Zim News Blog -NEWS NETWORK

Source: Zimbabwe too risky for business: Report -Newsday Zimbabwe

In a move that will dent Zimbabwe’s chances of attracting foreign direct investment, an international risk assessment firm has ranked the country as the most risky for doing business and with the least score of reward after investment.

The damning report released by Control Risks and Oxford Economics Africa showed that Zimbabwe’s chances of safer returns were slightly more than 2%.

Control Risks is a specialist risk consultancy that helps create secure, compliant and resilient organisations.

Oxford Economics is a leader in global forecasting and quantitative analysis with a worldwide clientelle base comprising more than 1 500 international corporations, financial institutions, government organisations, and universities.

While President Emmerson Mnangagwa has touted the “Zimbabwe is open for business mantra”, the country continues to attract negative publicity on the backdrop of political instability, high inflation and inconsistent economic policies.

The Africa Risk-Reward Index 2023 puts Zimbabwe as the country with lowest reward scores and highest risk.

In explaining the position, the index states that: “The position of each country is defined by its risk and reward score. Zimbabwe is at 7, 65% risk and at 2,53% reward scores.”

The index illustrates the evolution of the investment landscape in major African markets and provides a grounded, longer-term outlook of key trends shaping investment in these economies. It also offers a comparative snapshot of market opportunities and risks across the continent.

Zimbabwe is ranked to have close ties with China and Russia.

Other countries that ranked poorly in the report include Ethiopia at 7,64%, Democratic Republic of Congo at 7,53%, Cameroon at  6,53%,  Uganda 6,22% and Egypt at 6,3%.

“These countries are those that have seen the biggest positive movement in their overall risk-reward scores between 2022 and 2023. For some countries this is due to increasing reward scores, for some to declining risk scores, and for some a combination of both,” the report read.

German-based economist Durban Marukutira said the report was consistent with trends elsewhere in the economy.

“It corresponds with banks de-risking that led to the exit of Barclays and Stanchart citing country risks and a volatile currency, Gold Mafia and the attendant Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) that is associated with it and disputed elections,” he said.

Political analyst Romeo Chasara said Zimbabwe would continue to attract negative investment outlook because of disputed polls.

“The global markets and capital have adopted a wait and see attitude towards Zimbabwe. It is unfortunate that the country continues to hold disputed and inconclusive elections.

“It boggles the mind that it is relatively safer to invest in war-torn DRC than in Zimbabwe. The country should put its politics right,” he said.

Source: Thieving Gweru cop denied bail –Newsday Zimbabwe

A GWERU-BASED policeman who allegedly stole copper cables from President Emmerson Mnangagwa’s Precabe Farm in Sherwood, Kwekwe, has been denied bail.

Musa Mukuli, a constable at Nehanda Police Station in Gweru, on Wednesday appeared before Kwekwe magistrate Samkelisiwe Gumbo facing a charge of theft and another of contravening the Electricity Act.

Gumbo denied Mukuli bail before postponing the matter to October 5.

Allegations are that on September 14 at around 11pm, Mukuli connived with three other suspects to steal solar panels from a farm next to Mnangagwa’s.

Mukuli’s accomplices, Brandon Ncube, William Wurayayi and one Jameson, are all still at large.

The court heard that the accused persons went to Brownland Estate, where they allegedly stole three solar panels supplying power to a borehole before hiding them in a nearby bush.

It is further alleged the gang was spotted travelling in a silver Honda Fit by security personnel at Precabe Farm.

The other three ran away, leaving behind Mukuli who was subsequently arrested.

Investigations led to the recovery of the solar panels.

The court further heard that during investigations, a water pump attendant at Precabe Farm, Liberty Zunga, identified Mukuli as one of the people who had stolen copper cables at the farm on September 7.

On the said date, Mukuli together with the three who are on the run, allegedly went to Precabe Farm pumphouse near Munyati River and stole copper cables.

The four allegedly cut and stole armoured cables connecting the transformer to the pump.

It is alleged that the suspects pulled the cables to a nearby field, where they peeled off the insulation rubbers to access the copper cables.

They were, however, spotted by Lunga, who was conducting perimeter checks at the pumphouse.

Lunga allegedly caught Mukuli and the two wrestled. Mukuli overpowered Lunga and made good his escape by disappearing into the darkness.

Source: Mnangagwa challenger trial kicks off -Newsday Zimbabwe

THE Zanu PF supporter who challenged President Emmerson Mnangagwa’s ascendancy to the party presidency Sybeth Musengezi on Tuesday appeared before Harare magistrate Yeukai Dzuda for trial.

Musengezi was arrested for fraudulently acquiring a Zanu PF membership card after alledgedly providing a false address.

He was represented by Nqobani Sithole and Doug Coltart.

The State called Godwills Masimirembwa, the Zanu PF provincial chairperson for Harare who told the court that Musengezi provided a false address in his application for Zanu PF membership.

However, Musengezi’s counsel argued that the matter was political and he was being punished for challenging Mnangagwa’s ascendancy at the High Court.

His lawyers questioned why Musengezi’s Zanu PF membership card was not revoked.

The court also heard that Musengezi was still a member of Zanu PF because he has a party membership card and is paying subscriptions.

However, Masimirembwa said he was not aware of the payments, adding that if he was a member, the matter would have been dealt with internally.

He claimed that Musengezi has not been paying subscriptions since 2019.

Masimirembwa told the court that investigations started after he made the High Court application, adding that the membership card would have been confiscated if Musengezi attempted to pay subscriptions.

The defence lawyers also told the court that Musengezi has been a Zanu PF party member since 2006 and he was registered in Mt Darwin, Mashonaland Central province.

The matter was remanded to October 18 for trial continuation.

Source: Government funds Khupe’s Indian medical trip –Newsday Zimbabwe

PRESIDENT Emmerson Mnangagwa has authorised the government to fund a medical trip to India for former Deputy Prime Minister Thokozani Khupe who announced a fortnight ago that she had suffered a second bout of cancer.

Khupe, a survivor of breast cancer, revealed that she is battling a second cancer attack.

She was elected as a CCC Proportional Representation legislator for Bulawayo in the August 23 harmonised elections.

Khupe was first diagnosed with breast cancer in May 2011 and underwent treatment and surgery, which cost her one of the breasts.

Presidential spokesperson George Charamba said: “President ED Mnangagawa has authorised the government to fully fund Thokozani Khupe’s medical trip to India. She is stricken by resurgent cancer.”

Khupe, who is an opposition CCC legislator, announced that she had suffered a second cancer attack after attending the swearing in ceremony of parliamentarians on September 7.

The legislator appeared to have visibly lost weight as she mingled with other lawmakers at the New Parliament Building in Mt Hampden.

“I have a second cancer attack. I am doing well and thanks to those already wishing me well. Together we can beat cancer,” Khupe wrote on X (formerly Twitter).

“I will soon leave the country for cancer treatment, let’s stay focused. God loves you,” she added.

In 2012, she founded an organisation called the Thokozani Khupe Cancer Foundation to raise awareness on cancer as many women continue dying due to late detection and lack of awareness of cancer.

According to Global Cancer Observatory data, in 2020, Zimbabwe reported 16 083 new cases of cancer and 10 676 deaths due to the disease which commonly manifests as cervical, breast and prostate cancer.

Over the years, health stakeholders have implored authorities to ensure there is a local technician to repair cancer machines, instead of depending on foreign skills.