Politics

Stock market today: World shares track slump on Wall St triggered by strong US spending data

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BANGKOK — World shares skidded Tuesday following a slump on Wall Street after after a report showed American shoppers spent more at retailers last month than expected.

A strong U.S. economy might keep inflation from falling to a level where the Federal Reserve feels comfortable cutting interest rates. High interest rates and bond yields hurt prices for all kinds of investments.

U.S. futures edged 0.1% lower early Tuesday.

In Europe, Germany’s DAX lost 1.4% to 17,767.98 while the CAC 40 in Paris declined 1.2% to 7,945.68. In London, the FTSE 100 was down 1.5% at 7,848.89.

The Chinese government reported that the economy, the world’s second largest after the U.S., grew at a surprisingly fast 5.3% annual rate in the first quarter of the year. In quarterly terms it expanded at a 1.6% pace.

But while manufacturing and consumer spending were robust in January and February, helped by the Lunar New Year holidays, indicators are less rosy for March. House prices continued to fall and consumer spending slowed, while industrial output also weakened.

“The sky is not blue in China,” Ipek Ozkardeskaya of Swissquote said in a commentary, since such signals hint “that the underlying problems are not going away.”

The Shanghai Composite index lost 1.7% to 3,007.07, while the Hang Seng in Hong Kong lost 2.1% to 16,248.97.

Tokyo’s Nikkei 225 fell 1.9% to 38,471.20 as the dollar continued to gain against the Japanese yen, hitting fresh 34-year highs. By late afternoon the dollar was trading at 154.51 yen, up from 154.27 yen.

The euro was unchanged at $1.0626.

Elsewhere in Asia, Taiwan’s Taiex led the regional decline, falling 2.7%. Markets in Bangkok were closed for Songkran holidays.

In South Korea, the Kospi declined 2.3% to 2,609.63, while Australia’s S&P/ASX 200 fell 1.8% to 7,612.50.

On Monday, the S&P 500 tumbled 1.2%, following up on its 1.6% loss from last week — its worst since October. The Dow Jones Industrial Average dropped 0.7% and the Nasdaq composite slumped 1.8%.

The economy and financial markets are in an awkward phase where stronger spending and growth raises hopes for better corporate profitability but also hurts prospects for easier interest rates from the Federal Reserve.

High interest rates and bond yields hurt prices for all kinds of investments, particularly those that look expensive or those that compete for the same kinds of investors as bonds do.

In the oil market, a barrel of U.S. crude for May delivery slipped 41 cents to $85.00 per barrel in electronic trading on the New York Mercantile Exchange. It fell 25 cents to $85.41 on Monday as political leaders urged Israel not to retaliate after Iran’s attack on Saturday involving hundreds of drones, ballistic missiles and cruise missiles.

Brent crude, the international standard, shed 34 cents to $89.76 per barrel. It eased 35 cents to $90.10 per barrel on Monday.

This year’s jump in oil prices has been raising worries about a knock-on effect on inflation, which has remained stubbornly high. After cooling solidly last year, inflation has consistently come in above forecasts in each month so far of 2024.

Source: AP

Politics

Zanu PF rocked by Chivayo-Mnangagwa alliances, as fears mount he is being roped in the succession battle

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PRESIDENT Emmerson Mnangagwa’s recent public appearances with controversial businessman Wicknell Chivayo have allegedly sparked controversy within the ranks at the ruling Zanu PF party, it has emerged.

Sources within Zanu PF, speaking on condition of anonymity, told NewsDay that Vice-Presidents Constantino Chiwenga and Kembo Mohadi were reportedly unhappy with Mnangagwa’s association with Chivayo.

They said Mnangagwa’s recent public appearances with the ex-convict had raised eyebrows within government and party leadership.

“The vice-presidents are wondering what is really happening. Actually, they are shocked. The worst thing is that President Mnangagwa is not even telling anyone what he is up to.

“It is just between him and that boy [Chivayo]. Do not be surprised to hear that he is now a minister. There are some favours being extended to Chivayo.

“Let’s just wait and see, but like I said, soon Chivayo is goingto be given a top position within the party,” the sources said.

Mnangagwa’s public appearances with Chivayo, including reportedly sharing a private jet, have allegedly only served to intensify scrutiny and fuel speculation within Zanu PF circles.

Chivayo, known for his flamboyant lifestyle and controversial business dealings, has been seen accompanying Mnangagwa at various events.

The two have reportedly shared a private jet, further fuelling speculation about the nature of their relationship.

However, Zanu PF director of information Farai Marapira, dismissed the allegations yesterday saying Mnangagwa has an open door policy to everyone.

He said Chivayo had been supporting Mnangagwa’s vision and policies that made him successful.

“President Mnangagwa has made billionaires out of Zimbabweans through his policies. “You look at Chivayo as one of the typical examples. He has been a success because of the policies of President Mnangagwa,”Marapira said.

