Last week Thursday, Capricorn Group has informed its shareholders through a voluntary announcement on the Namibian Stock Exchange that its Zambian subsidiary, Cavmont Capital Holdings Zambia PLC (CCHZ), has signed a Share Purchase Agreement with Access Bank (Zambia) Limited, a subsidiary of Access Bank Plc.
The lockdown in April saw a significant drop in business registrations at the Business and Intellectual Property Authority (BIPA)
One of Namibia’s development objectives is to reduce the costs of cross-border trade and to create a more conducive investment environment.
The first fuel increase for 2020, which came into effect this week Wednesday, was necessitated by an under-recovery of N$2 per litre on petrol and N$1.64 on diesel.
The Development Bank of Namibia (DBN), the Bank of Namibia, as well as Nedbank Namibia all confirmed positive Covid-19 cases this week.
Professor Anicia Peters, Pro-Vice Chancellor: Research, Innovation, and Development at the University of Namibia (UNAM), this week said Information Technology (IT) should have been considered an essential service provider in the country.
The NAMS/ISO 31000:2019 Risk Management Standard was officially gazetted as a Namibian Standard in January 2020.
The Office of the President yesterday held a planning workshop for the Economic Advancement chapter for phase 2 of the Harambee Prosperity Plan (HPP).
The CEO of the Namibia Training Authority (NTA), Jerry Beukes, has tendered his resignation after four years at the helm of the authority.
Figures from the latest Private Sector Development Survey (PSDS) 2019/20 indicated that almost half of the businesses in which turnover was slumped experienced a decline of at least 81%. Some 90% of the survey respondents said they suffered a loss of turnover while 30% of businesses experienced a decline between 91% and 100%, while another 12% saw a turnover decline of between 81% to 90%.
MTN Namibia and The GridOnline have taken the Namibian ICT sector a stride forward, as the parties signed their first commercial contract for bulk data transmission services. The GridOnline is a service offering by NamPower.
Money in the time of Covid-19 is an anxiety-inducing topic.
As a task to expand its revenue optional pool to diversify its resources, the Environmental Investment Fund of Namibia (EIF) established a Resource Mobilisation Strategy as a framework for revenue generation through which it managed to mobilise about N$1.3 billion.
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.
Work-life integration means intertwining what you consider “life” or “personal” areas with “work”.
Kenya Airways (KQ) resumed its international passenger services on Saturday, 1 August, following the easing of movement restrictions as directed by President Uhuru Kenyatta. The first international flights on 1 August departed to London, Dubai, Addis Ababa, Kigali, Dar es Salaam and Lusaka.
The board is pleased to announce that Mcube has been listed on the Development Capital Board of the Namibian Stock Exchange (NSX) as a Capital Pool Company (CPC) on Friday, 31 July 2020.
The Development Bank of Namibia (DBN) yesterday confirmed one of its Walvis Bay staff has contracted Covid-19.
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.
Fuel prices will increase as of midnight on Wednesday when petrol will increase by N$1 per litre (p/l) and diesel by 70 cents p/l. This increase means the fuel pump prices at the port of entry of Walvis Bay will become N$11.35 p/l on petrol and N$11.83 p/l on diesel.
The Communications Regulatory Authority of Namibia (CRAN) last week held a public consultative meeting on the proposed Market Study on the determination of dominant position in the telecommunications sector, and the regulations prescribing fees for spectrum licences, certificates and examinations.
“Namibia has seen an unprecedent spike in the number of new Covid-19 cases over the last three months, signalling that the worst economic effects of the pandemic are yet to come,” warned Frans Uusiku, Market Researcher Manager at FNB Namibia.
The Namibia Statistics Agency (NSA) has embarked on Round 2 of a survey to measure the prevalence and nature of adverse effects from Covid-19, experienced by selected businesses operating in Namibia during stage 2 and stage 3 of the virus lockdown during May to June 2020.
The Government Institutions Pension Fund (GIPF) invested close to N$45 billion in the Namibian economy during the 2019 financial year.
As a consequence of the pandemic and associated restrictions, African airlines are forecast to lose US$2 billion in 2020.
