HARARE, Nov 29, 2016: Zimbabwe is issuing a new currency, known as bond notes, that officially are equal to the U.S. dollar. The government has gone ahead with the plan despite warnings the new currency will fuel hyperinflation and worsen the already ailing economy.
On Monday, there were still long queues at most ATMs in Harare, despite the release of the new bond notes, which are intended, in part, to ease long-running cash shortages.
The Reserve Bank of Zimbabwe says the new currency will, among other things, increase the country’s exports.
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But economist Prosper Chitambara, of the Labor and Economic Development Research Institute of Zimbabwe, says the bond notes will worsen the country’s situation.
“The costs may probably outweigh the intended benefits. Most of the economic agents in Zimbabwe have to buy imports from outside our borders. So they would require either U.S. dollars or South African dollars, or other internationally tradable currencies to be able to do business. Actually the bond note has even exacerbated the macroeconomic sustainability. It has eroded confidence within the financial system. It has created a lot of uncertainties in the market. Investors are not going to be interested in doing business in Zimbabwe,” Chitambara said.
Zimbabwe’s economy has been struggling for nearly a generation now, since President Robert Mugabe’s government embarked on a controversial land reform program in 2000 which displaced white commercial farmers off their land without compensation.
That affected the country’s backbone, agriculture. What followed were hyperinflation and shortages of almost all goods.
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In 2009, Zimbabwe abandoned its own worthless currency and it has been using all major foreign currencies, but mostly the U.S. dollar.
Now it has introduced bond notes, despite calls to abandon the plan as it might cause the economy to take a nosedive. That advice fell on deaf ears. (VOA)
A bitcoin mining company in Slovenia has been hacked for the possible theft of tens of millions of dollars, just days before the virtual currency, which hit a record above $15,000 on Thursday, is due to start trading on major U.S. exchanges.
NiceHash, a company that mines bitcoins on behalf of customers, said it is investigating a security breach and will stop operating for 24 hours while it verifies how many bitcoins were taken.
Research company Coindesk said that a wallet address referred to by NiceHash users indicates that about 4,700 bitcoins had been stolen. At Thursday’s record price of about $15,000, that puts the value at over $70 million.
There was no immediate response from NiceHash to an emailed request for more details.
“The incident has been reported to the relevant authorities and law enforcement and we are cooperating with them as a matter of urgency,” it said. The statement urged users to change their online passwords.
Slovenian police are investigating the case together with authorities in other states, spokesman Bostjan Lindav said, without providing details.
The hack will put a spotlight on the security of bitcoin just as the trading community prepares for the currency to start trading on two established U.S. exchanges. Futures for bitcoin will start trading on the Chicago Board Options Exchange on Sunday evening and on crosstown rival CME Group’s platforms later in the month.
That has increased the sense among some investors that bitcoin is gaining in mainstream legitimacy after several countries, like China, tried to stifle the virtual currency.
As a result, the price of bitcoin has jumped in the past year, particularly so in recent weeks. On Thursday it surged to over $15,000, up $1,300 in less than a day, according to Coindesk. At the start of the year, one bitcoin was worth less than $1,000.
Bitcoin is the world’s most popular virtual currency. Such currencies are not tied to a bank or government and allow users to spend money anonymously. They are basically lines of computer code that are digitally signed each time they are traded.
A debate is raging on the merits of such currencies. Some say they serve merely to facilitate money laundering and illicit, anonymous payments. Others say they can be helpful methods of payment, such as in crisis situations where national currencies have collapsed.
Miners of bitcoins and other virtual currencies help keep the systems honest by having their computers keep a global running tally of transactions. That prevents cheaters from spending the same digital coin twice.
Online security is a vital concern for such dealings.
In Japan, following the failure of a bitcoin exchange called Mt. Gox, new laws were enacted to regulate bitcoin and other virtual currencies. Mt. Gox shut down in February 2014, saying it lost about 850,000 bitcoins, possibly to hackers.
