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Zimbabwe cabinet orders changes to black empowerment law

Zimbabwe's President Robert Mugabe speaks during celebrations marking his 90th birthday in Marondera, on February 23, 2014Zimbabwe’s cabinet has ordered that a controversial equity law which forces foreign companies to cede a majority shareholding to local investors be amended, a minister said on Thursday. “Cabinet has said the law should be aligned with the constitution and we will soon be making the necessary adjustments,” Indigenisation Minister Francis Nhema told AFP. Finance Minister Patrick Chinamasa on Wednesday told parliament that cabinet had decided that the law be changed to make it clearer and friendlier to investors. The indigenisation law has also been a source of conflict between President Robert Mugabe’s allies, with some maintaining a hardline stance while others opposed the measures.

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