Finance News 9 May 2020

Summaries of today's leading financial news
Finance News 9 May 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

Companies’ financials on lockdown - Listed companies who are yet to release their financial results will wait a little longer as President Dr Mokgweetsi Masisi further extended lockdown and according to him this will be followed by careful consideration while easing the lockdown rope. (WeekendPost)

The first rate cut should have been the deepest - economists – Bank of Botswana’s Monetary Policy Committee’s decision to reduce the bank rate by 50 basis points, from 4.75% to 4.25%, was met with mixed reactions. (WeekendPost)

COVID-19 puts breaks on banks’ super profits - The country’s local banks face a rare nod of dampened returns due to the coronavirus (COVID-19), breaking the decade-long run of superprofits in which the sector has raked in more than P15.5 billion in cumulative earnings. (Mmegi)

BIHL to parry COVID-19 blow - The country’s largest diversified financial group, BIHL, says while it expects a knock on its books from the coronavirus (COVID-19), it remains well-capitalised to withstand the blow. (Mmegi)

Watch out for scams – FNBB - First National Bank Botswana has cautioned consumers to be on the lookout for criminals who may exploit the coronavirus crisis to scam them out of their funds. (Mmegi)

How companies can utilise the stock exchange post COVID-19 - The outbreak of the coronavirus is inarguably becoming the most disruptive crisis the world has ever experienced since the Spanish Flu of 1918, which is said the have infected a quarter of the world’s population. - piece by BSE CEO, Thapelo Tsheole. (Mmegi)

UK economy “set for deepest downturn in memory” - The UK’s economy is on track for its deepest downturn “in living memory” according to a closely watched survey, as businesses suffer from the lockdown. (Mmegi)

Botswana’s response to COVID-19 economic impact: the opportunity to do more - The Botswana Government’s response to COVID-19 has been satisfactory, including the proactive national lockdown and economic stimulus plan launch. (Sunday Standard)

Finance Ministry pushes the fiscal boundaries - The Botswana Government is pushing its fiscal limits with series of concessions that are aimed at stabilising the economy from adverse effects caused by some measures put in place to curb the spread of coronavirus. (Sunday Standard)

Local businesses less optimistic about the economy - In a not so surprising move, local businesses were less optimistic of domestic activity in the first quarter of the year and expect the economic downturn to continue in the coming months, suggests fresh data from the Botswana Expectation Survey. (Sunday Standard)

Money laundering: the EU says Botswana poses a risk - While Botswana has its hands already full dealing with the COVID-19 impact on the economy, which is set for its largest contraction, the European Union Commission on Thursday dealt the diamond producing country a heavy blow that will affect the flow of foreign direct investment. (Sunday Standard)

Afinitas battling against the impact of COVID-19 - As companies continue to weigh on the impact coronavirus is having on their business operations, Afinitas is feeling the brunt of it all, scaling back on its operations as some subsidiaries face an uncertain future. (Sunday Standard)

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