Connect with us

Business News

Botswana’s Thapelo Tsheole Re-elected CoSSE Chair

Published

on

Thapelo Tsheole, Chief Executive Officer of the Botswana Stock Exchange, has been re-elected as Chairperson of the Committee of the Southern African Development Community (SADC) Stock Exchanges (CoSSE).

CoSSE, in a communique said Tsheole, whose new tenure would run until March 2022, said “the development of regional securities exchanges remains high on the committee’s agenda.’’

Tsheole further said “it is the collective effort of exchange members to collaborate and work together to foster synergies that will serve to promote harmonisation in a bid to promote cross-border listings amongst members.

“We will encourage the transfer of security markets’ intellectual capital and technical expertise among member exchanges, increase liquidity for regional exchanges and strive towards development of efficient, fair and transparent securities markets within the SADC region.

“I am confident that with the support of the members, we can achieve our goals.’’

According to CoSSE, during Tsheole’s last two-year tenure, there has been significant improvement in market and product developments in the SADC region.

Formed in 1997, CoSSE has become a collective body of 14 stock exchanges from 13 SADC countries.

Business News

Business Edge | Petroleum Industry Bill Passes Second Reading in the House of Representatives

Published

on

PIB has passed second reading at the House of Representatives. The PIB in many quarters appears to be the most politicized piece of legislation in Nigeria’s legislative history. It was conceived by the Executive Arm of government some 18 years ago to principally inject transparency and stimulate growth in the country’s oil industry. But controversies arising from vested interests have continued to bog it down, making it one of the longest bills in the National Assembly that had been subjected to legislative fireworks.

To get it passed in the first attempt, the document was balkanised by the two chambers of the Nigerian National Assembly, the Senate, and the House of Representatives which called it “Petroleum Industry Governance Bill, PIGB”. With the new name, the Bill was passed simultaneously in both chambers in January 2018.

It was later forwarded to President Muhammadu Buhari for presidential assent. But the President expressly declined his assent, citing anomalies, particularly the reduction of Powers of the Minister of Petroleum over Nigerian National Petroleum Corporation, NNPC. The refusal then necessitated the return of the Bill to the National Parliament.

Also, Ethiopia plans to sell a 45% stake in its Ethio Telecom monopoly, an adviser to the state minister of finance said, as the government pursues the liberalization of the sector despite an armed conflict in the north of the country. Ethiopia’s telecoms industry is considered the big prize in a push to liberalize the African country’s economy because of a vast protected market, which serves around 100 million people. Tolulope Adeleru Balogun discussed these with Nasir Afolabi Agbalaya and Ralph Malik

Continue Reading

Business News

South Africa Records Boost In Business Confidence

Published

on

Following the easing of lockdown restrictions imposed by the South African government to check the spread of COVID-19, the country has enjoyed a new boost in business confidence.

According to a quarterly assessment of business confidence in the country, conducted by FirstRand Ltd.’s Rand Merchant Bank unit, it on Wednesday, said business confidence country has increased to 40 from 24. It is the country’s highest since Q2/2018. The index is compiled by Stellenbosch University’s Bureau for Economic Research.

The improvement shown is another proof to the data that suggests the South African economy may be recovering gradually from its low ebb.

The country’s output contracted by an annualized 51% and 2.2 million jobs were lost in the second quarter.

“It only signifies an economy that’s out of intensive care, and not out of high care,” an RMB chief said. “The strong rise in confidence among consumer-facing sectors could easily turn out to be temporary if the ‘kicker’ having come from pent-up demand peters out.”

The confidence boost for businesses may however not be long-lasting due to the overall effects of the pandemic.

South Africa is one of Africa’s worst-hit countries and has been rallying back, following its recession in March. The country has faced two recessions in two years.

Continue Reading

Business News

Nigeria Suffers The Worst Economic Recession In 33 Years

Published

on

The news of Nigeria sinking into its worst recession in 33 years has left most Nigerians asking how the giant of Africa got here. News Central speaks with Muktar Mohammed, a finance analyst who further explains the implication of this recession.

Continue Reading

Trending