Archive for July 16th, 2008

source: Mmegi
Staff Writer

Total deposits held by commercial banks closed the month of April 2008 at P33 billion, representing a 22 percent increase from P27 billion last year, which could be a signal of improved confidence in the financial services sector as the economy grows.

According to a Bank of Botswana (BoB) financial statistics report for the month of May 2008, total deposits held by commercial banks increased by 1.39 billion from 31.6 billion in March due mainly to increases of P425.4 million (197.9 percent), P226.2 million (44.2 percent), P511.6 million (23.5 percent), P206.5 million (1.0 percent) and P89.6 million (21.3 percent) in deposits held by the central government, local government, parastatals, resident businesses and non-resident businesses respectively.

The deposits statistics, which were sitting at a mere P5 billion 10 years ago, show that holdings of deposits by the household sector fell by P66.3 million (1.0 percent). The share of resident business deposits and household deposits to total deposits fell from 68.5 percent and 21.0 percent in March to 66.2 percent and 19.9 percent in April respectively.
“By account type, Current, Call, Savings, 88-Day Notice and Fixed Over 12-months deposits rose by [continue reading]

source: SW Radio Africa
By Tichaona Sibanda
15 July 2008

Talks to find a lasting solution to the country’s political and economic crisis may soon be entering a critical phase, once all parties agree on a draft text before commencing negotiations for a power sharing deal.
The memorandum of understanding document that the three negotiating parties worked on during the two days of consultations in Pretoria, calls for electoral reforms that will lead to the adoption of a new constitution. The draft also proposes a power sharing deal, leading to new elections within 24 months, under a people driven constitution.

Political analyst Glen Mpani said it was now clear the only way out of the crisis was a power sharing deal between the two MDC’s and Zanu-PF. Nqobizitha Mlilo, regional officer for the Tsvangirai MDC, said consultations within party structures should be complete by the end of this week. Welshman Ncube, secretary-general of the Mutambara MDC, said they were also still busy working on the draft.

The contents of the draft document have remained a closely guarded secret, but Newsreel understands it lays the groundwork for a prescribed period to negotiate an inclusive government. There would be a provision for a Prime Minister in the new government and a ceremonial president, according to a highly placed source.

‘The negotiations will deal with all the important details ranging from constitutional reforms to [continue reading]

Edwin Tshivhidzo
15 July 2008

A South African delegation that includes officials from the Department of Trade and Industry and the International Marketing Council will leave on a mission to the United States next week, in an attempt to secure increased foreign investment.

The mission, to be led by Trade and Industry deputy director-general Iqbal Sharma, will reach out to small, medium and micro sized US enterprises wishing to expand in South Africa, give support to existing bilateral activities and to strengthen the relationship between the two countries in general.

Addressing the media in Pretoria on this week, Sharma said emphasis would be placed on attracting investments in the agro-processing, energy and manufacturing sectors in Minnesota and Florida.

“The US is South Africa’s largest trade partner and we hope to take advantage of opportunities in there,” Sharma said ahead of the mission, which departs on 21 July.
African growth and opportunity

Already US companies in South Africa are benefiting from the African Growth and Opportunities Act (AGOA) which allow [continue reading]

source: Mmegi
Staff Writer

Spirited comebacks by financial counters saw the mainstream Domestic Companies Index (DCI) continue with its winning streak by adding a further 0.2 percent last week, further signaling the end of the bear run.

Although last week’s biggest gainer turned out to be property concern Turnstar as it recovered from a steep slump, star performances by financial counters ABC and Barclays carried the benchmark index to 7,205.07 points as buying orders started to improve on renewed investor confidence.

But during the week, the FCI and the ACI lost 0.03 percent and 0.02 percent each to close the week at 2,591.99 points and 2,755.24 points respectively.

“We expect the DCI recovery to continue in the coming weeks as more investors return on the market to take advantage of the current dip in most stocks,” says a report by Motswedi Securities.

“During the week, gains were recorded in [continue reading]

source: IOL
Maureen Marud
July 15 2008 at 12:15PM

The Fuel Retailers’ Association is drumming up support among its members to lobby the government to put pressure on oil companies to close service stations at night.

Soaring fuel costs and low gross income margins for service station owners are behind association chief executive officer Peter Morgan’s efforts to garner unanimous support for closing garages at night.

“I have to get unanimous support from service station owners before the government will put pressure on the oil companies to close service stations at night,” Morgan said from Johannesburg.

He added that contracts with oil companies stipulated that garages would be open night and day.

“Service stations are a 24/7, 365-days-a-year business. We have to pay cash when we buy from the [continue reading]