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.
Botswana Police Service (BPS) has indicated concern about the ongoing trend where the general public falls victim to criminals purporting to be police officers.
According to BPS Assistant Commissioner, Dipheko Motube, the criminals target individuals at shopping malls and Automated Teller Machines (ATMs) where upon approaching the unsuspecting individual the criminals would pretend to have picked a substantial amount of money and they would make a proposal to the victims that the money is counted and shared in an isolated place.
“On the way, as they stop at the isolated place, they would start to count and sharing of the money, a criminal syndicate claiming to be Criminal Investigation Department (CID) officer investigating a case of stolen money will approach them,” said Motube in a statement.
The Commissioner indicated that the fake police officers would instruct the victims to hand over all the cash they have in their possession, including bank cards and Personal Identification Number (PIN), the perpetrators would then proceed to withdraw money from the victim’s bank account.
Motube also revealed that they are also investigating a case in which a 69 year old Motswana woman from Molepolole- who is a victim of the scam- lost over P62 000 last week Friday to the said perpetrators.
“The Criminal syndicate introduced themselves as CID officers investigating a case of robbery where a man accompanying the woman was the suspect.’’
They subsequently went to the woman’s place and took cash amounting to over P12 000 and further swindled amount of P50 000 from the woman’s bank account under the pretext of the further investigations.
In addition, Motube said they are currently investigating the matter and therefore warned the public to be vigilant of such characters and further reminds the public that no police officer would ask for bank cards and PINs during the investigations.
Botswana Congress Party (BCP) leadership walked out of Umbrella for Democratic Change (UDC) National Executive Committee (NEC) meeting this week on account of being targeted by other cooperating partners.
UDC meet for the first time since 2020 after previous futile attempts, but the meeting turned into a circus after other members of the executive pushed for BCP to explain its role in media statements that disparate either UDC and/or contracting parties.
The Director General of the Directorate on Corruption and Economic Crimes (DCEC), Tymon Katlholo’s spirited fight against the contentious transfers of his management team has forced the Office of the President to rescind the controversial decision. However, some insiders suggest that the reversal of the transfers may have left some interested parties with bruised egos and nursing red wounds.
The transfers were seen by observers as a badly calculated move to emasculate the DCEC which is seen as defiant against certain objectionable objectives by certain law enforcement agencies – who are proven decisionists with very little regard for the law and principle.