Archive for February 25th, 2008

source: BOPA
18 February, 2008
posted on the web: 25.02.2008

GABORONE – President Festus Mogae has already moved to his retirement home in Phakalane two months before his official retirement date.

The president will put the tools down end of March after 10 years of running the country.

The Press Secretary to the President, Dr Jeff Ramsay, confirmed to BOPA that Mr Mogae had moved most of his items to the retirement home situated in the up-market suburbs of Phakalane Golf Estate.

Dr Ramsay said that the president was spending most of his time at the multi million-Pula house.

He said the state house in the meantime was being refurbished for the next president. He said there were a number of defects at state house [continue reading]

Sebetela cheers Goya

source: Mmegi


PALAPYE: It is a cool evening on Saturday February 16 and my clock registers well after 11pm.

The results have just been announced with Moiseraele Master Goya declared the undisputable victor of the re-run of the Botswana Democratic Party (BDP) primaries in Palapye. He had previously won the first round of the primaries before the results were protested.

Despite a warning by the Selebi-Phikwe West MP, Kavis Kario that there should be no celebrations, ululations, dance and song have reached the highest point by now.

The second time loser, Professor Sheila Tlou has just made a speech accepting her loss. “The elections were free and fair and that is what we wanted under [continue reading]

source: Sunday Standard
by Sunday Standard Reporter
24.02.2008 12:22:39 P

Aviva Corporation Limited, the Australia, Botswana and London listed company, gave the markets the much needed cheery saying that its resources at Mmamantswe—near Mochudi—will produce over a billion tones of coal.

The move comes at a time when the southern African region is in dire need of energy to power its economies.
In a statement released to the Australian Stock Exchange recently, the resource find is based on the information compiled by an internationally acclaimed expert based in South Africa.

“The information relating to Mmamantswe resource estimate is based on information compiled by [continue reading]

source: Mmegi


Botswana’s business community has welcomed South Africa’s Finance Minister Trevor Manuel’s R60 billion state vote for Eskom’s R343 billion capital investments over the next five years.

Tebogo Rapitsenyane of BOCCIM says the move breathes confidence into the business community in Botswana as the country largely relies on Eskom for power supply. He was speaking to Business Week after watching Manuel’s presentation of South Africa’s R635 billion 2008/09 budget on television at that country’s High Commission in Gaborone on Wednesday.

However, BOCCIM’s PRO warned that Botswana should not relax but must continue to seek ways of generating its own power supply. “This assures us that at least Eskom will continue to supply us in accordance with what has been agreed,” he said, “but we must not relax because their budget shows that they have injected billions for the development of their economy, therefore their own demand for power is going to increase.”

The CEO of the Botswana Insurance Fund Management (Bifm), Victor Senye, welcomed the [continue reading]

source: IOL

February 24 2008 at 09:45AM

Motorists are facing a record petrol price shock with increases of R1 a litre in prospect within the next two months.

Economists have warned that motorists might have to cough up around R8,50 a litre by April, sparking fears that the country may not be far from paying R10 a litre for fuel.

Four years ago when fuel was hovering at R4 a litre, the Sunday Tribune reported that economists were warning of the R5 a litre barrier being breached because of rising oil prices.

In March 2005, the Tribune raised the likelihood of R7 a litre. Now R10 a litre is fast approaching.

Gloomy expectations of big cost rises ahead were echoed by [continue reading]

source: Mmegi


Despite marked increases in operational expenses, FNB Botswana still managed to rake in a profit of P167 million for the six-month period ended 31 December 2007.

According to the bank’s financial results released this week, FNBB incurred a 29.4 percent increase in operational expenses to P120 million, largely due to its expansion programme and process improvements.

“During the period under review, the bank continued with its expansion programmes, with the opening of two branches in Selibe-Phikwe and Serowe. This expansion, together with the introduction of a new treasury system, has impacted on costs, resulting in huge increases in operating expenses during the review period, CEO Danny Zandamela said. But he is confident that the bank will soon recoup the money it invested in expansion as this will open up new revenue streams and improved processes.

Overall, the bank performed well, with return on equity surging to 58 percent from 50 percent in the [continue reading]

source: Sunday Standard
by John Regonamanye
24.02.2008 12:38:30 P

The liquidation process of the Botswana Cooperative Bank is nearly complete and the final account, which has been prepared, will be published for inspection by interested parties as provided for in the Cooperative Societies Act, it emerged in parliament on Friday.

Trade and Industry minister, Neo Moroka, told parliament the liquidation report was not coming mainly because of several factors.

“Initially the borrowers were given the option to pay reduced payments for early settlement of their loans but chose to pay their loans, some if which were long term loans of up to ten years, in accordance with the terms of their respective loan agreements,” Moroka revealed.

As a result of this arrangement, he said, a total of P47 734 327 out of a balance of 53 504 000 as at the date of the liquidation will have been repaid based on [continue reading]

source: IOL
Edwin Naidu
February 24 2008 at 10:29AM

The individual tax burden on South Africans is likely to worsen as the new fuel and electricity levies erode personal income tax cuts.

Tax experts said Finance Minister Trevor Manuel gave with one hand and took with the other in his budget on Wednesday, with R7,2-billion in tax relief being cancelled out by additional taxes on fuel and electricity.

“There is no substantial change in the circumstances of individual taxpayers from a year ago,” said Robin Beale, a Johannesburg tax expert with PFK International.

Beale said once tax deductions were accounted for, people were left with little disposable income.

Municipal rates, road tolls, car and driving licence fees and stamp duty were some of [continue reading]

source: Mmegi


Ten years ago, South Africa’s President Thabo Mbeki attracted the world’s attention when he announced the arrival of the African Renaissance. But when the much-heralded renaissance actually arrived in Zimbabwe two years later, in February 2000, and threatened the power of Zanu-PF, South Africa’s leaders took fright and became paralysed as President Robert Mugabe set out to extinguish by force the nascent Renaissance.

This paralysis eventually acquired a name: it became known as South Africa’s “quiet diplomacy”. Meanwhile, Mugabe went about systematically terrorising the supporters of the opposition, the agents of the African Renaissance and wrecked his country’s economy, with predictable results. A quarter of Zimbabwe’s people fled to neighbouring countries, that is, Zambia, Malawi, Mozambique, Botswana, but especially to its bigger and richer neighbour, South Africa.

The South African government estimates that between two and three-million Zimbabweans now live in SA, mainly as [continue reading]

source: SW Radio Africa
By Lance Guma
23 February 2008.

Over 1200 Zimbabwean protesters based in South Africa swamped the Beitbridge border post Saturday to demonstrate against Robert Mugabe’s birthday celebrations on the other side of the border. Owing to massive food shortages in the country Mugabe is said to have chosen Beitbridge as the ideal location in order to facilitate the easy purchase and transport of food from neighbouring Musina in South Africa. Various exile groups however came together and organized a protest to counter this birthday bash.

Over 30 police officers were called in to manage trucks and buses that had formed a 2-kilometre queue to cross the border while the protesters positioned themselves just meters from the customs office. MDC Treasurer General Roy Bennet who is based in South Africa addressed the crowd in the native Shona language. Speaking to Newsreel later in the day Bennet said they had [continue reading]