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Engen profit goes up

Koobonye Ramokopelwa

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Engen Botswana, the only listed petroleum company is expecting better results for the six months to June 2018 as a result of favourable trading environment. For the six months period to June 2017, the company made a profit of P55,2 million.

Engen, which supplies petroleum products to retail and institutional clients said, compared to the same period in 2017, profits will be higher on the backdrop of rising international crude oil prices. According to available data, oil prices jumped by 20 percent in the first six months of the year to close at $73 per barrel. Yesterday (Tuesday), oil prices were hovering at $77 per barrel.

The firm, like its peers has also been bolstered by government decision to hike petroleum prices in May. Petrol went up by 23 thebe, 45 thebe for diesel and 38 thebe for paraffin, all per litre. Eric Molale, the minister responsible for petroleum products in the country did not rule out any price increase in the foreseeable future on the backdrop of rising international oil prices.

Local users of petroleum products are not even saved by the fact that the National Petroleum Fund-which cushions customers against increasing oil prices, is fast running dry due to alleged misappropriation by those tasked with maintaining it (the Fund).

Meanwhile, Engen which is headed by Chimweta Moonga has told its shareholders that results will be out before this month ends. “Therefore shareholders are advised to exercise caution when trading in the group securities until such time as a detailed announcement is made,” said a statement from the BSE listed firm.

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OLOPENG HEAPS PRAISE ON BSE FINANCE CHALLENGE

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Minister Thapelo Olopeng

Botswana Stock Exchange’s annual finance and investment competition for secondary school students has been applauded by the Minister of Tertiary Education, Research, Science and Technology, Thapelo Olopeng.

The initiative, a capital market awareness tool that has been running for the past seven years, is increasing financial literacy and a culture of investment among young people. The initiative will see the country raise future billionaires through the stock markets. “It is a breath of fresh air to have tertiary students who are financially literate, who can manage their finances,” said the minister.

He urged students to invest even the smallest allowances they earn and have a hassle-free life after university. “Investing on the stock exchange is not only preserved for the rich, but for anyone with a bank account,” said Olopeng.

The minister said the secondary schools finance and investment competition is participation of the private sector in bridging the knowledge divide.Olopeng said the private sector participation augments his ministry’s efforts of providing and building knowledge and innovation through the development and implementation of the policy on tertiary education, research, science and technology to transform the economy from a resource based to a knowledge based.

“In this connection, we will continue to empower our students in order for them to lead better and successful lives which can propel them into the innovation ecosystem,” said Olopeng. BSE Chief Executive Officer, Thapelo Tsheole said the Senior Secondary Schools Finance and Investment Competition, first established in 2013 aims to sensitise and educate the student community about capital markets, with the strategic aim to increase financial literacy and promote a culture of investing at a young age.

The competition is open to all senior secondary schools across the country, including private and public senior secondary schools.

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WE ARE NOT USING DIAMONDS TO KILL ELEPHANTS, THAT’S HOGWASH! – BOTSWANA MINISTER

The MidweekSun Admin

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Orapa Mine, part of Debswana

Botswana is not using diamonds to kill elephants as alleged by some conservationists after the southern African country announced plans to lift a ban on elephant hunting to address growing conflict between humans and wildlife, a government official has said.

Minister of mineral resources, Green technology and energy security Eric Molale told a mining conference in Gaborone on Monday that the activists were tarnishing the image of Botswana. “That’s hogwash because we as Botswana are [good] conservationists and it is us who worked hard to make sure these elephants [are] brought to the numbers that we do have now,” he said.

“When conflicts arise, it is through consultation, [that we] find out how we can best manage our resources. The people have spoken and we are going to be managing the elephants in the best way that we can.

“We are not culling, we have re-introduced the trophy hunting and if you take 400 elephants per annum for trophy hunting against the 3-5% annual growth rate of the elephant herd that we have…[we are] just barely scratching on the surface.”

Botswana has about 130 000 elephants, the world’s largest population.Molale said Botswana will remain focused on things that are beneficial to the country and will not be distracted by issues spread by people that are not even privy to how things are done in the country.

“We have, however, invited them to come and learn more about what we are doing so they can better understand those important aspects of flora and fauna…”The conflict between humans and elephants had gone up since the ban was introduced in 2014.

Tourism is the second source of foreign income in Botswana after diamonds and conservationists fear that the former will be affected is the government cull elephant.
[Rough and Polished]

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