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Mugabe to pursue nationalisation | Mugabe to pursue nationalisation |
(10 minutes later) | |
Zimbabwe's president is to introduce new bills on nationalisation and on MPs choosing the next president without a national vote, as he opens parliament. | Zimbabwe's president is to introduce new bills on nationalisation and on MPs choosing the next president without a national vote, as he opens parliament. |
The country, once the bread-basket of the region, is suffering crippling food shortages and rampant inflation. | The country, once the bread-basket of the region, is suffering crippling food shortages and rampant inflation. |
Robert Mugabe's move to nationalise foreign firms, including banks and mining operations, is a controversial one after problems with land reform. | Robert Mugabe's move to nationalise foreign firms, including banks and mining operations, is a controversial one after problems with land reform. |
The parliamentary session is the last ahead of elections due by March 2008. | The parliamentary session is the last ahead of elections due by March 2008. |
On Monday, the former head of the United Nations, Kofi Annan, spoke of a downward spiral of events in Zimbabwe, which he said was "intolerable and unsustainable". | On Monday, the former head of the United Nations, Kofi Annan, spoke of a downward spiral of events in Zimbabwe, which he said was "intolerable and unsustainable". |
Empowerment bill | Empowerment bill |
The BBC's Peter Greste in the region says President Mugabe is also expected to touch on his favourite theme in his opening address to MPs: blaming the UK and US for trying to destroy Zimbabwe in revenge for his policy of land reform. | The BBC's Peter Greste in the region says President Mugabe is also expected to touch on his favourite theme in his opening address to MPs: blaming the UK and US for trying to destroy Zimbabwe in revenge for his policy of land reform. |
He often accuses the opposition and big business of working with foreign forces to try and destabilise Zimbabwe. | He often accuses the opposition and big business of working with foreign forces to try and destabilise Zimbabwe. |
But the country is anything but normal, our reporter says. | But the country is anything but normal, our reporter says. |
With inflation now approaching 5,000%, shops in Zimbabwe are running out of the most basic commodities. | With inflation now approaching 5,000%, shops in Zimbabwe are running out of the most basic commodities. |
Economic refugees are arriving in neighbouring states like South Africa at a rate of around 3,000 a day. | Economic refugees are arriving in neighbouring states like South Africa at a rate of around 3,000 a day. |
Tendai Biti, secretary general of the opposition Movement for Democratic Change (MDC), says that Zimbabweans have become wary about nationalisation. | Tendai Biti, secretary general of the opposition Movement for Democratic Change (MDC), says that Zimbabweans have become wary about nationalisation. |
"Zanu-PF took 11m hectares of land from members of the white community, but what did they do with it? | "Zanu-PF took 11m hectares of land from members of the white community, but what did they do with it? |
"They distributed it among themselves, so the land reform programme became a vehicle for personal aggrandisement. So everyone in Zimbabwe is sceptical," he told the BBC's Network Africa programme. | "They distributed it among themselves, so the land reform programme became a vehicle for personal aggrandisement. So everyone in Zimbabwe is sceptical," he told the BBC's Network Africa programme. |
Stalled talks | Stalled talks |
Talks between the ruling Zanu-PF and the opposition MDC to find a political solution appear to have stalled, our reporter says. | Talks between the ruling Zanu-PF and the opposition MDC to find a political solution appear to have stalled, our reporter says. |
The MDC wants a new constitution, but the only amendment on the parliamentary agenda could extend the president's term to 2010. | The MDC wants a new constitution, but the only amendment on the parliamentary agenda could extend the president's term to 2010. |
The constitutional bill will seek to combine parliamentary and presidential elections and a clause will also give MPs power to elect a new president if a vacancy occurs between elections. | The constitutional bill will seek to combine parliamentary and presidential elections and a clause will also give MPs power to elect a new president if a vacancy occurs between elections. |
The proposed empowerment bill stipulates that no company restructuring, merger or acquisition can be approved unless 51% of the firm goes to indigenous Zimbabweans. | The proposed empowerment bill stipulates that no company restructuring, merger or acquisition can be approved unless 51% of the firm goes to indigenous Zimbabweans. |
It says "indigenous Zimbabwean" is anyone disadvantaged by unfair discrimination on race grounds before independence in 1980. | It says "indigenous Zimbabwean" is anyone disadvantaged by unfair discrimination on race grounds before independence in 1980. |
Some firms dually listed on the Zimbabwe Stock Exchange and London Securities Exchange include Old Mutual, NMB bank and Hwange. | |
Multi-national firms that may be affected by the new policy include Barclays Bank, Bindura Nickel Corporation and mining company Rio Zim. | Multi-national firms that may be affected by the new policy include Barclays Bank, Bindura Nickel Corporation and mining company Rio Zim. |