Govt rejects De Beers` retention licence application

24 September, 2008 in Botswana, Business

source: Mmegi
WANETSHA MOSINYI
Staff Writer

The Botswana Government has rejected De Beers’s application for a retention licence in the proposed AK 6 diamond project developed by Boteti Exploration, a joint-venture company between BSE-listed African Diamonds and De Beers, Business Today has been reliably informed.

But in an unexpected move, the government has agreed that diamonds from AK 6 will be marketed through the Diamond Trading Company Botswana (DTC Botswana) along with other Debswana production. The government had initially preferred auctioning on the open market.

African Diamonds confirmed yesterday that the Director of Mines had informed the parties that the retention licence applied for by De Beers had not succeeded.

The company’s Chairman, John Teeling, said in a statement e-mailed to Business Today that the Director of Mines had informed them that [continue reading]

Identity theft rocks Botswana insurance industry

24 September, 2008 in Botswana, Business

source: Standay Standard
by REUBEN PITSE
21.09.2008 6:31:23 P

Hundreds of Batswana are feared to have had their money fraudulently siphoned from their bank accounts in an insurance identity theft scam.

Sunday Standard investigations have already turned up names of 14 Princess Marina medical doctors whose money was fraudulently deducted from their salaries in the insurance identity theft.

The Sunday Standard investigations revealed that scores of government officials from the human resources departments at various ministries are conniving with sales representatives from insurances companies to steal personal information of civil servants and use it in fraudulent insurance transactions.

Investigations reveal that personal information is stolen from civil servants’ files and passed on [continue reading]

South Africa: Parties Welcome ANC`s Choice

24 September, 2008 in South Africa

source: allAfrica
Business Day (Johannesburg)
23 September 2008
Posted to the web 23 September 2008
Sibongakonke Shoba
Johannesburg

OPPOSITION political parties and analysts say African National Congress (ANC) deputy president Kgalema Motlanthe is the best choice to replace President Thabo Mbeki.

United Democratic Movement leader Bantu Holomisa said Motlanthe’s appointment would make sense as he was the most senior ANC member of the cabinet.

“His profile is far better than that of Madam Speaker Baleka Mbete,” said Holomisa.

Many political commentators had tipped Mbete to take over from Mbeki who was recalled over the weekend.

Holomisa said Mbete’s image was tainted as she had been controversial over the years.

“She was in the forefront marching, accompanying (former ANC chief whip) Tony Yengeni to jail. She was also part of the campaign to say the charges [continue reading]

Govt Throttles Tipplers With 30% Levy

24 September, 2008 in Botswana, Business

source: Mmegi
By Monkagedi Gaotlhobogwe
Staff Writer

After suspending implementation of the controversial 70 percent levy on alcohol for consultations with BOCCIM and other stakeholders, the government announced the imposition of a reduced levy of 30 percent last Friday.

The levy and “stern” measures accompanying it will go into effect on October 1.
This is inspite warnings that a levy would leave over 45 000 people in the alcohol value chain in the lurch, lead to the possible closure of Kgalagadi Breweries and spur inflation.
The levy comes with a warning that if alcohol consumption does not decline in six months, sterner measures will be considered. “If there is no visible improvement, government will consider introducing additional measures, including the possibility of increasing the levy,” says a statement from the Ministry of Trade and Industry.
Although the government says the 30 percent levy is in accordance with BOCCIM’s advice, the biggest organisation of businesses in the country has demurred the claim, saying its expectations were far different.

“We receive the announcement with reservations,” says Maria Machailo-Ellis, the body’s CEO. “It could have been better. We feel that we [continue reading]

Economic slow-down likely to hurt diamond exports

24 September, 2008 in Botswana, Business

source: Standay Standard
by Sunday Standard Reporter
21.09.2008 6:12:20 P

Analysts praised government decision to lower fuel prices Friday but warned that the global economic slow-down that has been pinning crude priced down might have a more negative impact on the country’s diamond driven economy.
A statement released by the Ministry of Minerals, Energy and Water Affair Thursday said that petrol prices will go down by 100 thebe, diesel by 150 thebe and paraffin at 100 thebe.

The move was prompted by the drastic decrease in the international crude oil prices which reached US $ 147 per barrel in the second half of the year but was at US $ 96 per barrel by the beginning of this week.

