Archive for May 27th, 2009

source: Mmegi
Staff Writer

Buoyed by a quicker than expected recovery in the mining sector, resource stocks on the Botswana Stock Exchange are shining as investors take risks in the hope of significant gains.
As everywhere else, trading on the BSE had been subdued as economies and companies suffered from the effects of the global recession, but mining stocks have begun to show some recovery in the past few weeks.
Although it is too early to determine the sustainability of the recovery, investors are trickling back on to the market after being on the sidelines for some time.

Aviva was the biggest mover last week, up 42.9 percent to 100thebe. After succumbing to profit taking last week, African Copper rebounded to close the week at 121thebe in line with its movements on the London alternative exchange AIM of 10.84 pound sterling.

The company says the Toronto Stock Exchange has accepted its [continue reading]

source: Reuters
25 May 2009
Source: Reuters

OSLO, May 25 (Reuters) – Norway said on Monday it was renewing aid to Zimbabwe it cut off in 2000, despite worries about what it called “years of misrule, embezzlement and hyperinflation” under President Robert Mugabe.
The Norwegian government, one of the first to renew badly needed aid, said it would give 58 million crowns ($9.17 million) via non-governmental organisations, the World Bank and United Nations, avoiding the government financial system.
The money will be used mainly to boost health and education and support the new government of national unity, a statement said.
“Zimbabwe has stared down into the abyss, but is determined to climb out of it. If the new government proves capable of functioning, Zimbabwe could become an example of a country that has avoided becoming a failed state,” Minister of International Development Erik Solheim said.

“It is therefore important to support Prime Minister Morgan Tsvangirai and the new Unity Government to help the country rebuild,” he said. “If we fail to [continue reading]

source: Mmegi

At their best, the court rooms at the Maun Magistrate Courts resemble a hospital casualty ward with the accused persons nursing all sorts of injuries.

In some cases, the accused person would be nursing a broken limb while others would have bandages all over.

The accused people have been pointing fingers at the Maun police officers saying they are the ones who inflict such injuries on them. There was a case in court in April in which the accused persons had sustained visible injuries. One of the accused persons had his bandaged arm in a sling. The accused persons who were represented by the Maun based lawyer, Charles Tlagae, alleged that they were assaulted by the police. The accused persons were accused of having broken into a boutique in the Maun mall and stealing various items like watches and jewellery.
But what attracted everyone’s attention, including the magistrate, were the injuries [continue reading]

source: allAfrica

Maputo — Mozambique, Zimbabwe and Zambia have agreed that the three countries will jointly manage the natural resources in their cross border conservation areas.

The announcement was made in Maputo on Tuesday by Afonso Madope, of the Cross-border Conservation Areas Unit in the Mozambican Tourism Ministry. He was speaking to reporters shortly after the start of a meeting between the tourism authorities of the three countries.

“Our proposal is that the agreement be formalized in a period of not more than two months”, said Madope.

The preparation of this cross-border conservation area, to be known as ZIMOZA, has dragged on for more than seven years. The document before Tuesday’s meeting is the minutes of a meeting from 2002, and the idea of joint management was first raised by a Zimbabwean deputy minister in 1999.

After Tuesday’s meeting, the document from the tourism ministries must be submitted to [continue reading]

source: Mmegi

SELEBI PHIKWE: The Selebi-Phikwe Magistrates Court has come under heavy criticism for alleged corrupt practices.

According to an anonymous letter in this newspaper’s possession, the Chief Magistrate here Masilo Mathaga is “uncontrollable
“This organisation is totally uncontrollable, especially the Chief Magistrate, Mathaga,” the letter reads. “I believe he is a resident of Mmadinare and regard (sic) the town of Selebi-Phikwe as his town.”
The author alleges that cases involving the magistrate’s friends and his “homeboys” are given special treatment. Calling for the transfer of Magistrate Mathaga because he satisfies only his drinking companions, the writer alleges that it is not possible to win a case against someone from Mmadinare.

He alleges that the person in charge of the Civil Registry office, who is from Mmadinare, is always absent from work, but [continue reading]

source: Mmegi
Staff Writer

FRANCISTOWN: Beneficiaries are contributing to the slow take-off of the coupon system.

This was revealed by Francistown deputy mayor Lamodimo Dikomang when opening the full council session yesterday.

Even though a vast majority of beneficiaries have been captured the programme still faces a number of challenges, Dikomang told council. “Let me also mention that even though we have come up with the coupon system as a way of improving the lives of the needy we are still faced with quite a number of challenges,” she said.

She said that the challenges include beneficiaries who buy items not included in the beneficiary basket.

“Point of Sale (POS) devices do not adequately cover [continue reading]

source: News24

Johannesburg – The SABC has cancelled, for the second time, the broadcast of a documentary on political satire which was due to air on Tuesday evening.
The show was previously canned just before the elections last month and was due to be broadcast on Tuesday evening.
“Tonight’s episode of Special Assignment will not be aired owing to the fact that due process with regards to consultation has not been concluded,” said SABC spokesperson Kaizer Kganyago in a statement issued just over an hour before the show was due to be aired.
“Because of the problems encountered previously with this particular episode, the Acting GCEO Mr Gab Mampone in his capacity as Editor-in-Chief will need to make the final sign-off.”
Kganyago said the SABC apologised to the public for any inconvenience.

‘Rape of justice’ cartoon

The show includes material by [continue reading]

source: Mmegi

The expansion of the Jwaneng Mine pit, known as the Cut 8 Project, is expected to provide a shot in the arm for employment when more than 1 000 contractors for converge on the mining town.

The project involves the widening and deepening of the existing Jwaneng pit as a short-term alternative to going underground. According to information reaching Mmegi, the project will strip 713 million tonnes of waste to expose 75 million tonnes of ore and 95 million carats.

This will take place at the rate of 122 million tonnes of waste per year. Cut 8 will also increase pit depth to 650 metres, necessitating more mining equipment, employees and infrastructure. Widening the pit will result in mining out areas where mining is currently taking place and where plant infrastructure is situated. It will add seven [continue reading]

source: Telegraph
26 May 2009

South Africa entered its first recession since apartheid as the global crisis pounded demand for its main exports, leaving growth down 6.4pc in the first quarter, the government said on Tuesday.
The market had expected a drop but the showing was far worse than most forecasts, adding to pressure on new President Jacob Zuma, who took office just two weeks ago promising to create jobs and fight poverty.

“The world deteriorated beyond expectations … [As we are] very dependent on foreign trade there was no way we were going to escape from that,” said Johan Rossouw, chief economist at Vector Securities and Derivatives.
Seasonally adjusted real GDP for the first quarter of 2009 decreased by an annualised rate of 6.4pc compared with the fourth quarter of 2008, said the Statistics SA, the government’s compiler.

The economy had contracted by 1.8pc in the last [continue reading]