Global News Journal
Beyond the World news headlines
from Africa News blog:
Adenaan Hadien, Cadiz Holdings
Pietermaritzburg may well have been brought to a standstill with the resumed corruption case of Jacob Zuma in the High Court, but I suspect the same would not be true for local markets. Certainly, if last week's market performances are anything to go by, then reactions are likely to be muted. Last Thursday, the Constitutional Court dismissed all four of Zuma's appeals to prevent the state from using potentially damaging evidence against him in his corruption trial. On Monday, Zuma's legal team submitted an application for a permanent stay of prosecution, arguing that his constitutional rights have been violated. This application and the round of appeals which may follow if, as is expected, it was rejected, would again delay things.
On the week, the local currency gained over 4% against South Africa's trading partners' currencies and bonds enjoyed gains last seen in the late-1990s. Equities put in a more mixed performance on the week, due to the oscillating woes of resources against financials and industrials. The performances of bonds were even more impressive, given the higher-than-expected consumer inflation figures released on Wednesday. Granted, Thursday's producer inflation numbers were more encouraging.
It is not that the Zuma trial is not important. That the leader of the majority political party is on trial for corruption is certainly a big deal. But the saga has dragged on for so long that there is a sense of numbness creeping in. There is also a positive spin to all this. Notwithstanding vitriolic noises sometimes made by allies, and while there have certainly been casualties in a brutal battle for succession in the ruling party that has extended to key political institutions, South Africa's democracy remains firmly intact. If anything is giving market participants sleepless nights, then it has to be what Reserve Bank Governor Tito Mboweni and his Monetary Policy Committee will decide when they meet next week. Last week's performances suggest that there isn't too much sleep being lost at the moment.
from Africa News blog:
Raenette Taljaard, Helen Suzman Foundation
ANC President Jacob Zuma's quest for a pre-trial stay of prosecution looks certain to perpetuate uncertainty and an uncomfortable ongoing holding pattern and turmoil inherent in these dramatic events.
These compounded uncertainties do not only affect the South African economy with perceptions of political risk ratcheting up as key members of the new ANC leadership step up the rhetoric as Zuma goes to court but also creates tremors for core constitutional institutions and the bench in South Africa. After upholding the search and seizure warrants used against Zuma and rebuking his legal team for what amounts to delaying tactics, the Court also discouraged pre-trial legal wrangles of the kind that started in Pietermaritzburg.
from Africa News blog:
Keith Gottschalk, The University of the Western Cape
The Presidency currently has a line item budget of 10 million rand per year for Zuma's legal expenses. By South African standards, this is a record. It will certainly enable his legal team to appeal every point of procedure, then if necessary the verdict, and sentence. Each appeal starts with a delay of six or nine months on the court rolls, repeated as it winds it way upwards through a full bench of the High Court, followed by the Supreme Court of Appeal, followed by the Constitutional Court.
from Pakistan: Now or Never?:
As far as a strategy for Afghanistan is concerned, it's a long shot. Bring peace to India and Pakistan and not only will that stabilise Pakistan but it will also ease tensions in Afghanistan. Indeed it's such a long shot that it has not been considered as a serious policy option. That was until last month's bombing of the Indian embassy in Kabul.
A spate of allegations that Pakistan's powerful spy agency, the Inter-Services Intelligence (ISI), was involved in the bombing has forced India-Pakistan rivalry back onto centre-stage. This is not just about India and Pakistan, or so the argument goes. Their rivalry is undermining U.S. efforts to defeat al Qaeda and the Taliban since the ISI is maintaining links with Islamist militants to counter Indian influence in the region. And Pakistan's denial of involvement in the embassy attack has done little to quell the speculation.
First on Zimbabwe, now on Darfur, Western countries have lost out at the U.N. Security Council to African states backed by China and Russia.
A Western attempt to get sanctions imposed on Zimbabwean President Robert Mugabe’s government flopped on July 11. Three weeks later, when it came to renewing the mandate of peacekeepers in Darfur, Western countries bowed to demands to include wording that made clear the council would be ready to freeze any International Criminal Court indictment of President Omar Hassan al-Bashir for genocide. The United States abstained, but that made no difference to the vote.
Radovan Karadzic has finally appeared in public without his disguise for the first time in more than a decade. The former Bosnian Serb leader looked gaunt after 11 years on the run as he stood before a judge at a United Nations war crimes tribunal in The Hague.
Some media commentators said he was a shadow of his former self but there were still signs of defiance from the man who defied the West for so long during the 1992-95 Bosnia war. Some said his performance brought back memories of the trial of Slobodan Milosevic, the former Serbian leader who died in detention in 2006 before his trial at The Hague ended.