Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Mugabe backs 100% black ownership of Zimbabwe firms  Join our daily free Newsletter

MENAFN - AFP - 07/12/2012

No. of Ratings : 0
Digg This Article: http%3a%2f%2fwww.menafn.com%2fmenafn%2fqn_news_story_s.aspx%3fstoryid%3d1093587027%26title%3dMugabe-backs-100-black-ownership-of-Zimbabwe-firms%26src%3dRSS Share This Article: http%3a%2f%2fwww.menafn.com%2fmenafn%2fqn_news_story_s.aspx%3fstoryid%3d1093587027%26title%3dMugabe-backs-100-black-ownership-of-Zimbabwe-firms%26src%3dRSS Add to Delicious Seed this article Buzz this article Add to Reddit Add to furl Add to stumbleupon Add to Mixx!


 


(MENAFN - AFP) President Robert Mugabe on Friday demanded Zimbabwean firms be 100 percent black owned, in a pre-election gambit that looks sure to spook foreign investors.

Addressing the ZANU-PF party faithful, Mugabe said the government would press ahead with controversial indigenisation policies, despite protests from foreign investors.

Mugabe lambasted any notion that economic priorities take precedence over others as "dirty, filthy" and "criminal," telling the 5,000 delegates in the central city of Gweru that the current mandatory black ownership rate of 51 percent should be increased.

Mugabe's government passed a controversial indigenisation law two years ago, arguing it would reverse imbalances created during colonial rule.

"I think now we have done enough of 51 percent. Let it be a 100 percent," he told the last party conference before 2013 polls, which could well see the 88-year-old's name on the ballot for the last time.

"Even our Chinese friends, we are saying no, in your country we do not just come. You have to accept our rules," he said speaking at a 6.5 million conference centre recently built by Beijing.

"We will develop ourselves, our own ways of undertaking the operations that yield wealth."

In typically bombastic style, Mugabe's plotted a clear populist platform for his re-election campaign.

Mugabe and his ZANU-PF face an uphill struggle to win over voters, many of whom are angered at the poor state of the economy.

The party must also patch up the damage done by internal splits that cost it dearly in the 2008 general elections.

In that election, for the first time since independence in 1980, ZANU-PF lost its majority in parliament.

That helped force the veteran leader into a shaky power-sharing government with long-time rival Prime Minister Morgan Tsvangirai to stop a wave of violence around the disputed 2008 vote and halt an economic tailspin.

Mugabe complained that corruption was destroying his party.

"There is a lot of indiscipline taking place," he said. "Let's have a clean party."

He said some of his officials were soliciting kickbacks from investors who want to invest in the country.

"If I get information which mentions that so and so minister is doing that, he goes immediately," he said to cheers from supporters.

ZANU-PF officials clad in party regalia emblazoned with Mugabe's picture sang songs and danced in praise of the veteran leader, while denouncing the Movement for Democratic Change led by Tsvangirai.

Others wore Mugabe's clothing label with his signature on hats, shirts, and berets.

Several officials at the conference called for unity.

Amid doubts about when the elections will actually take place, Mugabe pressed for them to go ahead as soon as possible.

The veteran leader complained of delays in the completion of a draft constitution saying "we cannot dilly-dally anymore, enough is enough," for the country to hold elections.

The southern African country is set to hold a referendum that will be followed by elections next year. No dates have been set yet.

The opposition and international community insist fair elections cannot take place until the constitution has been amended.


 






  MENA News Headlines
May 23 2013China clears Boeing 787s for nation's airlines: Boeing ,AFP
(MENAFN - AFP) Chinese regulators have approved the Boeing 787 to fly in the country, Boeing said Thursday, a move that opens up a large potential market to the US aerospace giant. "I can confirm ...

May 23 2013H7N9 bird flu can spread in mammals: study ,AFP
(MENAFN - AFP) The H7N9 strain of bird flu can spread among ferrets and could do the same among humans under certain conditions, according to lab animal studies on the virus published Thursday. So ...

May 23 2013UN sees weak economic recovery this year ,AFP
(MENAFN - AFP) The world economy should start to make a weak recovery this year, but the United Nations said Thursday that Japan faces "risks" with its pump-priming spending and saw no end to ...

May 23 2013Unions seek probe of Qatari buyout of famed French store ,AFP
(MENAFN - AFP) Unions at the French department store Printemps have asked authorities open a probe into what they call opaque finances in the sale of the luxury shop chain to investors from the ...

May 23 2013Yahoo! buys startup specializing in online games ,AFP
(MENAFN - AFP) Yahoo! pressed on with its shopping spree on Thursday with the acquisition of a startup that powers games played on smartphones, tablets, consoles or personal computers. Word that ...

May 23 2013India's Tata Steel reports loss on Europe woes ,AFP
(MENAFN - AFP) India's Tata Steel, one of the world's biggest steelmakers, on Thursday swung to a quarterly net loss from a profit a year ago due to falling demand in its key European market. Tata ...

May 23 2013Ricoh to cut 13% of French workforce ,AFP
(MENAFN - AFP) Japanese office equipment and digital camera maker Ricoh will cut 338 jobs in France, some 13 percent of its workforce in the country, union officials said Thursday. "The management ...

May 23 2013Flu vaccine also linked to narcolepsy in adults: study ,AFP
(MENAFN - AFP) Finnish researchers unveiled new data Thursday to link the Pandemrix flu vaccine to a higher risk of the sleeping disorder narcolepsy in adults. Other studies had already shown a ...

May 23 2013Second child contracts polio in Pakistan's Waziristan ,AFP
(MENAFN - AFP) A second child has contracted polio in a restive Pakistani tribal region near the Afghan border after the Taliban banned vaccinations there nearly a year ago, a UN official said ...

May 23 2013SARS-like virus patent complicating diagnosis: Saudi ,AFP
(MENAFN - AFP) Saudi Arabia lamented Thursday that foreign drug companies had patented the new SARS-like virus that has killed 22 people worldwide in less than a year, slowing down the diagnosis ...

more...


 
Click to Apply






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help