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Stanbic Bank holds dialogue on the 2020 global economic outlook

The Inaugural Corporate and Investment Banking Connect stakeholder engagement looks to convene key minds, both local and international, to discuss insights on the 2020 global, regional and local economic outlook.

Hosted by Stanbic Bank Botswana as its continued effort to create and nurture platforms that bring key stakeholders together, the platform will discuss issues and opportunities in the financial services sector, and particularly with a view towards promotion of private sector growth and transformation. Stanbic Bank Head of Corporate and Investment Banking Division Sheperd Aisam noted that the bank believes in power of shared minds and dialogue working to unpack key issues and opportunities that allow and empower them to move the country forward in mutually beneficial and sustainable means.

‘’We are privileged to play a role in our sector- indeed in Corporate and Investment Banking- and our economy, and the onus upon us to keep making progress real across all areas of our discipline, is key. The inaugural CIB Connect is yet another effort towards that broader goal.’’ He further underlined that hosting industry such as Goolam Ballim will enable them as a bank to leverage on his experience, expertise and insight, saying the CIB Connect looks to cut across the board and deepen the well of thinking they have to truly usher them into the next era of corporate and investment banking, and wider financial services culture.

Goolam Ballim, who is a keynote speaker for the engagement will set the tone for the event, before inviting some of Botswana’s very own best minds and experts to take the floor. This includes a panel discussion on the question ‘’How does Botswana create a more inclusive and transformative knowledge based economy?’’ This is in line with government’s focus on transformation of the National economy and moving from a resource-based to knowledge-based economy.

Meanwhile, according to International Monetary Outlook, global growth is projected to rise from an estimated 2.9 per cent in 2019 to 3.3 per cent in 2020. In 2021, growth will be at 3.4 per cent- a downward revision of 0.1 percentage point for 2019 and 2020 and 0.2 for 2021 compared to those in the October World Economic Outlook. The downward revision primarily reflects negative surprises to economic activity in a few emerging market economies, notably India, which led to a reassessment of growth prospects over the next two years. In a few cases, this reassessment also reflects the impact of increased social unrest.

On the positive side, market sentiment has been boosted by tentative signs that manufacturing activity and global trade are bottoming out, a broad-based shift toward accommodative monetary policy, intermittent favourable new son US-China trade negotiations, and diminished fears of a no-deal Brexit, leading to some retreat from the risk-off environment that had set in at time of the October World Economic Outlook. However, few sings of turning points are yet visible in global macroeconomic data.

IMF underlined that stronger multilateral cooperation’s and a more balanced policy mix at the national level, considering available monetary and fiscal space, are essential for strengthening economic activity and forestalling downside risks. The group also shared that building financial resilience, strengthening growth potential, and enhancing inclusiveness remain overarching goals.

Financial experts revealed this early this month that the outbreak of Corona virus is the most disruptive thing to hit markets in many years. However, economists have repeatedly lowered their estimates for global growth in the wage of the outbreak. China faces the biggest fallout as a rapid halt in demand and factory activity cuts into its already slowing gross domestic product growth.

Some analysts expect economies to post a healthy bounce-back once the disease is contained, but others anticipate markets will post a major correction as the virus racks global industries. An analyst at investment platform eToro said the latest virus developments should curb investors from continuing their unconcerned behaviour. ‘’Investors are now waking up to the fact that the coronavirus could become a global pandemic.

The ‘out of sight out of mind’ approach is now clearly no longer an option,’’ he wrote in a note. ‘’Coronavirus on its own won’t suddenly precipitate a big decoupling between China and the West, but the virus adds to a list of other reasons why a process of de-globalisation lies ahead,’’ said Vicky Redwood, senior economic advisor at Capital Economics.

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Botswana economic recovery depends on successful vaccine rollout – BoB

5th May 2021
Botswana-economic-recovery-depends-on-successful-vaccine-rollout---BoB-

Bank of Botswana (BoB) has indicated that the rebounding of domestic economy will depended on successful vaccine roll-out which could help business activity to return to its post pandemic days.

Projections by the Ministry of Finance and Economic Development and the International Monetary Fund (IMF) suggest a rebound in economic growth for Botswana in 2021.

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Inside the UB-BDF fighter Jet tragedy report

5th May 2021
Inside-the-UB-BDF-fighter-Jet-tragedy-report

Despite being hailed and still regarded as a hero who saved many lives through his decision to crash the BF5 fighter Jet around the national stadium on the eve of the 2018 BDF day, the deceased Pilot, Major Clifford Manyuni’s actions were treated as a letdown within the army, especially by his master-Commander of the Air Arm, Major General Innocent Phatshwane.

Manyuni’s master says he was utterly disappointed with his Pilot’s failure to perform “simple basics.”

Manyuni was regarded as a hero through social media for his ‘colourful exploits’, but Phatshwane who recently retired as the Air Arm Commander, revealed to WeekendPost in an exclusive interview that while he appreciated Batswana’s outpouring of emotions and love towards his departed Pilot, he strongly felt let down by the Pilot “because there was nothing wrong with that Fighter Jet and Manyuni did not report any problem either.”

