Archive for March 27th, 2008

source: BOPA
26 March, 2008

GABORONE – The Governor of Bank of Botswana, Mrs Linah Mohohlo, has criticised some local banks for not listing in the local stock exchange.

She said only four banks, First National Bank (FNB), Barclays Bank, National Development Bank and Standard Chartered, have listed on the domestic primary market.

If you do not participate in the primary market who should? Why this reluctance to contribute to the development of our capital market? she fumed at a ceremony marking the launch of government bonds.

Mrs Mohohlo threatened that in future she will not warn anybody because people should be responsible enough.

Some of you do not play your part as primary dealers. You should understand that being a [continue reading]

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source: BOPA
26 March, 2008

GABORONE – After eight years of broadcast, Btv is following in the footsteps of other international stations with its introduction of a live breakfast show.

The show, which is a news and entertainment program, will be broadcast live for one and a half hours from 6:00 am to 7:30 on Monday to Friday.

The breakfast show is called Dumela Botswana, and will provide news, business, sports and weather briefs as well as traffic updates, light entertainment and newspaper reviews.

The Director of Broadcasting Services Mr Bapasi Mphusu said the show will have live police traffic reports and weather forecasts as the major events, adding that more events would be introduced as the show grows.

The weather forecast will feature a detailed analysis of the daily weather across Botswana.

The traffic report on the other hand would inform viewers about general traffic conditions, locations and severity of traffic accidents, road construction detours in the cities of Gaborone and Francistown.

Mr Mphusu said the show will start on April 1, adding that Btv will [continue reading]

source: allAfrica
Business Day (Johannesburg)

27 March 2008
Posted to the web 27 March 2008

Dumisani Muleya
Johannesburg

ZIMBABWEAN President Robert Mugabe has put his security forces on alert ahead of elections on Saturday to quell the disturbances that are expected if he wins.

The move reveals anxiety within the corridors of power that there might be anti- government riots similar to those that rocked Kenya after that country’s disputed elections in December, if Mugabe and his ruling Zanu (PF) win.

Security sources said Zimbabwe’s military and police forces have been told to be ready to act after the poll results because the government fears there could be [continue reading]

source: News24
27/03/2008 13:15 – (SA)

Johannesburg – If Eskom’s bid for a 53% hike in tariffs is approved, the poor will be hit the hardest, said the Federation of Unions of SA (Fedusa) on Thursday.

“We are against the move as we feel the poor will be hit hardest by the hike. For instance, an average family who is currently paying R300 would pay R450, ” said Fedusa in a statement.

The federation said a funding model that would be conducive for SA as a developing country had to be negotiated. It called on government and labour to discuss the funding model.

“Workers and the poor must not be made to pay for the mistakes of the government’s bad planning [continue reading]

source: BOPA
26 March, 2008

PARIS – Members of the French Confederation of Business Enterprises have learnt of Botswanas economic and political management as well as corporate governance which provide a conducive environment for investment.

President Festus Mogae told French entrepreneurs during a breakfast meeting in Paris under the theme Investment Opportunities in Botswana, last Friday that the country has enjoyed good investment grade sovereign credit ratings by both Moodys Investors Service and Standard and Spoors since 2000.

He said Botswana was also highly rated in the easy corruption drive, has corporate tax of 25 per cent, with 15 per cent for manufacturing.

He also said special tax agreements for projects of major national importance could be negotiated.

President Mogae said business opportunities existed in practically all sectors of the economy, including services.

Our tourism offers [continue reading]

source: allAfrica
Business Day (Johannesburg)

27 March 2008
Posted to the web 27 March 2008

Linda Ensor And Mariam Isa
Johannesburg

RESERVE Bank Governor Tito Mboweni warned yesterday that soaring price pressures had spread beyond food and fuel, as official data showed SA’s main inflation rate surged to 9,4% last month, a five-year peak.

Markets moved to price in rising speculation that the Bank would hike interest rates at its policy meeting next month to fight the trend — but Mboweni was adamant that “I did not mean that”.

“If you look at the global and domestic situation, things are going to get more difficult before they get better, so we should just tighten our belts. I was not [continue reading]

source: BOPA
26 March, 2008

NEW DELHI – A Botswana delegation led by trade and industry minister, Mr Neo Moroka attended a two-day 4th Conclave on India-Africa Project Partnership in India last week.

The delegation included the Director of Industrial Affairs, Ms Violet Mosele, Local Enterprise Authority (LEA) representative, Mrs Margaret Atlhopheng and the officials of the Botswana High Commission in India.

The conclave, organised by the Confederation of Indian Industry and Exim Bank, created a platform for information, dialogue and understanding to build sustainable economic relations between India and Africa.

The conclave, which focused on four key points of agriculture, skills development, technology and energy, aimed at increasing interaction between the Indian industry and the African countries where opportunities exist.

It also geared at [continue reading]

source: BOPA
26 March, 2008

NEW DELHI- Minister of Trade and Industry, Mr Neo Moroka has challenged the private sector to stand up and be seen.

He said competition was inevitable in the globalisation era and therefore urged the private sector to prepare for competition.

Competition is coming and we have to gear up for it, Mr Moroka said in an interview at the end of the two-day 4th Conclave on India-Africa Project Partnership 2008 held in India last week.

Due to the fact that the private sector was the engine of economic growth, Mr Moroka said government should ensure that the sector had a favourable environment in which to grow and be a major player in economic activity.

