Connect with us

World news

Graft Testimony: South Africa Finance Minister Resigns

Published

on

Graft Testimony: South Africa Finance Minister Resigns

South African Finance Minister, Nhlanhla Nene, resigned Tuesday over undisclosed meetings with the business family at the heart of a corruption scandal, dealing a blow to President Cyril Ramaphosa.

Nene was seen as one of Ramaphosa closest allies and a leading figure in the government’s efforts to tackle graft that allegedly flourished under former president, Jacob Zuma, who was ousted in February.

But Nene revealed to a judicial inquiry last week that he had met with the Gupta business family at their home and offices six times — contradicting earlier statements that he had only met them in passing at social occasions.

“I have decided to accept his resignation,” Ramaphosa told a televised press briefing in Cape Town.

He added that Nene feared his testimony to the inquiry, “detracted from the important task of serving the people of South Africa particularly as we work to reestablish public trust in government.”

Ramaphosa stressed that Nene “has not been implicated in any act of wrongdoing himself” and hailed him as minister who had “defended the cause of proper financial management as well as clean governance.”

Nene, widely respected by investors, served as Finance Minister from 2014 to 2015 until he was sacked by Zuma and was re-appointed by Ramaphosa earlier this year.

Nene apologised after giving testimony to the inquiry, which is probing allegations of systematic corruption under Zuma’s government involving the three Gupta brothers.

“I was wrong in meeting the Guptas at their residence and not in my office or at least a public place,” his public apology letter read.

“These visits do cast a shadow on my conduct as a public office bearer. I deeply regret these lapses and beg your forgiveness.”

Former central bank governor, Tito Mboweni, was named as Nene’s successor.

The Guptas are a trio of Indian-born brothers accused of fraudulently profiting from vast government contracts and energy and transport deals under Zuma, who ruled from 2009 to 2018.

Ramaphosa has vowed to crack down on corruption as he tries to revive the economy and boost declining support for the ruling African National Congress (ANC) party ahead of elections next year.

At the graft inquiry, Nene accused Zuma of pushing policies designed to benefit the Guptas, including a massive nuclear power expansion programme.

Nene, speaking under oath at the hearings, also said that his then deputy, Mcebisi Jonas, was offered Nene’s job after Nene refused to back the nuclear proposals.

The inquiry, which opened in August, is investigating allegations that Zuma organised a web of graft at government departments and public enterprises in a scandal known as “state capture”.

South Africa, Africa’s most advanced economy, slipped into recession in the second quarter of this year, and suffers a stubbornly high unemployment of about 28 percent.

Credit: AFP

Loading

Continue Reading

World news

Ukraine: Russian ‘Good Friday’ missile attack kills one, injures 82

Published

on

A Friday morning Russian missile attack on the northeastern city of Kharkiv in Ukraine killed at least one person and injured no fewer than 82 others, including six children.

According to emergency services, the strikes damaged apartment buildings, an educational institution and a business.

“This is how Russia began this Good Friday – with ballistic missiles, cruise missiles, Shaheds – maiming our people and cities,” Ukrainian President Volodymyr Zelenskyy said on X.

Footages showed emergency workers giving first aid to people with bleeding wounds near one of the apartment buildings.

“Everything went flying in all rooms, the windows shattered. My husband died,” a resident Inna Khrystych said while speaking to reporters.

Another resident, Andriy Ponomarenko, said he and his wife were woken by the strike and rushed to find their four-year-old daughter amid the smoke and shattered glass.

“We first thought the blood was mine but turned out she got a cut by her eye,” he added.

According to Ukraine’s foreign minister, Andriy Sybiha, Russia launched four missiles at Kharkiv, three of them ballistic and carrying cluster warheads.

“Russia is a terror machine. It will only stop if we confront it with true strength,” Sybiha added.

The mayor of Ukraine’s second biggest city,
Ihor Terekhov, said the attack damaged 15 apartment buildings based on preliminary information.

It will be recalled that Russia and Ukraine agreed to a US-brokered moratorium on strikes against energy infrastructure last month, but both sides have accused each other since of violating it.

Ukrainian leader told a press conference in Kyiv on Thursday that in total, Russia was launching the same number of missiles and drones at Ukraine as before the agreement.

Zelenskyy further said that Russia has reduced the number of its strikes on Ukrainian energy facilities, but was attacking civilian infrastructure instead.

