Zimbabwe president says new currency a must by year-end – The Zimbabwean

Emmerson Mnangagwa, Zimbabwe’s president

The southern African nation in February removed an unrealistic peg for its electronic dollars and surrogate bond notes and merged them into a transitional currency called the Real Time Gross Settlement (RTGS) dollar.

The unit, which started trading at 2.5 to the dollar on the official interbank market when it was introduced on Feb. 22, was pegged at 5.9 on Friday, bringing its devaluation to 57.6 % to date. The currency has devalued by 49.4 % on the black market during the same time.

Most businesses are now pegging their prices in U.S. dollars and use black market rates to calculate RTGS dollar prices.

“As a country we must have our currency by the end of this year, we have started that journey,” Mnangagwa said at a gathering south of the capital Harare.

Prices of basic goods from sugar to maize meal have spiked in the last month as the RTGS dollar has lost value.

Mnangagwa said price hikes were unjustified.

Finance Minister Mthuli Ncube said in January that Zimbabwe, in the grip of a severe dollar crunch that has caused shortages of fuel and medicines, would have a new currency in the next 12 months.

Zimbabwe abandoned its own currency in 2009 after it was wrecked by hyperinflation and adopted the greenback and other currencies, such as sterling and the South African rand.

As physical dollar supplies started dwindling, the central bank introduced the bond note in 2016 at par to the dollar while the amount of electronic dollars increased, plunging the financial system into disarray.

Strategic Planning and Management of our Electrical Energy Sector
Zimbabwe president says new currency a must by year-end

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Zimbabwe president says new currency a must by year-end – The Zimbabwean

The southern African nation in February removed an unrealistic peg for its electronic dollars and surrogate bond notes and merged them into a transitional currency called the Real Time Gross Settlement (RTGS) dollar.

In January, Finance Minister Mthuli Ncube said Zimbabwe, in the grip of a severe dollar crunch that has caused shortages of fuel and medicines, would have a new currency in the next 12 months.

“As a country we must have a our currency by the end of this year, we have started that journey,” Mnangagwa said at an event south of the capital Harare.

Prices of basic goods from sugar to maize meal have spiked in the last month as the RTGS dollar has lost value.

Mnangagwa said the price hikes were unjustified.

Zimbabwe abandoned its own currency in 2009 after it was wrecked by hyperinflation and adopted the greenback and other currencies, such as sterling and the South African rand.

As physical dollar supplies started dwindling, the central bank introduced the bond note in 2016 at par to the dollar while the amount of electronic dollars increased, plunging the financial system into disarray.

Resolving Political Crisis Panacea to arresting Economic Meltdown – The Zimbabwean

Emmerson Mnangagwa

Events that obtained since the November 2017 military coup which saw President Mnangagwa’s ascendancy to power (militarization of key state institutions, disputed 2018 polls, army shootings and clampdown on opposition and civic society activists further alienated Zimbabwe from the international community and thus weakened prospects of economic recovery.

The new dispensation has also failed to walk the talk in the fight against corruption and plunder of state resources continues to be the norm while the state media is working flat out to mislead the nation that the economy is on the mend.

Facts on the ground prove that skyrocketing prices of basic commodities have relegated Zimbabweans into abject poverty at a time there is discontent among civil servants over meagre salaries.

And instead of addressing the multi-faceted crisis facing the country, the government has chosen to declare war against citizens calling it to account.

Arbitrary arrests, torture and abduction of civil society and opposition activists have been escalated in an attempt to silence dissenting voices.

On June 5, 2019, state security agents abducted the President of the Amalgamated Rural Teachers Union of Zimbabwe (ARTUZ), Obert Masaraure over an industrial action by rural teachers who are protesting against poor salaries and working conditions.

The abduction of Masaraure followed a foiled attempt to abduct Crisis in Zimbabwe Coalition (CiZC) Chairperson, Rashid Mahiya at his residence on June 4, 2019. The state has also upped its terror and intimidation tactics and currently, 7 civic society activists are incarcerated on trumped-up charges of subversion.

As Crisis in Zimbabwe Coalition (CiZC), we reiterate that resolving the country’s political crisis is a key determinant in as far as addressing Zimbabwe’s economic meltdown is concerned.

In this regard, we re-publish our long-held position on the imperative need for an all stakeholders national dialogue process below;

As an umbrella body of civic society organizations in Zimbabwe advocating for democratic development, we reiterate our call for an inclusive process on the national dialogue that brings all stakeholders together.

