Zimbabwean banks have significantly increased their holdings of treasury bills (TBs) by 87 percent in the six months to June, results from reporting banks show, as government continues to dominate borrowing at the expense of productive sectors of the economy.
The Zimbabwe Stock Exchange’s main industrials index advanced 4.19 percent to close the week on 222.08 points, pushed by gains in heavyweight counters.
Financial group FBC Holdings has reported a three percent increase in after-tax profit to $9.6 million in the six months to June, from $9.3 million recorded in the same period last year, on cost cutting.
Former Movement for Democratic Change treasurer Roy Bennett, who was among the first to ditch party leader Morgan Tsvangirai, was at one time “over the moon” with Tsvangirai’s leadership after he started “cleaning house” by replacing Women’s Assembly leader Lucia Matibenga.
The absence of Vice-President Emmerson Mnangagwa from the Heroes’ burial of Maud Muzenda and George Rutanhire following reports of his food poisoning two weeks ago, yesterday prompted President Robert Mugabe to query why there was so much talk about witchcraft in Masvingo, because he was now being implicated too.
Zimbabwe’s First Lady Grace Mugabe is desperate to become president because she wants to protect herself and her family as she does not trust one of the leading contenders, Vice-President Emmerson Mnangagwa, because she and G40 fear his succession could see them stripped of political power or even exiled, a British newspaper said yesterday.
Life assurance premium income dropped by 6 percent to $81.4 million in the first quarter to March from $88.1 million reported in the same period last year, the latest report by the Insurance and Pension Commission (IPEC) shows.
A lot of Zimbabweans were caught by surprise when one by one, Morgan Tsvangirai’s top lieutenants starting with the money-man Roy Bennett, followed by his deputy Elton Mangoma, and then secretary-general Tendai Biti, asked the Movement for Democratic Change leader to step down and give way to new leadership.