Ali Zerdin in Ljubljana, Slovenia, and Carlo Piovano in London contributes to this story.(VOA)
Depending on the location, the proliferation of IS has drawn varied resistance from the Afghan military, U.S. air support and ground troops, local militias, Taliban forces and other militant groups
Afghan army planes on Wednesday night accidentally air dropped vital supplies of food and water to IS militants in the Darzab district of northern Jouzjan province instead of to their own besieged troops
In the Tora Bora area, where IS has made a strong stand in recent days, local villagers and militias joined with Taliban to rout IS
June 25, 2017: The Islamic State group is rapidly expanding in parts of Afghanistan, advancing militarily into areas where it once had a weak presence and strengthening its forces in core regions, according to Afghan and U.S. officials.
Depending on the location, the proliferation of IS has drawn varied resistance from the Afghan military, U.S. air support and ground troops, local militias, Taliban forces and other militant groups.
Attacking IS has become such a priority in the country, that disparate forces sometimes join together in the ad-hoc fight, with Afghan and U.S. forces finding themselves inadvertently supporting the enemy Taliban in battling IS.
Confusion leads to mistakes
All too often, officials say, mistakes are made due to confusion on the ground.
Afghan army planes on Wednesday night accidentally air dropped vital supplies of food and water to IS militants in the Darzab district of northern Jouzjan province instead of to their own besieged troops, provincial police chief, Rahmatullah Turkistani told VOA. The supplies were meant to help Afghan forces that are countering twin attacks by IS and Taliban militants but were used instead by IS.
“It’s not getting better in Afghanistan in terms of IS,” U.S. Chief Pentagon Spokeswoman Dana White told VOA this week. “We have a problem, and we have to defeat them and we have to be focused on that problem.”
Reinforcements for the IS cause reportedly are streaming into isolated areas of the country from far and wide. There are reports of fighters from varied nationalities joining the ranks, including militants from Pakistan, India, Iran, Iraq, Syria, Russia and Central Asian neighbors.
Still, the Islamic State-Khorasan (ISK) as IS is known in Afghanistan remains a fragmented group composed of differing regional forces with different agendas in different parts of the country.
“IS-K is still conducting low-level recruiting and distribution of propaganda in various provinces across Afghanistan, but it does not have the ability or authority to conduct multiple operations across the country,” a recent Pentagon report said. But where it operates, IS is inflicting chaos and casualties and causing confusing scenarios for disparate opponents.
In the Tora Bora area, where IS has made a strong stand in recent days, local villagers and militias joined with Taliban to rout IS. IS regained ground after a few days, leading to U.S. military air attacks on IS positions in conjunction with Afghan intelligence instructions and army operations.
IS fighters reportedly have fled from mountain caves of Tora Bora, where al-Qaida’s leader Osama bin Laden hid from U.S. attack in 2001.
IS fighters were also reportedly advancing in neighboring Khogyani district, displacing hundreds of families, according to district officials. It is one of several areas in Nangarhar province, near the Pakistani border, where IS has been active for over two years.
Fierce clashes in the Chaparhar district of Nangarhar last month left 21 Taliban fighters and seven IS militants dead, according to a provincial spokesman. At least three civilians who were caught in the crossfire were killed and five others wounded.
“IS has overpowered Taliban in some parts of Nangarhar because the Taliban dispatched its elite commando force called Sara Qeta (Red Brigade) to other parts of the country, including some northern provinces to contain the growing influence of IS there,” Wahid Muzhda, a Taliban expert in Kabul, told VOA.
IS has also expanded in neighboring Kunar province, where, according to provincial police chief, it has a presence in at least eight districts and runs a training base, where foreign members of IS, train new recruits.
Hundreds of miles from Nangarhar, IS is attempting to establish a persistent presence in several northern provinces where it has found a fertile ground for attracting militants and recruiting unemployed youths, mostly between the age of 13 and 20.
IS has been able to draw its members from the Pakistani Taliban fighters, former Afghan Taliban, and other militants who “believe that associating with or pledging allegiance” to IS will further their interests, according to the Pentagon report.
Hundreds of militants have joined IS ranks in northern Jouzjan and Sar-e-Pul province where local militant commanders lead IS-affiliate groups in several districts.