We further clarify that in our view the national dialogue that we continue to call for is not predicated on creating another version of a Global Political Agreement or an elite power-sharing deal. We reiterate that our envisaged national dialogue should be a reform process that seeks to safeguard the interest of citizens by restoring the Social Contract between the citizens and those that govern.

In this regard, we hold the firm view that the national dialogue process must never be restricted to political parties but should rather bring on board a cross-section of stakeholders that include civic society, labour, religious groups, business among other critical stakeholders.

Restricting the dialogue process to political parties will only create a political pact that excludes the concerns of ordinary citizens. We strongly denounce cosmetic approaches to the national dialogue process.

We implore President Mnangagwa that given the fact that he is an interested party and conflicted, the national dialogue process must be facilitated by an impartial body. We also raise our concerns over a national dialogue process that is facilitated by the National Peace and Reconciliation Commission on the basis of the following:

  1. NPRC Commissioners are appointees of the President and save at his mercy who in this case is a conflicted party
  2. The commission has, despite repeated calls and need, failed to rollout tangible national reconciliation initiatives

We further call on the president to prove his sincerity by ensuring that Zimbabwe has a conducive environment for holding an inclusive dialogue process in the wake of state-sponsored terror that has increased fear levels amongst citizens. To create a conducive environment and as part of confidence and trust building in the national dialogue, the government must immediately meet the following conditions:

  1. End torture, abductions and enforced disappearances, murder, rape and maiming civilians by the military, state security agents and ruling party vigilante groups
  2. Decriminalize the work of civic society and end the continued persecution and arbitrary arrests of civic society leaders
  3. Ensure that peace and human security to prevail to allow for all stakeholder to freely express their views on the national dialogue process
  4. Release of all political prisoners and return Zimbabwe to the rule of law
  5. The attack on Chapter 12 institutions must seize and independent constitutional bodies allowed to discharge their mandate without undue interference from the state and other conflicted parties
  6. Promote fair media coverage for all stakeholders and allow divergent views to be shared on all media platforms. Tolerance to divergence is the hallmark of enriching the national dialogue process

We reiterate that efforts at arresting the multi-faceted crisis facing the country are hinged on a proper national dialogue process that seeks to put the concerns of ordinary citizens on board.

Addressing the Zimbabwean crisis implies addressing the concerns of the ordinary citizens who have had to bear the brutal effects of an economic meltdown stemming from a constitutional and legitimacy crisis.

Government needs to honour its social protection obligations and this is achievable through wide consultations hence the need for an inclusive process.

On our part as Crisis in Zimbabwe Coalition, we have set our minimum demands for the national dialogue process based on wider consultations with our membership around the country.

Our demands are highlighted below;

On the process:

1)    It is our conviction that the national dialogue process must involve all stakeholders and a national visioning process that has civil society, government, political parties, business, religious groups and labour unions among other critical stakeholders. The dialogue process should produce a clearly timed roadmap to the demilitarisation of civilian political processes and the restoration of normalcy by focusing on key political, economic and social reforms. In this regard, we call for FULL CONSULTATION of all stakeholders rather than cosmetic processes.

On the Economy:

2)    It is imperative to arrest the economic downturn in Zimbabwe based on a clear reform roadmap and implementation of pro-poor and inclusive economic policies. Efforts at economic transformation, stabilisation and growth should be aimed at achieving inclusive sustainable economic growth and development.

On Constitutionalism, Rule of Law, Human Rights and Human Security:

3)    The Government of Zimbabwe must uphold and guarantee citizens’ rights as enshrined in the Zimbabwean Constitution and other regional and international human rights treaties and statutes. Full implementation of the country’s constitution is equally important in promoting democracy in Zimbabwe.

4)    The Government of Zimbabwe must respect the fundamental right of access to information, freedom of expression as well as freedom of association.

5)    There is need to immediately operationalise a comprehensive programme on national healing, reconciliation and nation-building that will depolarise society and entrench the respect for diversity, inclusion and tolerance in all facets of life.

6)    The army must desist from partisan politics and confide themselves to the barracks. There is an imperative need to de-militarise the Zimbabwean state.

7)    There is need for non-interference into the work of institutions that support democracy. This again calls for full implementation and respect of the country’s constitution. Also, government must not be seen to be criminalising the work of civic society organisations.

