Stanbic Bank Botswana has launched a new service offering in the form ‘Instant Money’–a cardless person-to-person money transfer product that allows banking users to send money to anyone, anywhere. According to the bank, the offering provides banking users with a new and cost-effective way to send and cash out electronic vouchers. Stanbic’s Head of Customer Channels, Calistas Chijoro, said in modern busy times, as a bank they understand that customers require quick, convenient and safe platforms for their banking needs. “With Instant Money, therefore, one can buy and send Instant Money from their bank account via Internet Banking or Cellphone…
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Firestone Diamonds plc, has agreed to a US$15.0 million standby debt facility with Resource Capital Fund VI L.P. (RCF) in a bid to satisfy one of the remaining conditions to the drawdown of the Absa Debt Facility. However, the deal is conditional on shareholder approval. The company added that it has also agreed a restructuring of its existing US$30.0 million Mezzanine Facility with no changes to its commercial terms. According to the AIM-quoted diamond development company, the standby debt facility, to be provided by RCF, will allow the company to drawdown the Absa Debt Facility. The purpose of the standby…
Botswana Development Corporation (BDC), the government investment arm says it will endeavour to support environmentally beneficial projects and refuse those that do harm. The corporation led by Bashi Gaetsaloe stated in the 2014 annual report that its property portfolio, including the new Head Office, will be designed to ensure ‘we manage energy and other resources used.’ BDC said it is aware that a healthy environment is a necessary condition for individuals, communities, businesses and economies to thrive. “Therefore we have to take every opportunity to make a difference and to reduce environmental degradation,” the annual report stated. “This is a…
Industry experts and key sector stakeholders convened in Gaborone for an Oil & Gas conference hosted by Stanbic Bank Botswana Corporate and Investment Banking. The primary objective of the conference was to create a foundation for Industry stakeholders, across the upstream, midstream and downstream sub-sectors to network and share industry views, experiences and best practice and prepare for the future of the growing industry in Botswana and to be well positioned to unlock its full potential. Held on Thursday 23rd April 2015, the conference touched on the African sub region Oil & Gas industry and later focused on the…
Diversified group–Rio Tinto has released its first quarter production performance, which showed the group continued to drive efficiency in all aspects of its business—that is reflected in our solid production performance during the first quarter. According to the company, the global iron ore shipments of 72.5 million tonnes (Rio Tinto share 57.3 million tonnes) were nine per cent higher compared to the first quarter of 2014. “Production of 74.7 million tonnes (Rio Tinto share 59.4 million tonnes) was a 12 per cent increase year on year,” revealed the company. During the period, Rio recorded first quarter bauxite production that was…
New Chair of the Awards Fiona Jeffery OBE opened the ceremony, telling the packed auditorium that the awards “shine a light on outstanding examples of business practice”. The finalists reflected the breadth of leaders in responsible tourism today, and showed the importance of collaboration, whether with guests, communities, staff or wider stakeholder groups. The luxury sector was represented by Soneva Group, winning the Environment Award for a wealth of innovative schemes, including a compulsory climate levy paid by all their guests, which has raised millions for community projects around the world. At the other end of the financial scale were…
South Africa’s utility company, Eskom said will embark on a massive “maintenance festival” in an effort to improve the performance and reliability of its power generating units ahead of the expected peak winter demand. The company stated that about 64% of its current installed base load power stations are past their midlife, requiring longer outages and extended restoration time than planned. Midlife refurbishments or replacement being carried timeously reduce equipment failures from occurring, thus improving the ability to provide reliable supply to customers. Since December last year, the availability of Eskom’s plant performance has improved from 65% to 70%. This…
The World Banks says chief executives from major oil companies have joined together with senior government officials from several oil-producing countries to commit, for the first time, to ending the practice of routine gas flaring at oil production sites by 2030 at the latest. The “Zero Routine Flaring by 2030” initiative—already endorsed by nine countries, ten oil companies and six development institutions—was launched by United Nations Secretary-General Ban Ki-moon and World Bank Group President Jim Yong Kim. They were joined by Royal Dutch Shell Chairman Jorma Ollila; Statoil CEO Eldar Sætre; Norwegian Foreign Minister Børge Brende; Gabonese Minister of Petroleum…
Natural gas explorer, Tlou Energy has entered into a Co-operation Agreement with General Electric International Inc. (GE) and IK Holdings Pty Ltd (IK Holdings) for the delivery of a proposed gas to power solution for Botswana. According to the company, the deal provides a framework for co-operation between the parties in relation to sharing of infrastructure for the supply of gas by Tlou Energy in relation to the existing 90MW Orapa power station owned by Botswana Power Corporation and proposed co-located 300MW gas-fired power project to be developed by IK Holdings and GE. Tlou Energy’s Managing Director, Tony…
De Beers Executive Vice President of Global Sightholder Sales, Paul Rowley has told the Dubai Diamond Conference that the diamond industry has a few years to prepare for the next 50 years. He advised participants in the industry to focus on targeted investments if they ‘are to make the most of the opportunities over the medium and long term.’ “Starting with the consumer – as consumer demand is the only true source of value in the diamond trade – we invest in diamond equity,” he said, adding that De Beers was also using targeted investments to position itself for…