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BY TAURAI MANGUDHLA FORMER legislator and Monetary Policy Committee member Eddie Cross has made sensational claims that the Reserve Bank of Zimbabwe (RBZ) was printing $1 billion weekly mainly to buy gold. At the official rate of around 82, this translates to about US$12,2 million weekly and about US$635 million annually. This brought into sharp focus the central bank’s transparency and accountability at a time the government claimed to have stopped its printing press which dragged the country into an unprecedented hyperinflationary environment around 2008. “We have shown that at the RBZ research there is a direct correlation between money supply and the exchange rate and I think that until we stop printing money for various reasons …we print money mainly to buy gold, we print a billion (Zimbabwean dollars) a week,” Cross said in his presentation during an online Big Debate Series, Zimbabwe 2021 Economic Prospects, hosted by Alpha Media Holdings. NewsDay made an attempt to seek further clarification from Cross who said not the entire $1 billion was printed as part of it could be existing resources although he had no information on the standard operating procedure. In 2020, Cross said the RBZ required about $45 billion on top of US$800 million to buy gold. Cross, however, defended the move, saying it didn’t really cause inflation as the money was used to buy an asset easily converted to hard currency as opposed to financing debt. Central bank chief John Mangudya dismissed Cross’ claims. “What I think he meant was that we purchase forex from the market in an amount of $1 billion per week for sale to the auction system,” Mangudya said. “So its net effect is zero on the increase in money supply.” During the debate, other panellists took turns to criticise Finance minister Mthuli Ncube's 7,4% gross domestic product (GDP) growth forecast for 2021 as well as inflation performance which was largely described as ambitious in the face of the COVID-19 pandemic. Economist and Africa Round Table Forum chief executive Kipson Gundani said despite positive prospects in mining and agricultural sectors, a serious downside exists on the consumption side because of the COVID-19 pandemic-induced lockdowns. “Most entities that rely on domestic driven consumption will suffer a huge knock in 2021,” he said, adding that the economy would grow by 3% at most. He said the 135% annual inflation average could be achieved on the back of depressed local demand due to dwindling disposable incomes. “I think COVID-19 will become a very huge determinant when it comes to GDP and inflationary development,” Gundani said, warning that a managed exchange rate would lead to some point of explosion. Institute of Chartered Accountants of Zimbabwe chief executive Gloria Zaravanhu said achieving economic growth above 3% would be a tall order due to depressed demand and limited budgetary support as well as water and power shortages. Zaravanhu said tax revenues would be affected by a growing cash economy that was largely dealing in foreign currency and evading tax
The president also stressed the importance of keeping the economy open after months of stifling movement restrictions.
He urged citizens not to drop their guard and continue adhering to the health rules, such as wearing face masks and respecting curfew times.
South Africa has recorded just over 800,000 coronavirus infections - more than a third of the cases reported across the African continent - and over 20,000 deaths.
AFP
The U.S. Small Business Administrator, Jovita Carranza, made a visit to Greensboro last Friday to tour Gateway Research Campus, the joint nanotechnology campus partnership between North Carolina A&T State University and UNC Greensboro located on Gate City Boulevard. Carranza, along with N.C. SBA District Director Thomas Stith, III, toured Core Technology Molding Corp., a local […]
The post SBA leadership reaches out to small business owners appeared first on Carolina Peacemaker.
HeroZona Foundation, Cohn Family to Give Away Luxury Bags to First Responders and Veterans Giveaway Part of South Phoenix American Legion Post’s Official Reopening After COVID-19 Closure to Honor Sept. 11 PHOENIX – The Travis L. Williams American Legion Post 65 (1624 E. Broadway Rd.) in Phoenix, a veteran’s Continue Reading
By Joseph G. Phillips Sports Editor The University of Illinois Fighting Illini fired head coach Lovie Smith on Sunday, December 13, after four seasons with the institution. Athletic Director Josh Whitman said in a statement, Smith led the Illinois football program with unquestioned integrity during his nearly five years of service. “I have tremendous respect for […]
The Doobay Medical and Research Centre yesterday donated one million disposable face masks and a quantity of face shields to the Ministry of Health.
The article Doobay centre donates 1 million masks to Health Ministry appeared first on Stabroek News.
Economist Dr Peter-John Gordon has warned of spiralling unemployment in the wake of Jamaica’s central bank’s chilling projection of a seven to 10 per cent contraction in the economy for fiscal year 2020-21. He believes that the economic crisis is...
