Archive for March 26th, 2008

source: Mmegi

What started as a signing of agreement between a group from De Beers and the government of Botswana in May 2006, last week culminated in the handing over of a building that will supply local downstream factories with rough stones in return creating 3,000 jobs for Batswana by next year.

The building, with its high quality machinery manufactured by De Beers’ in-house engineers, and not available in the open market yet, adds to President Festus Mogae’s legacy as he retires next week.

Minister of Minerals, Energy and Water Resources, Ponatshego Kedikilwe, officially received the key to the P471 million building on behalf of the government of Botswana. The key will, according to MG Gareth Penny of De Beers Group, serve as a ‘fly wheel’ to Botswana economy.

Chairman of De Beers, Nicky Oppenheimer, said at the handover ceremony that attracted the international media, that the [continue reading]

source: SW Radio Africa
By Lance Guma
25 March 2008

A campaign rally in Hwange provided the setting for Robert Mugabe to continue his war of words about the business community in the country. Faced with a collapsed economy and rising anger amongst the population Mugabe desperately sought to blame supermarkets and manufacturers for the high prices in the shops. Speaking to a small crowd Mugabe said his government wanted prices reduced to their February 12 levels, when teachers and other civil servants were awarded pay increases. The economy remains a key issue in the election and Mugabe’s disastrous policies have put him at a great disadvantage. Tuesday’s warning to the business community appeared to be an attempt to salvage votes ahead of Saturday’s election.

The Zanu PF leader has sought to sell the impression that private companies are trying to force him out of power by increasing prices and stirring up resentment. ‘We are going to read the riot act to them. We are meeting with them in [continue reading]

source: allAfrica
Business Daily (Nairobi)

25 March 2008
Posted to the web 25 March 2008

Dominique Patton

South Africa’s Standard Bank is launching a $1bn fund with China’s Industrial and Commercial Bank (ICBC) to invest in mining and other natural resources.

The fund will target projects in junior mining, energy and metals in Africa, China and other parts of the world, said the banks. ICBC, the biggest lender in China, recently bought a 20 per cent stake in Standard Bank and the new fund is a first step in a long-term collaboration between the two banks, said a statement.

Dirk Kotze, general manager of The Beijing Axis, a consultancy working with Chinese companies investing in Africa, said: “It’s a good link-up between the money and the people who need resources, and the people who know the country.”

China is seeking greater access to energy and metals overseas to fuel its [continue reading]

source: Mmegi


The Governor of Bank of Botswana, Linah Mohohlo, came out with guns blazing aimed at local primary dealers who do not participate in the development of the capital market.

“I am very disappointed that there are still primary dealers who do not participate in the primary capital market. This means that some of our counterparts are not delivering their bargain because as primary dealers, we have an obligation to develop a fully-fledged capital market,” says Mohohlo. She was speaking last week Tuesday at the BoB Auditorium during a ceremony marking the launch of government bonds issue. Government has issued up to P5 billion worth of bonds that will mature at different times. The issue of Treasury Bills and two new bonds comes after the maturity of BW002, issued in 2003.
“We should be seen to want to partake in anything that develops the capital market. There has to come a time that the [continue reading]

source: News24
25/03/2008 21:07 – (SA)

Cape Town – Minister for Public Enterprises Alec Erwin has promised that high penalty tariffs are to be charged for electricity consumption in excess of a quota limit with effect from July 1.

He told a questioner in the National Assembly in a written reply circulated on Tuesday: “Supply termination in cases of continuous excess consumption is being investigated.”

The proposals are part of a power conservation programme due to begin then, and the minerals and energy department is also looking at energy efficiency regulations, which will ban certain practices and enforce compulsory norms and standards. He did not explain what these [continue reading]

source: Mmegi

FRANCISTOWN: “Good things happen to those who wait” is a maxim that has been trumpeted by the far-sighted since time immemorial and on Wednesday, Barclays head of retail credit, Dineo Saleshando, did it again to an attentive audience at a hotel in Francistown.

Speaking at a seminar themed: “Financial Solutions for Business Success” to an audience made up of business people from the northern part of Botswana, Saleshando lamented the fact that Batswana have got a tendency of wanting to be seen driving Mercedes Benzes within a short period after starting their business. “They want to show off that they are successful when in actual fact their businesses are doing poorly,” she said.

Besides, Saleshando who lectured on the topic, “Cash Flow Management” at the half day seminar, there was also the [continue reading]