Archive for January 28th, 2010
Standard Bank has reinforced its credentials in providing project finance to African power plant projects winning another award for its role in Morupule B Power Station, named as ‘African Power Deal of the Year’ by Project Finance International (PFI).
PFI is the leading source of global project finance intelligence. It is published every two weeks, PFI reports on the entire lifecycles of deals, from the initial rumours through to post-completion analysis. Morupule B was the first major transaction involving Standard Bank and Industrial and Commercial Bank of China(ICBC) since the Chinese bank took a 20 per cent stake in Standard Bank in February 2008. This transaction demonstrates the benefits of the Standard Bank and ICBC partnership to African companies looking for financing and to the local communities whose quality of life is enhanced through increased expenditure on essential power and infrastructure projects.
Commenting, Rob Walker, Director, Investment Banking Coverage Africa, Standard Bank, said: “Standard Bank is delighted to win another award for our role in [continue reading]
27 January 2010
The Reserve Bank’s Monetary Policy Committee (MPC) has decided to keep the repo rate unchanged at 7%.
“The MPC noted that inflation is likely to remain close to the upper end of the target range over the forecast period, and is of the view that the risks to this outlook are fairly evenly balanced.
“Electricity price increases pose the biggest upside risk, counteracted by the weak state of domestic demand. Against this background the MPC has decided to keep the repurchase rate unchanged at 7% per annum,” said Reserve Bank Governor Gill Marcus on Tuesday, following the bank’s first meeting this year.
Electricity price concern
Marcus said electricity price hikes remained the single biggest risk to the inflation outlook: “We are extremely concerned about the impact,” she said.
Domestic consumption expenditure, she said, remained under stress, and that there were no perceived risks to the inflation outlook from this source.
However, she added that CPI inflation was expected to increase above the target range in the next three months due to [continue reading]
28 January, 2010
GABORONE – Government will make sure that only deserving companies benefit from the envisaged stimulus package for the ailing textile industry.
It cannot be ruled out that some companies may obtain assistance by false pretences and if found out, they will be dealt with accordingly, warned Deputy Permanent Secretary in the Ministry of Trade and Industry, Mr Boniface Mphetlhe.
The bail out plan is aimed at helping companies survive the ravages of the global economic meltdown as well as mitigating job losses in the textile sector.
According to Mr Mphetlhe, the ministry was still working on finalising the details of the bail out plan and will be communicated to the industry in due course.
Government is not necessarily forced to bail out the companies, but the assistance is intended to [continue reading]
28 January, 2010
Gaborone – Botswana and China have enjoyed increased trade volumes amounting to over one billion Pula (US$200 million) in 2009 although both were negatively affected by the global financial crisis.
The Chinese Ambassador, Mr Liu Haunxing revealed this during the 35th anniversary celebrations of the establishment of diplomatic relations between China and Botswana.
Mr Huanxing said trade and technical cooperation boosted the two countries bilateral relations. He stated that the Chinese government had been providing economic assistance to Botswana such as grants, interest free loans and low interest loans, with which 28 projects were to date completed.
Mr Huanxing stated that the Chinese government attached great importance to technical exchange and transfer with Botswana.
Therefore, three Chinese agricultural experts were helping Botswana in agricultural policy making and [continue reading]
source: The Botswana Gazette
Written by AUBREY LUTE
Wednesday, 27 January 2010 13:58
As Attorney General explains the customary law
The Commissioner of Police, Mr Thebeyame Tsimako has informed the Attorney General’s Office that they are investigating a number of cases that have been reported to Police relating to flogging of persons in the Kgatleng District. He has told the AG that they are ready to hand over at least two dockets to the Directorate of Public Prosecutions (DPP) to consider whether charges should be laid against the suspects.
The Attorney General, Dr Athaliah Molokomme has said she find it appropriate, in the light of recent developments in the Kgatleng District, the ensuing public debates on the issue, and following enquiries, to inform the public on the legal position with respect to [continue reading]
Botswana Stock Exchange (BSE)-listed African Copper has moved to implement a number of strategies that will increase production at its flagship Mowana mine, near Francistown.
In a statement , African Copper said that it will install a mobile crushing unit and amend the Environmental Management Plan (EMP) at its Mowana mine to remove bottlenecks hampering the ramp-up to full capacity.
African Copper reopened Mowana mine in August last year after being bailed out by Zambia Copper Investments. Since then the company has reached “encouraging” levels of production in October and November, but lower plant availability impacted on output in December and January.
Jordan Soko, Executive Director of the Company, said:”Starting in late August 2009 we have successfully reinstated production, reaching encouraging levels in [continue reading]
27 January 2010
A fuel task team is working on plans to ensure there is enough petrol, diesel and jet fuel to get millions of spectators to all the World Cup games, the SA Petroleum Industry Association (Sapia) said on Tuesday.
“… From a fuel supply perspective, this will be a major logistical exercise, the likes of which we may never see again,” Sapia’s incoming chairperson Maurice Radebe said in a statement.
He said visitors and teams would start arriving in the country two to three weeks before the 40-day tournament and many would stay on afterwards for a holiday in the country.
Radebe has given the assurance the petroleum industry will be ready to meet the spike in demand. To this end, Sapia, Transnet,the Airports Company South Africa and the energy department, among others, were co-operating.
“Stock levels are the key. Refineries will be producing at top capacity ahead of and during the event and import, distribution and storage facilities will all be optimally utilised.
“We will be ready to meet the needs of transport operators, airlines, tourist destinations, industry and commerce in the run up to the Fifa World Cup™ and beyond when South Africa will be showcased to [continue reading]