For the millions of hungry and unemployed, Zimbabwe's once vibrant economy has collapsed. For the tiny rich elite, it hasn't. The thriving black market keeps their cars on the streets and their cupboards replete with food and luxuries. \nEconomic meltdown in Zimbabwe is a question of perception, financial analysts and bank executives say. Unlike a bankrupt firm, a country doesn't simply shut down. \nIt prints its own money, its industries battle to stay open -- factories run at less than 40 percent of their capacity in Harare -- and on the surface, there appears some normality. \nBelow it, however, a different picture emerges. Most gas stations in the capital have not received fuel deliveries for a month because of hard currency shortages for fuel imports by the state oil procurement monopoly. \n"As long as you can print your own money, you don't go bust. It causes inflation and a host of other problems, but you can grind on for a long time," said Harare economist John Robertson. \nBlack market gasoline, selling for four times the government's fixed price, keeps traffic moving. \nAdvertisements in the main state newspaper regularly offer "fuel available" and give mostly mobile phone numbers for price quotations. \nWhile shelves are bare in regular stores, other advertisements offer foodstuffs, cooking oil and even bank note counting machines to help traders in the hyperinflationary economy do their business. \nHyperinflation \nRobertson said about 6,000 Zimbabwe dollars buys today what 100 Zimbabwe dollars bought in 1995. \nThe official hard currency exchange rate rose from about 8 Zimbabwe dollars to US$1 in 1995 to 824 to 1 this year, alongside a current black market exchange rate of up to 2,700 to 1. \nThe state Central Statistical Office said last month annual inflation reached a record 269 percent and unemployment exceeded 70 percent, driving many unemployed to scavenge for goods to sell in order to survive. \nThe chaotic government seizures of thousands of white-owned farms have been blamed for starting three years of political violence and disruptions in the agriculture-based economy that in turn have led to acute shortages of food, fuel, power, medicines and other imports. \nAccording the UN World Food Program, nearly half of all Zimbabweans will need food aid this year to avoid mass starvation. About 80 percent of the people live in poverty. \nA fraction of the rest -- perhaps 3 percent, mostly President Robert Mugabe's ruling party elite and their business associates -- control the hugely profitable black market in goods and hard currency, Robertson said. They are enjoying boom times. \nAgencies selling limousines and even luxury cosmetics said that sales are brisk. \n"Shortages are profitable. The people who could fix the situation are the ones who are making a fortune out of it," Robertson said. \nOrdinary Zimbabweans "get up in the morning and try to find something to survive on," he said, adding that some join in spiraling crime. \nThe farm seizures and political violence since 2000 have disrupted production of tobacco, the main hard currency earner, and slashed hard currency earnings from mining, industry and tourism. \nMugabe,79, who has been in power for 23 years, traveled to Libya this week to discuss the resumption of gasoline supplies, cut off after Zimbabwe failed to pay US$62 million in arrears for previous shipments. \nZimbabwe, which needs about US$30 million worth of fuel a month, contracted with Libya last year to supply 70 percent of the country's gas, some of it traded for Zimbabwean beef, sugar and tobacco. \nFarms disruptions have prevented those deliveries. \nAnti-government strikes called by the opposition Movement for Democratic Change shut down much of the economy June 2 to 6, but street protests demanding democratic reform were thwarted by a massive show of force by police, troops and ruling party militia backed by armored cars, water cannons and helicopters. \nThe protests appeared of little concern to one pro-Mugabe businessman who threw his 50th birthday party soon afterward. He hired a replica of a Mississippi paddle steamer on Zimbabwe's northern Lake Kariba, according to guests at the party. \nThe calligraphy for the handwritten dinner place name cards alone cost five times Zimbabwe's average annual per capita income.
The Chinese Nationalist Party (KMT) caucus yesterday issued a rebuttal to former US secretary of state Condoleezza Rice, who said a fistfight in the Legislative Yuan might have been “provoked from the outside” to destabilize Taiwan. Rice made the comment in an online discussion about the AUKUS alliance of Australia, the UK and the US hosted by the Policy Exchange forum in London on Thursday. On mention of Taiwan, she was quoted by The Australian as predicting that Beijing would use paramilitary forces and acts of sabotage to destabilize the nation. “There was a fistfight in the Taiwanese parliament a few weeks ago
A Taiwanese YouTuber suspected of creating and selling deepfake porn videos featuring more than 100 politicians and influencers was on Monday released on bail after being arrested the previous day. Chu Yu-chen (朱玉宸), 26, who uses the name Xiaoyu (小玉) on YouTube, was arrested on Sunday in New Taipei City, along with two suspected accomplices, a 24-year-old YouTuber surnamed Yeh (耶), known as Shaiw Shaiw (笑笑), and a 22-year-old man Chuang (莊). The three suspects were on Monday escorted to the New Taipei District Prosecutors’ Office for further questioning on suspicion of distributing obscene videos and publicly insulting others, in contravention of
ADVANCING TECH: With revenue on target to reach US$15.4 billion, the Hsinchu-based chipmaker said it is looking to produce 3-nanometer chips later this year Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) yesterday announced plans to build a new plant in Japan next year to produce 22-nanometer and 28-nanometer chips in its latest effort to expand its global manufacturing footprint. The Japanese fab is to start operations in 2024, the world’s biggest contract chipmaker said, ending months of speculation. “We have received strong commitment to supporting this project from our customers and the Japanese government,” TSMC chief executive officer C.C. Wei (魏哲家) told a quarterly investors’ conference. “We believe the expansion of our global manufacturing footprint will enable us to better serve our customers’ needs and reach global talent,
KNOWN ISSUES: Fire safety issues were found in the 40-year-old building, which previously housed a theater and restaurants, in 2019, last year and May, an official said Forty-six people died and 41 were injured in a building fire that raged out of control for hours overnight in Kaohsiung, authorities said yesterday. Flames and smoke billowed from the lower floors of the 13-story Cheng Chung Cheng (城中城) building on Fubei Road in Yancheng District (鹽埕), as firefighters tried to douse the blaze from the street and aerial platforms. The death toll rose steadily through the day as rescue workers searched the combined commercial and residential building. By late afternoon, authorities said 32 bodies had been found, while a further 14 people who showed no signs of life were among 55