Namibia’s N$4.5 billion loan application to the International Monetary Fund (IMF), through that institution’s Rapid Financing Instrument (RFI). could risk locking the country into a perpetual debt trap for many years.
The coronavirus outbreak comes at a time when Namibia was already struggling to return to higher growth levels. Since 2016 Namibia has experienced an economic downturn, and indeed a devastating recession.
Bank Windhoek has confirmed its main branch in the capital, as well as the Auas Valley and Ashirwad agencies that are served from that branch, were closed over the weekend after one of the branch’s employees tested positive for Covid-19.
The Deputy Minister of Information and Communication Technology (MICT), Emma Theofelus, as well as the Bank of Namibia governor Johannes !Gawaxab have been named among the 100 Most Reputable Africans by Reputation Poll International, a leading global reputation-management firm.
The Communications Regulatory Authority of Namibia (CRAN) yesterday confirmed the issuance to the Windhoek City Council of a Class Comprehensive Telecommunications Service Licence, with additional licence conditions imposed.
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 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.
Minister of Industrialisation and Trade, Lucia Iipumbu, says the state needs to be fully aware of the private sector’s needs, its potential as well as any major obstacles if it wants to develop and execute policies effectively and efficiently.
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).
One of the biggest concerns the Construction Industries Federation of Namibia (CIF) has regarding the Namibian Equitable Economic Empowerment Bill (NEEEB) is if, indeed, it will bring about the desired results.
Business that have incurred losses due to Covid-19 and who have Contingent Business Interruption (CBI) cover with Santam will receive up to N$30 million in urgent relief funding.
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 reduction in physical shopping, coupled with social distancing and a heightened awareness of personal safety, have made online shopping the go-to place for retail therapy in recent months.
The thorny subject of corporate corruption is pulling Namibia backwards; hence, it needs to be prioritised and addressed without fear or favour, warned Lameck Odada, an economics lecturer at the Namibia University of Science and Technology (NUST).
The Government Institutions Pension Fund (GIPF) has confirmed Namibia’s first largescale commercial blueberry harvest, produced by the Mashare Berries project, which forms part of the Spitz Capital Fund anchored in the GIPF unlisted investment programme.
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.
However, the bank said any person or entity transacting in foreign exchange without complying with the above applicable laws and the process described above, does so unlawfully.
He explained that the NCAA is not a revenue-generating entity and does not pay dividends to the government. However, for NCAA to fulfil its responsibilities to assure a safe, orderly, regular and efficient civil aviation system, it requires resources.
The PPI is designed to measure the average change in the price of goods and services – either as they leave the place of production or as they enter the production process – and does not include imported products.
RUNDU - The Pupkewitz Foundation donated food parcels to the San community valued at N$55 000 in Rundu’s Ndama location last week.
If one were to focus on the National Equitable Economic Empowerment Bill (NEEEB) in its latest format as an instrument to address poverty and inequality, one of the biggest concerns is that NEEEB has not allayed any fears and made people more appeased with government’s commitment that people’s ownership rights will not be affected, and that their livelihoods will not be threatened.
FNB Namibia has confirmed that all their branches will revert to a rotational operations model for the foreseeable future.
Population and Housing Censuses take place after every ten years. Namibia has held three censuses since independence and the 2021 one will be the fourth one.
The National Petroleum Corporation of Namibia (Namcor) has confirmed that all four of its employees, who were recently quarantined on account of having contact with Covid-19 positive employee, have tested negative for the disease.
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South Africa’s Department of Public Enterprises (DPE) has welcomed the commitment by the country’s National Treasury that government will support and source funding for a business rescue plan for South African Airways (SAA),
Economic analysts in the country believe the agricultural sector will be the most suitable platform for transformation to fight the adverse financial impact of the Covid-19 pandemic.
Pupkewitz Megabuild has introduced SpecTiles, a new subsidiary to the group.
A major concern for the Construction Industries Federation (CIF) is the timing of possible implementation of the Namibian Equitable Economic Empowerment Bill (NEEEB).
