Cover for The Patriot on Sunday
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The Patriot on Sunday

The Patriot on Sunday

A Sunday broadsheet newspaper that focuses on business and politics. It started publishing on Sunday 11th November 2012.

#Available IN STORES #grabyourcopy #frontpagethisweek ⭕️ Main Headline: BASARWA WARN MASISI . 'It's like we don't exist under current administration' - Khwedom . Khwedom Council canvasses votes for Basarwa candidates FOR A DETAILED REPORT GRAB A COPY OF THE PATRIOT ON SUNDAY NEWSPAPER IN STORES OR FOR SUBSCRIPTION VISIT: www.thepatriot.co.bw ... See MoreSee Less
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SKELEMANI & PARLIAMENT DELEGATION LEAVE FOR ENTEBBE, UGANDA ... See MoreSee Less
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BNF PRIMARY ELECTIONS TOMORROW ... See MoreSee Less
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De Beers will be sold if BHP acquires Anglo AmericanTim Treadgoldforbes.com [Contributor]BHP’s share-swap takoever bid for arch-rival Anglo American to create a $185 billion mining giant will struggle to succeed, but if it does there is one arm of the target certain to be sold, the De Beers diamond business.Despite its century-old reputation and claim to be the custodian of the diamond industry De Beers has become more trouble than it's worth, under attack from two directions. Demand for diamonds is being battered by global economic uncertainty while the problem of slowing sales is being supercharged by the increasing popularity of lab-grown gems which are indistinguishable from mined diamonds.A third factor which could seal the fate of De Beers is that BHP quit the diamond industry a decade ago after struggling to mix mining, and its basic function of heavy-duty earthmoving, with the fine art of producing and marketing baubles for the rich and newlyweds.FOR A DETAILED REPORT GRAB A COPY OF THE PATRIOT ON SUNDAY NEWSPAPER IN STORES NEAR YOU (Saturday 27th April 2024). ... See MoreSee Less
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THE PATHETIC STATE OF INNER PARTY DEMOCRACY AT BDP*ADAM PHETLHE The Botswana Democratic Party (BDP) claims to be a democratic organisation as its name suggests. But this is a figment of the imagination considering how aspiring candidates for parliamentary and council positions in the upcoming primary elections were processed. This process I must state without flinching, rendered aspiring BDP members prisoners in their own ‘democratic’ political party. It is evident the principle of natural justice was so suppressed if not distinguished that aspiring candidates were not given an opportunity to for example, refute reasons why they were vetted. In the world of dog-eat-dog politics, it is highly possible unsubstantiated allegations may have been made by political opponents of the aspiring candidates. Yet, the aspiring candidates were not afforded a platform to say their side of the story such that the veracity of the allegations could conclusively be established.The BDP is riding on the false belief that because the aspiring candidates had subjected themselves to the terms and conditions of the expression of interest, they were in fact and in the process waiving or ceding their right to a fair process underpinned by the principle of natural justice. Natural justice is described as ‘The basic fundamental principles of fair treatment. These principles include the duty to give someone a fair hearing; the duty to ensure that the matter is decided by someone who is impartial; and the duty to allow an appeal against the decision’. The BDP decided that members who wished to express an interest in contesting for parliamentary or council positions should resign their branch positions in the event the individuals held such positions in their respective branches. But bizarrengly, such dispensation did not apply to members of the party Central Committee (CC) some of whom are vying for parliamentary positions. Some of these very CC members decided the fate of their fellow members not to make the cut. It could very well be that some of the CC members vetted some aspiring candidates from their very constituencies. In simple terms, they are conflicted in the process they have huge vested interest. The lame argument proffered for the preferential treatment of CC members is that they had to ensure the party functions. Fair enough. But I want to say the CC members had a duty to foresee the potential conflict of interest they were running into. If branch committee members could influence the process in whatever form or shape, what stops CC members from doing the same? It is concerning that a political party in power & claiming to be grounded on democratic values & principles would somewhat run a kangaroo-like process where fairness and the principle of natural justice are purposefully thrown out of the window on the pretext that the CC is the final authority. Its members cannot be prisoners of their party by virtue of the fact that they have subjected themselves to the rules of engagement. This I must hasten to say, resonates well & truly with dictatorial tendencies. That is why the country is saddled with a flawed Constitutional review Bill in parliament where the BDP falsely believes it can review & amend the Constitution on its terms. That’s BDP for you. I am prepared to be persuaded otherwise as always. ... See MoreSee Less
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Thursday, May 2, 2024
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Columbus

Business

A wonderful serenity has taken possession of my entire soul, like these sweet mornings of spring which I enjoy with my whole heart.

Stan-Chart in third year of profit growth

Standard Chartered PLC has released its results for the year ended 31 December 2018.    “We have made tremendous progress securing the foundations of the business since 2015, resulting in a third successive year of underlying profit growth. Our refreshed priorities will help realise the true value of the franchise. We will measure this not only in monetary terms with double-digit equity returns and significant shareholder distributions targeted by 2021, but also in the positive impact to our clients, stakeholders and communities. We are determined to drive commerce and help our clients achieve prosperity while doing everything that we can to make the world a cleaner, safer and more sustainable place,” said Bill Winters, Group Chief Executive. There has been further significant improvement in returns. Significant improvement in profitability driven by higher quality income growth with cost and asset origination discipline; Operating income of $15.0bn was up 5%, with RWAs down 8%; Broad-based by product, with Transaction Banking growing particularly strongly driven by Cash Management; Wealth Management grew 3% but momentum slowed as sentiment weakened in the second half; Strong performance in GCNA region; challenging conditions in AME region; and Net interest income increased 8% and the net interest margin improved 3 basis points to 1.58% The Group has delivered $3.2bn in gross cost efficiencies, exceeding the target set in November 2015; Cash investments of $1.6bn were up 9%, with the amount allocated to strategic initiatives trebling over the last three years. The UK bank levy was $324m; in 2021 it will be chargeable on only the Group’s UK balance sheet; and Asset quality improved due to a continued focus on higher quality origination within a more granular risk appetite. Credit impairment of $740m was 38% lower with significant improvements in CIB and RB;Underlying profit before tax of $3.9bn was up 28% driven by the Group’s largest segments and regions; Statutory profit before tax of $2.5bn is stated after provision for regulatory matters and restructuring and other items and was 6% higher. The Group made a $900m provision in respect of legacy financial crime control matters and FX trading issues; Restructuring and other items included Q4 charges of $158m following the announcement to sell Principal; Finance and $169m related to the refreshed strategic priorities announced. RoE improved 110 basis points to 4.6% and RoTE improved 120 basis points to 5.1%; Basic earnings per share increased 14.2 cents to 61.4 cents. The Board has recommended...

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