Mugabe clings to office, defies resignation expectations in TV speech

Agencies
November 20, 2017

Harare Nov 20: Zimbabwean President Robert Mugabe clung to the vestiges of office today, using a TV address to maintain he was still in power despite a military takeover and a mounting clamour for his autocratic 37-year rule to end.

"The (ruling ZANU-PF) party congress is due in a few weeks and I will preside over its processes," Mugabe said, pitching the country into deep uncertainty.

Many Zimbabweans had expected Mugabe, 93, to announce his resignation after the army seized power, opened the floodgates of citizen protest and his once-loyal party told him to quit.

But Mugabe, sitting alongside the uniformed generals who were behind the military intervention, delivered a speech that conveyed he was unruffled by the turmoil.

Speaking slowly and occasionally stumbling as he read from the pages, Mugabe talked of the need for solidarity to resolve national problems -- business-as-usual rhetoric that he has deployed over decades.

He made no reference to the chorus for him to resign and shrugged off last week's dramatic military intervention.

"The operation I have alluded to did not amount to a threat to our well-cherished constitutional order nor did it challenge my authority as head of state, not even as commander in chief," he said.

Instead he urged harmony and comradeship.

"Whatever the pros and cons of how they (the army) went about their operation, I... do acknowledge their concerns," said Mugabe.

"We must learn to forgive and resolve contradictions, real or perceived, in a comradely Zimbabwean spirit."

His address provoked immediate anger, and raised concerns that Zimbabwe could be at risk of a violent reaction to the political turmoil.

"That speech has nothing to do with realities. We will go for impeachment and we are calling people back to the streets," Chris Mutsvangwa, head of the influential war veterans' association, told AFP.

It was not immediately clear from his remarks when and where the protests would take place.

On Saturday, in scenes of public elation not seen since Zimbabwe's independence in 1980, huge crowds had marched and sang their way through Harare, believing Mugabe was about to step down.

Highlighting the contradictions in Zimbabwean politics, the ruling ZANU-PF party sacked Mugabe as its leader earlier yesterday and told him to resign as head of state, naming ousted vice president Emmerson Mnangagwa as the new party chief.

Analysts say the military stepped in last week after Mugabe's wife Grace, 52, secured prime position to succeed him as president following a bitter power struggle with Mnangagwa, who has close ties to the army.

The majority of Zimbabweans have only known life under Mugabe -- the world's oldest head of state -- during a reign defined by violent suppression, economic collapse and international isolation.

Sources suggest Mugabe has been battling to delay his exit and to secure a deal guaranteeing future protection for him and his family.

"What you saw yesterday, it shows that the people have spoken," Mordecai Makore, 71, a retired teacher told AFP about Saturday's marches.

"All we want is peace, a good life with a working economy that creates jobs for our people. We will continue praying for that. I want my children and grandchildren to live a normal good life."

The factional succession race that triggered Zimbabwe's sudden crisis was between party hardliner Mnangagwa -- known as the Crocodile -- and a group called "Generation 40", or "G40", because its members are generally younger, which campaigned for Grace's cause.

The president, who is feted in parts of Africa as the continent's last surviving independence leader, is in fragile health.

But he previously said he would stand in elections next year that would see him remain in power until he was nearly 100 years old.

He became prime minister on Zimbabwe's independence from Britain in 1980 and then president in 1987.

Zimbabwe's economic output has halved since 2000 when many white-owned farms were seized, leaving the key agricultural sector in ruins.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
March 13,2020

Mumbai, Mar 13:  Investor wealth worth nearly Rs 12 lakh crore was wiped out in less than 15 minutes of trading on the stock exchanges on Friday, with the two benchmarks, the BSE Sensex and the NSE Nifty, crashing over 10 per cent.

The 30-share BSE Sensex plummeted 3,380.59 points, or 10.31 per cent, to 29,397.55. It hit an intra-day low of 29,388.97, falling up to 3,389.17 points.

Trading was halted for 45 minutes in the early session after the index hit its lower circuit limit.

The BSE and NSE benchmark indices, however, pared most losses with the Sensex trading 835.40 points, or 2.55 per cent, lower at 31,942.74, and the Nifty was down 253.25 points or 2.64 per cent at 9,336.90 at 10.40 am.

The mayhem on Dalal Street eroded investor wealth worth Rs 12,92,479.88 crore, taking the total m-cap to Rs 1,12,78,172.75 crore on the BSE at 1020 hours.

The m-cap of BSE-listed companies stood at Rs 1,25,70,652.63 crore at the end of trading on Thursday.

Traders said besides global selloff, incessant foreign fund outflows also weighed on investor sentiments.

On a net basis, foreign institutional investors sold equities worth Rs 3,475.29 crore on Thursday, data available with stock exchanges showed.

On the BSE, 1,279 scrips declined, while 193 advanced and 40 remained unchanged.

Volatility heightened in global markets as benchmarks world over went into panic mode, insinuating a freakish selloff.