8)    CiZC holds the firm view that implementation of electoral reforms is critical as a way of doing away with disputed elections that often result in a legitimacy crisis which comes with negative impacts on democracy and economic development

Zimbabwe president says new currency a must by year-end
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Law School With 53 Percent Bar Passage Rate Unveils $2 Million Wellness & Nutrition Plan Because That Was Obviously The Problem

There’s certainly nothing wrong with a wellness program. It may sound hokey when you call it a wellness program, but law schools taking the initiative to improve the mental and physical well-being of their students is a laudable thing. Law school puts students through a ringer, and it’s important to keep them healthy.

But… come on.

The Ave Maria School of Law has just unveiled a $2 million fitness center for law students and faculty to serve as the physical centerpiece of “a wellness program that includes the nationally acclaimed Complete Health Improvement Program, CHIP, to improve diet and nutrition.” This is the reminder that Ave Maria exists because stoners and depressed shut-ins binge ate Domino’s throughout the 90s.

So what is CHIP?

Founded in 1988 by Dr. Hans Diehl, a national expert on lifestyle medicine, CHIP is a 12-week program to change eating and nutrition practices to plant-based food to improve health and reduce risk of chronic disease. The program has been used by 80,000 people in the U.S., often with employers bringing the program to their workforce.

So… vegans. Great, we need to give lawyers another reason to feel superior to everyone else. Oh, did I say lawyers? I shouldn’t have because Ave Maria continues to boast a woeful 53.4 percent bar passage rate coupled with its 55.7 percent employment score. So we’re really only half talking about lawyers and vegans. Kind of like pescatarian paralegals.

Right now, students need to opt into the dietary program but they can look to a test group of faculty and staff who have already been through the system:

The group collectively lost 47 pounds and there was a drop of 448 points combined in triglyceride (fat in the blood) levels, along with 10 participants lowering their blood pressure.

Except… there were only 11 participants. So they dropped an average of 4 and a half pounds? That’s not a weight loss program, that’s a nasty cold. Jenny Craig doesn’t make commercials, “I lost 3 lbs. and I feel great!”

Look, getting healthy is all well and good. But Ave Maria is tagging kids with roughly a $240K bill to have a 50-50 shot at a job and when it comes time to make investments in the school, the answer probably shouldn’t be hiring trainers and diet experts. Is this supposed to entice someone to enroll in the school? “Gee, well, it looks from my LSAT that I’m probably not going to be employable as a lawyer but maybe I can take out a mortgage to eat seaweed for three years from a law school based on cardboard pizza.”

Avoid the Noid.

Ave Maria School of Law debuts wellness program for students and faculty [Naples News]


HeadshotJoe Patrice is a senior editor at Above the Law and co-host of Thinking Like A Lawyer. Feel free to email any tips, questions, or comments. Follow him on Twitter if you’re interested in law, politics, and a healthy dose of college sports news. Joe also serves as a Managing Director at RPN Executive Search.

Markets Pump Higher After Big Miss On Jobs Number Because Wall Street Is Addicted To Cheap Money

Listen, investors aren’t proud about they would do to cop a rate cut in June, but they’re on their knees and everything is on the table

Report: Warrant issued for arrest of Samsung BioLogics exec in $3.9B accounting scandal – MedCity News

An executive from the biologics arm of Korean conglomerate Samsung faces arrest as part of a probe into the company’s accounting practices.

The Korean wire service Yonhap News Agency reported Wednesday that a court in Seoul issued an arrest warrant for the executive from the Incheon, Korea-based contract manufacturing organization Samsung BioLogics, a senior executive vice president surnamed Lee. The arrest is part of an accounting scandal in which Samsung BioLogics allegedly inflated its value ahead of its 2016 initial public offering, after which executives from the company – led by CEO Kim Tae-han – destroyed evidence of the maneuver. Kim appeared in court two weeks ago in Seoul for a hearing to determine whether to issue a warrant for his arrest. Lee is the eighth Samsung BioLogics executive to be arrested.

It is alleged that Lee decided at a meeting on May 5, 2018 to destroy or manipulate documents and accounting data for Samsung BioLogics and also Samsung Bioepis, a joint venture it has with Cambridge, Massachusetts-based biotech company Biogen. The news agency quoted the judge as expressing concern Lee may try to destroy evidence.

The joint venture between Samsung and Biogen was formed in December 2011, with Samsung owning an 85 percent stake and Biogen owning 15 percent.

It is alleged that Samsung BioLogics changed the method it used to calculate the value of its stake in Samsung Bioepis, resulting in Samsung BioLogics reporting a sudden profit in 2015. The alleged fraud amounts to 4.5 trillion won, or $3.9 billion.

