Terrorism trial rocks Zimbabwe unity government



Roy Bennett, a top aide to Zimbabwe's prime minister Morgan Tsvangirai, began his terrorism trial today before a packed courtroom in a case that has rocked Harare's fragile unity government. Mr Bennett, a former white farmer who is the treasurer of Tsvangirai's Movement for Democratic Change (MDC), is accused of scheming to topple veteran president Robert Mugabe three years ago. Similar charges against other MDC officials have already been thrown out of court, and Mr Bennett's latest arrest last month prompted Mr Tsvangirai to stage a three-week boycott of the unity government, underscoring tensions in the power-sharing arrangement.

"This is a very serious matter which must be accorded the amount of seriousness it demands, particularly in the environment the country is in," said attorney general Johannes Tomana who is leading the prosecution. One of Mr Bennett's lawyers, Beatrice Mtetwa said that she was concerned by some of the testimony, saying one key state witness had testified differently from "what is already contained in his witness account".

Wearing a blue suit, sky blue shirt and a matching blue tie Mr Bennett was accompanied his wife in court. He is currently out on bail and faces a possible death sentence if convicted. Mr Bennett was first arrested in February on his return from South Africa to take up the post of deputy agriculture minister in the unity government. Instead of being sworn in with other cabinet members, he was accused of possessing arms for the purposes of banditry, terrorism and sabotage.

He was released in early March, but detained again in mid-October, prompting Mr Tsvangirai's decision to boycott the power-sharing government with Mr Mugabe's camp, which he accused of being "dishonest and unreliable". Mr Tsvangirai only ended the boycott after an emergency regional summit on Thursday set a new 30-day deadline for the rivals to sort out their differences - including a dispute over the naming of Tomana, who the MDC says is targeting its members.

Mr Tsvangirai and his long-time rival agreed to the unity government nearly a year after disputed polls, which saw Mr Mugabe handed the presidency in a one-man runoff, plunged the country into deeper economic and political crisis. The pact helped arrest Zimbabwe's economic free-fall and created an opening to repair its international ties amid Western calls for greater signs of reform from Mugabe, the country's ruler since 1980.

Mr Bennett's case has become a symbol of the challenges facing Zimbabwe's government. His other co-accused, including the new co-minister for home affairs Giles Mutsekwa, were cleared by the courts which discredited the alleged plot. Mr Bennett, who speaks fluent Shona, saw his farm in eastern Zimbabwe seized in 2003 under Mugabe's controversial land reforms which targeted white-owned farms for resettlement by black farmers.

The following year he was jailed for eight months for assault after he punched Justice Minister Patrick Chinamasa in parliament during a heated debate on the land reforms. * AFP

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AiFlux – renewables, oil and gas

DevisionX – manufacturing

Event Gates – security and manufacturing

Farmdar – agriculture

Farmin – smart cities

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Ipera.ai – space digitisation

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The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

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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.

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Uefa Champions League semi-finals, first leg
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