Business decries power outages
Business leaders say the prevailing power outages are crippling production across various sectors of the economy while the use of generators as an alternative source of energy remains costly and not sustainable. Of late, Zimbabwe’s power supply situation has worsened on the back of constant breakdowns mainly at Zimbabwe’s biggest thermal power plant, Hwange Power Station as well as the three small thermal power plants. Speaking after a Cabinet meeting last week, Energy and Power Development Minister Zhemu Soda said problems at Hwange Power Station and the small thermal power plant in Harare have been corrected while negotiations were on course for the importation of electricity as a short – term measure to lessen the impact of the outages while the country awaits for the results of medium to long term projects. Confederation of Zimbabwe Industries (CZI) president Kurai Matsheza said in an interview that the current power supply situation in the country was now dire as businesses cannot move forward with production.
Gold price steady as investors weigh Fed rate hike
Gold steadied after posting the biggest weekly gain since May as investors weighed prospects for tighter US monetary policy and concerns over an economic slowdown. Bullion hit the lowest level since March 2021 last week, only to rebound as US Treasury yields eased. After raising rates in June by the most since 1994, Federal Reserve policy makers are expected to approve another 75 basis – point hike when they meet July 26 – 27. Gold is heading for a fourth monthly loss as Fed tightening and a strong dollar dim its allure as a haven, overshadowing concerns about inflation and a slowdown. At the weekend, while former Treasury Secretary Lawrence Summers cast doubt on the likelihood of a soft landing for the US, incumbent Janet Yellen said she doesn’t see any sign the economy is in a broad recession.