Power slips from Mugabe as military steps in

Agencies
November 15, 2017

Harare, Nov 15: Zimbabwe's military appeared to be in control of the country on Wednesday as generals denied staging a coup but used state television to vow to target "criminals" close to President Robert Mugabe.

Mugabe's decades-long grip on power was dramatically weakened as military vehicles blocked roads outside the Parliament in Harare and senior soldiers delivered a late-night television address to the nation.

"We wish to assure the nation that his excellency the president... and his family are safe and sound and their security is guaranteed," Major General Sibusiso Moyo said, slowly reading out a statement.

"We are only targeting criminals around him who are committing crimes... As soon as we have accomplished our mission we expect that the situation will return to normalcy," he added.

Moyo said "this is not a military takeover of government".

But the generals' actions posed as a major challenge to the ageing Mugabe (93), who has ruled Zimbabwe since independence from Britain in 1980.

Tensions between the veteran leader and the military, which has long helped prop up his authoritarian rule, have erupted in public in recent days.

The ruling ZANU-PF party on Tuesday accused army chief General Constantino Chiwenga of "treasonable conduct" after he criticised Mugabe for sacking vice president Emmerson Mnangagwa.

Mnangagwa's dismissal left Mugabe's wife Grace (52), in prime position to succeed her husband as the next president - a succession strongly opposed by senior ranks in the military.

As the situation deteriorated overnight, prolonged gunfire was heard near Mugabe's private residence.

Armoured vehicles in the capital alarmed residents as Chiwenga had warned of a possible military intervention. The army's spokesman was not available to comment.

"The government's silence on the military deployments seem to confirm that President Mugabe has lost control of the situation," Robert Besseling, of the London-based EXX Africa risk consultancy, said.

"Any coup would be likely to involve the imposition of a curfew. The main indicator of a broader outbreak of violence would be the reaction of the Presidential Guard, which remains loyal to President Mugabe," added Besseling.

Mugabe is the world's oldest head of state, but his poor health has fuelled a bitter succession battle as potential replacements jockey for position.

His lengthy rule has been marked by brutal repression of dissent, mass emigration, vote-rigging and economic collapse since land reforms in 2000.

The main opposition MDC party called for civilian rule to be protected.

"No one wants to see a coup... If the army takes over that will be undesirable. It will bring democracy to a halt," shadow defence minister Gift Chimanikire, told AFP on Tuesday.

Speculation has been rife in Harare that Mugabe could seek to remove Chiwenga, who is seen as an ally of ousted Mnangagwa.

Mnangagwa (75), was widely viewed as Mugabe's most loyal lieutenant, having worked alongside him for decades.

Earlier this year, the country was gripped by a bizarre spat between Grace and Mnangagwa that included an ice cream poisoning incident that laid bare the pair's rivalry.

Grace Mugabe, 41 years younger than her husband, has become increasingly active in public life in what many say was a process to help her eventually take the top job.

She was granted diplomatic immunity in South Africa in August after she reportedly assaulted a model at an expensive Johannesburg hotel where the couple's two sons were staying.

As the economy collapsed, Zimbabwe was engulfed by hyperinflation and was forced to abandon its own currency in 2009 in favour of the US dollar.

The country, which has an unemployment rate of over 90%, is due to hold elections next year with Mugabe pledging to stand for office again.

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News Network
July 27,2020

Tokyo, Jul 27: Gold hit an all-time high on Monday as tit-for-tat consulate closures in China and the United States rattled investors, boosting the allure of safe-haven assets, although sentiment was mixed with tech gains supporting some Asian stocks.

MSCI's ex-Japan Asia-Pacific index rose 1.3 percent as Taiwan's TSMC, Asia's third-largest company by market capitalisation, rose almost 10 percent.

The chipmaker's gains boosted other tech stocks in the region and came after rival Intel signalled it may give up manufacturing its own components due to delays in new 7-nanometer chip technology.

Also soothing sentiment, Chinese shares eked out gains after big falls late last week, with CSI300 index rising 0.5 percent.

S&P500 futures were last up 0.4 percent in choppy trade while Japan's Nikkei fell 0.5 percent, resuming trade after a long weekend and catching up with falls in global shares late last week.

Global shares had lost steam last week after Washington ordered China's consulate in Houston to close, prompting Beijing to react in kind by closing the US consulate in Chengdu.