The deceased Pilot, Manyuni was known within the army to be an upwardly mobile aviator and in particular an air power proponent.

“I was hurt and very disappointed because nobody knows why he decided to crash a well-functioning aircraft,” stated Phatshwane – a veteran pilot with over 40 years of experience under the Air Arm unit.

Phatshwane went on to express shock at Manyuni’s flagrant disregard for the rules of the game, “they were in a formation if you recall well and the guiding principle in that set-up is that if you have any problem, you immediately report to the formation team leader and signal a break-away from the formation.

Manyuni disregarded all these basic rules, not even to report to anybody-team members or even the barracks,” revealed Phatshwane when engaged on the much-publicised 2018 incident that took the life of a Rakops-born Pilot of BDF Class 27 of 2003/2004.

Phatshwane quickly dismisses the suggestion that perhaps the Fighter Jet could have been faulty, “the reasons why I am saying I was disappointed is that the aircraft was also in good condition and well-functioning. It was in our best interest to know what could have caused the accident and we launched a wholesale post-accident investigation which revealed that everything in the structure was working perfectly well,” he stated.

Phatshwane continued: “we thoroughly assessed the condition of the engine of the aircraft as well as the safety measures-especially the ejection seat which is the Pilot’s best safety companion under any life-threatening situation. All were perfectly functional.”

In aircrafts, an ejection seat or ejector seat is a system designed to rescue the pilot or other crew of an aircraft in an emergency. The seat is propelled out of the aircraft by an explosive charge or rocket motor, carrying the pilot with it.”

Manyuni knew about all these safety measures and had checked their functionality prior to using the Aircraft as is routine practice, according to Phatshwane. Could Manyuni have been going through emotional distress of some sort? Phatshwane says while he may never really know about that, what he can say is that there are laid out procedures in aviation guiding instances of emotional instability which Manyuni also knew about.

“We don’t allow or condone emotionally or physically unfit Pilots to take charge of an aircraft. If a Pilot feels unfit, he reports and requests to be excused. We will subsequently shift the task to another Pilot. We do this because we know the risks of leaving an unfit pilot to fly an aircraft,” says Phatshwane.

Despite having happened a day before the BDF day, Phatshwane says the BDF day mishap did not really affect the BDF day preparations, although it emotionally distracted Manyuni’s flying formation squad a bit, having seen him break away from the formation to the stone-hearted ground. The team soldiered on and immediately reported back to base for advice and way forward, according to Phatshwane.

Sharing the details of the ordeal and his Pilots’ experiences, Phatshwane said: “they (pilots) were in distress, who wouldn’t? They were especially hurt by the deceased‘s lack of communication. I immediately called a chaplain to attend to their emotional needs.

He came and offered them counselling. But soldiers don’t cry, they immediately accepted that a warrior has been called, wiped off their tears and instantly reported back for duty. I am sure you saw them performing miracles the following day at the BDF day as arranged.”

Despite the matter having attracted wide publicity, the BDF kept the crash details a distance away from the public, a move that Phatshwane felt was not in the best interest of the army and public.

“The incident attracted overwhelming public attention. Not only that, there were some misconceptions attached to the incident and I thought it was upon the BDF to come out and address those for the benefit of the public and army’s reputation,” he said.

One disturbing narrative linked to the incident was that Manyuni heroically wrestled the ‘faulty’ aircraft away from the endangered public to die alone, a narrative which Phatshwane disputes as just people’s imaginations. “Like I said the Aircraft was functioning perfectly,” he responded.

A close family member has hinted that the traumatised Manyuni family, at the time of their son’s tragedy, strongly accused the BDF ‘of killing their son’. Phatshwane admits to this development, emphasising that “Manyuni’s mother was visibly and understandably in inconsolable pain when she uttered those words”.

Phatshwane was the one who had to travel to Rakops through the Directorate of Intelligence Services (DIS) aircraft to deliver the sad news to the family but says he found the family already in the know, through social media. At the time of his death, Manyuni was survived by both parents, two brothers, a sister, fiancée and one child. He was buried in Rakops in an emotionally-charged burial. Like his remains, the BDF fighter jets have been permanently rested.

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Uphill battle in Khama’s quest to charge Hubona

5th May 2021
JAKO HUBONA

A matter in which former President Lt Gen Ian Khama had brought before Broadhurst Police Station in Gaborone, requesting the State to charge Directorate on Corruption and Economic Crime (DCEC) lead investigator, Jako Hubona and others with perjury has been committed to Headquarters because it involves “elders.” 

Broadhurst Police Station Commander, Obusitswe Lokae, told this publication this week that the case in its nature is high profile so the matter has been allocated to his Officer Commanding No.3 District who then reported to the Divisional Commander who then sort to commit it to Police Headquarters.

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