People run at a protest as barricades burn during rainfall in Harare, Zimbabwe January 14, 2019. REUTERS/Philimon Bulawayo     TPX IMAGES OF THE DAY
People run at a protest as barricades burn during rainfall in Harare, Zimbabwe January 14, 2019. REUTERS/Philimon Bulawayo TPX IMAGES OF THE DAY

Mass protests in Zimbabwe after fuel prices more than doubled



Protesters barricaded roads and burned tyres in Zimbabwe’s capital Harare on Monday, two days after president Emmerson Mnangagwa raised the price of fuel by 150 percent in response to the worst economic crisis in a decade.

Police fired tear gas to contain unrest in several Harare suburbs and the second largest city Bulawayo, with the Human Rights Forum, a grouping of local rights groups, saying it had received reports of five people having sustained gunshot wounds.

Protesters chanted anti-Mnangagwa songs in Harare’s crowded Mbare suburb, while riot police stood at a distance to block demonstrators marching into the city centre.

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Riot police patrolled downtown Harare as army helicopters circled above. Companies closed early while schools called parents to pick their children, fearing violence.

Central Harare was deserted by 4pm. Commuters walked home from the city centre because there were no public taxis.

“I am stranded in town now and I have no idea how I am going to go home,” resident Leeroy Kabanga told Reuters.

Low-cost African airline Fastjet cancelled its remaining flights to and from Zimbabwe on Monday due to the unrest.

Mr Mnangagwa announced the sharp hike in fuel prices on Saturday to protect the country from a shortage of foreign currency. He defended the decision in Moscow on Monday, where he arrived at the start of a five-nation trip abroad despite expectations he might cancel it in the face of the unrest.

“Zimbabwe is going through both political and economic reforms and these do not come easily. It will take time for things to settle and results to be shown,” he told reporters in Moscow. He said the fuel price hike was necessary because local fuel was the cheapest in the region.

Cash shortages have plunged the economy into disarray, threatening widespread social unrest and undermining Mr Mnangagwa’s efforts to win back foreign investors sidelined under Robert Mugabe, whose 40-year rule ended in a coup more than a year ago.

“In normal circumstances the president should have cancelled the trip or booked a flight back home to deal with a very urgent situation, but it could be that he has absolute confidence that his deputy is in charge,” said Eldred Masunungure, a political science lecturer at the University of Zimbabwe.

Everyday life is getting increasingly tough with the prices of basic goods spiralling and medical supplies in short supply.

Motorists wait for hours to fill up at fuel stations where soldiers are often deployed to break up fights over who is next in line.

News of the fuel price increase was greeted with shock in Zimbabwe where unemployment is above 80 percent. The government sets fuel prices via the Zimbabwe Energy Regulatory Agency.

Hundreds of residents in Harare townships, all opposition strongholds, protested by setting tyres alight and blocking roads with stones. The main labour union called for a three-day stay-at-home strike starting Monday.

The authorities are keen to avoid a repeat of post-election violence in August in which six people were killed after the army intervened.

Home affairs minister Cain Mathema said police had deployed in suburbs and central business district to conduct patrols and surveillance, stop citizens and search them.

In Bulawayo, police fired teargas to disperse hundreds of protesters outside the High Court, according to video footage from the Centre For Innovation & Technology, an independent news service. The news service also showed footage of people looting a shop in a city suburb.

Zimbabwe, which abandoned its own currency in 2009 after it was wrecked by hyperinflation in favour of the greenback, plans to introduce a new currency in the next 12 months as the next measure to end the cash crisis.

But Zimbabweans are still traumatised by hyperinflation, which hit 500 billion percent in 2008 and left the local currency worthless, wiping out savings and pensions. Annual inflation reached 31 percent in November, the highest in a decade.

Businesses and civil servants are demanding to be paid in dollars. Zimbabwe’s largest brewing company Delta Beverages, part-owned by Anheuser-Busch Inbev, threatened to accept only US dollars as payment but later reversed its decision after government-led negotiations.

The government on Monday postponed wage negotiations with civil service unions, who are planning a nationwide strike from January 22 to press for US dollar pay.

ROUTE TO TITLE

Round 1: Beat Leolia Jeanjean 6-1, 6-2
Round 2: Beat Naomi Osaka 7-6, 1-6, 7-5
Round 3: Beat Marie Bouzkova 6-4, 6-2
Round 4: Beat Anastasia Potapova 6-0, 6-0
Quarter-final: Beat Marketa Vondrousova 6-0, 6-2
Semi-final: Beat Coco Gauff 6-2, 6-4
Final: Beat Jasmine Paolini 6-2, 6-2

The Specs

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Torque: 149Nm
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The specs

Engine: 1.8-litre 4-cyl turbo
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Transmission: Seven-speed dual-clutch auto
Fuel consumption: 6.7L/100km
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UAE athletes heading to Paris 2024

Equestrian
Abdullah Humaid Al Muhairi, Abdullah Al Marri, Omar Al Marzooqi, Salem Al Suwaidi, and Ali Al Karbi (four to be selected).
Judo
Men: Narmandakh Bayanmunkh (66kg), Nugzari Tatalashvili (81kg), Aram Grigorian (90kg), Dzhafar Kostoev (100kg), Magomedomar Magomedomarov (+100kg); women's Khorloodoi Bishrelt (52kg).

