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QV Pharmacies in trouble

QV Pharmacies in trouble

QV PHARMACIES has been placed under provisional judicial management after an urgent application by one of its creditors and faces eviction from its business premises  over rental arrears, according to court documents seen by The Source on Tuesday. The company is a subsidiary of troubled pharmaceutical group CAPS Holdings. The…

Foreign Traders Causing Zimbabwe Cash Shortages – NIEEB

Foreign Traders Causing Zimbabwe Cash Shortages – NIEEB

Zimbabwe’s black empowerment agency says at least 90 percent of foreign shop owners don’t have bank accounts and are hiding away money or smuggling it out of the country, worsening cash shortages in the troubled economy. The  National Indigenisation and Economic Empowerment Board’s Chief Executive Officer, Wilson Gwatiringa, said many…

Zimbabwe Imports 150k Tons of Maize; Hunger Looms

Zimbabwe Imports 150k Tons of Maize; Hunger Looms

Zimbabwe’s agriculture ministry says it is importing 150,000 tons of corn, the nation’s staple food, from neighboring South Africa to avert a looming food crisis as millions face starvation. Deputy Agriculture Minister Davis Marapira said Friday the government had so far received 300 tons which will be distributed to hard-hit…

Foreign shop owners get reprieve, Minister commends role played in economy

Foreign shop owners get reprieve, Minister commends role played in economy

Foreign shop owners, mainly Chinese and Nigerian nationals, say Zimbabwean authorities have reversed an ultimatum for them to close their businesses by Jan. 1. The owners of mainly small businesses selling cheap consumer goods said Monday there were informed of a weekend statement by empowerment minister Francis Nhema that they…

Zimbabwe economy to grow by 6.1 pct in 2014 – Chinamasa

Zimbabwe economy to grow by 6.1 pct in 2014 – Chinamasa

Zimbabwe’s economy is seen growing by 6.1 percent next year, rising to 6.4 in 2015 underpinned by ZimAsset, and recovery in agriculture, mining and construction, finance minister said as he presented a $4.4 billion national budget  on Thursday. Inflation, is seen ending the year at 1.5 percent but the rate…

Zimbabwe cash crush: Angry customers assault local bank staff

Zimbabwe cash crush: Angry customers assault local bank staff

Angry Allied Bank depositors on Monday assaulted workers at the Third Street Branch and vandalised property after they failed to withdraw their money, a sign of deepening cash shortages in the country. Onlookers alleged that a group of soldiers who had been queuing to withdraw their salaries attacked the bank…

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