ZIMBABWE

A historical wave broke through Zimbabwe on Wednesday as long-standing President Robert Mugabe lost his iron-clad grip on the nation for the first time in 28 years.

The 28-year reign of presidential power may soon be over for Zimbabwean incumbent Robert Mugabe after Saturday's election indicated the opposition leader collected the majority votes.

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Removing Zimbabwe President Robert Mugabe would not automatically deliver democracy to the troubled African nation, said opposition leader Morgan Tsvangirai.

Zimbabwe's parliament meets for a new session on Tuesday that will consider two major pieces of legislation, one to give the president considerable sway in appointing a successor and another to nationalize foreign firms.

President Robert Mugabe's government has warned it will arrest white Zimbabwean farmers resisting evictions from new land targeted for black farmers, state media reported on Wednesday.

Zimbabwe's parliament opens a new session this week to debate radical plans to nationalize foreign firms and a law empowering the house to name President Robert Mugabe's likely successor without a national vote.

These would-be-migrants are the unlucky ones among a growing tide of refugees escaping an economic crisis that has devastated Zimbabwe and threatens to engulf other nations in the region, principally South Africa.

Zimbabwe authorities ordered businesses on Thursday to stop selling basic goods in bulk to avert shortages after an official price freeze triggered a frenzied buying spree that has emptied most shop shelves.

Zimbabwe's currency plunged to new depths on Friday as the U.S. ambassador to Harare predicted galloping inflation will force President Robert Mugabe from office before the end of the year.

Zimbabwe's Reserve Bank said on Monday its external debt has dropped by 2.3 percent following South Africa's contribution of $169 million last year to the International Monetary Fund.

Zimbabwe's Belgravia Motors company has clinched an agency deal with a Chinese firm, Gaobeidian Xinkai Automobile Making Company Ltd, to distribute new vehicles in Zimbabwe, a development that is expected to improve the supply of vehicles in this country.

Zimbabwe's telecommunications giant Econet Wireless Holdings has been released a loan of US $7 million to increase its subscriber base and is awaiting the delivery of its new base stations next month.

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Zimbabwe's citizens struggled to pay sharply higher prices for basic foodstuffs on Monday after official data showed inflation hit a new record in August. Prices surged further over the weekend after news on Friday that Zimbabwe's annual inflation, the highest in the world, rose to 1,204.6 percent last month.

Increased Chinese involvement in Africa should be welcomed, former Mozambique President Joaquim Chissano said on Monday, dismissing accusations that Chinese policies can encourage human rights abuses.

The Reserve Bank of Zimbabwe extended its deadline for the country's currency changeover until Monday, causing chaos throughout the country over the weekend as Zimbabweans went on whirlwind of shopping sprees.

Zimbabwe is preparing to implement strong trade measures in efforts to liberalize its common trade market by 2008, said its Minister of Finance, Dr. Herbert Murerwa on Friday.

Zimbabwe's central bank has announced that three zeroes will be removed from every bank note in an attempt to help consumers deal with hyperinflation of almost 1,200 percent.

Africa's booming telecommunications industry has left Zimbabwe trailing behind, as the declining economy has hindered the country's main operators' ability to expand their networks, said a leading industry official on Wednesday.