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World shares bounce back, shrugging off inflation concerns – The Zimbabwe Mail

A currency trader talks on the phone at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Feb. 24, 2022. Asian stock markets followed Wall Street lower Thursday as anxiety about a possible Russian invasion of Ukraine rose. (AP Photo/Ahn Young-joon)

World shares bounced back Friday from losses earlier in the week, shrugging off data showing U.S. wholesale prices soared 11% in April from a year earlier.

Gains in Europe and Asia followed a mixed and muted close Thursday on Wall Street. Oil prices and U.S. futures also were higher.

Investors are puzzling over what’s next with inflation and the U.S. central bank’s response to it. Trading has been volatile, with indexes prone to sharp swings as investors try to shield their portfolios from the impact of the highest inflation in decades.

“Nothing has materially changed in the world from yesterday, and if anything, Russia/Europe risks are increasing. The rally today looks more like a technical rebound after a torrid week, than a structural turn in sentiment. As such, it should be taken with a grain of salt,” Jeffrey Halley of Oanda said in a report.

Federal Reserve Chair Jerome Powell, fresh off winning Senate confirmation for a second four-year term, for the first time Thursday acknowledged that high inflation and weakness in other economies could thwart his efforts to avoid a recession.

Powell had earlier sought to portray the Fed’s efforts to tighten interest rates as consistent with a so-called “soft landing” for the economy.

In Frankfurt, the DAX gained 1.1% to 13,894.26. Britain’s FTSE 100 picked up 1.3% to 7,324.04, while the CAC 40 in Paris added 1.2% to 6,281.46. The future for the S&P 500 rose 1.2% while that for the Dow industrials gained 0.8%.

In Asian trading, Hong Kong’s Hang Seng index gained 2.7% to 19,898.77 and the Nikkei 225 in Tokyo jumped 2.6% to 26,427.65. South Korea’s Kospi added 2.1% to 2,604.24 and in Sydney, the S&P/ASX 200 advanced 1.9% to 7,075.10.

The Shanghai Composite index gained 1% to 3,084.28 and India’s Sensex climbed 1.4%.

Central bank moves to fight back against price increases by raising interest rates are pulling some currencies lower while the dollar rises. The Japanese yen has weakened sharply in the past several months, while the Chinese yuan, whose value against other currencies is regulated, has also weakened.

The euro, likewise, has weakened amid the fighting in Ukraine and uncertainty over supplies of Russian gas and oil . The euro was trading at $1.0410 early Friday, having fallen below the $1.0500 level it had hovered above for most of the week.

“European risk sentiment is getting mangled by news of Russia cutting gas supply in retaliation for sanctions,” Stephen Innes of SPI Asset Management said in a commentary.

“EUR (the euro) has crashed through $1.05 and has even broken down through $1.04 on the back of the news. Indeed, this truly highlights the uncertainty as we advance with the threat and disruption of the Russian energy supply,” he said.

The dollar was at 128.67 yen, up from 128.42. Against the Chinese yuan, it was at 6.79 per dollar, up from about 6.41 yuan a month ago.

On Thursday, the S&P 500 closed 0.1% lower and the Dow Jones Industrial Average fell 0.3%. The Nasdaq edged 0.1% higher.

The indexes are on pace for sharp weekly declines, extending the market’s slump so far this year. The benchmark S&P 500 is now down 17.5% this year, while the Nasdaq is down 27.3%.

Smaller company stocks held up far better than the rest of the market. The Russell 2000 rose 1.2%.

The Labor Department’s report that wholesale prices soared 11% in April from a year earlier adds to concerns that manufacturing costs are being passed on to consumers, who might pull back on spending, crimping economic growth.

On Wednesday, the Labor Department’s report on consumer prices showed a bigger increase than expected in prices outside food and gasoline. That “core inflation” can be more predictive of future trends.

Inflation has been worsened by Russia’s invasion of Ukraine and the conflict’s impact on rising energy prices. China’s recent lockdowns amid concerns about a COVID-19 resurgence have also worsened supply chain and production problems at the center of rising inflation.

