VenturesNow

First-half sales down 16 % at Botswana’s Diamond Company

Published

6 years ago

August 17, 2018

Sales at Botswana’s state-owned Okavango Diamond Company (ODC) fell 16 percent in the first half of 2018 to $260 million, its managing director said, citing a high comparison base against last year’s record growth.

Marcus ter Haar said the company sold 1.778 million carats in the first half of 2018 compared with 1.808 million carats in the same period last year.

“A favourable rough diamond market over this period has meant ODC has generated healthy sales for the first half of 2018 despite not being able to offer larger volumes to our customers compared to the same period in 2017,” he said.

Ter Haar said customers from the United States and Far East largely drove demand in the six months through June.

Looking ahead, he said sales for the remainder of 2018 were unlikely to be as strong as in the first half due to an anticipated cyclical downturn in the market.

“Current indications suggest that a seasonal slowdown in the diamond market has now begun which will have somewhat of a dampening effect on the promising first half,” he said.

ODC, which holds ten sales auctions each year, sells 15 percent of Debswana’s production as Botswana develops its own price book through the independent window outside of De Beers’ channels to gauge the market.

Debswana, a joint venture between Anglo American’s De Beers and Botswana, recorded a 9 percent jump in production in the first half of 2018 to 12.08 million carats.

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VenturesNow

Moroccan annual inflation rises to 0.8% in November

Published

3 days ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

VenturesNow

Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

4 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”