Friday 18 August 2017
(Reuters (Eng) 08/17/17)
Gem Diamonds Ltd reported a 14 drop in half-year revenue, hurt by lower production and a decline in average diamond prices, and said it received an acquisition offer for its mine in Botswana. The company, which mines diamonds from the Letseng mine in Lesotho, said on Thursday its revenue fell to $93 million for the six months to June 30, from $109 million a year earlier. The average price per carat fell to $1,779 for the period, from $1,899 in the same period last year, while carats recovered fell 12 percent to 50,478, Gem Diamonds said. Weaker demand from China and the United States has hurt diamond prices, while India's surprise move to abolish high-value...
(MmegiOnline 08/17/17)
With the local commercial property market coming under pressure, RDC Properties says it is aggressively pursuing regional diversification with Namibia, South Africa and Mozambique soon to be added to their portfolio. Announcing results for the half-year ended June 30, 2017 in Gaborone yesterday, RDC executive chairman Guido Giachetti said the local property market is going through challenging times but the downturn was plugged by good performance in the properties in the tourism industry. This resulted in an increase in profit and rental income with focus now placed on growing its residential property portfolio as well as new acquisitions in the region. “Profit from operations increased by six percent to P31.4 million with rental income up five percent to P43.9 million...
(Xinhuanet 08/09/17)
The United States Trade Representative (USTR) on Wednesday affirmed the commitment of his country to Africa and saw "great potential to grow and deepen trade relationship." Robert E. Lighthizer expressed this in opening speech of the ministerial plenary as part of the 16th Forum of the Africa Growth and Opportunity Act (AGOA), on Wednesday here in Togolese capital Lome. "The United States is committed to Africa. We see great potential to grow and deepen our trade relationship, with the goal...
(APA 08/08/17)
De Beers Group of Companies has put measures in place to ensure that mining towns in Botswana do not turn into ghost towns following depletion of diamonds, APA learnt here Tuesday. The diamond mining towns are Letlhakane, Orapa mines in central part of the country and Jwaneng mine is southern Botswana. Debswana managing director Balisi Bonyongo told journalists here on Tuesday that through an Enterprise Development Programme, dubbed Tokafala, small mining companies will be supported through business mentoring, advisory support...
(Xinhuanet 08/03/17)
Trade between China and Africa reached 85.3 billion U.S. dollars in H1, surging 19 percent year on year as the two sides strengthened cooperation in a wide range of areas, official data showed Thursday. The data reversed the negative growth trend since 2015, according to Gao Feng, spokesperson with the Ministry of Commerce. During January-June, Chinese imports from Africa, including minerals, agricultural products and fruits, amounted to 38.4 billion U.S. dollars, jumping 46 percent from the same period last year,...
(Bloomberg 08/02/17)
Julien Ochala can’t live without his morning cup of Joe. But not just any coffee will do. For the past five years, the 37-year-old physiology lecturer at King’s College London has visited the same store every week to grab a pack of his beloved Kenyan brew. And he’s not put off by the cost: at 37 pounds a kilogram ($22 a pound), it’s more than double a similar supermarket product. "I take Kenyan coffee every morning," said Ochala, who buys...
(Botswana Daily News 08/01/17)
Following inspection of A3 road which Covers Francistown/Nata and Nata/Maun by the Minister of Transport and Communication, the Department of Road has been tasked to come up with a unique design for its refurbishment and reconstruction. During the inspection tour Thursday, Minister Kitso Mokaila said the ministry was currently working on maintaining areas that were ‘excessively’ damaged, in particular at Mathangwane village and Nata area. He said although maintenance would be done as a temporary measure since government took a...
(Bloomberg 08/01/17)
British American Tobacco Plc faces a formal probe by the U.K.’s Serious Fraud Office following reports that the maker of Dunhill cigarettes bribed African government officials to influence tobacco legislation. BAT said Tuesday it is running its own investigations, via external legal advisers, into allegations of misconduct and is cooperating with the U.K. prosecutor. A BBC report two years ago said BAT had a lobbyist arrange bribes totaling $26,000 for three public officials in Rwanda, Burundi and the Comoros Islands...
(Botswana Daily News 07/31/17)
Gaborone — The Minister of Finance and Economic Development, Mr Kenneth Matambo says the double taxation avoidance agreement between Botswana and France could boost foreign direct investment between the two countries. Speaking during an occasion to seal a protocol to make amendments to the agreement on Thursday, Mr Matambo stated that the agreement eliminates chances of double taxation of income between the two countries. "I hope this will encourage foreign direct investment between our countries. I wish to mention that Botswana offers a lot of advantages to investors. To mention a few, Botswana has the lowest tax rates in the region. We are also one of the few countries in the continent which
(Bloomberg 07/31/17)
De Beers, the world’s biggest diamond producer by value, said its unit in Botswana is on track to produce the most since 2014 this year, exceeding its annual production forecast. Debswana, as the local division is known, will likely produce 22 million carats this year, exceeding its 20.5 million-carat target, Gareth Mostyn, De Beers’s executive head of strategy, said in a July 27 interview in Gaborone, the capital. De Beers, which also has operations in Canada, Namibia and South Africa,...
