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JUST IN: Ramaphosa elected as South African president

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South African lawmakers on Thursday selected Cyril Ramaphosa as the country’s new president after scandal-tainted Jacob Zuma resigned under pressure from his own ANC ruling party.

Ramaphosa was chosen without a vote after being the only candidate nominated, chief justice Mogoeng Mogoeng told assembled lawmakers at a special sitting of the parliament in Cape Town.

The announcement brought loud cheers from ANC lawmakers, with Ramaphosa due to address the parliament later during proceedings.

Zuma resigned on Wednesday as the ANC finally turned against him after a nine-year reign dominated by corruption scandals, economic slowdown and plummeting electoral popularity.

Zuma railed against the ANC for “recalling” him from office and — when he at first refused to resign — then threatening to oust him via a parliament no-confidence vote.

In an earlier TV interview on Wednesday, Zuma said he had received “very unfair” treatment from the party that he joined in 1959 and in which he had fought for decades against apartheid white-minority rule.

Zuma had been in a power struggle with Ramaphosa, his deputy president.

Zuma’s hold over the ANC was broken in December when his chosen successor — his former wife Nkosazana Dlamini-Zuma — narrowly lost to Ramaphosa in a vote to become the new party leader.

AFP

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BREAKING NEWS

‘Sukuk deals offer financing options to market participants’

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Shari’ah-compliant financing will open up markets beyond their core Islamic base and offers a less expensive funding option, according to Moody’s Investors Service.

“Raising debt secured on mortgages provides Islamic banks with a cheaper alternative to deposit funding, which increases costs, shrinks margins and weakens profitability,” said Rodrigo Conde, Assistant Vice President – Analyst at Moody’s.

Islamic banks have traditionally relied on deposits to meet their funding needs as Sharia principles forbid the payment of interest and limit access to wholesale funding.

 

Asset-based Sukuk has similar characteristics to senior unsecured bonds. The life cycle of an asset-based Sukuk is also consistent with a senior unsecured bond in terms of origination, transaction term and early redemption or maturity.

Asset-backed Sukuk, on the other hand, has similar characteristics to a securitisation but with some particular features. For example, in a Sukuk transaction, the special purpose vehicle (SPV) is the property owner and has a co-ownership agreement with the customer.

More negatively for noteholders, claims of noncompliance of the SPV with Shari’ah law could lead to a halt in payments on the notes. However, among European transactions, there is partial mitigation as issuers, customers and SPVs all operate under either English or European Union regulations. In these instances, the rating agency said would not expect to see a local court ruling using Shari’ah law.

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Up to 10 dead in another US school shooting

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Between eight and 10 people have been killed in a shooting at a Texas high school, say police.

Harris County Sheriff Ed Gonzalez told reporters the majority of the dead at Santa Fe High School were students.

A student was held after the attack. Police said explosive devices were found at the school, 40 miles (65km) south of Houston, and off-campus.

The death toll makes this the deadliest school shooting since the one in February at Parkland, Florida.

That attack left 17 dead and spawned a nationwide youth-led campaign for gun control.

Sheriff Gonzalez told reporters his officers were tackling a “multiple-casualty incident”, but the final number of dead is unclear.

He earlier tweeted: “An injured police officer is being treated, the extent of his injuries are unknown.”

Several students described hearing a fire alarm go off shortly before 08:00 local time. It is not clear how the alarm was activated, reports the BBC.

One witness told KTRK-TV the shooting happened in her art class, and that one person shot was a girl.

“There was someone that walked in with a shotgun and started shooting,” the student said, “and this girl got shot in the leg.”

She said that she did not get a look at the shooter, because she ran to hide.

One 10th grader told networks she had an asthma attack while hiding in the woods.

News helicopters filmed students emptying their backpacks in front of armed officers in a field outside the school.

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BREAKING: CAN General Secretary, Musa Asake, is dead

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Dr. Musa Asake

Dr. Musa Asake, the General Secretary of Christian Association of Nigeria,CAN, is dead.

The late clergyman died on Friday morning (today) in Abuja after an illness.

“Yes, he died this morning. We are right now in the mortuary. I was with him yesterday (Thursday) in his house,” Jonathan Asake, his brother and former member of the House of Representatives, confirmed the death to a national newspaper.

The deceased, an indigene of Southern Kaduna, has been vocal in the defence of Christianity in Nigeria.

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