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Zim illegal moneychangers back in streets after new currency launched


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HARARE – Zimbabwe’s illegal money changers are back on the streets after a brief hiatus following the introduction of a new gold-backed currency, the Zimbabwe Gold (ZiG).

Although the currency is still only available electronically as the new notes and coins are still under production, the money changers are offering slightly higher rates than the official one, which was $1 to 13.3437 ZiG on Wednesday, according to ZB Financial Holdings.

The black market is, however, offering about 15 ZiG (buy rate) and around 20 ZiG (sell rate) to the US dollar, according to money changers.

A money changer at the Westgate Shopping Mall, northwest of Harare, Zimbabwe’s capital, said he and his colleagues were always on the lookout for the police as they conducted their transactions.

“Our selling rate is $1 to 20 or 21 ZiG depending on the amount transacted, and our buying rate is between 15 and 16 ZiG to the U.S. dollar, also depending on the amount transacted. Those disposing of higher amounts get more favorable rates,” he said.

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Tennis legend Boris Becker discharged from bankruptcy court in England

Former tennis player Boris Becker arrives at Southwark Crown Court, in London, Friday, April 8, 2022. Becker is on trial in London for allegedly concealing property — including nine trophies — from bankruptcy trustees and dodging his obligation to disclose financial information to settle his debts. (AP Photo/Albert)
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LONDON — German tennis legend Boris Becker was discharged from bankruptcy court in London after a judge found Wednesday he had done “all that he reasonably could do” to repay creditors tens of millions of pounds.

Becker fell far short of repaying his creditors nearly 50 million pounds ($62.5 million) he owed, but Chief Insolvency and Companies Court Judge Nicholas Briggs said it would be “perverse” not to end the case given the efforts Becker made.

“On the spectrum of bankrupts who range from ‘difficult as possible and doing everything to frustrate the trustee’s inquiries’ to ‘co-operative, providing information and delivering up assets’, Mr. Becker clearly falls on the right side of the line,” Briggs wrote.

Becker, 56, was deported to Germany two years ago after serving 8 months in a London prison for illicitly transferring large amounts of money and hiding 2.5 million pounds ($3.1 million) in assets after he was declared bankrupt in 2017.

He had been convicted in a London court on four charges under the Insolvency Act, including removal of property, concealing debt and two counts of failing to disclose estate. He was acquitted of 25 other charges, including nine counts of failing to hand over Grand Slam trophies and his Olympic gold medal to bankruptcy trustees.

British man charged with acting on behalf of Russia in plot to torch Ukrainian-linked business
He was sentenced to 2 1/2 years in prison, but was released early under a fast-track deportation program for foreign nationals.

Becker rose to stardom in 1985 at the age of 17 when he became the first unseeded player to win the Wimbledon singles title. He went on to become the world No. 1 player, winning two titles at Wimbledon, two at the Australian Open and one at the U.S. Open.

He retired from professional tennis in 1999 and worked as a coach, television commentator, investor and celebrity poker player.

Becker blamed laziness and bad advice for his financial problems that led him to declare bankruptcy after owing creditors nearly 50 million pounds ($62.5 million) over an unpaid loan of more than 3 million pounds ($3.75 million) on his estate in Mallorca, Spain.

Attorney Katie Longstaff said at a High Court hearing last month that the joint trustees did not oppose his effort to end the case but did not support it because he still owed about 42 million pounds ($52.5 million).

Becker’s lawyer, Louis Doyle, said the two sides had reached a settlement that includes a “substantial sum” the tennis great must pay. The agreement “includes the outstanding trophies,” Doyle said, adding Becker “can’t do more than he has done to bring us to this point.”

Source: AP

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Red Bull chief technical officer Adrian Newey to step down from F1 team

Technical chief Adrian Newey of Red Bull Racing watches the Spanish Formula One Grand Prix at the Barcelona Catalunya racetrack in Montmelo, Spain, Sunday, May 22, 2022. Adrian Newey, the designer who was a pivotal figure in Red Bull’s dominance of Formula One, will step down next year, the team said Wednesday, May 1, 2024. (AP Photo/Pool/Manu Fernandez)
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MILTON KEYNES, England — Adrian Newey, the designer who was a pivotal figure in Red Bull’s dominance of Formula One, will step down early next year, the team said Wednesday.

The 65-year-old Newey will end his near two-decade career with Red Bull in the “first quarter of 2025.”

“For almost two decades it has been my great honor to have played a key role in Red Bull Racing’s progress from upstart newcomer to multiple title-winning team,” he said. “However, I feel now is an opportune moment to hand that baton over to others and to seek new challenges for myself.”

Newey joined Red Bull in 2006 and helped the team win seven drivers’ titles — including the last three seasons for defending champion Max Verstappen — and six constructors’ titles.

Red Bull said its chief technical officer would be stepping back from F1 design and focus on its first hypercar, the RB17.

“All of our greatest moments from the past 20 years have come with Adrian’s hand on the technical tiller,” Red Bull team principal Christian Horner said. “For me, when Adrian joined Red Bull, he was already a superstar designer. Two decades and 13 championships later he leaves as a true legend. He is also my friend and someone I will be eternally grateful to for everything he brought to our partnership.”

News of Newey’s departure could spark a bidding war for his services. As Newey is free to join another team when he leaves Red Bull, it paves the way for him to have an impact on the 2026 car for whichever team he joins. The next major change in regulations is due in 2026 and having Newey on board would give his next employers a significant advantage.

Newey’s departure comes in the wake of Horner being accused of “inappropriate behavior” by a female employee. Horner was exonerated by Red Bull’s parent company GmbH and has always denied the claims.

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Turkey to join South Africa’s genocide case against Israel at World Court, minister says

International Court of Justice (ICJ) in The Hague, Netherlands, January 26, 2024. REUTERS/Piroschka van de Wouw/File Photo
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ISTANBUL,- Turkish Foreign Minister Hakan Fidan said on Wednesday that Turkey would join in South Africa’s genocide case against Israel at the International Court of Justice (ICJ).

“Upon completion of the legal text of our work, we will submit the declaration of official intervention before the ICJ with the objective of implementing this political decision,” Fidan said in a joint press conference with Indonesia’s Foreign Minister Retno Marsudi in Ankara.

“Turkey will continue to support the Palestinian people in all circumstances,” he said.

The ICJ ordered Israel, opens new tab in January to refrain from any acts that could fall under the Genocide Convention and to ensure its troops commit no genocidal acts against Palestinians, after South Africa accused Israel of state-led genocide in Gaza.

In January, President Tayyip Erdogan said that Turkey was providing documents for the case at the ICJ, also known as the World Court.

Israel and its Western allies described the allegation as baseless. A final ruling in South Africa’s ICJ case in The Hague could take years.

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