Samsung BioLogics and Samsung Bioepis did not respond to requests for comment. Biogen declined to comment.

Samsung Bioepis’ main focus is on biosimilars. It currently markets several in the U.S., including Eticovo (etanercept-ykro), a biosimilar of Amgen’s autoimmune disease drug Enbrel. Another is Ontruzant (trastuzumab-dttb), a biosimilar of Roche’s Herceptin. Other product candidates in its pipeline include biosimilars of Roche’s cancer drug Avastin (bevacizumab) and eye drug Lucentis (ranibizumab) and Alexion’s Soliris (eculizumab), used to treat rare blood disorders. It is also developing a novel biologic, ulinastatin-fc, for digestive system disease.

Photo: Samsung BioLogics

Kirkland & Ellis Successfully Profits Off Our Crumbling Childhood Memories

The demise of Toys R Us, the retailer that fueled our childhoods, is a complex and sad tale. It was never as simple as getting crushed by Amazon’s online sales as some suggest. Certainly failing to build an online empire of its own while Amazon prepared to eat Geoffrey the Giraffe’s lunch didn’t help, but neither did a string of private equity owners who treated the store as their private capital loss.

It turns out the “R” in the name was as backward as the business model.

Speaking of private equity, it shouldn’t shock you to learn that Toys R Us was in deep with Kirkland & Ellis — the megafirm that’s fueled its meteoric rise to the top of the Am Law 100 by becoming the go-to private equity shop in the world.

With Toys R Us going down the tubes, Kirkland showed up at the bankruptcy proceedings with a hefty bill for services rendered — specifically its bankruptcy representation. In a sense, Kirkland is the last one to pick up something cool from Toys R Us, in this case $56 million for a little over a year of work. Not a bad haul, but not as cool as Omega Supreme.

Now that the firm has some cold hard cash lying around, perhaps Kirkland will join Gunderson in offering some summer bonuses.

Kirkland & Ellis Awarded $56 Million in Toys ‘R’ Us Bankruptcy [Big Law Business]


HeadshotJoe Patrice is a senior editor at Above the Law and co-host of Thinking Like A Lawyer. Feel free to email any tips, questions, or comments. Follow him on Twitter if you’re interested in law, politics, and a healthy dose of college sports news. Joe also serves as a Managing Director at RPN Executive Search.

House To Move Forward With Contempt Votes On… Oh It Doesn’t Actually Matter

Elijah Cummings (Photo by Mark Wilson/Getty Images)

House Oversight Committee Chairman Elijah Cummings has indicated that he will move forward with contempt votes for Attorney General William Barr and Commerce Secretary Wilbur Ross, after their latest decisions to ignore Congressional subpoenas.

For all the good that will do.

Holding these people in contempt is absolutely the right action, albeit one that will yield no operative results, unless Elijah Cummings or some other Congressional Democrat is willing to lay hands on Barr and Ross and lock them in a basement under Congress.

I’m serious about the “Representative arrest” thing. It’s clear that Trump’s Department of Justice, led by the aforementioned Barr, will not use its executive authority to actually punish people like William Barr for ignoring Congressional subpoenas. However, the contempt of Congress statute clearly states that a person found in contempt can be imprisoned for up to 12 months. If Congress arrests these people, it’s not clear to me who, if anybody, has the authority to set them free. At the very least, I’d like to see a de novo court case on the issue, while Barr and Ross are cooling their heels in Nancy Pelosi’s powder room.

But, I grudgingly recognize that asking Congressional Democrats to treat the Trump administration as a unique threat that requires unique responses is asking too much of Congressional Democrats. Oliver Cromwell is not walking through that door. The House will hold these people in contempt, these people will laugh and snigger at the process, and all I’m supposed to do is give money to the DCCC so that red state Democrats can continue their quest to offer a slightly less racist alternative to the Republican party.

Sorry, this is all so freaking pointless. The Trump administration is going to get away with defying Congress, and there’s nothing Congress is prepared to do to stop them. Whatever, I guess I’ll just look forward to having my vote suppressed in 2020, and gerrymandered out of existence in 2022. I’m going to go outside and play catch with my kids before Trump makes it a crime for black children to have “recreation time,” and Democrats throw up their hands and say the policy polls too well with white people in suburban Philadelphia for them to do anything about it.

Gather ye rosebuds while ye may go unnoticed by white people with landlines.

House likely to hold William Barr, Wilbur Ross in contempt after subpoena demands are rejected [Washington Post]


Elie Mystal is just some guy nobody freaking listens to anyway.