Pope, ending Mozambique visit, slams corrupt leaders

Agencies
September 6, 2019

Maputo, Sept 6: Pope Francis, ending his visit to Mozambique, on Friday scolded political and business leaders in the resource-rich but poor East African country who allow themselves to be corrupted by outsiders.

On his last day in the country, Francis visited a hospital for HIV-AIDS sufferers run by the Sant' Egidio community and then said a mass for some 60,000 of people in Maputo's national stadium.

At the hospital and in his homily, Francis spoke of all four of the main themes of the trip to this country as well as Madagascar and Mauritius - peace, poverty, corruption, and environmental protection.

"Mozambique is a land of abundant natural and cultural riches, yet paradoxically, great numbers of its people live below the poverty level," Francis said in the stadium, in an area of the capital where many people live in shantytowns with houses of corrugated metal roofs.

At the AIDS hospital, the pope saw a cross made of wood and shards of metal from the collapsed roof of the home of an elderly woman.

According to the U.N. World Food Programme, 80% of Mozambique's population of about 30 million cannot afford the minimum costs for an adequate diet.

"At times it seems that those who approach with the alleged desire to help have other interests. Sadly, this happens with brothers and sisters of the same land, who let themselves be corrupted. It is very dangerous to think that this is the price to be paid for foreign aid," Francis said.

BILLION-DOLLAR SCANDAL

Mozambique ranks in the lowest quarter of Transparency International's Corruption Perceptions Index.

While the pope did not give any specific examples of corruption, Mozambique is still struggling to recover from the impact of a $2 billion debt scandal, which saw hundreds of millions of dollars in borrowing guaranteed by the Mozambique government disappear.

The money was borrowed ostensibly to develop shipyards, maritime security, and a tuna fishing venture, but U.S. authorities now say the projects were an elaborate front for a bribe and kickback scheme. Boats acquired for the projects meanwhile are rusting in harbors across Mozambique.

Criminal and civil court cases related to the scandal and spanning three continents have ensnared international investment bank Credit Suisse, which helped arrange the loans, three of its former bankers, a former finance minister, and the former Mozambique president's son.

Credit Suisse says it continues to cooperate with regulatory and enforcement authorities in connection with multiple investigations related to the Mozambique maritime transactions. It has said the bankers hid their misconduct from the bank. Mozambique has charged 20 people over the affair is suing Credit Suisse and others.

Mozambique, already one of the world's most impoverished countries, is still on the hook for the loans, some of which the government did not disclose. When it admitted to the undisclosed borrowing in 2016 it prompted donors such as the International Monetary Fund to cut off support, triggering a currency collapse and debt crisis.

Francis also spoke earlier of his concern over the environmental degradation in Africa, some it caused by rampant deforestation and extraction industries.

He said that assisting the poor could help put people in touch in touch with the earth, which is also vulnerable, and suffers from "symptoms of sickness evident in the soil, in the water, in the air and in all forms of life ... the earth herself, burdened and laid waste, is among the most abandoned and maltreated of our poor".

Deforestation, along with soil erosion, made Mozambique more vulnerable when two cyclones hit the country this year.

According to the World Bank, Mozambique has lost 8 million hectares of forest, about the size of Portugal, since the 1970s.

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News Network
June 13,2020

Mexico City, Jun 13: The number of people, who have died of COVID-19 in Mexico, has risen by 544 to 16,448 within the past 24 hours, Jose Luis Alomia, the director of epidemiology at the Health Ministry, said.

He also said on late Friday that the number of confirmed coronavirus cases had increased by 5,222 to 139,196 within the same period of time.

A day earlier, the Latin American nation has recorded 4,790 new confirmed cases of the coronavirus, with 587 fatalities.

The World Health Organization declared the COVID-19 outbreak a pandemic on March 11. To date, more than 7.6 million people have been infected with the coronavirus worldwide, with over 425,000 fatalities, according to Johns Hopkins University.

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News Network
June 25,2020

Jun 25: Tencent Holdings Ltd.'s $40 billion surge this week and the recent ascent of Pinduoduo Inc. have reshuffled the ranking of China's richest people.

The country's largest game developer has surpassed Alibaba Group Holding Ltd. as Asia's most-valuable company, with its shares rising above HK$500 in intraday trading Wednesday for the first time. Pinduoduo, a Groupon-like shopping app also known as PDD, has more than doubled this year.

