HARARE // Zimbabwean president Robert Mugabe should acknowledge the nation's "insatiable desire" for a leadership change and resign immediately, the recently sacked vice president and likely successor to the 93-year-old leader said on Tuesday.
Emmerson Mnangagwa made the plea as impeachment proceedings were set to begin against the world's oldest head of state.
Mr Mugabe is under immense pressure to quit after nearly four decades in power, during which he evolved from a champion of the fight against white minority rule into a figure blamed for a collapsing economy, government dysfunction and human rights violations.
The ruling Zanu-PF party was poised to begin impeachment proceedings against Mr Mugabe after its central committee voted to oust the president as party leader and select Mr Mnangagwa as his replacement.
The move eventually could allow the former vice president to become head of state. Mr Mnangagwa served for decades as Mr Mugabe's enforcer, with a reputation for being astute and ruthless, more feared than popular. But Mr Mugabe dismissed Mr Mnangagwa this month as part of a succession power struggle within the party.
"The people of Zimbabwe have spoken with one voice and it is my appeal to President Mugabe that he should take heed of this clarion call and resign forthwith so that the country can move forward and preserve his legacy," Mr Mnangagwa said.
The former vice president, who fled the country and has not appeared in public during the past week's political turmoil, said Mr Mugabe had invited him to return to Zimbabwe "for a discussion" on recent events. However, he said he will not return for now, alleging that there had been plans to kill him at the time of his sacking.
"I will be returning as soon as the right conditions for security and stability prevail," said Mr Mnangagwa, who has a loyal support base in the military. "Never should the nation be held at ransom by one person ever again, whose desire is to die in office at whatever cost to the nation."
Zimbabwe's first lady, Grace Mugabe, had been positioning herself to succeed her husband, leading a party faction that engineered Mr Mnangagwa's removal. The prospect of a dynastic succession alarmed the military, which confined Mugabe to his home last week and targeted what it called "criminals" around him who allegedly were looting state resources - a reference to associates of the first lady.
Mr Mnangagwa was targeted by US sanctions in the early 2000s for undermining democratic development in Zimbabwe, according to the Atlantic Council, a US-based policy institute. However, J Peter Pham, an Africa expert at the council, noted that some Zimbabwean opposition figures have appeared willing to have dialogue with Mr Mnangagwa in order to move the country forward and that the international community should consider doing the same.
"We're not saying whitewash the past, but it is in the interests of everyone that Zimbabwe is engaged at this critical time," Mr Pham said.
Impeachment proceedings were expected to start with the resumption of parliament on Tuesday, days after huge crowds surged through the capital, Harare, to demand that Mr Mugabe quit. The ruling party instructed government ministers to boycott a cabinet meeting that Mugabe called for Tuesday morning at State House, the president's official residence.
Ruling party chief whip Lovemore Matuke said ministers were told to instead attend a meeting at party headquarters to work on the impeachment.
It was not clear how long the impeachment process could take. The ruling party has said Mr Mugabe could be voted out as early as Wednesday, but some analysts believe the impeachment process could take weeks and would, if conducted properly, allow Mr Mugabe to make a case in his defence.
Mr Mnangagwa said he was aware of the move to impeach Mr Mugabe. Although unpopular in some parts of Zimbabwe, the former vice president called for unity and appeared to embrace the prospect of taking over power.
"I will not stand in the way of the people and my party," he said.
How the UAE gratuity payment is calculated now
Employees leaving an organisation are entitled to an end-of-service gratuity after completing at least one year of service.
The tenure is calculated on the number of days worked and does not include lengthy leave periods, such as a sabbatical. If you have worked for a company between one and five years, you are paid 21 days of pay based on your final basic salary. After five years, however, you are entitled to 30 days of pay. The total lump sum you receive is based on the duration of your employment.
1. For those who have worked between one and five years, on a basic salary of Dh10,000 (calculation based on 30 days):
a. Dh10,000 ÷ 30 = Dh333.33. Your daily wage is Dh333.33
b. Dh333.33 x 21 = Dh7,000. So 21 days salary equates to Dh7,000 in gratuity entitlement for each year of service. Multiply this figure for every year of service up to five years.
2. For those who have worked more than five years
c. 333.33 x 30 = Dh10,000. So 30 days’ salary is Dh10,000 in gratuity entitlement for each year of service.
Note: The maximum figure cannot exceed two years total salary figure.
How Tesla’s price correction has hit fund managers
Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.
It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.
The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.
Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.
Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.
He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.
AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”
A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.
Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.
Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.
Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.
By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.
Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.
In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”
Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.
She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.
Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.
Ordinary Virtues: Moral Order in a Divided World by Michael Ignatieff
Harvard University Press
Points tally
1. Australia 52; 2. New Zealand 44; 3. South Africa 36; 4. Sri Lanka 35; 5. UAE 27; 6. India 27; 7. England 26; 8. Singapore 8; 9. Malaysia 3
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UAE currency: the story behind the money in your pockets
Indoor Cricket World Cup Dubai 2017
Venue Insportz, Dubai; Admission Free
Fixtures - Open Men 2pm: India v New Zealand, Malaysia v UAE, Singapore v South Africa, Sri Lanka v England; 8pm: Australia v Singapore, India v Sri Lanka, England v Malaysia, New Zealand v South Africa
Fixtures - Open Women Noon: New Zealand v England, UAE v Australia; 6pm: England v South Africa, New Zealand v Australia