Archive for August 28th, 2009

source: Mmegi
Staff Writer

Unless former presidents Sir Ketumile Masire and Festus Mogae pull off a sensational last minute deal in the impasse between the two factions in the ruling party, all indications are that the feuding will end in court.

However, there are complications in the impending court action because one of the respondents – the main one – happens to be President Ian Khama. There is talk that the case will die at the High Court even before it gets to the merits stage because Section 41 of the constitution protects Khama from prosecution. Indeed the Khama camp does not make secret of the fact that the case might not go far because of this protection.

They hope to use Section 41 as the grenade that will [continue reading]

source: SW Radio Africa
By Violet Gonda
26 August 2009

Jacob Zuma makes his first visit to Zimbabwe as South African President on Thursday, to meet with the partners in inclusive government. The outgoing SADC chair is expected to hold separate meetings with the three principals and then attend a banquet at State House late Thursday. Zuma is also in the country to open the Harare Agricultural Show on Friday.

The South African President’s visit follows concerns raised by Prime Minister Morgan Tsvangirai about the slow pace of reforms and delays in implementing the Global Political Agreement by ZANU PF, especially over the issue of the appointment of the Reserve Bank Governor and the Attorney General.

Government sources said the South African President is going to hold his first meeting with Deputy Prime Minister Arthur Mutambara, to see if there is corroboration on the ‘complaints’ made by Tsvangirai. The Prime Minister’s spokesperson, James Maridadi, said Zuma was expected to meet Tsvangirai at 7:30pm and then hold a meeting with all the principals after the separate meeting.

However other sources said Zuma will only decide if there is a [continue reading]

source: Mmegi
Staff writer

Following the decline in the annual inflation rate to 6 percent last month, the Bank of Botswana on Tuesday announced a further slashing of interest rates, a development widely seen a boon for borrowers.

BoB said in a statement that the Monetary Policy Committee (MPC) had decided to cut the bank rate by a further 0.5 percentage points from 11.5 percent to 11 percent, the fifth time the central bank has cut interest rates since December 2008.

The Central Statistics Office (CSO) recently announced that annual inflation for the month of July fell to 6 percent from 7 percent, which is within the upper end of BoB’s medium-term inflation objective of 3 to 6 percent.

“At (a) meeting held today (Tuesday), the Bank decided to [continue reading]

source: Fin24
2009/08/27 05:43:00 PM

Cape Town – The “shocking” R9.7bn loss posted by Eskom this week was the result of years of bad management, the Cape Chamber of Commerce said on Thursday.

In the five years before the blackouts started, Eskom made a profit of R33.5bn, said chamber director Albert Schuitmaker.

Most of that money had gone to the government in taxes and dividends instead of being used to improve maintenance, train staff and preserve coal stocks.

Now the picture was one of declining reserve margins of electricity, while stocks of coal were run down to the point where the country had been plunged into darkness.

“Eskom produced some great balance sheets, but it is now clear that they concealed more than they revealed,” he said.

Some people were trying to blame the National Energy Regulator of South Africa (Nersa) for [continue reading]