The increasing number of reported retrenchments all over the country as a result of the Covid-19 pandemic are but the tip the iceberg. However, the situation is forcing Namibia to reinvent its economy. This is according to local labour expert Herbert Jauch, who warned that many of the jobs lost due to the pandemic are...
The Namibia Competition Commission (NaCC) has blocked the acquisition of Schwenk Namibia (Pty) Ltd, which owns and operates the Ohorongo Cement factory, by West China Cement Limited for N$1.5 billion since it would result in coordination between Ohorongo Cement and Whale Rock Cement, which trades as Cheetah Cement. The proposed acquisition was deemed uncompetitive by...
The main opposition party, the Popular Democratic Movement (PDM), has labelled government’s N$4.5 billion loan application from the International Monetary Fund (IMF) as nothing but a veiled attempt of rent-seeking, which is defined as the practice of manipulating public policy or economic conditions as a strategy for increasing profits. Government last week applied for assistance...
The voluntary retrenchment exercise at the Pupkewitz Group, offered to all its 1 860 employees, has been concluded, with most of the employees opting to take early retirement to use the proceeds to start up their own business or invest in livestock. According to a spokesperson for the Group, the exercise has allowed for consolidation...
The finance ministry yesterday confirmed that Namibia has applied to the International Monetary Fund (IMF) for a N$4.5 billion loan, through the institution’s Rapid Financing Instrument (RFI). The IMF on Monday approved a US$4.3 billion loan for neighbouring South Africa after the institution recently made US$50 billion available to help countries tackle the Covid-19 pandemic. ...
Industrialisation and trade minister Lucia Iipumbu yesterday said the ministry was investigating allegations of corruption and mismanagement made against senior officials of the Namibia Industrial Development Agency (Nida). This follows after staff members penned a second letter to the government, this time to Iipumbu requesting urgent intervention at the agency. The staff members allege mismanagement,...
A deplorable state of affairs regarding the completion of infrastructure and capital development projects throughout the country has surfaced through a report requested by President Hage Geingob and commissioned by works and transport minister John Mutorwa. The final report, which was completed at the end of June 2020, confirmed that a trifling 54 capital projects...
China National Nuclear Corporation (CNNC) Rössing Uranium has cautioned that while global uranium prices are expected to recover in the medium to long-term, the gradual recovery may take another five years. In its latest report to stakeholders, the uranium miner noted that moderate demand growth and subdued supply will drive a gradual price appreciation. “The...
The local index of the Namibian Stock Exchange lost an astounding N$6.5 billion in market capitalisation one day of trading last week, which was, however, quickly regenerated in subsequent trading. Local stock brokers and economic analysts, who described last week’s major selloff of shares as a “bloodbath on the Namibia Stock Exchange”, pointed out the...
The Bank of Namibia (BoN) has laid down the law once again by calling the seemingly popular Elamant company a pyramid scheme and therefore deemed its business as an illegal financial operation. Advising the public to be cautious of where they put their hard-earned money, a bank statement noted that its investigation determined Elamant’s activities contravene Namibia’s...