Archive for November 17th, 2009

source: Mmegi
By Business Reporter

Consumer inflation slowed slightly by 0.1 percent in October as food and non-alcoholic beverages costs decreased, the Central Statistics Office said on Friday.

The CSO said inflation slowed to 6.9 percent year-on-year in October compared with 7.0 percent in September. On a monthly basis, CPI stood at 0.1 percent, from 0.3 percent in September.The Bank of Botswana has forecast consumer inflation to stabilise inside its 3 to 6 percent target range in the medium term. The central bank left its main lending rate unchanged at 11 percent in October, citing upside risks to inflation outlook from rising international oil prices. The bank had cut its bank rate by a cumulative 200 basis points up [continue reading]

source: allAfrica
The Herald (Harare)
Published by the government of Zimbabwe
Hebert Zharare
16 November 2009

Rome — President Mugabe yesterday said the Government will not nationalise foreign-owned companies, but will insist on the 51 percent local ownership on all companies according to the country’s indegenisation laws.

The President, who is the Head of State and Government as well as Commander-in-Chief of the Zimbabwe Defence Forces, said this while addressing Italian business representatives at a luncheon hosted by Harare’s embassy here

“We have not nationalised companies. We have many companies that are in the mining, agro-industry and manufacturing sectors. We will not nationalise them because that has not been our policy. We have our indigenisation laws that say for all the companies, at least 51 percent of it must be locally owned.

“This is the law we should apply in respect of all the new investments in the country. We have never offended against this [continue reading]

source: allAfrica
Leadership (Abuja)
Abiodun Oluwarotimi
16 November 2009

New York — Journalists attending the United Nations-backed fourth World Electronic Media Forum (WEMF 4) have called for sustained and concrete global action to address the murder of journalists in peacetime and in war.

“Most journalists are killed not in war zones but in their own countries as they try to shine the light of the truth into the darkest recesses of their societies,” they said in a declaration adopted unanimously at the end of a two-day meeting in Mexico City.

More journalists have been killed in Mexico this year than in any other country in the Western hemisphere, many of them for reporting on drug trafficking and related corruption.

According to the International Press Institute (IPI), seven media professionals have [continue reading]

source: Mmegi
By Baboki Kayawe
Staff Writer

President Ian Khama’s State of the Nation Address has been received positively by a number of Gaborone residents.

Lesego Gaotlhobogwe, a tertiary education student said he is happy that Khama announced measures to be taken against crime. He hailed the private neighbourhood watch programme to be introduced next year, which the President said could create employment for the youth. “I would also like to commend the issue of investigations of instances in which security agents are reported to be harassing the public,” he said. Another Gaborone resident, Backie Lekunutu Rantshwaneng said that while the address had the interests of the people at heart ,through its emphasis on service delivery, the [continue reading]

source: Sunday Standard
by Sunday Standard Reporter
15.11.2009 12:36:31 P

Botswana faces a financial shock should South Africa go ahead with its planned review of what it terms “generous subsidies to neighbouring countries in the Southern African Customs Union (SACU). “

In his mini budget speech last week, South Africa’s Finance Minister Pravin Gordhan urged that the proposed revision of the formula be completed urgently. The move could see Botswana’s proceeds from SACU shrinking from P 9 billion to P200 million.

The situation may even be worse should South Africa carry out threats to pull out of SACU. SA’s relationship with Botswana, Swaziland and Lesotho has been especially tense ever since those three countries initialed an interim economic partnership agreement with the EU in July. Department of trade & industry officials have warned of consequences, including that SA might pull out of SACU altogether. The trade spat may [continue reading]

NDP 10 results oriented

source: BOPA
16 November, 2009

GABORONE – The 10th National Development Plan (NDP 10) will be implemented through an integrated result-based management approach so as to ascertain positive results, President Lt Gen. Seretse Khama Ian Khama has said.

President Khama said this would ensure that Vision 2016 goals are translated into practical expectations of what each organ of government is expected to deliver.

Some of the reforms under the new development plan include a strategic review of the mining sector whose action plan is now being implemented. Government, with the assistance of the Commonwealth secretariat is reviewing mineral legislation for coal, coal bed methane and radioactive minerals such as uranium, which along with such established commodities as copper-nickel, gold, semi-precious stones and soda ash have the potential to further diversify our minerals sector, Khama said during his [continue reading]

source: Mmegi
By Frederick Kebadiretse
Staff Writer

More than P180 million has been raised from the alcohol levy since its introduction in October last year.