Government can only hand hold the private sector for sometime until it comes of age, he added.

He said the private sector should emulate their Indian counterparts, who went all the way to [continue reading]

source: Mmegi

BRIAN BENZA
STAFF WRITER

A massive P74.9 million impairment charge. mainly to cover for losses in the Lobtrans saga, has dragged down Standard Chartered Botswana’s profits by 7 percent for the year ended 31 December 2007.

According to the company’s statement of results for the period under review, profits after tax went down from P257.9 million in 2006 to P239.3 million in 2007.

In an interview with Mmegi last week, on the sidelines of the launching of government’s P5billion bond, Stanchart boss David Cutting would not disclose to what extent the bank was exposed when transporter Lobtrans sank, admitting only that the fall in profit figures was mainly due to provisions made to cover for the losses.

“Although I cannot disclose to you the full amount we had [continue reading]

source: IOL
March 26 2008 at 03:27PM

Economic conditions will get tougher before they get better and further tightening of belts is needed, SA Reserve Bank Governor Tito Mboweni told Parliament on Wednesday.

“After we take out food and energy [of the inflation equation], inflation is trending higher, we have to tighten our belts,” he told Parliament’s finance committee.

Foreigners had withdrawn R35-billion worth of investments from SA between January and March 11 this year, he said, an indication of the “nervousness” in the global financial system.

Mboweni could not say if this was in any way due to the electricity crisis.

“Globally, people are depressed.”

Mboweni said it was critical to maintain the confidence of non-resident investors through prudent macro-economic policy. This would ensure they continued putting money into the [continue reading]

source: Mmegi

LEKOPANYE MOOKETSI
CORRESPONDENT

A University of Botswana (UB) economist, Dr Nathan Okurut has warned against borrowing money from the informal sector. Okurut was presenting a paper on credit and economy at the National Credit Convention whose theme was “an in-depth look into the environmental and economic factors affecting credit in Botswana.”

The convention was held at the Botswana Bureau of Standards last week.
The UB academic said when people have over borrowed money from the banks, they go to the informal sector where the interest rates are not controllable.

He said the informal traders charge as much interest rate as 20 percent with some charging upto[continue reading]

source: allAfrica
BuaNews (Tshwane)

26 March 2008
Posted to the web 26 March 2008

Nthambeleni Gabara And Michael Appel

The Expropriation Bill which has recently been passed in Parliament will advance land reform and replace the so-called unconstitutional Expropriation Act of 1975.

Public Works Minister Thoko Didiza, briefing the Public Works Portfolio Committee on Wednesday, said the 1975 Act is inconsistent with the current Constitution of South Africa in several key areas.

These areas include the recognition of rights of tenants and farm workers; the basis for payment of compensation and the rationale for expropriation, said the minister.

The recently endorsed Bill seeks to align the Expropriation Act with the [continue reading]

source: Mmegi

RYDER GABATHUSE
STAFF WRITER

FRANCISTOWN: Botswana Democratic Party (BDP) delegates will converge on Boipuso Hall for the proposed amendment to the party constitution tomorrow. The Special National Congress is a sequel to the Molepolole congress where party constitutional changes could not be debated because of lack of time. Amongst the proposed constitutional amendments include the powers and functions of the party president.

BDP executive secretary Dr Comma Serema said yesterday that the proposed amendments include a clause empowering the party president and reads in part:
“Notwithstanding any provisions of the BDP constitution, the president of the BDP may exercise summary disciplinary power against any member of which may result in verbal or written reprimand if he considers that to be in the best interest of the party.”

Although some people feared that giving the party president more powers could be dangerous, Serema treated the [continue reading]

source: SW Radio Africa

By Tichaona Sibanda
26 March 2008

The Tsvangirai MDC on Wednesday accused the ruling Zanu-PF party of embarking on a desperate attempt to manipulate Saturday’s vote by allegedly bribing polling officers and agents dotted across the country.

The MDC said it is aware of a slush fund running into trillions of dollars that will be used to bribe polling officers plus the polling agents of opposition parties.

‘As the people’s victory becomes imminent, the regime has gone desperate. Throughout the country, the winds of change are blowing fast. The MDC’s rolling juggernaut is unstoppable despite all attempts to steal the election once again,’ a statement from the MDC said.

It added that Zanu PF, stung by the mammoth crowds turning up at MDC rallies, has also lined up 100 of it’s supporters in every ward for multiple voting, after realising that the majority of Zimbabweans want to [continue reading]

source: allAfrica
Business Day (Johannesburg)

ANALYSIS
26 March 2008
Posted to the web 26 March 2008

Michael Bleby
Johannesburg

WHEN the world’s richest diamond mine starts reaching the end of its life, what do you do?

Obviously, you extend it. That is what Debswana is planning at its Jwaneng mine in southern Botswana, which produced 13,5-million carats of gem-quality stones last year.

The question is, “How?”

Debswana, a joint venture between the Botswana government and mining company De Beers, has a choice to make when the open-pit mine reaches the end of scheduled production in 2022.

By that stage, the pit will be 650m deep. The question is whether to widen a hole that is 2,4km long and 1,6km wide to permit digging lower as an open pit, or whether to begin an underground mining operation.

T he company has had to publicly change its mind on the issue. A document produced in October last year to commemorate 25 years of operations at the mine states that it would go underground.

But Jwaneng’s GM, Balisi Bonyongo, now says they are not [continue reading]