Zimbabwe has given foreign firms just over a week to cede majority stakes to locals or face closure. Critics say the move will discourage foreign investment in an economy which is struggling.
Zimbabwe has said it will cancel licenses of foreign firms which have not complied with legislation forcing them to hand over majority stakes to local shareholders.
The government adopted thet legislation in 2008 to compel foreign firms to cede at least 51 percent to promote black ownership and correct imbalances from the colonial era. However, this law is often not adhered to.
This latest move to implement the Indigenisation and Economic Empowerment Act was announced on Wednesday (23.03.2016) by Empowerment Minister Patrick Zhuwao.
Some companies have “continued to disregard” the law prompting the government’s order to close non-compliant firms, Zhuwao said.
“It’s either you comply or you close your shop,” he added.
Foreign companies in Zimbabwe include mining operations, such as platinum producers Anglo-American Platinum and Impala Platinum and banking groups Standard Chartered and Barclays.
The two platinum producers have previously submitted empowerment plans to be considered by President Robert Mugabe’s government.
Zhuwao said he did not have details of which companies had complied with the law and would therefore not be banned.
11 Young Leaders Prepared to Push Africa’s Development Agenda
In the next 5 years, Young Global Leaders hand-picked by World Economic Forum will collectively utilize their skills to bring positive impact across sectors in Sub-Saharan Africa.
In the next five years, 11 selected young leaders will lead Africa’s development objectives to the next level through brilliant scientific innovations, enterprising businesses, investment in technologies as well as activism to ensure Africans enjoy their rights.
Each year, the World Economic Forum (WEF) selects the most innovative, socially minded, and exceptional leaders under the age of 40.
In their class of 2016, WEF has unveiled a team of 121 Young Global Leaders (YGL) who according to the organization “give hope that they are ready to tackle the world’s most complex and pressing challenges.” From the total, 11 of these leaders, hail from the Sub-Saharan Africa.
They form part of a community and a five-year leadership journey that will see them break down barriers in various sectors using “their collective skills to get things done for positive impact across private, public and civil society organizations.”
Collectively, the class of 2016 gives optimism that the next generation of influential leaders are here and prepared to confront a world prevalent with complex, inter-dependent global challenges.
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Zimbabwe: Govt Cracks Down On Foreign Firms Over Local Ownership
Zimbabwe has given foreign firms just over a week to cede majority stakes to locals or face closure. Critics say the move will discourage foreign investment in an economy which is struggling.
Zimbabwe has said it will cancel licenses of foreign firms which have not complied with legislation forcing them to hand over majority stakes to local shareholders.
The government adopted thet legislation in 2008 to compel foreign firms to cede at least 51 percent to promote black ownership and correct imbalances from the colonial era. However, this law is often not adhered to.
This latest move to implement the Indigenisation and Economic Empowerment Act was announced on Wednesday (23.03.2016) by Empowerment Minister Patrick Zhuwao.
Some companies have “continued to disregard” the law prompting the government’s order to close non-compliant firms, Zhuwao said.
“It’s either you comply or you close your shop,” he added.
Foreign companies in Zimbabwe include mining operations, such as platinum producers Anglo-American Platinum and Impala Platinum and banking groups Standard Chartered and Barclays.
The two platinum producers have previously submitted empowerment plans to be considered by President Robert Mugabe’s government.
Zhuwao said he did not have details of which companies had complied with the law and would therefore not be banned.
Tanzania: Schools to Teach Chinese Language
THE Confucius Institute at the University of Dar es Salaam (UDSM) has introduced a Diploma in Chinese language, which is geared towards preparing local teachers to teach the language in primary and secondary schools.
The UDSM Deputy Vice Chancellor (Academic), Prof Florens Luoga, told a press conference in Dar es Salaam that the institute would start offering the course in the 2016/2017 academic year.
“Some 5,236 Tanzanians are now learning Chinese language at different levels in higher learning institutions with support from the Confucius Institute in the country,” said the UDSM Deputy Vice Chancellor.
Prof Luoga said apart from UDSM other higher learning institutions which offer the course are University of Dodoma, Muslim University of Morogoro (MUM) and Moshi Cooperative University.
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Nigeria: Uber Personal Ride APP Launches in Abuja
The ride-hailing app Uber has launched in Abuja, the 400th city since it first started helping city residents hail personal commutes.
Abuja is the second Nigerian city where Uber will deploy its technology for linking drivers and commuters since launching in Lagos in 2014.
Ebi Atawodi, general manager for Uber Nigeria, said Uber’s reaching into Abuja came from growing interest from people trying out the technology.
“People were opening up the app and we were not even in Abuja yet,” Atawodi said at a launch press conference in Abuja.
Experts believe Abuja’s structured road network and transportation infrastructure, compared with Lagos, could help the Uber platform perform better.
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