The rallies have propelled the wealth of their founders, with an added twist: Tencent's Pony Ma, worth $50 billion, has surpassed Jack Ma's $48 billion fortune, becoming China's richest person. And Colin Huang of PDD, whose net worth stands at $43 billion, has squeezed real estate mogul Hui Ka Yan of China Evergrande Group out of the top three earlier this year, according to the Bloomberg Billionaires Index.

The coronavirus pandemic has accelerated the digitization of the workplace and changed consumers' habits, boosting shares of many internet companies. Now tech tycoons are dominating the ranks of China's richest people. They occupy four of the top five spots: Ding Lei of Tencent peer NetEase Inc. follows China Evergrande's Hui.

‘Perform Strongly'

Tencent has come a long way since hitting a low in 2018, when China froze the approval process for new games. Since then, the stock has almost doubled, and last month the tech giant reported a 26 per cent jump in first-quarter revenue.

“Tencent's online games segment will probably perform strongly through the Covid-19 pandemic, and most of its other businesses are relatively unscathed,” said Vey-Sern Ling, a Bloomberg Intelligence analyst.

That has been a boon for Pony Ma, 48, who owns a 7 per cent stake in the company and pocketed about $757 million from selling some 14.6 million of his Tencent shares this year, data complied by Bloomberg show.

The native of China's southern Guangdong province studied computer science at Shenzhen University and was a software developer at a supplier of telecom services and products before co-founding Tencent with four others in the late 1990s. At the time, the company focused on instant-messaging services.

It has been a long comeback for Pony Ma. He overtook real estate tycoon Wang Jianlin as China's second-richest person in 2013 and topped Baidu Inc.'s Robin Li as the wealthiest in early 2014. Later that year, Alibaba went public in the U.S., catapulting Jack Ma's fortune.

Bloomberg Intelligence's Ling notes, however, that Tencent's jump this year has lagged behind some internet peers, especially those in e-commerce, games and online entertainment. Just consider: Tencent shares have climbed 31 per cent in 2020, while PDD's American depositary receipts have more than doubled. Alibaba, meanwhile, has advanced just 6.9 per cent.

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News Network
June 8,2020

Wellington, Jun 8: New Zealand lifted all domestic coronavirus restrictions on Monday after its final COVID-19 patient was given the all clear, with Prime Minister Jacinda Ardern revealing she danced around her living room when told about the milestone.

While strict border controls will remain in place, Ardern said restrictions such as social distancing and limits on public gatherings were no longer needed.

"We are confident we have eliminated transmission of the virus in New Zealand for now," she said in a televised address, saying Kiwis had "united in unprecedented ways to crush the virus".

The South Pacific nation, with a population of five million, has had 1,154 confirmed COVID-19 cases and 22 deaths.

There have been no new infections for 17 days and, until Monday, just one active case for more than a week.

Details of the final patient were not released for privacy reasons but it is believed to be a woman aged in her 50s who was linked to a cluster at an Auckland nursing home.

Ardern said the sacrifices made by New Zealanders, including a drastic seven-week lockdown that helped curb infection rates, had been rewarded now that there were no active cases in the country.

Asked about her reaction upon hearing the news, she replied: "I did a little dance" with baby daughter Neve.

"She was caught a little by surprise but she joined in, having absolutely no idea why I was dancing around the lounge."

New Zealand's move down to Level 1, the lowest rating on its four-tier virus response system, means nightclubs can operate without dance floor restrictions and theatres will reopen.

It also means sporting events can proceed with crowds in the stands, a change New Zealand Rugby (NZR) said offered its Super Rugby Aotearoa competition the opportunity to achieve a world first when it kicks off this weekend.

"We're incredibly proud, and grateful, to be the first professional sports competition in the world to be in a position to have our teams play in front of their fans again," NZR chief executive Mark Robinson said.

While many other sporting competitions around the globe have announced plans to restart, the vast majority will be played either with no crowds or with numbers severely restricted.

On a broader level, Ardern said easing restrictions would help New Zealand's economy.

"We now have a head start on economic recovery because at level one we become one of the most open, if not the most open, economies in the world," she said.

The prime minister said modelling showed the economy would operate at just 3.8 percent below normal at Level 1, compared with a 37 percent impairment at Level 4 lockdown.

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