Bourses in Shanghai dropped over 3.32 per cent, Hong Kong 5.61 per cent, Seoul 7.58 per cent and Tokyo cracked up to 7.97 per cent.

Wall Street lost 10 per cent in overnight trade.

More than 1,30,000 cases of the novel coronavirus have been recorded in 116 countries and territories, killing at least 4,900 people.

The number of coronavirus patients in India has risen to 74, as per the health ministry.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
coastaldigest.com news network
May 6,2020

Mangaluru, May 6: Three more coronavirus positive cases have been reported in Dakshina Kannada district. 

According to fresh bulletin of health and family welfare department, an 11-year-old girl and a 36-year-old woman from Boloor in Mangaluru and a 16-year-old girl from Bantwal tested positive for the covid-19. 

All of them are undergoing treatment at Wenlock Hospital. Their condition is said to be stable. 

With this the total number of cases in the district reached 28 including 22 residents of Dakshina Kannada, 4 from Kasaragod, 1 from Udupi and 1 from Uttara Kannada.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
March 10,2020

Mar 10: Indian energy tycoon Mukesh Ambani is no longer Asia’s richest man, relinquishing the title to Jack Ma after oil prices collapsed along with global stocks.

The rout, exacerbated by mounting fears that the spread of the novel coronavirus will thrust the world into a recession, erased $5.8 billion from Ambani’s net worth on Monday and pushed him to No. 2 on the list of Asia’s richest people, according to the Bloomberg Billionaires Index. Ma, the Alibaba Group Holding Ltd. founder who relinquished the No. 1 ranking in mid-2018, is back on top with a $44.5 billion fortune, about $2.6 billion more than Ambani.

Oil plunged the most in 29 years on Monday as Saudi Arabia and Russia vowed to pump more in a struggle for market share. The slump comes just as the coronavirus is spurring the first decline in demand in more than a decade. That raises questions about whether Ambani’s flagship Reliance Industries Ltd. will be able to cut net debt to zero by early 2021, as he has pledged. The plan hinges on a proposal to sell a stake in the group’s oil and petrochemicals division to Saudi Arabian Oil Co., the world’s biggest crude producer.

While the coronavirus has curtailed some of tech giant Alibaba’s businesses, the damage has been mitigated by increased demand for its cloud computing services and mobile apps.

Reliance Industries, by comparison, has no such silver lining. The Indian conglomerate’s shares plunged 12% on Monday, the most since 2009, extending this year’s decline to 26%. Alibaba’s American depositary receipts have slipped 6.8% so far in 2020.

Ma reclaims crown after Reliance shares were pummeled in 2020.

Few of the world’s billionaires fared well in Monday’s collapse as the S&P 500 Index and Dow Jones Industrial Average each plunged more than 7.5%, the most since the 2008 financial crisis, threatening to end the longest bull market in history. But no one did worse than those whose fortunes are underpinned by oil. Wildcatter Harold Hamm’s fortune was cut almost in half to $2.4 billion and fellow oil magnate Jeff Hildebrand lost $3 billion, bumping both from Bloomberg’s 500-member wealth ranking.

In a pivot toward new businesses such as telecommunications, technology and retail, Ambani’s Reliance Industries has piled on billions of dollars of debt over the years.

It spent almost $50 billion -- most of it funded by borrowings -- to build Reliance Jio Infocomm Ltd., which became India’s No. 1 wireless carrier within about three years of its debut. As the mobile venture took off, Ambani also unveiled plans for an e-commerce empire to rival Amazon.com Inc. in India.

Addressing concerns over the liabilities, Ambani pledged in August to cut the group’s net debt to zero from about $21 billion as of last March. The Aramco deal is crucial to that plan for which Reliance Industries has valued its oil-to-chemicals division at $75 billion including debt, implying a $15 billion valuation for the 20% stake that’s for sale.

Signs of a potential delay to that deal unnerved some investors, hammering the stock since it touched a record high on Dec. 19.

Reliance Industries expected the Aramco transaction to be completed by March, but people familiar with the matter said in February that talks were still ongoing to bridge differences between the two parties over the deal’s structure.

Adding to the uncertainty, Indian Prime Minister Narendra Modi’s administration has petitioned a court to halt the proposed stake sale, threatening a key source of funds needed to pare net debt.

But Ambani, 62, may soon bounce back from the setback, said Harish H.V., managing partner at ECube Investment Advisors in Bengaluru, India.

“The game isn’t over,” he said. “Ambani has successfully built a robust business model which would keep him in the game. Moreover, his telecom business will start yielding results in coming years.”

Comments

SmR
 - 
Tuesday, 10 Mar 2020

The curses of the bank depositors savings which vanished with collapsing economy and fraudlent seems to have gradully affecting riches of Ambani's.

 

AU
 - 
Tuesday, 10 Mar 2020

in Holy Quran Allah says; but they plan and Allah plans, and Allah is the best planners..(Surah Al Anfal 8:30)

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.