Sunday 22 April 2018
(Bloomberg 09/04/17)
The worst may be over for Africa’s two largest economies as they likely emerged from a slump in the second quarter. Official data on Tuesday will probably show South Africa’s economy expanded in the three months through June, ending its second recession in less than a decade. Nigeria’s gross domestic product probably grew from a year earlier, and came out of its worst slump in a quarter of a century. South Africa and Nigeria together account for almost half of sub-Saharan Africa’s GDP and their recoveries may boost trade and production across the region. The reasons differ: while Nigeria, the continent’s biggest oil producer, is benefiting from a rebound in crude output, stronger retail sales may help drive growth in...
(Botswana Daily News 08/31/17)
Gaborone — Minister of Defence, Justice and Security, Mr Shaw Kgathi has assured the parliamentary portfolio committee on Foreign Affairs, Justice, Defence, Security and Government Assurances that the ministry would work hard to ensure that Botswana implements the Eastern and Southern African Anti-Money Laundering Group (ESAAMLG) recommendations. Briefing the committee on Tuesday, Minister Kgathi noted that the ministry's legislative programme was therefore aimed to ensure compliance to the recommendations, which sought to ensure that Botswana did not become a safe haven for money laundering and financing of terrorism. He said failure to comply could have serious repercussions, hence the need for the country not to lag behind in its efforts to meet them. "We are advised that failure to comply...
(Xinhuanet 08/31/17)
Cooperation between China and Africa has seen remarkable progress in renewable energy, showing the determination of developing countries to harness the huge potential of clean energy and combat climate change. China-Africa Renewable Energy Cooperation and Innovation Alliance, a coalition of financing institutions, smart grid providers and core manufacturers, on Thursday signed a Memorandum of Understanding (MOU) on cooperation with Africa Renewable Energy Initiative (AREI). "Africa has the highest potential for renewable energy, but the least access to it," said Seyni Nafo, chairman of AREI endorsed by the African Union Assembly. The MOU will enable the two parties to cooperate in renewable energy generation in Africa, with Chinese smart grid providers and core renewable energy manufacturers providing technological and financial support...
(Bloomberg 08/30/17)
Brite Star Aviation of Texas has signed an agreement with several Botswanan government agencies to build a 1.4 billion pula ($139 million) manufacturing and assembly plant in Selebi-Phikwe, the north-eastern mining town devastated by the closure of its copper and nickel mine. Brite Star, a closely held company based in Fredericksburg, plans to arrange funding in Botswana and abroad to design and build the plant, a tourism center, a hotel, restaurants, a conference center and a pilot academy and maintenance area. The company’s President, Imre Katona, revealed the plans at a signing ceremony with the Botswana Investment and Trade Centre and the Civil Aviation Authority of Botswana
(APA 08/30/17)
Botswana has announced that retail in general clothing business or trade will only be reserved for citizens only. The Permanent Secretary Peggy Sename explained on Wednesday that the Trade Act, Section 15, empowers the Minister to make regulations declaring any trade or business reserved for citizens of Botswana or companies wholly owned by citizens of Botswana. “The law goes further to make an exemption where there is a joint venture between citizens and non-citizens and the citizen owns 51 percent or more in the joint venture. Where the citizen ownership falls below this threshold, the Minister’s approval is required for an exemption to be granted,” she said. She said in line with the country’s priorities to attract investment and create...
(Bloomberg 08/30/17)
One Thousand & One Voices LLC, a private-equity fund started by the great-grandson of the founder of Coors Brewing Co., said it bought a producer of sushi-quality trout that is the largest such facility in Africa. SanLei’s operations are on the Katse Dam in Lesotho, an enclave surrounded by South Africa, 1K1V, as the fund is known, said in an emailed statement Tuesday. The company didn’t disclose the value of the transaction. SanLei has secured a marketing and distribution agreement with CGC Japan Co., which has more than 4,000 stores and collective revenue of more than $40.5 billion, making it Japan’s largest joint-procurement supermarket chain, 1K1V said. The fund has been hunting for private-equity investments that tap Africa’s growing consumer...
