Word: zimbabwean
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...Last Thursday, the Zimbabwean exchange reopened with a massive sell-off. It remains to be seen whether the new government can restart Zimbabwe's economy, but the effects of its efforts are being felt among Harare's stockbrokers. The 25-min. workweek may finally be over...
...Still, the traders are lucky to even have jobs in a country where 4 out of 5 people are unemployed and 7 out of 10 eat one meal per day or less. Governor Gono's incessant printing of Zimbabwean dollars has deepened the country's economic woes, turning what was once the breadbasket of Africa into a financial basket case. Just last month, he unveiled a series of trillion-dollar notes. The Cato Institute estimates the country's hyperinflation, one of the worst in history, exceeds 89 sextillion percent, or roughly a doubling of prices every 24 hours. Rather than...
...growth in the money supply was phenomenal," blaming stockbrokers for generating inflation. He went on to describe a covert mission last November in which he used secret agents to buy stocks that he then demanded be converted into cash. When the stockbrokers couldn't produce the sextillion Zimbabwean dollars, he shut down the whole thing...
...once the dire political situation stabilizes. Others remain cautious. "When we see a solid set of reform processes with realistic objectives put into play by the government, then we'll be encouraged to increase our exposure," says Jamar Evans, who manages a Chilean hedge fund with investments in the Zimbabwean exchange...
...Former Zimbabwean opposition leader Morgan Tsvangirai was sworn in as Prime Minister by President Robert Mugabe Wednesday and urged his countrymen to unite in an effort to revive the country. "For too long, Zimbabwe has endured violent political polarization," he told a rally of thousands in the Zimbabwean capital of Harare. "This must end today. We can no longer afford the violence of brother on brother. Let's put our differences aside. Everyone is hungry. We have to heal our nation by forgiving our brother." Tsvangirai acknowledged that working with Mugabe would be difficult; he could forgive but not forget...