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Prosecution And Praise For Jacob Zuma

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It proved a day short on time in court and big on political posturing and speeches. The former president of South Africa Jacob Zuma’s appearance lasted a mere 10 minutes, on April 6, and the trial postponed until June 8 – yet he managed to make political capital out of his day in court in Durban.

On a bright sunny day in the coastal city of Durban in the KwaZulu-Natal (KZN) Province of South Africa, the former head of state stood trial in his own court. Almost 10 years ago, 10 days after this day, 18 charges on 783 counts of fraud, corruption, money laundering and racketeering were dropped against Jacob Zuma by former National Prosecuting Authority (NPA) boss Mokotedi Mpshe.

This decision was said to have been based on the recordings of the so-called ‘spy tapes’, which were presented to Mpshe by Zuma’s legal team. And almost a decade later, Zuma stands trial in the same court for the same charges which were reinstated by now NPA boss Shaun Abrahams.

The court was packed to full capacity with only 25 journalist allowed inside. Media came from all over the country, the continent and the world. Night vigils and pickets were held outside the night before the court case and on the day the case took place, led by different organizations supporting the former president. These organizations included Transform RSA, Black First Land First led by Andile Mngxitama, student groups from various KZN universities and members of the African National Congress (ANC) ruling party who claimed not to be operating under the party’s name.

The National Executive Committee (NEC) of the ANC made an announcement a week before the trial that members of the party who liked to support Msholozi, as Zuma is affectionately called, could do so in their own personal capacity and not wear any party regalia. However, ANC members who attended actually did the opposite and when asked if they were defying their own party, countered “you cannot have an ANC without Jacob Zuma”.

Thousands of supporters in front of the Durban High Court chanted struggle songs and praised Zuma.

Zuma addressed the crowds after spending close to 15 minutes inside the court room.

“I keep asking them what have I done for them to keep trying to bring me down but they have no answers but one day they will,” he said.

Among the top-ranking ANC officials in KZN was the province’s MEC for Economic Development and Tourism Sihle Zikalala who vowed to aid in defending the former president.

What is clear is that the ANC in KZN is still divided, with its members committing to prove Zuma’s innocence and unseating current president Ramaphosa before the 2019 elections. On the other hand, some others are calling for his prosecution by the court of law.

This case may take years to be concluded and political wars in the province may not augur well for the ANC.

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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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