Local generation of electricity increased, both year-on-year and quarter-on-quarter, in the first quarter (Q1) of 2020, mostly due to high rainfall. The local generation of electricity increased significantly by 82%, year-on-year, to 778.2 million kilowatt-hours.
As a responsible corporate citizen, MultiChoice Namibia (MCN) is adhering to the government’s national safety precautions and Covid-19 measures.
The Development Bank of Namibia (DBN) this week suspended an additional three employees, bringing the total to seven suspended staff as a result of its investigation into alleged misconduct in allocating finance, which was announced at the end of April 2020.
Following concerns expressed by the public about the state of pension funds, pension fund expert Marthinuz Fabianus, Managing Director of Retirement Fund Solutions (RFS) and a trustee of Benchmark Retirement Fund, has reassured the public about the health of pension funds under their administration.
GROOTFONTEIN - Hundreds of street vendors in Grootfontein are defiant on moving into the recently constructed open market.
The Chinese metropolis Shenzhen is often perceived as one of the most advanced urban places in China because of both its technology and dynamics.
Salt Essential IT yesterday announced it has won of the 2020 Microsoft Partner of the Year Award.
A Cabinet Committee has expressed satisfaction with the work carried out on the multi-million-dollar expansion of the Hosea Kutako International Airport (HKIA) project and reiterated government’s support for the completion of the project.
The Construction Industries Federation of Namibia (CIF) has called for further opportunity for stakeholders to be engaged and give feedback on the latest draft of the Namibian Equitable Economic Empowerment Bill (NEEEB).
GROOTFONTEIN - The Grootfontein municipality is set to draft and implement a five-year strategic plan to guide the town’s development agenda in which it seeks to attract long-term investors.
An extremely disappointing speculative BB Fitch rating and an economy on the edge of an abyss have prompted Team Namibia to call for a drastic improvement on Namibia’s appeal to domestic and foreign investors.
TSUMEB – A last stake of employees at B&E International Namibia North, a company contracted by Weatherly Mining, who were producing copper at the Tschudi Mine, downed tools this week following a severance pay dispute.
The Transportation Commission of Namibia has suspended Air Namibia’s Scheduled Air Services Licence with effect from 23h59 yesterday (Wednesday 8 July 2020).
The Hosea Kutako International Airport (HKIA) is readying for its restart plan under the heading “Resumption of Activities” to ensure the airport is prepared upon the resumption of international flights as borders are gradually reopening under the provisions of the State of the Emergency Regulations on Covid-19.
Xenophone van Wyk recently won N$30 000 towards his efforts in Tsumeb’s informal settlement of Kuvukiland, through the Bank Windhoek #JourneyingTogether social media campaign. He was the third winner of the competition, which concluded in May 2020.
When you reach 60, the last thing you want to worry about is your retirement.
Pick n Pay Namibia, a subsidiary of the Ohlthaver & List (O&L) Group, has said no additional stores will close after it confirmed the closure of the Pick n Pay Centre, formerly known as Seagulls Mall, in Walvis Bay.
In the era of hyper-consumerism, African customers want more: better service, a better experience and a better connection.
Advanced… Quinten Potgieter, FNB Customer Strategy Manager, says the FNB App now allows customers to log their queries, suggestions, compliments and complaints.
Namibian transport and logistics companies are facing an uphill battle as they struggle to deliver essential goods from South Africa, such as food and medicine, whilst combating strict regulations, such as a mandatory quarantine, and their drivers being stigmatised as potential Covid-19 carriers due to frequently leaving the country.
Namibia registered a deficit on the current account during the first quarter of 2020, mainly due to deterioration in the merchandise trade balance.
Hartlief, a subsidiary of the Ohlthaver & List Group, has confirmed Gunther Ling, as its new, managing director (MD), effective as of 1 March 2020.
Bokomo Namibia has confirmed the acquisition of the sugar packaging and distribution business of Tongaat Hulett Namibia (THN), following approval by the Namibian Competition Commission.
The International Air Transport Association (IATA) urged governments in Africa and the Middle East (AME) to implement alternatives to quarantine on arrival that would allow economies to re-start while avoiding the importation of Covid-19 cases.