In other trading, U.S. benchmark crude oil gained 97 cents to $107.10 per barrel in electronic trading on the New York Mercantile Exchange. It gained 42 cents to $106.13 per barrel on Thursday.

Brent crude, the pricing basis for international trading of crude, added $1.18 to $108.63 per barrel.

Source: AP

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CCC Roasts “Mr Bin” Chinamasa – ZimEye – ZimEye – Zimbabwe News

CCC Roasts “Mr Bin” Chinamasa

24 May 2022

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Tinashe Sambiri| Citizens’ Coalition For Change has dismissed Zanu PF official Patrick Chinamasa’s threats of war if the former revolutionary party loses the coming polls.

In a statement CCC Namibia described Chinamasa’s remarks as empty bravado.

Read full statement below:

Zimbabwe belongs to the citizens not ZANUPF, CCC Namibia fumes!

17 May 2022

Citizens Coalition For Change (CCC) Namibia is quite disappointed by the disregard to the constitutional mandate of the Zimbabweans to choose their own leadership through elections.

On his Twitter Handle, Patrick Chinamasa made it clear that the Citizens Coalition For Change victory in 2023 elections will invite war and instability in the country.

It is quite perturbing that those who claim to have successfully fought for One-Man-One-Vote are the ones who are intimidating the unsuspecting masses in the motherland.

It is extremely pathetic to hear those who purport to epitomise the ‘New Dispensation’ after the repressive Mugabe uttering the same old intimidatory and authoritarian vocabulary used by the predecessor to silence the voice of dissent. As Namibia district, we encourage change champions in Zimbabwe and the entire globe to wake up, mobilise, recruit and radicalize for complete change in 2023.

It must be clear to the clueless Chinamasa that change agents will rise and register to vote in their astronomical numbers as we target 6 million voters for the change that delivers.

Moreover, citizens should not be deterred by the attempt to disregard the voice of the people in 2023.

The politically inept Chinamasa is trying invain to cause voter apathy ahead of the harmonised elections after realising the capacity of our pragmatic President Advocate Nelson Chamisa to resoundingly win the impending plebiscite.

This is the panic button that the desperate Harare regime has just pressed and it symbolises victory for the change champions. It is now clear that ZanuPF does not have political capital to vanguish the simmering desire for socio-economic transfiguration in the motherland.

Our revolutionary obligation is to have our a stable Zimbabwe in the hands of a government with the potential to put the economy on a sounder footing.

It must be categorically clear to Mr Patrick Chinamasa that Zimbabwe is already at war and instability loomed since the early 80s when Gukurahundi galloped more than 20 000 innocent citizens in Matebeland and Midlands Provinces.

In 2002, we lost many people who subscribed to the national democratic revolution and thousands were also killed in 2008 after Mugabe was humiliated by the late President Morgan Tsvangirai on 29 March which resulted in a run off on 27 June. What should be clear to Chinamasa and cronies is that in 2023, citizens will cultivate the varlour, mettle and nerve to defend the vote.

Furthermore, change champions should put into cognisance that ZanuPF has declared war already on the peace-loving citizens.

Ahead of 26 March by-elections, we witnessed our change champion Mboneni Ncube butchered in cold blood in Kwekwe by marauding ZanuPF youths wielding machetes, bows, arrows, spears and stones. May his dear soul rest in power. Prior to the state-sponsored death of Mboneni Ncube, social democrats also lost Nyasha Zhambe in Gutu who was killed for supporting the organic and eloquent leader, President Advocate Nelson during his interface rallies with traditional leaders. Change champions also witnessed politically motivated violence in Chitungwiza Zengeza Ward 7.

Our councillor, Lovemore Maiko was left half-dead ahead of the 7 June by-elections.

It was infuriating to see our prospective councillor with deadly head injuries incurred after ZanuPF thugocrats used bricks attacking his head. On election day, our agent was brutally assaulted at one of the polling stations in Zengeza.

This spate of ZanuPF sponsored violence must be resisted with equal measure. It is now imperative to confront the beast in the eye through emphatic voting and serious effort to defend the vote. Chinamasa must just go to hell and inform Satan that light has conquered Zimbabwe under the able leadership of President Advocate Nelson Chamisa.

