets

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HARARE – Zimbabwe could for the second time miss the International Monetary Fund (IMF)’s Staff Monitored Programme (SMP) targets due to deteriorating economic conditions in the country. The hard-pressed country is currently implementing the recommended programme under which it is required to enforce sound economic policies. SMP also compels the authorities to increase diamond revenue…

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Non-performing personal loans balloon

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HARARE – Non-performing personal loans have ballooned to constitute a greater part of banks’ bad debts, a listed bank’s executive said. Ronald Mutandagayi, ZB Financial Holdings Limited (ZBFH)’s chief executive, said the actual state of banks’ loan books is contrary to general belief that companies constitute most of the defaulters. This comes as most banks,…

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Tsvangirai has failed us

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EDITOR — For how long shall you continue persecuting innocent souls at Harvest House? Be warned that you are going to harvest your demise out of your ill-calculated moves soon. We need a peace-seeking leader, not a leader who is busy scheming how to purge part of his support base for sounding out their opinions….

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Indian dealer nabbed over diamonds scam

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MUTARE – A Mutare businessman of Indian origin was yesterday charged with conniving with employees of top diamond producing firm, Mbada Diamonds to steal $3 million worth of gems from the Marange-based firm. Mudasar Khan, who owns Akin Investments, a diamond cutting and polishing company and is a director of Kassim Wholesalers, was not asked…

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MDC on smear campaign against me — Mangoma

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HARARE – Elton Mangoma, the suspended MDC deputy treasurer-general, has dismissed charges that he embezzled party funds to launch his presidential bid as a smear campaign. Mangoma was suspended by the MDC for allegedly contravening the party’s code of conduct and bringing the 15-year-old movement into disrepute. He stands accused of using party funds to…

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No cuts to Zim’s public sector wage bill

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HARARE – Zimbabwe is not prepared to slash its public sector wage bill to meet debt-reduction plans agreed with the IMF because it will involve too many job cuts, the Finance minister said yesterday. The International Monetary Fund in January approved a six-month extension of a monitoring programme for Zimbabwe aimed at helping it to…

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We tell it like it is!

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HARARE – The Daily News Group Editor, Stanley Gama, this morning addressed the Zimbabwe Defence Forces Staff College in Harare. We publish below the full text of his presentation. THANK you very much for inviting me here. We at the Daily News are always very grateful for opportunities such as this one, where we can…

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Police summon suspended ZBC boss

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HARARE – Suspended ZBC chief executive officer Happison Muchechetere has reportedly been summoned by police for questioning over the $1 million scandal involving the purchase of a radio Outside Broadcasting (OB) van from a Chinese firm. Highly-placed sources told the Daily News yesterday that Muchechetere had been summoned to report to the Serious Fraud Squad…

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Tsvangirai wants talks to save economy

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HARARE – Opposition leader Morgan Tsvangirai has ruled out forming another unity government with President Robert Mugabe’s Zanu PF, but called for multi-stakeholder national dialogue to save the economy. The MDC leader says he cannot work with a Zanu PF party that is “arrogant”, but warned that, sooner rather than later, the ruling party will…

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Harare to slash wage bill by $2m

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HARARE – The City of Harare is looking to slash its wage bill by $2 million every month by laying off over 1 000 employees. This is part of the city’s efforts to meet Local Government minister Ignatius Chombo’s directive to reduce its wage bill to only 30 percent of its budget. Harare mayor Bernard…

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