Loading

Continue Reading

News

WTO Chief ‘Very Concerned’ As Tariffs Cut Into Global Trade

Published

on

Global trade is expected to plummet this year in the wake of President Donald Trump’s tariff offensive, fuelling uncertainty that threatens “severe negative consequences” for the world, the World Trade Organization warned Wednesday.

Since returning to office, Trump has imposed a 10 percent tariff on imports of goods from around the world along with 25 percent levies on steel, aluminium and cars.

While Trump made a U-turn on steeper tariffs for dozens of countries, he has escalated a trade war with China, slapping 145 percent levies on Chinese goods while Beijing retaliated with a 125 percent duty on US products.

“I’m very concerned,” WTO chief Ngozi Okonjo-Iweala told reporters, adding that the organisation expected to see trade volumes between the United States and China crumble by a whopping 81 percent.

“The enduring uncertainty threatens to act as a brake on global growth, with severe negative consequences for the world, the most vulnerable economies in particular,” she warned in a statement.

At the start of the year, WTO expected to see global trade expand in 2025 and 2026, with merchandise trade seen growing in line with global GDP, and trade in services growing even faster.

But in the organisation’s annual global trade outlook published Wednesday, it determined that as things stand, world merchandise trade is on course to fall 0.2 percent this year, “before posting a modest recovery of 2.5 percent in 2026”.

The 2025 number, calculated in line with the tariff situation on April 14, is already nearly three percentage points lower than what would have been expected without the tariffs Trump has slapped on countries around the globe.

The WTO warned that “severe downside risks” could see trade “shrink even further, to 1.5 percent in 2025, if the situation deteriorates”.

The WTO also cautioned that services trade, while not directly subject to tariffs, was also “expected to be adversely affected”.

The global volume of commercial services trade was now forecast to grow by 4.0 percent — around a percentage point less than expected.

This year, the impact of the tariffs was expected to be felt quite differently in different regions, the WTO said.

“Under the current policy landscape, North America is expected to see a 12.6-percent decline in exports and 9.6-percent drop in imports in 2025,” the organisation said.

“The region’s performance would subtract 1.7 percentage points from world merchandise trade growth in 2025, turning the overall figure negative,” it pointed out.

Asia was projected to post “modest growth”, with both exports and imports set to swell by 1.6 percent.

Chinese merchandise exports in particular were forecast to rise by between four and nine percent across all regions except North America, “as trade is redirected”, WTO said.

And European exports were on track to grow by one percent, and imports by 1.9 percent.

The WTO said its economists expect global gross domestic product (GDP) to grow 2.2 percent this year, and 2.4 percent in 2026.

The organisation said it expected tit-for-tat tariffs to have only a “limited” direct impact on that figure.

But Okonjo-Iweala told reporters the “sharp projected decline in US-China bilateral trade” risked more “far-reaching consequences”.

While US-China trade accounts for just around three percent of world merchandise trade, she warned that what appears to be the ongoing “decoupling of the two economies” could lead to “a broader fragmentation of the global economy along geopolitical lines into two isolated blocks”.

In that scenario, “our estimates suggest that global … GDP would be lowered by nearly seven percent in the long term”, by 2040, she said.

“This is quite significant and substantial.”

Faced with this crisis, Okonjo-Iweala called for reform, urging countries to “inject dynamism” into the WTO.

In particular, she called for the organisation, which only acts through consensus — a painstakingly slow process –, to “streamline decision-making, and adapt our agreements to better meet today’s global realities”.

“We shouldn’t waste this crisis.”

AFP

Loading

Continue Reading

News

‘Wacky Crook’ – Trump calls on New York Attorney General to resign immediately

Published

on

US President Donald Trump has called on New York Attorney General, Letitia James, to resign immediately.


Trump labelled James as a ‘wacky Crook’ and a totally corrupt politician.

He stated this in a post on his Truth Social media account on Sunday night.


According to him, New York can never be great again with James in office.

“Letitia James, a totally corrupt politician, should resign from her position as New York State Attorney General, Immediately,” Trump wrote.

“Everyone is trying to make New York great again, and it can never be done with this wacky crook in office.”


James is facing questions surrounding a real estate transaction she executed in August 2023, just weeks before she filed a high-profile civil fraud lawsuit against Trump.

Loading

Continue Reading

Recent Posts




JOIN US ON FACEBOOK

Trending