In a nutshell, it is now a public secret that the people of Zimbabwe are craving for change after a long period of suffering under ZanuPF satanists. Voting is part of the independence that they claim to have brought in 1980.

It is our responsibility to prosecute the national democratic revolution to its logical conclusion. Citizens Coalition For Change Namibia calls for citizens to embrace dangerous freedom against peaceful slavery under ZanuPF stomach politicians. Zimbabweans should pent up their outrage against ZanuPF thugocrats and their surrogates who are using state apparatus as springboards for the primitive accumulation of wealth.

We are absolutely aware that Chinamasa is trying to instill fear in the change champions but one thing for certain is that Zimbabweans are tired of corruption, arbitrary arrests, abductions, poverty , gross abuse of human freedoms and maladministration at the hands of these perennial sadists. Voting has a automatic ritualistic power to transform lives in Zimbabwe. The highlights were clear during the inclusive government headed by the late Icon of Social Democracy President Morgan Richard Tsvangirai.

Citizens Coalition For Change Namibia
Rundu Branch Interim Spokesperson
Robson Ruhanya

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Americans' support for Russian sanctions falters as the economy takes the battering – The Zimbabwe Mail

WASHINGTON (AP) — Americans are becoming less supportive of punishing Russia for launching its invasion of Ukraine if it comes at the expense of the U.S. economy, a sign of rising anxiety over inflation and other challenges, according to a new poll.

While broad support for U.S. sanctions has not faltered, the balance of opinion on prioritizing sanctions over the economy has shifted, according to the poll from The Associated Press-NORC Center for Public Affairs Research. Now 45% of U.S. adults say the nation’s bigger priority should be sanctioning Russia as effectively as possible, while slightly more — 51% — say it should be limiting damage to the U.S. economy.

In April, those figures were exactly reversed. In March, shortly after Russia attacked Ukraine, a clear majority — 55% — said the bigger priority should be sanctioning Russia as effectively as possible.

The shifts in opinion reflect how rising prices are biting into American households — surging costs for gas, groceries, and other commodities have strained budgets for millions of people — and perhaps limiting their willingness to support Ukraine financially. That may be a troubling sign for President Joe Biden, who on Saturday approved an additional $40 billion in funding to help Ukraine including both weapons and financial assistance. The poll shows low faith in him to handle the situation, and an overall approval rating that hit the lowest point of his presidency.

“We’re killing ourselves,” said Jeanette Ellis-Carter, a retired accountant who lives with her husband in Cincinnati, Ohio. “We can help other people, but in helping other people, we have to know how to help ourselves. And we’re not doing that.”

Ellis-Carter, 70, noted that annual inflation topping 8% would erase any cost-of-living adjustment for retirees, especially with the rising costs of health care and food. She continues to do accounting work but has lost small-business clients who no longer can afford to hire her.

The poll shows wide majorities of U.S. adults continue to favor imposing sanctions on Russia, banning oil imported from Russia and providing weapons to Ukraine. And most U.S. adults continue to say the U.S. should have a role in the war between Russia and Ukraine: 32% say the U.S. should have a major role in the conflict, while 49% say it should have a minor role.

But there’s muted support for sending funds directly to Ukraine. Forty-four percent of Americans say they favor sending funds, while 32% are opposed and 23% are neither in favor nor opposed.

The new poll shows just 21% of Americans say they have “a great deal of confidence” in Biden’s ability to handle the situation in Ukraine; 39% say they have some confidence and 39% say they have hardly any.

“Sometimes we get involved in things that we really shouldn’t, and it’s going to make things worse,” said Angelica Christensen, a 33-year-old from Ithaca, New York. “We need to focus right now on building up our economy.”

The U.S. and European allies have imposed several rounds of sanctions on Russia, cutting off major banks from global transactions and going directly after Russian President Vladimir Putin, top leaders, and their families. The U.S. also banned the importation of Russian oil.

