United States home-loan woes caused more turbulence on world markets on Friday despite the tens of billions of dollars released by central banks to stop the problem turning into a global economic crisis. London’s FTSE stock market closed a whopping 3,71% lower and European and Asian shares slumped after losses tied to US subprime mortgages spread.
The African Union on Friday voiced its concern over the deepening crisis in Burundi, where the peace process is floundering and tribal tensions are resurfacing. ”We express deep concern over the stalling of the implementation of the agreement signed by the Burundi government and the National Liberation Forces,” the AU said.
Under pressure from the United States to take a bigger role in stabilising Iraq, the United Nations agreed on Friday to expand its mission despite unrelenting violence that could complicate its work. The 15-member UN Security Council unanimously approved Resolution 1770, which calls for the UN mission to ”advise, support and assist” the Iraqi government.
Veteran Cameroon President Paul Biya’s ruling party retained a sweeping majority in Parliament in last month’s legislative elections, albeit with slightly fewer seats, official results showed on Friday. The country’s Supreme Court said Biya’s Cameroon People’s Democratic Movement had won 140 of 180 seats in the National Assembly in the July 22 polls.
A disciplinary hearing for 13 warders suspected of helping Annanias Mathe escape from prison — or being negligent in the matter — was rescheduled on Friday. The Manelisi Wolela of the Department of Correctional Services said the officials were scheduled to re-appear before a departmental disciplinary committee from next Monday to Friday.
Sudanese security forces have handed 33 suspects accused of trying to overthrow the government to the Justice Ministry for investigation, state news agency the Sudanese Media Centre said on Friday. Security forces last month arrested former army officers as well as members of two leading opposition political parties, accusing them of trying to overthrow the government.
Malawi’s Parliament reconvenes next week to debate and pass the impoverished African nation’s already delayed budget after the Supreme Court ordered the opposition to end a boycott, an official said on Friday. Malawi’s opposition, which holds 105 of the Parliament’s 193 seats, had earlier obtained a court injuction barring debate on the country’s budget.
Beer deliveries resumed on Friday after the Zimbabwean government backed down on a price freeze on local lager brands and allowed producers to raise the prices of some other goods. Price cuts in Zimbabwe have left shelves bare of cornmeal, bread, meat and other basics. Businesses argued they were being told to sell their goods below the cost of producing them.
MOVIE OF THE WEEK: Shaun de Waal reviews The Bourne Ultimatum, the third instalment of the Bourne series.
The mayor of the Govan Mbeki municipality in Mpumalanga, arrested in connection with the murder of his deputy, will make a bail application next Friday, police said. Sipho Nkosi made a brief appearance in the Evander Magistrate’s Court on Friday and his bail application was postponed to August 17, Superintendent Sibongile Nkosi said.