Zimbabwe bans bulk buying as shops run empty

(Reuters) - Zimbabwe authorities ordered businesses on Thursday to stop selling basic goods in bulk to avert shortages after an official price freeze triggered a frenzied buying spree that has emptied most shop shelves.

President Robert Mugabe's government last week ordered businesses to roll back prices to June 18 levels after wild increases of up to 300 percent within a week following the plunge of the local currency on a thriving black market.


Read more at Reuters Africa

Zimbabwe says foreign banks may also be localised

(Reuters) - Zimbabwe will transfer control of all companies, including foreign-owned banks, to locals if a planned empowerment bill is passed, but no timetable has been set for the transfer of ownership, a government minister said on Tuesday.

"The bill refers to both public and private companies and yes, this includes mining companies and banks, which will be impacted like everyone else," Minister of State for Indigenisation and Empowerment, Paul Mangwana told Reuters.


Read more at Reuters Africa

DRC cuts power supplies to Zimbabwe over debt - report

(Reuters) - The Democratic Republic of Congo has cut electricity to Zimbabwe over non payment of a $5 million debt, official media reported on Tuesday, as the country continues to suffer massive power blackouts.

Zimbabwe imports 35 percent of its electricity needs from South Africa, Mozambique, Zambia and the Democratic Republic of Congo because it can not produce enough from its ageing local generating plants.


Read more at Reuters Africa

Zim collapse accelerating - IMF

Zimbabwe's economic collapse is likely to accelerate with inflation topping 5 000% by year-end as President Robert Mugabe's government loses control of a crisis already rippling across Africa, a senior IMF official said on Sunday.

International Monetary Fund Africa Director Abdoulaye Bio-Tchane said Zimbabwe's government had shown little sign of coming to grips with its mounting economic problems, promising more hardships amid sharply rising political tensions.

Read more at FIN24.co.za

Rand little changed, seen rangebound

South Africa's rand was little changed against the dollar in late Monday trade and expected to hold in ranges while eyeing sentiment towards emerging markets and developments in crisis-torn neighbouring Zimbabwe.

At around 1515 GMT the local currency was at 7.3540, just a touch weaker from its New York close of 7.3525 on Friday.

Read more at Reuters South Africa

Zim bakeries halt production

Shops in Zimbabwe were running out of bread on Wednesday after most bakeries halted production, claiming government price controls and escalating production costs had made their businesses unviable.

Bread shelves in major supermarkets across Harare were empty while others had only a few loaves. A few stores did have scones, rolls and buns on sale as the government does not set their prices.

Read more at FIN24.co.za

Mugabe foe sees growing defiance in Zimbabwe

Zimbabwe's main opposition leader said on Monday the fight against President Robert Mugabe had reached a new level, a day after police crushed an opposition rally to prevent anti-government protests from spreading.

Heavily armed riot squads stopped the Movement for Democratic Change (MDC) from holding a court-approved rally in the capital Harare on Sunday, firing teargas and water cannons at stone-throwing protesters and arresting 122 people.

Read more at Reuters South Africa

Strike while president parties

Zimbabwe's 180 000 civil servants look set to go on strike this week after they turned down a more than 250% pay rise offered by president Robert Mugabe's government, reports said on Sunday.

Civil servants, represented by the Apex Council had given the government until Friday to meet their demands for a minimum wage of Zim$450 000.

Read more at FIN24.co.za