BREAKING NEWS

Zimbabwe's Mugabe takes fresh shots at foreign firms

By REUTERS

MARCH 2, 2011 16:56

HARARE - Zimbabwe's President Robert Mugabe threatened on Wednesday a state-backed take-over of foreign firms and a boycott of products to retaliate against Western sanctions placed on him and his ZANU-PF party.

The European Union and United States have imposed a travel ban and financial sanctions on Mugabe and his ZANU-PF allies over suspected human rights abuses spanning more than a decade and election fraud.

"It is now time to take action. Indigenization and empowerment should start with those companies. We must take them over. We are not ashamed of that," Mugabe told thousands of supporters at an outdoor rally in the capital Harare.

In the speech, he also called for a boycott of overseas products in a state with an estimated $6 billion a year economy that is not a major revenue generator at present for most foreign firms.

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