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World Consumer Rights Day

Stanbic Bank Botswana joins the world in commemorating Word Consumer Rights Day (WCRD), with a firm belief in the need for a consolidated and sustainable investment in championing consumer rights. Local consumer rights bodies continue to play a strong part in protecting consumer rights as well as inherently urging businesses and brands to enhance their offering and fair practice. This is central to the development of a strong, fair and thriving consumer base, according to Stanbic Bank Botswana.


According to Consumers International, “World Consumer Rights Day (WCRD) is an opportunity to promote the basic rights of all consumers, demanding that those rights are respected and protected, and a chance to protest against the market abuses and social injustices which undermine those rights.” Now an annual occasion for celebration and solidarity within the international consumer movement, the day marks the date in 1962 when American President, John F Kennedy, first outlined the definition of Consumer Rights. The theme for this year is “Building a better digital world consumers can trust.”


Stanbic Bank Botswana continues to invest in systems, process and solutions which have the consumer, and indeed the customer, at heart. This forms an integral part of the bank’s strategy to make progress real and move Batswana forward.


Said Ms. Irish Kaisara, Stanbic Bank Botswana Head of Services, “Our customer is at the heart of who we are and what we do. Thus, we have their interests and needs in mind at every turn. A focus on the customer experience is only one part of this. At every stage, we ask ourselves: is this the best solution? Is this a fair solution? Are we within ethical and moral bounds? Most importantly, is there a strong sense of trust. These are vital questions to ask, and indeed, vital things to ensure we live true to in all that we do. There is always room to do more and do better and we remain committed to joining our global counterparts in ensuring a  #BetterDigitalWorld.”

The bank continues to introduce a number of digital systems and solutions as part of its overall banking ecosystem. With such a platform, the need for clarity, conformation and education around basic rights and responsibilities is paramount. This therefore remains a strong belief of the Stanbic Bank Botswana philosophy of doing business. “We celebrate consumers, but more importantly, we reaffirm our promise to them to do what is right by them, and to continue to put the customer first,” concluded Ms. Kaisara.

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Business

China’s GDP expands 3% in 2022 despite various pressures

2nd February 2023
China’s Gross Domestic Product (GDP) expanded by 3% year-on-year to 121.02 trillion yuan ($17.93 trillion) in 2022 despite being mired in various growth pressures, according to data from the National Bureau Statistics.

The annual growth rate beat a median economist forecast of 2.8% as polled by Reuters. The country’s fourth-quarter GDP growth of 2.9% also surpassed expectations for a 1.8% increase.

In 2022, the Chinese economy encountered more difficulties and challenges than was expected amid a complex domestic and international situation. However, NBS said economic growth stabilized after various measures were taken to shore up growth.

Industrial output rose 3.6% in 2022 over the previous year, while retail sales slightly shrank by 0.2% data show that fixed-asset investment increased 5.1% over 2021, with a 9.1% hike in manufacturing investment but a 10% fall in property investment.

China created 12.06 million new jobs in urban regions throughout the year, surpassing its annual target of 11 million, and officials have stressed the importance of continuing an employment-first policy in 2023.

Meanwhile, China tourism market is a step closer to robust recovery. Tourism operators are in high spirits because the market saw a good chance of a robust recovery during the Spring Festival holiday amid relaxed COVID-19 travel policies.

On January 27, the last day of the seven-day break, the Ministry of Culture and Tourism published an encouraging performance report of the tourism market. It said that domestic destinations and attractions received 308 million visits, up 23.1% year-on-year. The number is roughly 88.6% of that in 2019, they year before the pandemic hit.

According to the report, tourism-related revenue generated during the seven-day period was about 375.8 billion yuan ($55.41 billion), a year-on-year rise of 30%. The revenue was about 73% of that in 2019, the Ministry said.

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Jewellery manufacturing plant to create over 100 jobs

30th January 2023

The state of the art jewellery manufacturing plant that has been set up by international diamond and cutting company, KGK Diamonds Botswana will create over 100 jobs, of which 89 percent will be localized.

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Investors inject capital into Tsodilo Resources Company

25th January 2023

Local diamond and metal exploration company Tsodilo Resources Limited has negotiated a non-brokered private placement of 2,200, 914 units of the company at a price per unit of 0.20 US Dollars, which will provide gross proceeds to the company in the amount of C$440, 188. 20.

According to a statement from the group, proceeds from the private placement will be used for the betterment of the Xaudum iron formation project in Botswana and general corporate purposes.

The statement says every unit of the company will consist of a common share in the capital of the company and one Common Share purchase warrant of the company.

Each warrant will enable a holder to make a single purchase for the period of 24 months at an amount of $0.20. As per regularity requirements, the group indicates that the common shares and warrants will be subject to a four month plus a day hold period from date of closure.

Tsodilo is exempt from the formal valuation and minority shareholder approval requirements. This is for the reason that the fair market value of the private placement, insofar as it involves the director, is not more than 25% of the company’s market capitalization.

Tsodilo Resources Limited is an international diamond and metals exploration company engaged in the search for economic diamond and metal deposits at its Bosoto Limited and Gcwihaba Resources projects in Botswana.  The company has a 100% stake in Bosoto which holds the BK16 kimberlite project in the Orapa Kimberlite Field (OKF) in Botswana.

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