The 30 percent levy was introduced as a presidential directive to curb alcohol abuse especially among the youth. In his State of the Nation address last Friday, President Ian Khama said steps taken last year to address alcohol abuse have started to yield some positive results with a significant reduction in excessive and irresponsible alcohol drinking.
He said the money raised through the levy would continue serving its intended purpose in programmes geared towards youth empowerment, education and [continue reading]

Tourists return to Zimbabwe

source: News24
2009-11-16 14:11

Johannesburg – Zimbabwe’s tourism chief says hotels have seen occupancy rates double in the past year as the country begins to enjoy the political and economic stability brought about by a unity government.

Emmanuel Fundira, president of the Zimbabwe Council of Tourism, said since a new government was formed in February, hotels had been about 60% full compared to 30% last year.

The country is rich in wildlife and natural attractions but tourism has suffered because of the country’s political and economic crisis.

Investors at a conference in Johannesburg were told how [continue reading]

source: BOPA
16 November, 2009

GABORONE – The President, Lt Gen. Seretse Khama Ian Khama has said challenges facing the energy sector called for the introduction of new strategies hence efforts to fast track a gas fired power station.

In his State-of-the-Nation address on Friday, President Khama said the project involved the development of an integrated 250 megawatts (MW) Open Cycle Gas Turbine and coal bed methane power plant fed by substations situated at Orapa for 90MW and the Mmashoro area for 160MW.

He explained that the manufacturing of two 45MW turbines was already in progress and it was hoped that the plant will begin to make a contribution by August 2010 using liquid fuels.

Gen. Khama said there were other long term measures to [continue reading]

source: Mmegi
By Monkagedi Gaotlhobogwe
Staff Writer

An expert on Friday warned that the banning of hunting in preference to photographic safaris could have a devastating effect on the environment and the wildlife it is expected to preserve.

Wildlife management expert, Dr Larry Patterson said on Friday that the photographic safari model has high financial rewards but studies have shown that it can cause serious environmental degradation. “Although most ecologists would claim to be educationally sophisticated and environmentally concerned, they rarely understand the ecological consequences of their visits and how their day-to-day activities have physical impacts on the environment,” he said at the Kalahari Conservation Society (KCS) annual fundraising dinner, attended by [continue reading]

source: Sunday Standard
by Sunday Standard Reporter
15.11.2009 12:24:08 P

De Beers, the world’s largest diamond miner “accepted an unsolicited offer” for US $ 49 million (about P 3 billion) for its controlling stake in AK6 proposed mine project near Letlhakane Village, the company said this week.

The company said in a statement it will effectively sell its interest in the diamond deposit to the Canadian mid-tier miner, Lucara Diamond Corporation—all in cash – if the deal is approved by the Department of Mines.
By Friday this week, the deal was almost complete save for the concession licence waiting to be transferred from Boteti to an entity representing the new partners.
“De Beers will sell its effective 70% share in the AK06 diamond deposit to Lucara Diamond Corporation, a Canadian junior diamond mining company, for US$ 49 million in cash. The sale, which is subject to a number of conditions, including the consent of the Government of Botswana, became an option once the global economic crisis constrained the project to a [continue reading]

source: BOPA
16 November, 2009

GABORONE – Botswana will continue to market its comparative advantage in pursuit of attracting foreign direct investment.

In his State-of-the-Nation address on Friday, the President, Lt Gen. Seretse Khama Ian Khama said existing and potential investors can be assured of governments commitment to an open society with an open economy, which encourages everyone with a positive contribution to do so.

President Khama said the comparative advantages are political and macro-economic stability with a record of economic growth based on prudent management, relatively educated adaptable workforce and a low rate of taxation when compared to many countries. Others are the absence of exchange controls, superior sovereign credit ratings and stable banking institutions that ensure adequate financial resources to cope with [continue reading]

source: Mmegi
By Baboki Kayawe
Staff Writer

Botswana’s electricity supply is to remain under stress until the completion of the fist leg of the Morupule Power Station due in 2012.

Morupule presently contributes only 120 Megawatts (MW) of the 500 MW electricity the country consumes, with 350 MW being sourced from South Africa. The electricity supply from the former will be reduced to 250 MW this December. The station is expected to boost the country’s electricity supply with 600MW of power in 2012,expected to double with the completion of the second phase whose date is not yet set.

“The provision of electricity will remain under stress until the ongoing Phase One expansion of Morupule Power Station is completed in 2012,” President Ian Khama said on [continue reading]