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Lesego Osman to Lead Stanbic Bank Global Markets

Stanbic Bank Botswana’s Global Markets team will be complemented by the experience and passion of newly appointed Head, Mr. Lesego Osman.  Lesego begins his role effective immediately, after having returned from undertaking an intra-Africa assignment at Standard Bank Malawi as Head of Global Markets.

Leading the Global Markets division, Lesego’s role will be focused on developing strategies and leading a team whose main goal is to assist Stanbic Bank Botswana Customers to meet their Foreign Exchange requirements and manage currency and interest rate risk using complex yet value adding structures.

“As a leading provider of Global Markets products in Corporate and Investment Banking at Stanbic Bank, it was important to identify the calibre of an individual that has deeply entrenched roots in our institution and the values and culture that we live by that give us the legitimacy to operate in this market. Lesego joins a team that affords him an opportunity to carry on the good work and brand building that we are doing in the market with our customers and bolster our position as a leading Corporate and Investment Bank in Botswana.

 

As one of our own, we welcome Lesego back home, encapsulating all the right credentials. As the bank leadership, we are convinced of his abilities and confident that he will bring value to our team and clients, identifying and implementing solutions that are innovative and efficient,” said Stanbic Bank Botswana Head of Corporate & Investment Banking, Mr. Sheperd Aisam.

Lesego wields a wealth of academic and vocational experience, including an Executive Management Global Consulting Practicum from the Wharton School of Business, University of Pennsylvania; and a Masters in Business Administration majoring in Finance from University of Botswana. He also studied for a Bachelor of Information Systems with a minor in Commerce from La Trobe University, Australia.

He boasts a professional career within the banking sector of eleven years, 7 of which have been within the Standard Bank Group family. During this time, he has held positions at both Standard Bank South Africa and Stanbic Bank Botswana, having served as Senior FX Trader.  

“We have every confidence Lesego will help further grow this important part of our business, and bring to the team, and to friends and family of the Bank, even more value. As we continue to strengthen our capabilities as a team, we do so with a firm conviction to ensure we are the best geared team to move our customers and communities forward,” concluded Mr. Aisam.

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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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