Connect with us

Business

Emotional intelligence key to financial health

Published

on

Experts say money and emotions are inter-connected therefore it is important to master the skill of bringing a balance between the two. Calvin Investment Founder and Financial Expert, Calvin Phokontsi says that if one can control their emotions, they can control their money. “Fail to control your emotions, fail to control your money. Mind your emotions, mind your money,” he says. The financial expert who runs a financial advisory firm says generally three percent of an individual’s life comprises of academics, 90 percent – emotions and seven percent natural or motivational influences.

He advises everyone to have a healthy Financial Intelligence Quotient or financial IQ, which is the ability to obtain and manage one’s wealth by understanding how money works. Phokontsi strongly believes that for one to manage and build wealth and a healthy financial lifestyle, it all begins with behavioural change. It is also critical to develop one’s personality before one thinks of investing or saving money because one’s thoughts affect action, action affects habits and habits affect character, which ultimately affects personality and the behaviour of a person.

In his experience as a financial advisor, Phokontsi has realised that many people desire to save money, for example, but only fail because they have not developed discipline and self-control. “All successful people have personal guiding principles,” he said in an interview. Phokontsi says money is only a tool that one can use for wealth creation. “Money is like a mirror; it reflects who you truly are. If you can learn how to handle it, you are halfway through to success,” he said. He has also realised that money and success don’t change people, but merely amplify what already existed. Phokontsi says it is better to start early to develop a healthy relationship with money in order to build wealth in the future.

He advises that during the ages of 21 to 55, people need to be focused on working and building a career, building a home, investments and businesses so that when they reach retirement age, they can enjoy the fruits of their labour and investments.

Continue Reading

Business

Gov’t swiftly acts on BMC

Koobonye Ramokopelwa

Published

on

Government has moved swiftly to place Botswana Meat Commission under the care of a management firm; the move is meant to put the Commission into shape both operationally and financially.

This was disclosed by Finance and Economic Development Minister, Dr Thapelo Matsheka, further stating the BMC is technically insolvent despite having received nearly P1billion as a bailout in recent times. The new management company will run BMC, which is based in Lobatse starting on the 2020/2021 financial year.

The finance minister made it crystal clear that, the move to appoint a caretaker firm for BMC was made to protect the interests of all stakeholders, including farmers. According to Matsheka, the Minister of Agriculture Development and Food Security, Dr Edwin Dikoloti will provide more details on the BMC changes in due course during his committee of supply speech. Government is also proceeding with the conversion of BMC to a company under the Companies Act following the approval of BMC Transition Bill and subsequent repeal of the old Act.

The repealing of the BMC Act has since eliminated the monopoly of the Commission when it comes to beef and cattle export. The repeal has also enabled government to establish a beef regulator which will be responsible for regulating the beef and the cattle sector. “Another aspect of the transition is the ultimate privatization of BMC.

The objective of the privatization of BMC is, among others, to engage the private sector in the ownership and management of the BMC to achieve operational efficiency and profitability, as well as reduce Government’s future financial commitments in the entity. This would be an important process in the transformation of the beef and cattle sector,” noted Matsheka. BMC which is 100 percent owned by government has been operating with losses for many years due to internal and external challenges such as poor supply and Foot and Mouth Disease(FMD).

Continue Reading

Business

BSE invite companies for CSD project

Published

on

Botswana Stock Exchange (BSE) has intentions to implement a new Central Securities Depository (CSD) system by the second quarter of next year.

Authorities at the bourse have already put out a call for companies to perform a post migration data verification and quality assessment from the current depository system to a new depository system set to go live in the first half of 2020.“As part of the project, the BSE is to migrate master data and reference data from the current system to the new CSD system,” said BSE in a statement released this week.

According to BSE, the project will include comprehension of the BSE Data Migration Strategy and Plan and data mapping design and rules, review of the data migration ETL processes, data quality verification completeness, accuracy, consistency, definition and scope of data to migrate. In addition, BSE said it will migrate only active or open transactions in the current system to the new system. The scope of open transactions includes active or running corporate actions, active investor accounts, investor account balances above zero, active participants, active issuers and active instruments.

Meanwhile, BSE Chief Executive Officer, Thapelo Tsheole is on record citing that the new CSD system comes with functionalities such as securities borrowing and lending (SBL), management of the settlement guarantee fund, initial public offering (IPO) processing, e-voting for listed entities, repo management and online investor access.

Commenced in the first quarter of 2019, the project is also an integral element of the ongoing single CSD project pioneered by the Ministry of Finance and Economic Development, Non-Bank Financial Institutions Regulatory Authority and BSE.

The system is also expected to help increase the CSD system ratings by Thomas Murray, an assessment of which will be conducted once the system has been commissioned in early 2020.

Continue Reading

Trending