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Mugabe to pursue nationalisation Mugabe vows to save sick economy
(about 2 hours 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. President Robert Mugabe has said at the opening of parliament that strict price controls will continue as Zimbabwe tries to turn around an ailing economy.
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. Mr Mugabe blames economic woes on the West and is planning to introduce a bill to nationalise foreign firms, including banks and mining operations.
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.
"Our economy continues to face challenges arising from the illegal sanctions imposed by our enemies," he told MPs.
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 billEmpowerment 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 talksStalled 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.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.