Qari Hekmat, an ethnic Uzbek and former Taliban militant who joined IS a year ago, claims to have up to 500 members, including around 50 Uzbek nationals who are affiliated with the Islamic Movement of Uzbekistan (IMU) — previously associated with al-Qaida and Taliban in Afghanistan.
IS and Taliban are reportedly fighting over the control of Darzab district in Jouzjan which they stormed this week from two different directions and besieged scores of government forces. The Taliban has reportedly captured the center of the district while IS militants control the city outskirts.
Afghanistan faces a continuing threat from as many as 20 insurgent and terrorist networks present or operating in the Afghanistan-Pakistan region, including IS, the Pentagon said.
“In areas where the government has limited influence and control, IS attempts to emerge and expand there,” Ateequllah Amarkhail, an analysts and former Army general in Kabul told VOA.
IS has also claimed responsibility for several recent attacks in urban areas, however, with a hit-and-hide strategy that is proving effective. And it is engaging too in more skirmishes with U.S. forces that initially were sent to the country to help Afghan forces halt the spread of Taliban.
Three American service members based in eastern Afghanistan were killed in April during operations targeting IS militants, according to the Pentagon.
“ISIS-K remains a threat to Afghan and regional security, a threat to U.S. and coalition forces, and it retains the ability to conduct high-profile attacks in urban centers,” the Pentagon said. (VOA)
Google's project 'We Wear Culture' is collaborating with 183 renowned cultural institutions from all around the world including India and its objective is to let people explore history of clothes dating as early as 3,000 years ago
Google’s project ‘We Wear Culture’ is collaborating with 183 renowned cultural institutions from all around the world including India
It intends to trace the story and importance of Indian textiles from ancient sculptures
Its objective is to let people explore history of clothes dating as early as 3,000 years ago
June 15, 2017: To a certain extent, a culture is defined by what is worn by its people. In a country as diverse as India, vast and varied spectrum of cultures and clothes is one of the specialties. Google’s latest virtual exhibition project now provides us the opportunity to explore and know more about it.
Google’s project ‘We Wear Culture’ is collaborating with 183 renowned cultural institutions from all around the world including India and its objective is to let people explore history of clothes dating as early as 3,000 years ago, from the ancient Silk Road to the unmatched elegance of the Indian Saree, from the courtly fashion of Versailles, to the Victorian ballgowns with intricate thread work.
According to Amit Sood, director of Google Arts and Culture,”We invite everyone to browse the exhibition on their phones or laptops and learn about the stories behind what you wear. You might be surprised to find out that your Saree, jeans or the black dress in your wardrobe have a centuries-old story. What you wear is true culture and more often than not a piece of art.”
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The company also mentioned that noteworthy collections from Chhatrapati Shivaji Maharaj Vastu Sangrahalaya (CSMVS) and varied weaves from across India, from Gharchola to Patola to Temple to Ikat sarees will be included in the online project, as it intends to trace the story and importance of Indian textiles from ancient sculptures.
According to PTI reports, the world fashion exhibit also includes designs from north-eastern India including the weaves of tribes such as the Nagas, Meitis. it will showcase the traditional attire from Meghalaya called ‘Dhara’ or ‘Nara’ worn by the Khasi women as well.
As a part of the exhibit, Sewa Hansiba Museum has brought the unique colorful and rich embroidery arts, applique and mirror work from different communities such as the Ahir, Rabari, Chaudhury Patel and many others from the western part of India online.
The exhibition conducted by Salar Jung Museum brings to light the Sherwani and its journey of becoming the royal fashion statement of the Nizams from 19th century Hyderabad. Fashion and textiles enthusiasts can revisit Colonial Indian attires with Dr Bhau Daji Lad Mumbai City Museum. Over 400 online exhibitions and stories sharing a total of 50,000 photos, videos and other documents on world fashion are open to exploration as well.
The ‘We wear Culture’ initiative highlights significant events in the growth of the world fashion industry; the icons, the movements, the game changers and the trendsetters like Alexander McQueen, Christian Dior, Yves Saint Laurent, Gianni Versace, Audrey Hepburn and many more.
– prepared by Durba Mandal of NewsGram. Twitter: @dubumerang