He said Chivayo was also supporting Mnangagwa’s philanthropic programmes.

“Chivayo is also supporting President Mnangagwa’s vision and he is ploughing back to society.

“This shows the beauty of the President Mnangagwa policies because he encourages the youth and the young to take over the reins of the economy.

“The President is open to everyone and he is open to anyone in the county. His doors are open to each and every Zimbabwean.”

He said Mnangagwa did not bar anyone from seeing him.

“Anyone who wants to see the President is open to do so. He is listening President, if he does not open doors how can he listen?”

But political analyst Tendai Ruben Mbofana said it was not surprising that Chivayo has divided Zanu PF.

“Some Zanu PF bigwigs fear that they might be left with the gravy train, the party has never been united at all but Chivayo will further divide opinion within,” he said.

Another analyst Rejoice Ngwenya weighed in saying Chivayo has imposed himself in the Zanu PF top echelons.

“There is no doubt about Chivayo involvement in Zanu PF. He has used his money to be part of the top leadership and obviously there are people who have been part of the ruling party before independence and they will definitely feel sidelined and threatened because the young man is now close to Mnangagwa,” he said.

During the Easter holiday, Chivayo reportedly breached Zanu PF and government protocol by receiving Mnangagwa at the ZCC Mbungo shrine ahead of Mohadi.

He went on to donate US$1 million to the church to finance its national projects.

Chivayo, whose source of wealth has remained a mystery, claims he cuts multi-million-dollar deals through his company, Intratrek.

He also claims that his lucrative power and energy ventures have a presence in South Africa, among other countries.

The ruling party apologist has in recent months blessed social media influencers and popular musicians with top-of-the-range vehicles and cellphones.

Source: News Day

Politics

Chinyika Clinic sister-in-charge hubby drinks poison

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GUTU – The husband of Chinyika Clinic in Ward 10 Gutu sister-in-charge Marecha died at around 1am on Friday after drinking poison.
Kudzanai Lunga who was a teacher at Machingambi Primary committed suicide allegedly after misunderstandings with his wife.

Masvingo deputy Police spokesperson Assistant Inspector Masauso Patinyu confirmed the case to The Mirror.

He urged members of the public to resolve matters amicably by securing services from pastors, professional counsellors, Police and traditional leaders.

Lunga drank poison at 11pm on Thursday and died the following day at 1 am. The couple had tried to resolve the matter during the day with no change.
Lunga proceeded to his wife’s workplace and went into a male ward where he was seen by a security guard.

The guard found Lunga alone and the now deceased told him to call his wife and tell her that he had drank poison.

They tried to assist him at the clinic but he died two hours later.

Source: Masvingo Mirror

Politics

Chicago appeals court rejects R. Kelly ‘s challenge of 20-year sentence

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CHICAGO — The singer R. Kelly was correctly sentenced to 20 years in prison on child sex convictions in Chicago, a federal appeals court ruled Friday.

Jurors in 2022 convicted the Grammy Award-winning R&B singer, born Robert Sylvester Kelly, on three charges of producing child sexual abuse images and three charges of enticement of minors for sex.

In his appeal, Kelly argued that Illinois’ former and shorter statute of limitations on child sex crime prosecutions should have applied to his Chicago case rather than current law permitting charges while an accuser is still alive.

He also argued that charges involving one accuser should have been tried separately from the charges tied to three other accusers due to video evidence that became a focal point of the Chicago trial.

Federal prosecutors have said the video showed Kelly abusing a girl. The accuser identified only as Jane testified for the first time that she was 14 when the video was taken.

The three-judge panel from the Chicago-based 7th U.S. Circuit Court of Appeals in Friday’s ruling noted that jurors acquitted Kelly on 7 of the 13 counts against him “even after viewing those abhorrent tapes.”

The appeals court also rejected Kelly’s argument that he should not have been prosecuted since the allegations occurred while Illinois law required prosecution of child sex crime charges within ten years. The panel labeled it an attempt by Kelly to elude the charges entirely after “employing a complex scheme to keep victims quiet.”

In a written statement, Kelly’s attorney Jennifer Bonjean said they plan to seek U.S. Supreme Court review of the decision and “pursue all of his appellate remedies until we free R. Kelly.”

“We are disappointed in the ruling, but our fight is far from over,” she said.

Prosecutors in Kelly’s hometown of Chicago had sought an even tougher sentence, asking for 25 years. They also wanted a judge to not let that time begin until after Kelly completed a 30-year sentence imposed in 2022 in New York for federal racketeering and sex trafficking convictions.

Judge Harry Leinenweber rejected that ask, ordering that Kelly serve the 20 years from the Chicago case simultaneously with the New York sentence.

Kelly has separately appealed the New York sentence.

In arguments last month before the 2nd U.S. Circuit Court of Appeals, attorney Jennifer Bonjean asked the panel to find that prosecutors improperly used a racketeering statute written to shut down organized crime to go after the singer.

Source: AP