“I think there is still room for the prices to come down but the biggest worry is the economic slow-down in the USA, Europe and Asia. That is likely to affect the prices of our minerals,” head of [continue reading]

South Africa: 14 Cabinet members resign

24 September, 2008 in Africa

source: SouthAfrica.info
23 September 2008

The Presidency confirmed on Tuesday that it had received letters of resignation from 10 of South Africa’s Cabinet ministers, three deputy ministers and Deputy President Phumzile Mlambo-Ngcuka.

The resignations will take effect on Thursday, along with that of outgoing President Thabo Mbeki, whose resignation was accepted by a majority vote in the National Assembly in Cape Town on Tuesday morning.

Mbeki formally resigned as President of South Africa on Sunday after being asked to do so by the national executive committee of the ruling African National Congress (ANC).

The following Cabinet members have resigned:

* Deputy President Phumzile Mlambo-Ngcuka
* Defence Minister Mosiuoa Lekota
* Finance Minister Trevor Manuel
* Minister in the Presidency Essop Pahad
* Intelligence Minister Ronnie Kasrils
* Correctional Services Minister Ngconde Balfour
* Public Enterprises Minister Alec Erwin
* Science and Technology Minister Mosibudi Mangena
* Public Works Minister Thoko Didiza
* Provincial and Local Government Minister Sydney Mufamadi
* Public Service and Administration Minister Geraldine Fraser-Moleketi
* Deputy Foreign Minister Aziz Pahad
* Deputy Finance Minister Jabu Moleketi
* Deputy Correctional Services Minister Loretta Jacobus

The Presidency said in a

Poor Food Supplies Prompt Govt To Sell Farms

24 September, 2008 in Botswana, Business

source: Mmegi
By Monkagedi Gaotlhobogwe
Staff Writer

The government has put 16 of its farms up for sale to give Batswana a rare chance to own farms. The sale began last Friday.

This is the first time that government-owned farms have been put up for sale to the public. Ministry officials have told Monitor that more will be made available if and when possible in future.

All the 16 farms are to be used exclusively for agricultural purposes, either arable or livestock farming.

The 16 farms were previously used by the government for quarantining animals, research and artificial insemination.

The Principal Scientific Officer (responsible for) Small Stock, Setshwane Kgetse, says the historic development comes at a time when Government is [continue reading]

Citizen companies to benefit from Debswana`s privatization outsourcing program

24 September, 2008 in Botswana, Business

source: Standay Standard
by Godfrey Ganetsang
21.09.2008 6:18:47 P

Former employees and citizen owned companies stand to benefit immensely as the Debswana unveils its privatization and outsourcing program.

This emerged last week when Debswana Orapa and Letlhakane Mines General Manager Seb Sebetlela, together with his management team, engaged stakeholders and civic and community leaders in a breakfast meeting to update them on the latest developments at the corporation, especially the privatization and outsourcing program.

Services Manager Mbaakanyi David explained that the outsourcing and privatization policy is borne out of a desire to contain costs and improve process performance and efficiencies through a sustainable focus on business imperatives.

“The outsourcing and privatization program aims at focusing the [continue reading]

South Africa: Financial Markets Take a Tumble on Cabinet Exodus

24 September, 2008 in South Africa

source: allAfrica
Business Day (Johannesburg)
23 September 2008
Posted to the web 23 September 2008

Renée Bonorchis and Mariam Isa
Johannesburg

SOUTH African financial markets, usually impervious to local politics, are plummeting after hearing about the resignation of Finance Minister Trevor Manuel and several cabinet minsters.

Just after noon, when the news hit the wires, the rand dropped 2,8% against the dollar, the bond market weakened sharply and the JSE all share’s index went into a free fall, losing 2,3% of its value in just half an hour.

Market experts were taken aback by the news and were scrambling to clarify the reports. If he’s not going to stay, then he should manage the exit,” Jeremy Gardiner, a director at Investec Asset Management said.

“But there’s a lot of depth in Treasury, I’ve no doubt there’s lots of guys who could do the job.”

Thoraya Pandy, spokesperson for National Treasury said to Bloomberg that Manuel would “assist the new administration” and that he [continue reading]