MTC recently launched customised MTC TikTok Data Bundles, available for postpaid and prepaid customers on *682# from as little as N$5 for a 800MB daily bundle.
Namibia seems to be on the cusp of a major technological revolution; suddenly we have apps for everything, online payment systems and we are catching up to technological advancement that other countries have had for years.
With retrenchments being an absolute last resort for Namibia Breweries Limited (NBL), the impact of Covid-19 on the business operations and sales resulted in no wage increases being paid for the company’s 2021 financial year, while no bonuses will be considered during 2020.
The Bank of Namibia (BoN) has lowered the repo rate, a record of three times in the last four months since March 2020, in a bid to provide a much-needed relief from the adverse economic effects of the coronavirus pandemic.
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This year, taking the impact of Covid-19 into consideration, Bank Windhoek has decided to contribute N$500 000 to the Cancer Association of Namibia (CAN) under the Bank’s Cancer Apple Project, instead of selling apples to raise funds.
The Namibia Wildlife Resorts (NWR) has grown its NamLeisure offering by introducing a NamLeisure Corporate card.
Maersk made history on 21 June 2020 at the Port of Walvis Bay when they broke their own African record for Reefer lifts on a single vessel, the Santa Rosa. Reefers are containers, which carry refrigerated cargo like citrus, meat and fish.
Chairperson of Namibia’s 14 Labour Advisory Council (LAC) Tuli-Mevava Nghiyoonanye has indicated that the transitioning of the country’s informal economy to a formal one is expected to be a priority on the LAC’s agenda during its current tenure.
The Forum for Expert on Social Protection recently held a webinar on the ‘Impact of Covid-19 on the Informal Economy in Namibia’.
As of Monday 13 July, the Namibia financial services sector will boast three managing directors of local banks as Nedbank Namibia on Friday confirmed the appointment of Martha Murorua as its new managing director (MD).
Cabinet has directed the Ministry of Finance to establish an Inter-Institutional Team to finalise details for the establishment of a Sovereign Wealth Fund for Namibia, according to a Cabinet briefing shared by ICT Minister Peya Mushelenga.
Vivo Energy, the pan-African retailer and distributor of Shell fuels and lubricants, in partnership with Baobab Khulisani, have agreed to form a new joint venture, trading as Synergy Foods (Pty) Ltd.
While informal sector trading is a legitimate option for many Namibians to defy poverty, operating in this largely unregulated economy became exponentially more difficult when Covid-19 lockdown measures were imposed in March.
Mobile Telecommunications Limited (MTC) says it is fighting tooth and nail to curb scams while cautioning customers to be vigilant and avoid becoming victims at the hands of unscrupulous scammers.
In April, during the national lockdown, Bank Windhoek’s Customer Contact Centre agents Fillemon Mathias and Celly Serogwe went beyond the call of duty to assist Jacobus Blaauw, a senior Bank Windhoek customer in his early 90s – a resident of Susanne Grau Heim old age home situated in Windhoek West.
As part of the global family the GIPF has joined hands with national institutions in combating the Covid-19 pandemic that is affecting societies worldwide.
PowerCom, a leading ICT infrastructure provider in the country, has completed four transmission towers at the coast and an additional tower in Rehoboth.
Following what was described as a successful and fruitful negotiation process, Ohlthaver & List (O&L) Group subsidiary, Hangana Seafood, last week signed a new recognition and procedural agreement for Hangana Abalone based in Lüderitz, with the Namibia Food & Allied Workers Union (Nafau).
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NamPost yesterday confirmed that the Walvis Bay post offices will be temporarily closed due to possible exposure to Covid-19.
The Namibia Airports Company expects a gradual reopening of borders to selected countries and normal flight schedules are expected to resume.
Letshego Namibia has granted relief to its customers by offering payment holidays and relief during the current economic challenges caused by the Covid-19 pandemic
Finance minister Iipumbu Shiimi says he is content with the response of all Namibians from both the private and public sectors in continuing to fight Covid-19 as a united front.
FNB Namibia temporarily closed its Swakopmund branch starting on Friday 19 June as a health and safety precaution to protect staff and customers from possible Covid-19 infection.
