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WB forecast causes markets to tumble


The World Bank’s reviewed growth rate has sent markets tumbling down. The Bank is of the view that the United States cannot carry global growth alone. Copper prices – seen as measure of global economy – fall along with shares, after growth prediction cut to 3 percent. Copper prices fell and shares plummeted as markets reacted to the World Bank’s decision to cut its economic forecasts for this year and next.

The price of copper, seen as a barometer of global economic demand, fell as much as 8 percent to a low not seen for more than five years after the World Bank said the world economy was too reliant on the US.

The World Bank warned late on Tuesday that the eurozone risked sliding into permanent stagnation without greater support from the European Central Bank.

It also said the world economy depended too much on the “single engine” of the US recovery to support growth. The bank blamed reduced prospects for growth in the eurozone, the state of finances in Japan and some big emerging economies for its decision to cut its 2015 global growth forecast to 3 percent from 3.4 percent.

In London, the FTSE 100 index fell 187 points, or 2.8 percent, led by Glencore, the commodities trader and miner, which plunged 11.6 percent to a record low of 238p. Other big fallers in the commodities-heavy index included Anglo American, down 9.8 percent, and BHP Billiton, which fell 7.7 percent. Brent crude fell 1.7 percent to $45.78 a barrel. Germany’s Dax index fell 0.6 percent, dragged down by steel producer ThyssenKrupp.

In France, the CAC index dropped 0.7 percent as rival steel company fell. US stock futures fell ahead of the opening bell on Wall Street, hit additionally by weaker than expected consumer spending over Christmas. JP Morgan shares fell almost 2 percent in pre-market trading after the bank reported disappointing results for the fourth quarter.

Benchmark London Metal Exchange copper was down 6 percent at $5,504 a tonne, having hit its lowest level since July 2009 when the world was locked in recession. Copper’s fortunes are closely linked to those of the wider economy because it is used in a wide variety of industries.

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Hunt for new Ombudsman ongoing

17th August 2022

The Minister of Justice, Machana Shamukuni says the search to appoint the Ombudsman and other critical heads of department is currently ongoing and the process is expected to be completed before end of the year.

The Ombudsman position fell vacant almost five months ago after Augustine Makgonatsotlhe was removed from the office and appointed as Ambassador to Kuwait.

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Two Batswana detained in Zim for illegal trade in mercury

17th August 2022

Two Batswana nationals have been arrested in Zimbabwe for illegal trade in mercury. The duo is being held together with a Zimbabwean national who is being questioned by the Zimbabwe Republic Police (ZRP).

This publication understands that the suspects who are aged between 39 and 56 years hail from Tutume and Selebi-Phikwe. At the time of the arrest, they were found in possession of a pistol, bomb motor and four live rounds. It is understood that the suspects told investigators during interrogation that the deadly substance has a lucrative market in Far East countries, where the demand is high. It is further reported that the suspects claimed that the mercury can be easily accessed in mines through middleman.

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No end in sight for Botswana/ Namibia looming border row

17th August 2022

The Namibian Lives Matter Movement has weighed in on the looming border dispute between their country and Botswana.

Commenting on reports that the Namibian Parliament has dispatched a committee along the border between the two countries on fact finding mission, the group commended“the National Assembly’s Standing Committee on Foreign Affairs, De-fence and Security that will engage community members living along the Namibia Botswana Border in conducting public hearings into acts of aggression and brutality by Botswana Defence (BDF) Force against innocent and unarmed Namibians.” 

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