Archive for November 16th, 2007

It is Mogae`s call

source: Mmegi

Although Palapye MP, Boyce Sebetela and Kgalagadi North MP, Obakeng Moumakwa will have resigned their seats by November 30, creating vacancies in the two constituencies, nobody knows when the by-elections in the respective constituencies will be held.

Political parties and the Independent Electoral Commission will have to wait and strain their ears in the hope that Mogae will call the by-election before he leaves office in March 2008.

Barulaganye Machacha, the Chief Elections Administrator at IEC, says that only the President is empowered to call a parliamentary by-election. Asked whether the law prescribes a time period within which a by-election should be held once a vacancy arises, she said there is no provision in the Act.

“For the purpose of a general election to [continue reading]

source: Financial Gazette
Staff Reporter

OCTOBER inflation data, expected out today, could show a figure above the 10 000 percent for the first time, economists said.

A Financial Gazette poll of five leading economists and analysts returned an average forecast of 10 210 percent, which would be another record for Zimbabwe’s inflation, already the highest in the world.
The forecast is in fact tempered by a single conservative forecast of 9 201 percent, a sign most see as the biggest yet jump in annual figures.
Inflation rose 1 389.3 percentage points year-on-year in September to 7 982.1 percent, underlining the failure of a damaging state crackdown on business intended to slow inflation.
On a monthly basis, inflation surged 26.9 percentage points to 38.7 percent, reversing a slowdown recorded in August to 11.8 percent. But economists see month-on-month inflation rising back above the [continue reading]

source: allAfrica
Business Daily (Nairobi)

15 November 2007
Posted to the web 15 November 2007

Steve Mbogo

Capital markets in Africa are set to grow faster next year buoyed by new listings and growing interest from foreign investors.

The markets are expected to harness more than the Sh700 billion, which was invested in sub-Saharan African capital markets last year, according to research done by African Development Bank official, Ada Osakwe.

For the growth to be accelerated, however, market players who met in Ghana by the end of October for the 11th Africa Stock Exchanges Association Conference, say more needs to be done, including pension funds playing an institutional investors role in the continent.

Creating a strong Africa domiciled investment banking industry is another essential factor to ensure capital market rewards stay in Africa. The bond market is seen growing as more countries acquire sovereign credit ratings and float debt instruments.

Eighteen countries across the continent have got a [continue reading]

source: Mmegi

With recruitment adverts for its CEO currently running, the establishment of the Non-Bank Financial Institutions Regulatory Authority to keep an eye on the operations of the multi-billion pula non-banking sector (NBFIRA) is underway.

The authority, which will be partly modelled on the Financial Services Board (FSB) of South Africa, will regulate monetary institutions other than banks, key among which are asset managers and micro lenders, which are not regulated by the central bank or treasury. Some of the other institutions the regulator will keep a check on are pension and provident fund administrators, custodians, investment advisors and security dealers.

A board has been appointed ahead of the [continue reading]

source: IOL
November 15 2007 at 11:43PM

Eskom’s intention to seek an 18-percent tariff hike next year has been condemned by business and labour.

On Thursday, Business Unity South Africa (Busa), the Congress of South African Trade Unions (Cosatu) and the Young Communist League (YCL) condemned the parastatal’s intended increase in electricity prices next month.

Eskom chief executive Jacob Maroga said on Wednesday he expected South Africa’s national energy regulator to approve the rise in power prices.

“There has been a process with the regulator and we have a sense that they believe the case for an increase is clear,” Maroga was quoted as saying.

He said the price rise was necessary to fund investment in much-needed new capacity.

However, Busa said should the price increase, this would [continue reading]

source: SW Radio Africa
By Tichaona Sibanda
15 November 2007

South African President Thabo Mbeki on Wednesday gave a hint there could be political and electoral reforms in line with the SADC election guidelines, before next year’s general elections in Zimbabwe.

He was responding to a question raised in parliament in South Africa.
In a written reply to a question by Cheryllyn Dudley, MP and chief whip of the African Christian Democratic party, Mbeki disclosed that negotiators were crafting the conditions necessary for holding free and fair elections, by drawing guidance from the SADC guidelines governing

‘These principles, among others, advocate for the adherence to principles such as full participation of the citizens in the political process, freedom of association, political tolerance, equal opportunity for all political parties to access the state media and equal opportunity to exercise the right to vote and be voted for,’ Mbeki said.
Cheryllyn Dudley told Newsreel on Thursday that Mbeki’s pronouncement on next year’s polls was significant because it would force the [continue reading]