(Reuters (Eng) 07/28/17)
Barclays reported a 1.2 billion pound ($1.57 billion)attributable first half loss on Friday after taking a 2.5 billion pound hit from the sale of its Africa business and calling an end to its restructuring. The British bank said it had made a 1.4 billion pound loss on the sale of 33 percent of Barclays Africa Group, and took a further 1.1 billion pound impairment charge on the sale. Barclays in June cut its stake in Barclays Africa Group to 15...
(AfricaNews 07/27/17)
At a time when Africa is going through a difficult situation, the blue economy is emerging as a stepping stone to relaunch the continent in the right economic direction. But this type of economy is seriously threatened by “predators” who do not hesitate to plunder resources. The “cancer of illegal fishing” costs Africa about $ 1.6 million annually based on Economic Commission for Africa’s estimates. This and more on this week’s edition segment on Business on the Morning Call with...
(Mining.com 07/21/17)
Botswana Diamonds MD, James Campbell, has injected his passion and commitment into the company since joining the company as MD in December 2016. The MD of Botswana Diamonds, James Campbell, is the former MD of African Diamonds and CEO of Rockwell Diamonds has devoted his working career to the exploration and development of kimberlites in Africa. This includes a deal which could see the company uncover a new commercial kimberlite mine in South Africa, writes Laura Cornish. The right man...
(APA 07/20/17)
Botswana’s Minister of Foreign Affairs Pelonomi Venson Moitoi will be among top officials to preside over a review of applications by Comoros and Burundi to join the Southern African Development Community (SADC), a statement from her ministry stated on Wednesday. Img : Botswana to scrutinize Burundi bid to join SADC “The 19th meeting of the SADC Ministerial Committee of the Organ is expected to deliberate, among others on issues on the consolidation of democracy in the region and the request...
(Reuters (Eng) 07/20/17)
JOHANNESBURG (Reuters) - Africa's major central banks are entering an easing cycle as they try to stimulate growth after months of drought, austerity drives and confidence issues across the continent, a Reuters poll found on Thursday. Much of southern and eastern Africa is still recovering after an El Niño-related drought wilted crops last year. Poor business confidence in South Africa and foreign exchange restrictions in Nigeria have also hampered growth. "We expect that African monetary policy is entering a widespread...
(Bloomberg 07/19/17)
Vodacom Group Ltd. sees the expansion of mobile-banking services into new markets in sub-Saharan Africa as a top priority following a shareholder vote to rubber stamp its purchase of a 35 percent stake in Safaricom Ltd., Kenya’s biggest company. “We will use Safaricom to enter other markets where neither Vodacom nor Safaricom are,” Chief Executive Officer Shameel Joosub said in an interview at the wireless carrier’s annual general meeting in Johannesburg on Tuesday. The two businesses have a combined 30...
(Mining.com 07/18/17)
Shares in London-listed Botswana Diamonds (LON:BOD) climbed Monday to close 9.6% higher at 1.89p after it announced it had been granted a prospecting licence over an additional 1,000 hectares at its Vutomi joint venture in South Africa. Geophysics studies undertaken in the area, which is immediately east of and contiguous to the company’s Frischgewaagt project, indicate that the kimberlite dyke/pipe system being studied extended into the adjacent property, the firm said. The combined area of the two properties covers over 2,700 hectares, Botswana Diamonds said.
(Xinhuanet 07/17/17)
Africa is making progress towards the establishment of a trade zone by Oct. 30 that will cover approximately half of the continent's member states. The Common Market for the Eastern and Southern Africa (COMESA) Director of Trade and Customs, Francis Mangeni, said in a commentary published in the Star Newspaper on Monday that so far 19 of the 26 countries involved have signed the agreement. "Three outstanding annexes had meant the tripartite agreement was not complete and this was advanced...
(APA 07/14/17)
National beef exporter, Botswana Meat Commission (BMC) performed exceptionally well during the 2017 audit of the British Retail Consortium (BRC) Global Standard for Food Safety, APA learnt on Thursday. The audit is a standard benchmarked against the Global Food Safety Initiative (GFSI). A statement from the BRC on Thursday said BMC’s Francistown Abattoir in northern Botswana maintained a “BRC Grade AA” certification, which it first achieved in 2016. According to the statement BMC’s Lobatse Abattoir in the southern part of...
(Lusaka Times 07/14/17)
Botswana’s leading supermarket, Choppies, plans to expand its operations in Zambia by opening nine more outlets with Chipata branch to be unveiled this month-end. Group chief executive officer Ramachandran Ottapathu said Zambia’s favourable investment climate has allowed the retail chain store to rapidly broaden its business prospects to other potential markets outside Lusaka. Mr Ottapathu said, when he paid a courtesy call on Zambia’s High Commissioner to Botswana Brigadier General Patrick Tembo, that Chipata will be the latest investment destination...

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