While Russian oil makes up a small part of America’s total energy imports, the ban comes as gas prices have surged in recent months, hitting $4.71 per gallon, or $1.61 higher than a year ago. Supply chain problems and increased economic demand as COVID-19 restrictions ease have contributed to rising prices. Biden and many Democrats have accused gas companies of price gouging, while Republicans say the White House should support increased domestic oil and natural gas drilling.

Overall, 45% of Americans approve of Biden’s handling of the U.S. relationship with Russia, while 54% disapprove. That’s held steady each month since the conflict began. Seventy-three percent of Democrats and 15% of Republicans approve.

Shantha Bunyan, a 43-year-old from Loveland, Colorado, said she still supports Biden and believes he’s performed better than former President Donald Trump. She’s heard jokes that the most expensive place to visit in town is the local gas station. But Bunyan, who spent years traveling abroad before the pandemic began and lived for a month in Moscow, said she believes the U.S. has to continue to sacrifice to support Ukraine’s resistance.

“We seem to think that everything that goes on in the world isn’t going to affect us and that we live in some sort of a bubble,” she said. “It seems to me that anything that happens in the rest of the world is going to affect us. Unless we do something proactive, our economy is going to be affected anyway.”

But Jackie Perry, a 62-year-old from Centre, Alabama, said while she sympathized with Ukrainians and believes Russia was unjustified in launching its invasion, the White House needed to focus more on the economy. She has had to cut back on driving because gas is too expensive.

“They don’t have to worry about the price of gas,” she said about the Biden administration. “If they were more interested in the people that they’re supposed to be serving, our gas wouldn’t be that high.”


The AP-NORC poll of 1,172 adults was conducted May 12-16 using a sample drawn from NORC’s probability-based AmeriSpeak Panel, which is designed to be representative of the U.S. population. The margin of sampling error for all respondents is plus or minus 4.0 percentage points.

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Zimbabwe's Acardia Lithium Project to promote employment – Construction Review

The Arcardia Lithium Project in Zimabawe will undergo major construction works that will generate over 1000 new jobs. This is after Huayou, a Chinese corporationmade the $372 million acquisition.

Huayou, a worldwide firm headquartered in Tongxiang, China, announced recently the acquisition of the Arcadia lithium project from Prospect Resources Plc and minority shareholders. Following the acquisition, the business stated that it would invest $300 million over the following year to develop the mine and build a processing plant.

Arcadia Lithium Project mine capacity

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The Arcadia Lithium Project is located 38 kilometers from Harare and is an open put mine. It is considered to have the largest hard rock lithium resource in the world.

According to the firm, the mine would have a capacity of 4.5 million tonnes of ore per year, which translates to around 400 000 tonnes of lithium concentrate per year. Huayou’s large investment has the ability to drastically impact the local community and promote Zimbabwe’s economic growth. President Mnangagwa presided at the project’s groundbreaking event in April 2018, which fits in with his “Zimbabwe open for business” credo. Lithium is strategically important to Zimbabwe’s economy, and it is a critical component of the Second Republic’s goal of developing a US$12 billion mining industry by 2023.

Read Also Revival of closed mines in Zimbabwe on the cards

The mineral, whose popularity has skyrocketed in recent years due to rising demand in the manufacture of electric vehicles, is estimated to contribute $500 million by that time. Notably, mining, in general, is an important aspect of Zimbabwe’s economy, accounting for more than 75% of the country’s foreign exchange profits and at least 12% of GDP. Huayou’s Arcadia project is Africa’s most advanced lithium project, and it will significantly boost Zimbabwe’s standing as a major worldwide supplier of rechargeable lithium minerals, which is presently the world’s fifth-largest producer with a single working mine (Bikita Minerals).

Huayou stated that the Arcadia project would be executed with great attention to the essential environmental care to restrict harmful emissions to a bare minimum. The corporation has also vowed considerable expenditures on cutting-edge technology to generate lithium concentrate and has committed to ensuring that information is passed on to its staff. The Chinese battery minerals company stated that individuals from the local community and the surrounding area would be given preference for employment at the mining site in Goromonzi, 38 kilometres east of Harare.

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