Cycling
Safia Al Sayegh (women's road race).

Swimming
Men: Yousef Rashid Al Matroushi (100m freestyle); women: Maha Abdullah Al Shehi (200m freestyle).

Athletics
Maryam Mohammed Al Farsi (women's 100 metres).

COMPANY PROFILE

Company: Eco Way
Started: December 2023
Founder: Ivan Kroshnyi
Based: Dubai, UAE
Industry: Electric vehicles
Investors: Bootstrapped with undisclosed funding. Looking to raise funds from outside

Jeff Buckley: From Hallelujah To The Last Goodbye
By Dave Lory with Jim Irvin

New Zealand 15 British & Irish Lions 15

New Zealand 15
Tries: Laumape, J Barrett
Conversions: B Barrett
Penalties: B Barrett

British & Irish Lions 15
Penalties: Farrell (4), Daly

Company profile

Name: Maly Tech
Started: 2023
Founder: Mo Ibrahim
Based: Dubai International Financial Centre
Sector: FinTech
Funds raised: $1.6 million
Current number of staff: 15
Investment stage: Pre-seed, planning first seed round
Investors: GCC-based angel investors

Company profile

Company name: amana
Started: 2010
Founders: Karim Farra and Ziad Aboujeb
Based: UAE
Regulator: DFSA
Sector: Financial services
Current number of staff: 85
Investment stage: Self-funded

COMPANY PROFILE

Name: Ejari
Based: Riyadh, Saudi Arabia
Founders: Yazeed Al Shamsi, Fahad Albedah, Mohammed Alkhelewy and Khalid Almunif
Sector: PropTech
Total funding: $1 million
Investors: Sanabil 500 Mena, Hambro Perks' Oryx Fund and angel investors
Number of employees: 8

SPECS

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Transmission: Nine-speed automatic
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SPECS

Toyota land Cruiser 2020 5.7L VXR

Engine: 5.7-litre V8

Transmission: eight-speed automatic

Power: 362hp

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Price: Dh329,000 (base model 4.0L EXR Dh215,900)

The National selections

6pm: Go Soldier Go
6.35pm: Man Of Promise
7.10pm: Withering
7.45pm: Mawj
8.20pm: Falling Shadow
8.55pm: Law Of Peace
9.30pm: Naval Power
10.05pm: The Attorney

The specs

Engine: four-litre V6 and 3.5-litre V6 twin-turbo

Transmission: six-speed and 10-speed

Power: 271 and 409 horsepower

Torque: 385 and 650Nm

Price: from Dh229,900 to Dh355,000

Pathaan

Director: Siddharth Anand 

Stars: Shah Rukh Khan, Deepika Padukone, John Abraham 

Rating: 3/5

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5

Sweet Tooth

Creator: Jim Mickle
Starring: Christian Convery, Nonso Anozie, Adeel Akhtar, Stefania LaVie Owen
Rating: 2.5/5

Teri Baaton Mein Aisa Uljha Jiya

Directors: Amit Joshi and Aradhana Sah

Cast: Shahid Kapoor, Kriti Sanon, Dharmendra, Dimple Kapadia, Rakesh Bedi

Rating: 4/5

Confirmed bouts (more to be added)

Cory Sandhagen v Umar Nurmagomedov
Nick Diaz v Vicente Luque
Michael Chiesa v Tony Ferguson
Deiveson Figueiredo v Marlon Vera
Mackenzie Dern v Loopy Godinez

Tickets for the August 3 Fight Night, held in partnership with the Department of Culture and Tourism Abu Dhabi, went on sale earlier this month, through www.etihadarena.ae and www.ticketmaster.ae.

COMPANY PROFILE

Name: SmartCrowd
Started: 2018
Founder: Siddiq Farid and Musfique Ahmed
Based: Dubai
Sector: FinTech / PropTech
Initial investment: $650,000
Current number of staff: 35
Investment stage: Series A
Investors: Various institutional investors and notable angel investors (500 MENA, Shurooq, Mada, Seedstar, Tricap)

Mrs Chatterjee Vs Norway

Director: Ashima Chibber 

Stars: Rani Mukerji, Anirban Bhattacharya and Jim Sarbh 

Rating: 2/5

Company profile

Company name: Fasset
Started: 2019
Founders: Mohammad Raafi Hossain, Daniel Ahmed
Based: Dubai
Sector: FinTech
Initial investment: $2.45 million
Current number of staff: 86
Investment stage: Pre-series B
Investors: Investcorp, Liberty City Ventures, Fatima Gobi Ventures, Primal Capital, Wealthwell Ventures, FHS Capital, VN2 Capital, local family offices

The distance learning plan

Spring break will be from March 8 - 19

Public school pupils will undergo distance learning from March 22 - April 2. School hours will be 8.30am to 1.30pm

Staff will be trained in distance learning programmes from March 15 - 19

Teaching hours will be 8am to 2pm during distance learning

Pupils will return to school for normal lessons from April 5