Apr 03, 2017 07:02 PM EDT
South African president, Jacob Zuma, has sacked finance minister Pravin Gordhan along with nine other ministers, who were reportedly disloyal to his political intentions. The unprecedented move affected the country's financial markets with the currency plunging five percent in value.
Gordhan was admired for his upright beliefs such as standing up and fighting corruption against Zuma. He was one of the victims over the president's change of cabinet members. Zuma called for the midnight reshuffle, on Thursday, as a "radical socio-economic transformation". Many, however, felt that the sacking was unacceptable.
More than a 'midnight' buzz
Pravin Gordhan has been playing on the safe side when it comes to managing South Africa's economy. He rejected calls from the president and enforced tight measures on spending so as to increase the government's funds. Notably, this is the second time he has served as a finance minister. He served from 2009 to 2014 and reappointed in 2015 to replace David van Rooyen as per BBC.
Competent but disloyal?
Although several officials, even the public, admired Gordhan's competence as finance minister, he never really got along with Zuma, who has been struggling for control of the treasury since 2015. Zuma caught the attention of an intelligence report leaked to the media that claimed Gordhan was working in the interests of foreign banks and businessman than South Africa. It was reportedly alleged that he held meetings in London to undermine Zuma.
Gordhan dismissed the allegations as "absolute nonsense". Analysts, on the other hand, labeled the report as fake. According to a London-based analyst, Peter Attard Montalto, Gordhan's sudden dismissal was an open attack on the Treasury department to replace the conservatives alongside people who are disloyal to Zuma. Ultimately, this is a political issue with Zuma rewarding his loyalists.
New and loyal finance minister
Malusi Gigaba has replaced Gordhan as new finance minister, which marks him as fourth Treasury chief in just two years. Analysts claimed the appointment was due to his loyalty to Zuma. The former home affairs minister is a notably close ally of the South African president.
Gigaba has promised not to be distracted by the political issues but rather focus on radical economic change. "For too long, there has been a narrative or perception around treasury, that it belongs primarily and exclusively to 'orthodox' economists, big business, powerful interests and international investors. The ownership of wealth and assets remains concentrated in the hands of a small part of the population," he said in a statement.
Radical economic transformation
This would mean that wealth, land and opportunity will be redistributed to the black majority. Aside from that, Gigaba's pledge also suggested that the African National Congress will invest on populist economic measures to reverse previous electoral misfortunes as per The Guardian. The ANC has suffered a loss of major municipalities and has grown to be a concern for the upcoming 2019 elections.
People who travel for business two weeks or more a month report more symptoms of anxiety and depression and are more likely to smoke, be sedentary and report trouble sleeping than those who travel one to six nights a month, according to a latest study conducted by researchers at Columbia University's Mailman School of Public Health and City University of New York.
President Trump said Friday he is declaring a national emergency on the southern border, tapping into executive powers in a bid to divert billions toward construction of a wall even as he plans to sign a funding package that includes just $1.4 billion for border security.
Amazon's decision to abandon plans to build a new campus in Long Island City, Queens, has drawn cheers from several politicians, community organizers and other locals opposed to the expansion.
One of the hottest topics at the World Economic Forum in Davos, Switzerland has been Alexandria Ocasio-Cortez's proposed 70% marginal tax rate on all income above $10 million.
In recent decades, Europe has experienced a downward trend in the annual number of deaths. Not only was this trend not arrested by the economic recession that started in 2008, in fact, the rate of decline increased during the recession years.
Discovering that your new designer handbag or gold watch is a fake is costly and annoying, and counterfeit medical devices or drugs could have even more serious consequences. But seemingly as soon as manufacturers develop a new method to ensure product authenticity, counterfeiters find a way to outsmart it. Now, researchers have created an "unclonable" tag that can never be replicated, even by the manufacturer. They report their results in ACS Applied Materials & Interfaces.
The traditional model for setting auto insurance premiums has been to base rates on the motorist's driving history, age, gender and even marital status (in some states). Thanks to new technological options, insurance companies, and motorists have started to work together to give the insurance companies access to better data on an individual driver's risk level, and give the same driver a sense of greater control over how much he or she will pay in insurance premiums.
Consumer brands have long used old-fashioned focus groups, interviews and surveys to best gauge consumer wants, desires and needs as part of processes that range from product development, to marketing and sales. As machine learning and artificial intelligence (AI) have emerged, there is an increasing interest in the ability to harness these solutions to save time and money, and to yield more reliable consumer insights.