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World Court: Britain Must Return Indian Ocean Islands To Mauritius

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The World Court on Monday told Britain to give up control over the Chagos Islands in the Indian Ocean, and said it had wrongfully forced the population to leave in the 1970s to make way for a U.S. air base.

Britain split the archipelago off from its colonial island territory of Mauritius in 1965, three years before granting independence to Mauritius – minus the islands.

In the early 1970s, it evicted almost 2,000 residents to Mauritius and the Seychelles to make way for the base on the largest island, Diego Garcia, which it had leased to the United States.

In a non-binding advisory opinion, the top United Nations court for inter-state disputes said Britain had acted unlawfully in the decolonization process and should relinquish control over the islands, which it calls the British Indian Ocean Territory.

Although the court was not asked to issue an opinion on sovereignty, Monday’s decision in effect urged Britain to hand the islands, which it has controlled since 1814, over to Mauritius.

But Presiding Judge Abdulqawi Yusuf said in a summary of the decision that Britain was “under obligation to bring to an end the administration of Chagos Islands as rapidly as possible”.

The case at the International Court of Justice (ICJ), as the World Court is officially known, is seen as a test of the legitimacy of deals struck between great powers and small states at the end of the colonial era.

For years Chagossians have lobbied London to let them return. In 2016, Britain extended the United States’ lease of Diego Garcia until 2036 and said expelled islanders could not go back.

“HISTORIC MOMENT”


Mauritian Prime Minister Pravind Jugnauth said it was “a historic moment for Mauritius and all its people, including the Chagossians who were unconscionably removed from their homeland and prevented from returning for the last half century”.

“Our territorial integrity will now be made complete, and when that occurs, the Chagossians and their descendants will finally be able to return home.”

The U.N. General Assembly asked the court in February 2017 to advise on whether the process of decolonization had been concluded lawfully.

In his summary, Yusuf said: “The court having found that the decolonization of Mauritius was not conducted in a manner consistent with the right of peoples to self-determination, it follows that the United Kingdom’s continued administration of the Chagos Archipelago constitutes a wrongful act entailing the international responsibility of that State.”

Mauritius argued that it had been forced to give up the archipelago to gain independence from Britain. Britain maintained that Mauritius had given up the islands willingly.

By 13 votes to one, the judges backed the decision, which is not binding but carries weight under international law.

Diego Garcia has played an important role in conflicts in Iraq and Afghanistan since 1991, acting as a launch pad for U.S. long-range bombers. The United States and Britain both voted against the U.N. resolution seeking the court’s opinion.

Philippe Sands, a member of the Mauritius legal team at the ICJ, said the next step would be for Britain and Mauritius to sit down and work out a handover:

“A way will be found to move this forward, safeguarding the interests of everyone but recognizing what the court has said.” -Reuters

-Anthony Deutsch

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Coca Cola South Africa Improves SME Role In Value Chain

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Coca Cola Beverages South Africa (CCBSA) launches an R20 million fund for small supplier development and procurement, annually, for the next five years.

This was announced by the Financial Director, Walter Leonhardt at Gallagher Convention Centre at the third annual Supplier Development Conference.

CCBS is the South African-based subsidiary of Coca-Cola Beverages Africa (CCBA).

Leonhardt said the purpose of this fund is to assist young upcoming black entrepreneurs in the Coca-Cola value chain.

“We are, today, launching the CCBSA supplier fund of access to funding. To address the issue of access to funding which most SMEs experience,” said Leonhardt.

This will enable the entrepreneurs’ procurement process to be easier.

“It is to help them buy equipment, fund working capital and to help them overcome something we have identified as a challenge for upcoming businesses, which is access to capital on quit lenient terms,” said Leonhardt.

Budding entrepreneurs can visit their website to find out how they can access the funds.

There were over 120 suppliers of CCBSA in attendance.

Managing director of CCBSA Velaphi Ratshefola said they spent R2.35 billion last year, supporting 567 black-owned suppliers, of whom, 265 were black female owned suppliers.  

“So for me, it is clear that this is working. We have helped create a very inclusive economy. We need to play our part and we need to ensure that only through an inclusive growing economy we can create a stable environment where businesses can flourish.

“If we do not have a stable environment, a stable economy, we will have a lot of disturbances which are never good for business,” said Ratshefola.                      

“So for all of us, we should not do it just for social reasons, we must do it for the success of businesses and imperative,” said Ratshefola. 

