Browsing tag
Youths in the country have heavily critiqued the government’s Indigenisation and Empowerment programmes as politicised. ZANU PF has taken over this government initiative and has used it as a political tool for campaigning.
Rio Tinto has told Zimbabwe’s government it will give up a 51 percent stake in its local diamond unit Murowa, state media reported on Saturday, making it the first foreign-owned firm to voluntarily comply.
HARARE (Reuters) – Zimbabwe’s central bank said it planned to take punitive measures against foreign-owned banks that resist demands to transfer majority shareholding to local blacks under a controversial empowerment policy.
Zimbabwe yesterday made public radical regulations forcing foreign mining companies to sell majority stakes to blacks by September this year, sending shares in miners with local operations tumbling amid jitters their businesses could be nationalized.
Zimbabwe’s controversial economic indigenisation drive could force top South African retailer Massmart to quit the country, chief executive officer Grant Pattison told the media. Massmart, South Africa’s third-largest retailer by value is target of acquisition by US giant Wal-Mart.