Coronavirus: United Kingdom, facing worst recession on record, sees GDP drop 20.4% in Q2

The UK has seen its economy, hit by the coronavirus crisis, suffer a "record" contraction of 20.4% in the second quarter, and is officially facing its worst recession on record, agency figures show National Statistics (ONS), published Wednesday 12 August. 
Economists consider that a country enters a technical recession when it accumulates two consecutive quarters of contraction in its economy. According to the ONS, most of the contraction, which began to be felt in March, occurred in April, an entire month of containment and almost total cessation of activity in the country, which saw production collapsed by 20%.

With a very early recovery in construction sites and manufacturing activity, gross domestic product (GDP) rebounded in May by 2.4% (revised figure), followed by an acceleration in June (+8.7 %) thanks in particular to the reopening of all shops. This is the biggest contraction in the UK economy since the ONS began these quarterly statistics in 1955, he said…

Zimbabwe: Pretoria Portland Cement raises funds for its 32 MW solar power plant

In Zimbabwe, the Pretoria Portland Cement has started to mobilize financial resources for its 32 MW solar power plant project in Collen Bawn. The infrastructure to be built by an independent producer will supply 16 MW to the company and 16 MW to the Zimbabwean power grid.

Zimbabwe: Pretoria Portland Cement raises funds for its 32 MW solar power plant

In Zimbabwe, the Pretoria Portland Cement (PPC) is currently raising funds for the construction of its solar power plant. The 32 MW capacity infrastructure will be located in the community of Collen Bawn in Matabeleland South. Its development aims to supply 16 MW to the cement company for its operations and to transfer the remaining 16 MW to the national electricity network.

“We have put several companies in competition and chosen the one that would provide us with the chosen technology. All the papers have already been signed and we are in the process of raising funds for the construction of infrastructure, "said Marvelous Sibanda, Chief Operating Officer of PPC.




Once the financial mobilization is completed, which should be the case in about a month according to the manager, the work can begin. They will last 18 months according to the company's forecasts. Recall that the PPC has planned to build the plant by a developer and buy its production. Payment for electricity will be in local currency.