(Reuters (Eng) 08/29/17)
Europe’s “big four” continental powers and three African states agreed a plan on Monday to tackle illegal human trafficking and support nations struggling to contain the flow of people across the desert and Mediterranean sea. The 28-nation European Union has long struggled to reach a coherent answer to the influx of migrants fleeing war, poverty and political upheaval in the Middle East and Africa, and the crisis is testing cooperation between member states. After hosting the leaders of Germany, Italy, Spain, Chad, Niger and Libya, French President Emmanuel Macron said it was time for greater coordination. “We must all act together - from the source countries to Europe and passing by the transit countries, especially Libya - to be efficient,”...
(Reuters (Eng) 08/28/17)
Getting Europe’s migrant crisis under control will be in focus at a summit of Europe’s “big four” continental powers and three African nations in Paris on Monday, with French President Emmanuel Macron seeking concrete action. The 28-nation European Union has struggled to agree on a coherent answer to the influx of migrants fleeing war, poverty and political upheaval in the Middle East and Africa, and the crisis is testing cooperation between member states. Over the summer, Macron sought to take the initiative on managing the flow of migrants crossing the Mediterranean from Libya, mainly into Italy. He proposed hotspots in Africa to handle asylum requests. The viability of such centers was questioned by European and African allies and on Monday...
(MmegiOnline 08/24/17)
Government has issued its first coal bed methane (CBM) mining licence as the country edges towards commercial use of renewable energy in power supply. Emerging junior energy company, Tlou Energy this week announced that a mining licence for its Lesedi CBM project has been granted by the Department of Mines paving way for the development of Botswana’s first gas to power station. Apart from a small 1.3MW solar power plant in Phakalane, Gaborone, the remainder of the country’s local power supply is met from coal-fired power plants. In a statement, Tlou said the mining licence, which covers an area of approximately 900 square kilometres, gives security of tenure over the project area. “The mining licence for the Lesedi CBM Project...
(MmegiOnline 08/24/17)
Botswana businesses have been urged to take advantage of the bilateral trade agreements between Botswana and Kenya. Kenyan High Commissioner to Botswana, Ambassador Jean Wambui Kimani made the call at the official opening of the Botswana Consumer Fair in Gaborone on Monday. She said businesspeople from the two countries should establish long-term networks to grow trade and investment, adding that robust intra-Africa trade is vital in achieving prosperity and growth amongst African states. “The relations between Kenya and Botswana are warm and characterised by historical ties that bind the people of the two countries,” she said. According to Kimani, the various memoranda of understanding (MoU) that the two countries have signed should give both Botswana and Kenyan companies the chance...
(Bloomberg 08/24/17)
Every African nation that’s sold dollar debt now has at least one junk rating, but it would be hard to tell by looking at the bond market. The average yield on sovereign Eurobonds in Africa has hovered near the lowest level in two years this month, according to a Standard Bank Group Ltd. index, even after Moody’s Investors Service cut Namibia to below investment grade on Aug. 11. The world’s biggest producer of marine diamonds had been the continent’s only dollar-bond issuer without a junk rating. A low interest rate environment in the developed world has encouraged investors to look past the problems plaguing African economies, including low commodity prices, dollar shortages in some of them and rising political tension...
(MmegiOnline 08/23/17)
The US Ambassador to Botswana, Earl Miller will tomorrow preside over the official opening of the new Botswana office of the United States Agency for International Development (USAID) Southern Africa Trade and Investment Hub. Funded by the USAID, the Southern Africa Trade and Investment Hub works throughout the region to improve the livelihoods of southern Africans by increasing access to trade and broadening investment. The USAID Southern Africa Trade and Investment Hub is the fourth generation of USAID projects focused on these goals. The previous version of the Southern Africa Trade Hub made many contributions on behalf of the U.S. Government
(MmegiOnline 08/23/17)
President Ian Khama has bid farewell to fellow southern African leaders at the 37th SADC Ordinary Summit for Heads of State and Government Summit in Pretoria, South Africa. The President is serving his last term in office and was attending the SADC Summit over the weekend, for the last time as sitting President. He steps down on April 1, 2018. The summit was held under the theme: Partnering with the Private Sector in developing Industry and Regional Value-Chains. The 37th SADC Summit amongst others, deliberated on the status of Implementation of the Industrialisation Strategy and Roadmap; the socio-economic situation in the region; Continental integration issues; and the general political and security situation in the SADC region. Among other activities, the...
