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FNBB Engages Public on 2016/17 National Budget

FNBB Chief Executive Officer, Steven Bogatsu

First National Bank Botswana (FNBB) remains passionate about educating Batswana on financial literacy and economic issues. With the National Budget Speech scheduled for February 1st 2016 to be delivered by Minister of Finance and Development Planning, Kenneth Matambo, FNBB will host the 22nd Budget Review on Tuesday 2nd February 2016.

The renowned event will convene at the Gaborone International Convention Centre (GICC) at 18h00. The review will engage the public on key messages of the 2016/17 Budget and stimulate conversations around economic issues. As FNBB continues its lead in the digital banking technology space, this year’s review will also engage the public on social media with live channels for receiving comments and questions.

FNBB Chief Executive Officer, Steven Bogatsu said “I wish to congratulate Honourable Minister Matambo on the conclusion of the 2014/15 Financial Year. The Budget Speech plays a pinnacle role in laying a foundation for the economic outlook of the country. Our 22 years in hosting this review comes as part of our continued commitment to stimulating enlightening conversations around economic issues that can inform our personal and business decisions.”

Over the years the Review has provided a platform where participants interrogate and understand the national budget with the help of a panel of experts in economic and development matters. The first Budget Review Seminar was hosted 3 years after FNB opened its doors in Botswana, and has since grown into a renowned calendar event in the financial services community and business community at large. Through the review FNBB seeks to empower the nation, both from the private and public sectors, with information and insights into how the budget allocation will affect them over the next 12 months.

 “We are excited to host this discussion forum yet again and encourage stakeholders to use this opportunity to debate and share their opinions on how policies presented will affect the environment in which they trade. This year we have increased our reach through Facebook and Twitter where stakeholders can follow live feeds and join the conversation,” said FNBB Communications Manager, Kemiso Ben.

The review panel is composed of a formidable ensemble of experts from the public and private sector. The panelists for the evening are as follows:

John Cairns: Currency Strategist – Rand Merchant Bank
“An Overview of the Global Economy”

Moatlhodi Sebabole: Research Manager – First National Bank
“Future of Botswana Economy”

Dr Taufila Nyamadzabo : Secretary for Economic Affairs – Ministry of Finance  
“The budget implications from slowing SACU receipts and how the Economic Stimulus Program will affect the Fiscal Policy Implementation.

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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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