News from the news

From Reuters, 3 September

Zimbabwe takes over H.J. Heinz oil firm stake

Harare - Zimbabwe's government has taken over U.S food giant H.J Heinz's 49 percent stake in the African nation's leading cooking oil maker for $6.8 million and handed its management to a firm with ties to the state. Agro-processing company Cotton Company of Zimbabwe (Cottco), which was a state enterprise until its privatization in 1997, announced it had bought H.J Heinz's stake in Olivine Industries in a deal facilitated by a government-owned investment company. This is the first major deal involving the takeover of a firm following President Robert Mugabe's vow to give Zimbabweans greater control over foreign-owned assets. Mugabe's government has accused some businesses of halting production in a plot to undermine the inflation-ravaged economy. Zimbabwe's parliament is considering enacting a law that seeks to transfer majority ownership of businesses - including foreign-owned banks and mines - to locals.

From The Associated Press, 2 September

In deepening economic crisis, 2 die in Zimbabwe agriculture show stampedes

Harare - Two people died in stampedes at the exit gates of Zimbabwe's annual agriculture show, which was packed with crowds lured by scarce snack foods and soft drinks and stalls selling cheap Chinese toys and consumer goods. A woman and a child - one of scores of lost children separated from family members - died in two separate surges against the gates Saturday, police spokesman James Sabau told state radio Sunday. Attendances at this year's show at the Harare Exhibition Park were the highest for several years, with many people hoping to find produce which has disappeared from normal stores in Zimababwe's acute economic crisis. It was also the biggest in years as exhibitors said they were lured to the show in hopes of being allowed to sell their animals.

A cattle auction was banned Thursday at the showground by price control authorities after it became clear bidders from butcheries, hotels and groups of private buyers were willing to pay up to 10 times the government's fixed price for on-the-hoof beef in the meat-starved nation. A government order to slash prices of all goods and services by about half in a bid to tame the world's highest inflation in June has left shelves bare of meat, corn meal, bread, milk, eggs and other staples. Officials at the six-day event said about 100,000 people entered the gates on Friday. No tally was immediately available for Saturday. Crowds jostled at the exit gates at the closing Saturday, hurrying to get into lines for public transport outside, witnesses said. Acute gasoline shortages have crippled transportation services. Commuters routinely wait more than three hours to board buses for a 30-minute trip to Harare's satellite townships.(...)