Business & Financial News
In an African Dynamo’s Expansion, the Perils of Prosperity
In 2011, Ghana’s economy is forecast to grow 13.5%, a clip that exceeds every other country in the world except Qatar, according to the International Monetary Fund. Big oil finds pumped growth beyond 2010’s 7.7%. As growth stagnates in the U.S. and Europe, Ghana’s robust multiparty democracy has turned its capital into a hub for companies chasing business—on a continent that grew 5.5% this year, according to the IMF. more…
Anglo Believes Diamonds Are Forever With Move on De Beers
But the miner still needs to get regulatory approval from the countries it operates in and the government of Botswana could dent the size of the deal: the government, which currently has a 15% stake in De Beers, has the option to take that to 25%. That means Anglo American may only be able to add a 30% holding to its exiting 45% share in the diamond producer. …more
Nations Chart New Course Toward Climate Pact
DURBAN—Major industrial and emerging economies set a course to reduce greenhouse gas emissions over the next decade and beyond, even as poorer nations warned it wasn’t enough to shield them from the worst potential impacts of climate change…more
Botswana diamond mine expansion due for completion in March 2012
Phase 3, the final stage of the Jwaneng Cut 8 expansion project in Botswana, is progressing to schedule and is due for completion in March 2012, says Debswana deputy MD Steve Axcell…more
Zimbabwe’s Mugabe Gets Support
BULAWAYO, Zimbabwe—President Robert Mugabe won his party’s support to remain in office at a conference on Thursday aimed at choosing a nominee for coming elections and quelling the infighting to succeed him…more
Botswana 3-mth T-bill yield falls to 3.45 pct
JOHANNESBURG, Dec 7 (Reuters) – The weighted average yield on the Botswana 3 month. Treasury bills fell to 3.45 percent from 6.62 percent a month ago…more
Energy Firms Bid in South Africa
South Africa on Wednesday will unveil a shortlist of companies eligible for a $12 billion package of solar, wind and biomass projects—pitting Chinese, Indian, American and European rivals against each other for a piece of one of the world’s largest renewable energy deals… more
Botswana 14-day cert yield rises to 2.69 pct
JOHANNESBURG, Nov 29 (Reuters) – The weighted average yield on Botswana 14-day certificates rose to 2.69 percent from 2.40 percent, the central bank said on Tuesday… more
Botswana eyes more electricity generation
GABORONE Nov 29 (Reuters) – Botswana plans to add 1,200 megawatts (MW) of electricity to its national grid in the next six years as the diamond rich country battles to address power supply shortages, a senior government official said on Tuesday.
Boikobo Paya, Permanent Secretary in the Energy Ministry, said that in addition to the 600 MW power station to be commissioned in 2012, two other 300 MW power stations to be built by Independent Power Producers (IPP) should kick into the national grid by 2017/18… more
DHL Ranks Botswana 121 out of 125 countries in Global Connectedness Report
DHL has released the first DHL Global Connectedness Index (GCI), a detailed country-by-country analysis of the flows that connect the world. The study indicates that globalization is still not as advanced as most people believe and that continued economic integration could spur global gross domestic product gains of five percent or more. GCI ranks 125 countries according to the depth and breadth of their integration into the world economy and also examines the relationship between global connectedness and welfare. The study documents that global connectedness has enormous room to expand, even among the most “connected” countries. Read and download the full story at DHL news
Erratic rains threaten southern Africa food output
JOHANNESBURG, Nov 24 (Reuters) – Rainfall patterns in southern Africa are becoming erratic as climate change takes its toll, threatening long-term production of staple and cash crops in the region. Countries like South Africa, Zambia and Malawi have enjoyed bumper harvests of their staple maize crop in recent years, ensuring food security in a region which has often known hunger. But farmers, who for centuries have known when to expect summer rains, are now finding planning difficult. Read more…
Insight: Oppenheimers consign diamonds to the past
Johannesburg/London Reuters)— There is nothing intrinsically valuable about diamonds. The fact that we think of them as precious is mostly thanks to South Africa’s Oppenheimer dynasty. It is they who, with a bit of help from an American advertising man, sprinkled the rocks with romance and convinced the world that diamonds are forever. Which is exactly why the family’s exit from the diamond industry is all the more surprising. Africa’s second-richest family, after Nigerian food and cement tycoon Aliko Dangote, sold their 40 percent stake in De Beers to Anglo American this month for $5.1 billion. Read more…
A diamond’s journey: The beginning
From the mines in Africa, to polishers in India, to retailers in the West, follow a diamond’s global path to market. watch video