Finance News 13 March 2020

Summaries of today's leading financial news
Finance News 13 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

Debt predators – as BIHL presented its financial results, Catherine Lesetedi was bothered by the debt trap holding households in a chokehold while yet more credit is being extended to them (The Business Weekly & Review)

Stanbic wades into insurance storm- What started as a simple transaction for the purchase of a car, is turning into a saga that threatens to expose the banking giant’s soft underbelly. (The Business Weekly & Review)

Botswana Life’s BIHL control shrinks – Botswana Life’s total earnings have shrunk, but the CEO of BIHL is quick to note that it is not so much because Botswana has become less significant as it is a reflection of other businesses showing healthy growth. (The Business Weekly & Review)

Absa Group reports increase in revenue – the pan African financial giant has reported improving revenue for the financial year ended 31 December 2019. (The Business Weekly & Review)

Absa confirms voluntary separation scheme - following reports of the voluntary separation scheme at ABSA Bank Botswana Limited spoke to the Bank’s senior public relations practitioner (Mmegi)

Dread as Absa to retrench – Absa Bank Botswana Limited throws its employees into a state of panic following a recent announcement of the voluntary separation scheme (Mmegi)

BIHL swoops on targets as expansion drive heats up – the country’s largest diversified financial group, BIHL Group, is ramping up its expansion strategy, filing a deal with the Competition Authority soon (Mmegi)

Pula hits 16-year high against Rand – The Pula was valued at R1.44 on Monday, the strongest the local currency has been against its neighbour since January 2004. (Mmegi)

The wealth and health of nations – The COVID-19’s implications for the global economy are highly uncertain but potentially disastrous (Mmegi)

Bank profits decline by P242m – The country’s commercial banks recorded collective net profits of P1.78 billion last year. (Mmegi)

FNBB targets financial crime – the country’s largest bank, FNB Botswana, says it is imperative for governments and financial institutions to address vulnerabilities and threats in the financial sector (Mmegi)

Moody’s gives Botswana sparkling scorecard – leading credit ratings agency, Moody’s, says he country has taken a path to fiscal consolidation and with its low debt levels and strong buffers has a stable outlook. (Mmegi)

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