Finance News 24 June 2020

Summaries of today's leading financial news
Finance News 24 June 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

Stanbic re-opens - Following the temporary closure of the Stanbic Bank Botswana Head Office and Fairgrounds Branch by the Ministry of Health and Wellness, the Bank has confirmed that it has resumed operations from the building (including the branch) effective from 17 and 18 June 2020 respectively. (The Midweek Sun)

BBS records a loss - BBS Limited (BBSL) recorded a loss of P26.1919. million in its year ended December 2018 compared to a profit of P49.941 million achieved in March 2018. (The Midweek Sun)

Africa must deepen digitalisation of agricultural value chains: AfDB - Africa must seize the opportunity of the COVID-19 pandemic to deepen the digitisation of agricultural value chains and transform the sector, speakers at a webinar jointly hosted by the FAO Investment Centre and the African Development Bank said. (The Midweek Sun)

Standard Bank to disclose climate related lending in 2020 - Standard Bank Group is nearing the point where it will be able to disclose its climate related financial exposures and likely to announces position by the end of this year, Chief Executive Sim Tshabalala said (The Midweek Sun)

Gov’t considers extending wage subsidy for tourism companies - As a response to devastations suffered by the tourism sector because of COVID-19, the government is considering extending wage subsidies for tourism companies beyond three months. (The Botswana Gazette)

Ex-Letshego Executives Rake in Millions - For the 2019 full year, three executives at Letshego Holdings Limited pocketed over P7.7 million in remuneration, information contained in the annual report shows. (The Botswana Gazette)

BBS Conversion Results in P26.2 Million Loss- As a result of its conversion from a society to a company, aspiring commercial banking outfit BBS Limited (BBSL) recorded a loss of P26.2 million for the period ended December 2018 compared to a profit of P49.9 million achieved in March 2018, BBS revealed in its financial statements published on Botswana Stock Exchange (BSE). (The Botswana Gazette)

Inflation Decreases To 2.4 Percent In May- Inflation decreased slightly from 2.5 percent in April to 2.4 per- cent in May 2020, remaining below the lower bound of the Bank of Botswana’s medium-term objective range of 3 – 6 percent and lower than the 2.6 percent in May 2019. (The Botswana Gazette)

Standard Chartered Leverages Technology to Promote Social Distancing- For customers making foreign currency payments and transfers, the Bank has implemented preferential exchange rates for transactions made through the SC Mo- bile App and on Online Banking and Straight2Bank transactions. (The Botswana Gazette)

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