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
February 17,2020

New Delhi, Feb 17: Two alleged criminals were killed in an exchange of fire with the Special Cell of Delhi Police at Pul Pehlad Pur area in New Delhi on Monday morning, officials said.

The encounter took place around 5 am, they said.

Raja Qureshi and Ramesh Bahadur, who were injured during the encounter, were rushed to a nearby hospital, where they were declared brought dead by doctors, Deputy Commissioner of Police (Special Cell) P S Kushwah said.

According to police, the two men were involved in multiple cases of murder and robbery.

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News Network
May 4,2020

Munbai/New Delhi, May 4: India expects bad debts at its banks could double after the coronavirus crisis brought the economy to a sudden halt, a senior government official and four top bankers said.

Indian banks are already grappling with 9.35 trillion rupees ($123 billion) of soured loans, which was equivalent to about 9.1% of their total assets at the end of September 2019.

"There is a considered view in the government that bank non-performing assets (NPAs) could double to 18-20% by the end of the fiscal year, as 20-25% of outstanding loans face a risk of default," the official with direct knowledge of the matter said.

A fresh surge in bad debt could hit credit growth and delay India's recovery from the coronavirus pandemic.

"These are unprecedented times and the way it's going we can expect banks to report double the amount of NPAs from what we've seen in earlier quarters," the finance head of a top public sector bank told Reuters.

The official and bankers declined to be named as they were not officially authorized to discuss the matter with media.

India's finance ministry declined to comment, while the Reserve Bank of India and Indian Banks' Association, the main industry body, did not immediately respond to emails seeking comment.

The Indian economy has ground to a standstill amid a 40-day nationwide lockdown to rein in the spread of coronavirus cases.

The lockdown has now been extended by a further two weeks, but the government has begun to ease some restrictions in districts that are relatively unscathed by the virus.

India has so far recorded nearly 40,000 cases of the coronavirus and more than 1,300 deaths from COVID-19, the respiratory disease caused by the coronavirus.

'RIDING THE TIGER'

Bankers fear it is unlikely that the economy will fully open up before June or July, and loans, especially those to small- and medium-sized businesses which constitute nearly 20% of overall credit, may be among the worst affected.

This is because all 10 of India's largest cities fall in high-risk red zones, where restrictions will remain stringent.

A report by Axis Bank said that these red zones, which contribute significantly to India's economy, account for roughly 83% of the overall loans made by its banks as of December.

One of the sources, an executive director of a public sector bank, said that economic growth had been sluggish and risks had been heightened, even ahead of the coronavirus crisis.

"Now we have this Black Swan event which means without any meaningful government stimulus, the economy will be in tatters for several more quarters," he said.

McKinsey & Co last month forecast India's economy could contract by around 20% in the three months through June, if the lockdown was extended to mid-May, and growth in the fiscal year was likely to fall 2% to 3%.

Bankers say the only way to stem the steep rise in bad loans is if the RBI significantly relaxes bad asset recognition rules.

Banks have asked the central bank to allow all loans to be categorized as NPAs only after 180 days, which is double the current 90-day window.

"The lockdown is like riding the tiger, once we get off it we'll be in a difficult position," a senior private sector banker said.

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Agencies
July 29,2020

New Delhi, Jul 29: Coronavirus infections in India continue to mount as the country's total case tally crossed the 15-lakh mark.

India added 48,513 fresh cases in 24 hours, taking the total tally to over 15.3 lakh, according to the Health Ministry’s 8 a.m. update on July 29.

Key Figures

Total number of confirmed coronavirus cases: 15,31,669
Active cases: 5,09,447
Cured/discharged/migrated: 9,88,029
Deaths: 34,193
Number of fresh cases in 24 hours: 48,513
One-day recoveries: 35,175
One-day deaths: 768
India’s coronavirus epidemic is growing at the fastest pace in the world, increasing 20% over the last week, according to Bloomberg’s Coronavirus Tracker. Maharashtra, Tamil Nadu, Andhra Pradesh and Karnataka are among the states where the maximum number of daily cares are being reported.

Fresh cases continued to come in at a heightened pace, hovering just below 50,000 for the last six days.

Moderna Inc.’s vaccine candidate against Covid-19 protected against the virus in a trial that inoculated 16 monkeys, an encouraging step on the path to a defense for humans against the pandemic. Pfizer Inc., however, is preparing for the novel coronavirus to endure, leading to long-term demand for a seasonal shot to protect against Covid-19.

“There is a likely scenario that either the vaccine’s immunity will not be lasting forever,” said Chief Executive Officer Albert Bourla in an interview Tuesday, “or that the virus will mutate, or that the virus will find ways to come back again and again.”

Even as the transmission rate of Covid-19 remains high in India, the pace of recovery has risen too. On Wednesday, India reported its third day of over 35,000 recoveries.

Global Update

Flare-ups in virus cases from Hong Kong to Europe are proving difficult for policy makers to wrangle. The U.S. neared 150,000 deaths from Covid-19, even as daily infections slowed in some hard-hit states. China reported 101 new cases, up from 68 a day earlier, with 98 of the total from local infections, mostly in Xinjiang.

Philippine health authorities warned that hospitals and infirmaries risk getting overwhelmed.

Globally, confirmed Covid-19 cases have topped 16.6 million with over 658,000 dead.

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