Gradually, the world is coming back to its normal movement. Shops are opening up, offices are scheduling the return of their employees, and even some countries are lowering their travel restrictions. While these have all been a move to help the economy that was greatly affected by the isolation measures, they don’t mean we are …
Continuing Self-Improvement at Home to Lower Health Risks Read More »
The post Continuing Self-Improvement at Home to Lower Health Risks appeared first on Brothers on Sports.
Ivory Coast's government on Tuesday accused the opposition of \"plotting\" against the state after it vowed to set up a rival government following bruising presidential elections won in a landslide by the incumbent, Alassane Ouattara.
The standoff pitched the West African nation deeper into a three-month-old crisis that has claimed several dozen lives, triggering EU appeals for calm and dialogue.
Hours after 78-year-old Ouattara was declared victor with more than 94 percent of the vote, Justice Minister Sansan Kambile accused the opposition of \"acts of assault and plotting against the authority of the state.\"
The Abidjan public prosecutor has been asked to investigate, Kambile said, warning that \"all options are on the table.\"
Opposition leader Pascal Affi N'Guessan had told reporters late Monday that opposition parties and groups were forming a \"council of national transition.\"
\"This council's mission will be to... create a transitional government within the next few hours,\" N'Guessan said.
The goal, he said, was to \"prepare the framework for a fair, transparent and inclusive presidential election.\"
Ouattara's landslide in Saturday's vote had been widely expected -- two opposition leaders had called for a boycott of the ballot and a civil disobedience campaign.
But the protests and bloody clashes have also stirred traumatic memories of a crisis a decade ago that tore the country apart and dealt it lasting economic damage.
Around 3,000 people died after then-president Laurent Gbagbo refused to accept defeat by Ouattara.
N'Guessan late Monday said the \"transitional council\" would be led by opposition veteran Henri Konan Bedie, 86, a former president and long-term adversary of Ouattara.
\"Keeping Mr Ouattara as head of state could lead to civil war,\" he warned.
- Confrontation -
In Abidjan, the economic capital, security forces blocked off roads close to Bedie's villa.
They fired teargas to disperse small groups of supporters and journalists outside, preventing the staging of a press conference called to follow up Monday night's announcement.
In Daoukro, an opposition stronghold 235 kilometres (146 miles) north of Abidjan, anti-Ouattara protesters were manning barricades.
\"These results are a farce, \" said one, who gave his name as Firmin. \"We are going to carry on with civil disobedience until Ouattara steps down.\"
In contrast, Ouattara supporters sang his praises, saying he had strived to end instability in the world's top cocoa producer and revive its battered economy.
\"He has worked hard for the country. He has to carry on, not just for us, but for our children,\" said Hamed Dioma, a scrap-metal worker in a rundown district of Abidjan.
\"We are going to party.\"
Anger sparked by Ouattara's quest for a third term has revived memories of past feuds left mostly unreconciled after a 2002 civil war split the country in two.
Thirty people died in clashes before Saturday's vote, often between local ethnic groups allied to the opposition and Dioula communities seen as close to Oua
This election year will force America to choose between two very different ideas
What side are you on?
They proudly wave the Mississippi State Flag as one final act of rebellion, and they buck against nationwide norms that have told them that it is impossible for the state to progress under that symbol.
One side is fighting for justice and equality for Black Americans, and the other side is trying to take away the rights of Black Americans for no reason other than the color of our skin.
And if we want to talk about flags, then why is the confederate symbol allowed to remain in the Mississippi state flag?
The Confederate flag has been used time and again by hate groups to victimize Black people.
A 21-mile-long (35 km) column of trucks lined a major highway between Kenya and Uganda on Saturday, a sea of diesel engines and goods headed west but stopped at the border for time-consuming coronavirus tests.
The drivers, stuck on portions of highway between Eldoret, Kenya and the border town of Malaba, told Zenger News that Kenyan authorities are denying them access to food, water and lodging.
As a 21-mile (35 km), days-long traffic jam slows trucks headed from Kenya to Uganda, drivers who test negative are issued travel passes.
Authorities in Uganda are also confiscating cookers at the border, citing security issues, according to truck driver John Omondi.
(Edited by Ford Fischer)
The post VIDEO: Truckers in 21-mile traffic jam for COVID-19 testing without food or water at Kenya/Uganda border appeared first on Zenger News.
