Finance News 12 March 2020

Summaries of today's leading financial news
Finance News 12 March 2020
Daily Finance News Highlights are a service to our top clients, with daily alerts on what is making Botswana's finance news. Source: Hotwire

DCEC, FIA, BURS, NBFIRA, investigate manual workers union for corruption – In an investigation that stretched for two days, the Directorate on Corruption and Economic Crime (DCEC), Financial Intelligence Agency (FIA), Botswana Unified Revenue Services (BURS), Non-Bank Financial Institutions Regulatory Authority (NBFIRA) and the police swooped in on the unsuspecting union bosses, searching them at the office and at their respective (The Voice)

Pula appreciates against the Rand - The Pula appreciated by 2.7 percent against the South African Rand and depreciated by 2.4 percent against the IMF Special Drawing Rights (SDR) over the one-month period to February 2020. (The Voice)

Govt. funds secure under BOB - Minister - Finance and Economic Development Minister, Dr Thapelo Masheka, says there has not been any concern raised regarding the safety and security of funds under the custody of Bank of Botswana. (The Voice)

DCI gains – The Domestic Companies Index (DCI) registered no movement during the week ending March 6, 2020. (Botswana Guardian)

Choppies results out this winter – Choppies Enterprise Limited this week disclosed that the Annual Report, Auditor’s Report and Annual Financial Statements in respect of the financial year ended 30 June 2019 shall be completed and released by 30 June 2020. (Botswana Guardian)

Global stocks once again lackluster after rebound on Tuesday – The rebound in stocks ran out of steam on Wednesday despite the Bank of England (BoE) joining other central banks in cutting interest rates, as investors weighed up whether coordinated monetary and fiscal stimulus could counter the stock from coronavirus. (Botswana Guardian)

BIHL dividends reaches P369 million – Botswana Insurance Holdings Limited, the country’s largest insurance and asset management firm has paid a dividend of 59 thebe per share and a special dividend of 11 thebe per share to its shareholders. (Botswana Guardian)

Pula gains 2,7% against the Rand in February – The Pula appreciated by 2.7 percent against the South African rand and depreciated by 2.4 percent against the IMF Special Drawing Rights (SDR) over the one-month period to February 2020. (Botswana Guardian)

BoE cuts – The Bank of England (BOE) has cut interest rates in an emergency move and announced measures to help keep credit flowing through the economy, saying coronavirus outbreak will damage economic activity. (Botswana Guardian)

Botswana has to do more to achieve economic inclusivity – Botswana will have to overcome a number of hurdles if the country is to have an inclusive and transformed knowledge-based economy in less than two decades. (Botswana Guardian)

New Absa CEO is risk diligent – New Absa Group Chief Executive Officer, Daniel Mminele is geared to take Absa’s Pan-Africa operation into another dimension. (Botswana Guardian)

Stanbic ready to support the domestic economy – Stanbic Bank Botswana’s Head of Corporate and Investment Banking, Sheperd Aisam has told stakeholders the bank will continue to support government economic growth initiatives by providing tailor-made financial services to various sectors of the economy. (Botswana Guardian)

BIHL maintains growth – Botswana Insurance Holdings Limited (BIHL) continues to look for opportunities to expand the group portfolio in the midst of difficult economic conditions and increased competition. (Botswana Guardian)

Buoyant Absa Botswana expecting strong 2019 results – Absa Bank Botswana Limited through its Board of Directors has announced that financial results for the full year ended 31 December 2019 will be higher than those reported for the period ended 31 December 2018. (Botswana Guardian)

Afinitas postpones London conference – Afinitas has postponed its annual Africa Financial Services Investment Conference (AFSIC) event due to the on-going global spread of COVID-19 (Corona Virus). (Botswana Guardian)

FNB takes R270 million knock on fees – First Rand, South Africa’s largest banking group by market capitalisation, continues to grow ahead of the market, despite macro-economic environments in South Africa and the United Kingdom remaining “challenging”. (Botswana Guardian)

Bank Gaborone sponsors Chess tourney – Bank Gaborone, a member of the Capricorn Group was the main sponsor of the North Botswana Chess Extravaganza held from 29 February to 1 March 2020 at BUIST in Palapye. (Botswana Guardian)

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