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Zimbabwe Central Bank Borrows $985 Million From African Banks

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Zimbabwe’s Reserve Bank has borrowed $985 million from African banks to purchase fuel and other critical imports with current reserves covering imports for just four weeks, underscoring the severity of dollar shortages, governor John Mangudya said.

The southern African nation last month ditched a discredited 1:1 dollar peg for its surrogate bond notes and electronic dollars, merging them into a lower-value transitional currency called the RTGS dollar.

Mangudya said the central bank borrowed $641 million from the African Export and Import Bank, $152 million from Eastern and Southern African Trade and Development Bank, and $25 million from Mozambique’s central bank, among others.

The loans, which would be repaid from future gold earnings, have a tenure of between three and five years and attract an interest of up to 6 percent above the Libor rate, Mangudya said.

Gold is Zimbabwe’s single biggest mineral export earner, accounting for a third of its $4.2 billion earnings last year after a record output, central bank data shows.

“These loans are well structured facilities contracted last year. They will be paid from future (gold) export receivables,” Mangudya told a parliamentary committee.

The central bank takes 45 percent of dollar sales from gold producers and half from other miners to fund imports like fuel and power and repay foreign loans.

But the miners only have 30 days to keep their dollar balances in local foreign currency accounts, after which they must sell them. The companies have asked the central bank to extend the period they may keep their dollars to 90 days, according to mining executives.

OVERDRAFT LIMIT

Unable to get funding from foreign lenders like the International Monetary Fund and World Bank due to arrears of more than $2.4 billion, Zimbabwe has looked to financiers from the continent and local banks to shore up its budget.

The central bank chief said Zimbabwe had just $500 million in reserves, enough to purchase four weeks’ worth of imports.

Mangudya said government borrowing from the central bank reached $2.99 billion in December, about three times its permissible overdraft limit.

President Emmerson Mnangagwa’s government has promised to curb borrowing in 2019 under reforms to revive the southern African economy, after the budget deficit soared last year following a spike in spending ahead of elections.

Finance Minister Mthuli Ncube said last week that the local RTGS dollar, Zimbabwe’s new de facto currency, will be backed up with fiscal discipline and the government would allow it to fluctuate but would manage excessive volatility.

On the interbank forex market on Monday, one U.S. dollar fetched 2.5 RTGS dollars, the same rate as on Feb. 22 when the central bank sold some dollars to banks. That compares to a rate of 3.5 RTGS dollars per U.S. dollar on the black market. -Reuters

-MacDonald Dzirutwe

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Volvo To Limit Car Speeds In Bid For Zero Deaths

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Volvo Cars said on Monday it will introduce a 180 km per hour (112 mph) speed limiter on all new vehicles as the Swedish automaker seeks to burnish its safety credentials and meet a pledge to eliminate passenger fatalities by 2020.

While Volvo, whose XC90 flagship SUV currently has a top speed of 212 km/h, has made progress on its so-called “Vision 2020” target of zero deaths or serious injuries, Chief Executive Hakan Samuelsson said it is unlikely to meet the goal without additional measures to address driver behavior.

“We’ve realized that to close the gap we have to focus more on the human factors,” Samuelsson said. Volvo did not elaborate on the data but said its passenger fatalities were already well below the industry average before the goal was announced in 2007.

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In addition to the speed cap, Volvo plans to deploy technology using cameras that monitor the driver’s state and attentiveness to prevent people driving while distracted or intoxicated, two other big factors in accidents, Samuelsson said.

The company is also looking at lower geo-fenced speed limits to slow cars around sensitive pedestrian areas such as schools, while seeking to “start a conversation” among automakers and regulators about how technology can be used to improve safety.

Volvo, which is owned by China’s Geely, announced the new speed limitation policy on the eve of the Geneva auto show, where its new Polestar performance electric-car brand is showcasing its second model, the Polestar 2.

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While Volvo buyers often choose the brand for its safety, Samuelsson conceded that the speed cap could be a turn-off for a few in markets such as Germany, where drivers routinely travel at 200 km/h or more on unrestricted autobahns.

“We cannot please everybody, but we think we will attract new customers,” the CEO said, recalling that the roll-out of three-point seat belts pioneered by Volvo in 1959 had initially been criticized by some as intrusive.

“I think Volvo customers in Germany will appreciate that we’re doing something about safety,” he said. -Reuters

– Laurence Frost; additional reporting by Esha Vaish

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