US Secretary of State Mike Pompeo took fresh aim at China last week, saying Washington and its allies must use "more creative and assertive ways" to press the Chinese Communist Party to change its ways.

"US President (Donald) Trump used to say China's President Xi Jinping is a great leader. But now Pompeo's wording is becoming so aggressive that markets are starting to worry about further escalation," said Norihiro Fujito, chief investment strategist at Mitsubishi Securities.

Gold rose 1.0 percent to a record high of $1,920.9 per ounce, surpassing a peak touched in September 2011, as Sino-US tensions boosted the allure of safe-haven assets, especially those not tied to any specific country.

The yellow metal is also helped by aggressive monetary easing adopted by many central banks around the world since the pandemic plunged the global economy into a recession.

Some investors fret such an unprecedented level of money-printing could eventually lead to inflation.

MORE STIMULUS

Hopes of a quick US economic recovery are fading as coronavirus infections showed few signs of slowing.

That means the economy could capitulate without fresh support from the government, with some of earlier steps such as enhanced jobless benefits due to expire this month.

Investors hope US Congress will agree on a deal before its summer recess but there are some sticking points including the size of the stimulus and enhanced unemployment benefits.

US Treasury Secretary Steve Mnuchin said the package will contain extended unemployment benefits with 70 percent "wage replacement".

Democrats, who control the House of Representatives, want enhanced benefits of $600 per week to be extended and look to much bigger stimulus compared with the Republicans' $1 trillion plan.

Investors are looking to corporate earnings from around the world for hints on the pace of recovery in the global economy.

"It looks like rising coronavirus cases are starting to slow down recovery in many countries," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui DS Asset Management.

Concerns about the US economic outlook started to weigh on the dollar, reversing its inverse correlation with the economic well-being over the past few months.

The dollar index dropped 0.3 percent to its lowest level in nearly two years.

The euro gained 0.3 percent to $1.1693, hitting a 22-month high of $1.16590 as sentiment on the common currency improved after European leaders reached a deal on a recovery fund in a major step towards more fiscal co-operation.

Against the yen, the dollar slipped 0.5 percent to 105.605 yen, a four-month low while the British pound hit a 4 1/2-month high of $1.2832.

Oil prices dipped on worries about the worsening Sino-US relations.

Brent futures fell 0.46 percent to $43.14 per barrel while US crude futures lost 0.44 percent to $41.11.

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News Network
June 9,2020

New Delhi, Jun 9: Petrol price on Tuesday was hiked by 54 paise per litre and diesel by 58 paise a litre - the third straight daily increase in rates after oil PSUs ended an 82-day hiatus in rate revision.

Petrol price in Delhi was hiked to Rs 73.00 per litre from 72.46, while diesel rates were increased to Rs 71.17 a litre from Rs 70.59, according to a price notification of state oil marketing companies.

This is the third daily increase in rates in a row. Oil companies had on Sunday restarted revising prices in line with costs, after ending an 82-day hiatus.

Prices were raised by 60 paise per litre each on both petrol and diesel on Sunday as well as on Monday. In all, petrol price has gone up by Rs 1.74 per litre and diesel by Rs 1.78 a litre in three days.

Oil PSUs - Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) - had put daily price revisions on hold soon after the government on March 14, hiked excise duty on petrol and diesel by Rs 3 per litre each.

Oil companies did not pass on that excise duty hike, as well as the May 6 increase in tax on petrol by Rs 10 per litre and Rs 13 a litre hike on diesel by setting them off against the decline in retail prices that should have effected to reflect international oil rates falling to two-decade low.

International rates have since rebounded and oil companies having exhausted all the margin are now passing on the increase to customers, an industry official said.

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News Network
July 20,2020

New Delhi, Jul 20: India's COVID-19 case tally crossed the 11 lakh mark with the highest single-day spike of 40,425 new cases and 681 deaths reported in the last 24 hours, informed the Union Health and Family Welfare Ministry on Monday.

Total cases in the country now stand at 11,18,043 while the death toll is 27,497.
The Health Ministry said the total number of cases includes 3,90,459 active cases and 7,00,087 patients have been cured/discharged/migrated.

Maharashtra remains the worst affected state with 3,10,455 cases reported until Sunday.
Meanwhile, as per the information provided by the Indian Council of Medical Research (ICMR), 1,40,47,908 samples have been tested for COVID-19 till July 19, of these 2,56,039 samples were tested yesterday.

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