Finance News 6 March 2020

Summaries of today's leading financial news
Finance News 6 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

Kgosi finally indicated in NPF case - The State yesterday also dropped charges against Kgori Capital, Alfonse Ndzinge and Sharifa Noor. (Mmegi)

FNBB raises red flags on credit - The country’s largest lender, First National Bank Botswana (FNBB), is sounding the alarm on growing over-indebtedness and arrears amongst individuals in the country. (Mmegi)

Will Botswana catch SA’s cold? - Standard Bank Chief Economist, Goolam Ballim told BusinessWeek the bank’s estimates showed that one percent of growth or contraction in the South African economy had the impact of 0.5% to 0.7% growth or contraction in neighbouring states such as Botswana. (Mmegi)

Stampede as gov’t raises P1.2bn in capital market - The recent auction of a six-month treasury bill and three bonds spurred strong demand amongst bidders, with government raising P1.29 billion in borrowing, the highest amount it has scored in eight years. (Mmegi)

BDC, AfDB sign P900m credit line - Botswana Development Corporation (BDC) and the African Development Bank (AfDB) have finally signed a thematic Line of Credit of P900 million for a 10-year tenor. (Mmegi)

GetBucks partners with BRC to empower the youth: GetBucks Limited in conjunction with the Botswana Careers Roundtable (BCR) hosted the first instalment of the BCR corporate breakfast, a dedicated to mentoring and empowering the youth from various backgrounds. (The Business Weekly & Review)

New investment outfit wants to listen on the BSE: Total eclipse, a 100 percent citizen owned, licensed and fully regulated investment advisory company in Botswana, is eyeing bond listing on the Botswana Stock Exchange this year to raise P200 million since the company is developing a financial division. (The Business Weekly & Review)

Africa ahead of the world in Business gender parity: “Women, including Naseem Banu Lahri, Motshabi Mokone and Jane Tselayakgosi, who are taking on roles of Managing Directors at Lucara Botswana, Absa Life Botswana and Group CEO of Hollard Insurance Botswana respectively, show the possibilities that are there for women in senior leadership role in Botswana,” Vijay pointed out. (The Business Weekly & Review)

Standard Bank Inaugural Green Bond: Standard Bank of South Africa Limited (SBSA) has issued its first ever green bond, via private placement with IFC, a development finance institution focused on the private sector, part of the World Bank Group. (The Business Weekly & Review)

More houses repossessed by FNBB: As at 31 December 2019, the number of houses repossessed by First National Bank of Botswana (FNBB) had doubled, the Chief Executive Officer (CEO) of the bank, Steven Bogatsu, has said. (The Business Weekly & Review)

When tax becomes the cost of Sin: In his budget speech last week, South Africa’s finance minister Tito Mboweni announced the price increases for a range of alcoholic beverages. (The Business Weekly & review)

Untangling Letshego’s growth plan: Okai was presenting his first set of Letshego’s results for the full year ending December 2019. (The Business Weekly & Review)

Letshego’s new eco speaks out: Andrew Okai, CEO of Letshego Holdings Limited, says reported issues about his alleged poor labour relations and negative interpersonal skills while he was at Standard Chartered Bank date back to 2015. (The Business Weekly & Review)

The resurgence of life at Letshego: The board of Letshego Holdings Limited has reinstated the group’s dividend to 50 percent of profit after tax following stabilisation of the debt to equity levels at the current base. (The Business Weekly & Review)

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