Login    Register     Maktoob    Mail    عربي 

Latest News: previous next 
My Profile  My Profile    RSS RSS
Subscribe to our newsletter:     You'll receive our email newsletters sent to you by Maktoob. Privacy Statement and Terms of Use

Business »



News

Zimbabwe businesses face prosecution over prices: report AFP

Mon, 07 Jan 2008 09:22 AM
Font size: POff   MOff

Zimbabwe businesses face prosecution over prices: report
email  Send email  Print
email  Bookmark This email  digg
email  Delicious RSS  RSS
Several firms and shops in Zimbabwe face prosecution after they breached price ceilings imposed by a state pricing watchdog, a state daily reported on Monday.

"We are aware of some manufacturers and service providers who are contravening the pricing regulations," The Herald quoted Goodwills Masimirembwa, chairman of the national incomes and pricing commission, as saying.

"So the commission has listed them and has since provided police with the information for them to take action."

Among companies that flouted the pricing regulations were bakers, dairies, beverage makers, transporters and medical insurance companies, he said.

Nearly five years ago, Zimbabwean authorities introduced price controls on commonly used goods as part of a series of measures to rein in runaway inflation which currently stands at about 8,000 percent, according to official figure.

President Robert Mugabe's government last June ordered businesses to halve the prices of their goods and services claiming some businesses were colluding with the veteran ruler's foes in the West to plot his downfall.

Mugabe, 83, has been in power since the nation's independence in 1980.

The government deployed teams from the security forces and the price monitoring commission to ensure compliance leading to the arrest of nearly 12,000 business executives.

Retailers and manufacturers, grappling to cope with the high rate of inflation, had been raising their prices several times a day.

Manufacturers complained that the government-imposed prices meant they are unable to cover their costs.


Copyright 2008, by AFP . All rights reserved


Air China, Singapore Airlines brace for fight...     Management Buyouts – An attractive alternative

 



READERS COMMENTS

Be the first to comment on this



Name

E-mail
 

Website (Optional)


Comment