Sunday, February 28, 2010

Zimbabwe Slides Back Into Economic Crisis

Zimbabwe's President Robert Mugabe attends the swearing-in ceremony of his Mozambican counterpart Armando Guebuza for a second term in office in the capital Maputo, January 14, 2010. Credit: Reuters/Grant Lee Neuenburg

Mugabe Forces Handover Of White-Owned Companies To Black Zimbabweans -- Times Online

A law to force white-owned companies to surrender 51 per cent of their shareholdings to black Zimbabweans comes into effect today, amid panic in the country’s business sector and fears of a catastrophic slide back into economic chaos.

Six weeks from now all companies with a relatively modest asset value of at least US$500,000 (£325,000) will have to submit official forms detailing the race of each of their shareholders. If whites are in the majority they will have to submit their “indigenisation plans”, which have to be carried out within five years.

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More News On Zimbabwe

Mugabe defends sale of foreign firms to locals -- AFP
ZANU-PF Politburo Endorses Controversial Zimbabwe Indigenization Regulations -- Voice of America
Zimbabwe presses on with local ownership law: minister -- Washington Post/Reuters
We're taking white-owned companies! -- Al Jazeera
Zimbabwe's Mugabe, 86, to party amid distress -- Reuters
African leaders show there are many countries for old men -- The Guardian
Zimbabwean President Mugabe Says Government Too Broke To Raise Wages -- Voice of America
Mugabe to celebrate 86th birthday with televised £325,000 lobster feast -- The Telegraph

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