HORROR STORY FOR ZIMBABWE NEWSPAPER PUBLISHER
January 24th 2008 05:08
Western newspaper executives who think they’re up against it with declining circulations and ad revenues should spare a thought for the plight of their Zimbabwean candidates.
Africa Bizzcommunity reports that Raphael Khumalo, the chief executive officer of Zimind Publishers, which publishes the Zimbabwe Independent and The Standard weekly newspapers this week revealed that his group had lost 40 percent of advertising revenue following what he described as “wanton looting of retail outlets” as a result of a government price blitz that triggered economy-wide shortages in the country.
He made this statement after journalists at the group's two newspapers last week embarked on a strike, the first ever industrial action by newspaper staff since a 2002 strike by journalists that crippled operations at the now-banned Daily News newspaper.
Plus to add to his woes, late last year Khumalo also had a dramatic brush with the law.
He said that on November 9, “The authorities had no difficulty arresting myself and Jacob Chisese, chief executive officer of The Financial Gazette, for violating price control regulations after increasing cover prices of our newspapers in an attempt to recover costs so that we could remain in business and allow our employees to earn fair returns.”
Other than that, Khumalo has had a smooth ride.
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