Archive for December 12th, 2007
Possible lack of clarity on the specific roles of DTC Botswana and the London-based DTC International appears to be causing misunderstandings between the local outfit and one of its sight holders, Diamond Manufacturing Botswana (DMB) regarding diamond supply levels.
The situation arises due to the fact that DTC International will only establish in Botswana next year while, in the meantime, the local outfit, DTC Botswana, has started operations. The lack of clarity about roles raises questions about whether supply sight holders for services falls within the responsibility of international operation even before it has settled in-country, it is argued in some quarters.
The scenario plays itself out in the controversy relating to the relationship between [continue reading]
12 December, 2007
GABORONE – Failure of some Kickstart projects funded by Kgalagadi Breweries is worrisome says KBLs corporate communication manager, M Lebogang Molatedi.
Speaking in an interview Mr Molatedi said these projects fail because entrepreneurs ignored advice the mentor, Mr Mtatshelwa Bozongwana. For his part, Mr Bozongwana said the projects failed because of the conduct of individuals who run them.
He said he could only give business owners training and advice they need to run their business but if they did not listen there was nothing much he could do.
Mr Bozongwana said the other reason why projects fail was lack of commitment, inability to manage business finances and failure to market them.
He criticised the young entrepreneurs tendency to [continue reading]
12 December 2007
South Africa has been ranked as the 18th most attractive foreign direct investment destination worldwide, in the latest Foreign Direct Investment (FDI) Confidence Index by global management consulting firm AT Kearney.
This year sees South Africa and the Gulf states of Bahrain, Kuwait, Oman and Qatar making their debuts in the index’s top 25 FDI destinations, while Vietnam, Malaysia and Indonesia are making a return.
China and India continue to rank first and second in the 2007 index, 15 of the most attractive 25 FDI destinations are developing markets. Brazil, the United Arab Emirates and Russia all rank among the top 10.
“The assessment of senior executive sentiment at the world’s largest companies found corporate investors optimistic about the [continue reading]
12 December, 2007
GABORONE – The Business Place, a service centre promoting local economic opportunity and providing practical support for the start up and development of SMMEs is considering extending its services to places outside Gaborone.
Speaking in an interview, Centre Manager Mrs Boitumelo Marumo-Mthupha said they are looking into possibilities of extending their services to other parts of the country through various strategic collaborations.
She said The Business Place was established to enable entrepreneurs to explore ideas and their potential.
She said their aim is reducing the failure rate of small businesses and enhance their sustainable growth and development as well as their meaningful participation in the economy.
Mrs Marumo-Mthupha asserted that they assist potential entrepreneurs to make the right choices and to achieve their business goals, which will facilitate the growth of the SMME sector and contribute towards [continue reading]
12 December, 2007
GABORONE – Botswana Development Corporation (BDC) recorded a profit before tax of P96.9 million for the year ending June 30, 2007, an improvement of 10 per cent against last years achievement of P88.1 million.
Its investment portfolio grew 9 per cent from P1.20 billion in the previous year to P1.32 billion.
Additional equity acquired amounted to P71.7 million while the corporation disbursed P30.5 million during the year in loans.
Of these disbursements, P10.2 million went to agribusiness and services projects, P16.6 million to property development projects, while P75.4 million went to manufacturing projects.
Further, the corporation has declared a dividend of P19.80 million to its shareholder for the year ended June 2007.
In that light, the corporation says it is ready to support expansion of [continue reading]
by Ntando Ncube Tuesday 11 December 2007
JOHANNESBURG – The Australian government is planning to set up two schools to cater for hundreds of thousands of Zimbabwean refugees living in Johannesburg, South Africa, ZimOnline has learnt.
The idea to set up the schools has the explicit backing of Methodist Church bishop Paul Verryn who has been at the forefront in looking after Zimbabwean refugees at his Central Methodist Church in Johannesburg.
A senior diplomat from the Australian embassy in Pretoria who requested anonymity confirmed the plans to set up the schools for exiled Zimbabwean refugees and asylum seekers.
“The situation in Zimbabwe is critical with hundreds of students leaving home to come here in South Africa where they are finding it difficult to access education opportunities.