(Xinhuanet 08/23/17)
China is dedicated to enhancing its cooperation with Africa in human resource development through knowledge and technology transfer, a Chinese diplomat said Tuesday. Liu Tao, Charge d'Affaires of the Chinese Embassy in Ethiopia, made the remarks at the Chinese Government Training Program Fellowship Reception in Ethiopia's capital Addis Ababa. He said China, since the year 2000, has sent over 2,000 agricultural experts and over 7,000 medical personnel to Africa, and has trained more than 80,000 Africans from more than 50 countries. China has pledged that it would, in three years, train 200,000 technicians and provide 40,000 training opportunities in China, and will offer 30,000 government scholarships, he said. Stating that 1,100 Ethiopian candidates are invited this year to attend short-term...
(Botswana Guardian 08/22/17)
At 17.7 percent, unemployment rate in an economy considered to be performing well, is still high, says Statistics Botswana Deputy Statistician General, Dr Burton Mguni. But the reasons are evidently clear - the country’s undiversified economy is anchored by the mining industry, which is not labour intensive. Such economies may do very well where the diamond mining industry is doing well and contributing a lot to the economy. However, the mining industry is not a great employment creator hence the situation whereby the economy of the country is doing well but there is high unemployment, said Dr Mguni while releasing the results of the Botswana Multi Topic Household Survey 2015/2016 survey. The purpose of the survey was to provide a...
(Xinhuanet 08/22/17)
African officials on Monday called for urgent infrastructural development and regional integration to boost the continent's economy. At the Infrastructure Africa 2017 in Johannesburg, Zambian Minister of Finance Felix Mutati encouraged Africans to speedily address infrastructural deficit. "We have to inject some sense of urgency in ourselves. If we remain captured by business as usual, we are headed for disaster," said Mutati at the opening ceremony of the two-day event. "Competitiveness in Africa is being constrained by infrastructure deficit. We need about 93 billion U.S. dollars every year to address the infrastructure gap in the continent. We need to urgently implement projects," he said. Mutati said Africa has to narrow focus to innovative financing and design, better use of existing...
(Bloomberg 08/21/17)
GreenWish Partners, a renewable energy company run by a former Morgan Stanley executive, is planning to invest $800 million on solar-powered telecommunications towers across Africa. The project could fuel economic growth by providing power for essential services. Sub-Saharan Africa has the lowest rates of energy access in the world and is home to about half of the world’s 1.2 billion people without reliable electricity, according to the International Energy Agency. The problem extends to businesses as well as households, cutting into productivity and growth. “We reduce the total cost of power by 30 percent,” said Charlotte Aubin-Kalaidjian, the founder and chief executive officer of GreenWish, who was formerly a managing director at Morgan Stanley Investment Management. “Smaller towers can run...
(APA 08/17/17)
Botswana President Ian Khama has lashed out at China accusing it of intimidating his administration which was expected to host Tibetan spiritual leader Dalai Lama who has since cancelled his trip, Botswana Guardian newspaper reported here Thursday. Khama told the paper that “they told me things like the Ambassador may be recalled, it would damage relations between Botswana and China that they would as China engage other African states to isolate Botswana.” Khama said the Dalai Lama is welcome to visit Botswana at any time. He wishes the Dalai Lama a “speedy recovery” from the exhaustion he suffers, after which the exiled Tibetan spiritual leader is “welcome to come and visit Botswana.” He was expected to be the keynote speaker...
(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 bank notes in November also...
(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...

Pages