From these, several youths and women used to eke out a living, with many of their clients being truck drivers from Kenya, Tanzania and other countries who would offload their cargo at the container depots in the area.
The drivers said they depend on colleagues who drive trucks to load cargo in factories where they fetch water in jerrycans and bring it to the resting centre.
Ms Sylvia Nalukwago, who had set up a makeshift restaurant at the resting centre, said she is instead incurring losses because the drivers come with their food and cook inside their trucks.
Mr Julius Bukosi, a shopkeeper in Kireka, said the number of truck drivers roaming in the area and interacting with local people has diminished.
Mr Saulo Nzira, a resident, said since the outbreak of Covid-19, the truck drivers have disappeared from the area.
Workers affiliated to National Education, Health and Allied Workers' Union (NEHAWU) staged the protest outside the NHLS headquarters, blocking entrance to the building.
The National Health Department released figures on August 4 reporting that 240 health workers had died from COVID-19 - 203 of which worked in the public sector - and over 27,000 infected.
\"We are in a war with the employer. And a war has got a tendency of having fatalities. And it's unfortunate that when those fatalities are happening, it is our own people who are affected,\" said Juda Mpathi, NEHAWU Branch Secretary.
The NHLS is the largest diagnostic pathology service in South Africa responsible for supporting the national and provincial health departments in the delivery of healthcare.
Health Minister Zwelini Mkhize said in a statement on Monday, \"I have recently had serious engagements with a number of trade unions and I have said if there is any health worker that raises matters of safety, it must be taken seriously.\"
He added, \"We have adopted the slogan: NO PPE, NO WORK.\"
South Africa has reported 611,450 confirmed cases of the virus, and 13,159 deaths.
By STEVE PEOPLES, DEB RIECHMANN and ZEKE MILLER WILMINGTON, Del. (AP) — President Donald Trump’s refusal to cooperate with his successor is forcing President-elect Joe Biden to seek unusual workarounds to prepare for the exploding public health threat and evolving national security challenges he will inherit in just nine weeks. Blocked from the official intelligence briefing traditionally afforded to […]
THE Ministry of Health and Wellness has so far spent $3.8 billion on efforts to contain the spread of the novel coronavirus (COVID-19).Portfolio Minister Dr Christopher Tufton made the disclosure during his contribution to the 2020/21 Sectoral Debate in the House of Representatives on July 7.A total of just under $6 billion has, to date, been budgeted for the Ministry of Health and Wellness for its response efforts.
Mendoza warns of dangers ahead for Illinois budget Congress still debating whether to help states make up for lost revenue By PETER HANCOCK Capitol News Illinois phancock@capitolnewsillinois.com Gov. JB Pritzker said Monday that Illinois faces the prospect of having to make deep spending cuts over the rest of the fiscal year if Congress does not […]
This could come back to bite Tito Mboweni: The minister has faced several accusations that he lied during his mid-term Budget Speech on Wednesday.
By Matthew Perrone and Deb Riechmann Associated Press WASHINGTON (AP) — Responding to an outcry from medical experts, Food and Drug Administration Commissioner Stephen Hahn on Tuesday apologized for overstating the life-saving benefits of treating COVID-19 patients with convalescent plasma. Scientists and medical experts have been pushing back against the claims about the treatment since President Donald Trump's announcement on Sunday that the FDA had decided to issue emergency authorization for convalescent plasma, taken from patients who have recovered from the coronavirus and rich in antibodies. Trump hailed the decision as a historic breakthrough even though the treatment's value has […]
The post FDA chief apologizes for overstating plasma effect on virus appeared first on Black News Channel.
(Partner Content) Global equity markets were broadly positive in November as investors welcomed the news of three prospective Covid-19 vaccines and their imminent global rollout.
NNPA Newswire Staff Report The Southern Poverty Law Center (SPLC) today announced it is investing up to $30 million from its endowment in voter outreach organizations in the Deep South to increase voter registration and participation among people of color with a lower propensity to vote. The initiative, called Vote Your Voice, is focused on increasing
Award-winning non-profit AdoptAClassroom.org and the national off-price retailer Burlington Stores are proud to team up for the fourth consecutive year to help offset the money that teachers spend out of their own pockets each year, to provide much-needed educational materials for their students to learn and succeed. Since the partnership commenced, the campaign has funded […]
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