“Given this crisis, our (Australian) government is planning to start [continue reading]
12 December, 2007
PARLIAMENT – The Minister of Lands and Housing Brigadier Dikgakgamatso Seretse has presented a bill that seeks to incorporate some land in the North East District into the Tati tribal land.
Presenting the Tribal Land (Amendment) Bill on Monday, Brig Seretse said the 1985 national policy on land tenure has provisions for the purchase of freehold farms to augment tribal land in smaller districts.
The lands and housing minister said the purpose of the bill is to incorporate the 14 farms in the North East District that have been bought from freehold farmers into the Tati tribal land. The government bought the farms for over P36 million.
The minister said in addition a Cabinet directive of June 1996 specified that such farms should be near the tribal district for which they are being purchased.
He explained that the North East District is one of the smallest districts in the country and that it needs more land for [continue reading]
12 December, 2007
BALI – Government is reluctant to allow Sasol, a South African petroleum company, to construct a carbon capture storage (CCS) plant in Botswana, In an interview at the ongoing United Nations climate change conference in Indonesia, senior officials, Steven Monna and Phetolo Phage said government is monitoring global developments regarding such storage plants.
Mr Monna is director of Environmental Affairs while Mr Phage heads the Meteorological Services department.
So far it would be too risky to embark on such a project before we know its pros and cons, what it if the gas eventually leaks from underground, and what happens to our water? Mr Monna asked rhetorically.
They [Sasol] have approached individual directors in the ministry of Wildlife Environment and Tourism, and we have emphasised that all stakeholders need to meet in one forum where this issue and its likely impacts would be discussed, noted Mr Phage.
Asked why Sasol would prefer Botswana for such a project [continue reading]
Eskom has warned of more power cuts over the festive season because of its dwindling supplies. On Friday, Eskom said it was using emergency resources to manage the tight system.
“Load shedding will take place at very short notice… if demand for electricity increases,” said a spokesperson. Compared to other electricity providers, which have a minimum of 15 percent reserve power for emergencies, Eskom has just 7 percent. Despite the prospect of consumers forking out more for electricity, there are few signs the situation will improve in the short term. The country’s power shortages have been the result of problems with Eskom’s generating plants, negative weather conditions, distribution network problems and voltage instability on the transmission network.
Sipho Neke, the Eskom spokesperson, said load shedding took place on a rotational basis, limited to two hours per area. Where possible, Eskom tried to avoid switching off power in areas with [continue reading]
by Thulani Munda
Wednesday 12 December 2007
HARARE – Zimbabwean authorities have temporarily stopped accepting local currency as payment for new passports, in a bizarre twist that virtually amounts to official admission that the country’s depreciating currency is no longer worth using.
Mid-year, Harare vigorously rejected proposals by some economic experts to adopt neighbouring South Africa’s more stable rand currency as the medium of exchange in order to deal with one of the world’s worst recessions.
But the adoption this week of the US dollar by the Registrar General’s (RG) office – which officials emphasised was only temporary and meant to raise foreign currency to import production materials – is probably the first indication that Zimbabwe’s rulers may also be losing heart with a currency that is losing value faster than any other on earth.
A senior official at the RG’s office in Harare told ZimOnline yesterday that the RG Tobaiwa Mudede had directed that with immediate effect adults applying for passports would pay US$220 while minors would be required to pay US$120.
The charges have the backing of [continue reading]
As Botswana grapples with privatisation and other reforms, one of the key challenges is to harmonise policy with law so that the two work in unison, the Chief Executive Officer of the Public Enterprises Evaluation and Privatisation Agency (PEEPA) Joshua Galeforolwe has said.
“This requires an urgent review of the institutional and legal environment to guarantee a smooth implementation of privatisation and related reforms. Corporate governance has also been a topical issue lately, and it would be remiss on our part if we failed to emphasise the need for a national corporate governance framework to entrench accountability in public enterprises,” he said.
Speaking at a Christmas party for PEEPA staff in Gaborone last Friday, Galeforolwe said his agency would look at [continue reading]