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Liberty Life set to capitalize on Govt AIDS interventions

Liberty Managing Director, Lulu Ralebotsa

As an established and growing Pan-African financial services group with a comprehensive offering of a long term insurance products and services to meet the changing lifestyle risk needs, the innovative Liberty Life Botswana is set to take full advantage of the government’s AIDS programmes.

The pandemic AIDS, caused by the endemic virus HIV has in the past led to those living with the pervasive disease being discriminated when it comes to life cover policies. Many of the life insurance providers have been shunning people living with the pandemic.

By the virtue of being HIV positive, a number of Batswana could not enrolled as beneficiaries of life insurance. However, Liberty Life Botswana has embarked on a journey set to change the situation for the better.

Launching the Liberty Life Botswana’s two new innovative products in Francistown on Thursday, the Managing Director of the Johannesburg Stock Exchange (JSE)-listed Liberty Holdings’ subsidiary, Lulu Ralebotsa said the idea is to make a meaningful contribution to the socio-economic development and future growth of the country.

“We understand our society. We are in a society where people are generally very weary of going for medical tests, even if there is nothing to it. Generally, the culture (of going for medical tests) does not exist,” said Ralebotsa.

Ralebotsa added that most of Batswana are caught at the very last minute of an ailment when diagnosed with a certain illness because it is not in the culture of the local people to undergo medical checkups.

She gave a situation whereby one approaches a commercial bank to apply for a mortgage loan and be subjected to intensive medical checks before the approval or rejection of property credit facility.

“It becomes very devastating to an individual when an application for a mortgage loan has been rejected on the basis of one’s medical situation,” said Ralebotsa, adding that the Liberty Life’s newly launched Simple Life Plan can provide one with the cover.

“More and more, we are realizing that because of the interventions that the government is putting in place especially around HIV, people are actually living much longer than was expected in the past,” she said.

Ralebotsa added: “Therefore, we are saying why we should discriminate against those with the tele medic when they need you the most hence, we decided Batswana to afford Batswana with a funeral cover of a million pula with no medical question being asked.”

For the Platinum Life Plan worth P15million, Ralebotsa said the medical tests scenario at Liberty Life Botswana would be simple but means a value. She said applicants will be subjected to simple tests not the rigorous ones as happening with Liberty Life competitors.

Liberty Life, a subsidiary of the Sir Donald Gordon founded Liberty Holdings back in 1957, was established in Botswana in 2008 with the aim of making financial freedom possible for the people of Botswana.

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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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