From the news: New Law on Foreign-Owned Businesses

From The Financial Times, 26 September

Zimbabwe law hits foreign groups

By Alec Russell in Johannesburg

Zimbabwe’s parliament passed a law on Wednesday giving the state controlling stakes in foreign-owned businesses, including banks and mines. It happened in the face of warnings from the opposition and businesses that the law would have catastrophic consequences for Zimbabwe’s already crumbling economy. (...) But as they battle to stay in power, allies of Robert Mugabe, the president, have insisted it will be enforced and justified it as an attempt to lift up the masses. "We cannot continue to have a skewed economic environment where our people are not able to fully participate," Paul Mangwana, the indigenisation and economic empowerment minister, told parliament. (...) MPs from the opposition Movement for Democratic Change walked out of parliament in protest as Mr Mugabe’s ruling Zanu PF party pushed the bill through. They argued that the bill is aimed at enriching a few leading figures in Zanu PF and winning votes in the parliamentary and presidential elections scheduled for next March.