The National Training Authority (NTA) this week informed stakeholders that, subject to finalisation of the requisite statutory processes, registered employers will not be required to pay the Vocational Education and Training (VET) Levy for the months of July and August.
The Bank of Namibia said it has become aware of a leaked internal memo whereby it advised its staff of the decision to revert to stage 1 lockdown.
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The Keetmanshoop Municipality took note of the impact the Covid-19 pandemic has on residents and local businesses and has resolved to put in place temporary relief measures aiming to compensate for financial difficulties experienced by the citizenry.
The Olafika SME Development and Mentorship 2020 Programme seeks to mentor 150 Namibian entrepreneurship over 10 months.
The Bank of Namibia’s Monetary Policy Committee (MPC) yesterday further reduced the Repo rate from 4.25% to a historic low of 4.00%. This latest reduction translates into a cumulative 2.50%-point reduction in the Repo rate since the beginning of 2020.
Due to public demand and the effects of Covid-19, the Ministry of Finance has extended the deadline of submitting the annual Individual Income tax returns from 30 June to 30 September 2020.
The International Monetary Fund’s latest Global Financial Stability Report indicates that financial systems have already felt a dramatic impact during the Covid-19 crisis.
Namibia Post Limited (NamPost) and the French Development Agency (Agence Française de Développement (AFD) yesterday finalised a N$235 million loan facility to finance the growth of NamPost’s microfinance business through its PostFin subsidiary.
Despite more than 100 retrenched Hilton Hotel workers claiming they were frustrated by the refusal of the hotel to pay their final pay and severance packages, general manager Martin Voskamp yesterday said all workers have received what is due to them.
The Namibia Financial Institutions Supervisory Authority (NAMFISA) is calling on the public to provide input to the Consumer Credit Policy, which would ultimately guide the development of the country’s Consumer Credit Bill.
Victor Ashikoto has taken on a new role as the chief operating officer (COO) of Nedbank.
Like any other country in the world, Namibia is also dealing with the outbreak of Covid-19 and trying to alleviate what has become a pandemic.
The prevalence of Covid-19 has intensified numerous challenges for Namibians trying to earn a decent living and has exacerbated the vulnerability of key economic sectors, small and medium enterprises, as well as the informal economy.
FirstRand Namibia HOPE (Health Optimisation in a Pandemic Emergency) Fund recently donated 15 fever screening thermal cameras to the value of N$1.4 million to the Ministry of Health and Social Services to strengthen government’s efforts of detecting any early infections, thereby taking speedy protective measures.
Chief executive officer of the Business and Intellectual Property Authority (BIPA), Vivienne Katjiongua, conceded that the authority’s online system is not as efficient as it was hoped to be.
The National Housing Enterprise (NHE) has launched a new housing development project across the country that will see it construct 335 houses.
The Keetmanshoop Agricultural, Industrial and Tourism Expo (KAITE) board has announced the unfortunate cancellation of their event slated for the first week of September this year due to the impact of the coronavirus.
The Bankers Association Namibia (BAN) on Friday confirmed that Letshego Bank Namibia has assumed the chair of the industry body.
Namibia Wildlife Resorts (NWR) board of directors has appointed Dr Matthias Mpareke Ngwangwama as the company’s substantive managing director. The appointment is effective as of 1 April 2020 for a tenure of five years.
The Sanlam Group yesterday reported solid results in the four months to 30 April despite challenging investment market conditions caused by the global impact of the coronavirus.
A major player in Namibia’s fishing industry, Hangana Seafood, which is a subsidiary of the Ohlthaver & List (O&L) Group, recently completed the refurbishment of one of its vessels, set to depart on her first voyage next week.
BEE Biofuel’s owner, Bruce Salt, a Namibian entrepreneur, has stepped up to meet one of the principal needs during the global pandemic.
Following the launch of the MTC ‘Paint Namibia Blue’ Project in March 2020, Omaruru, Okakarara and Omuthiya towns were amongst the latest beneficiaries of the MTC Paint Namibia Blue Project, with a new fresh coat of paint dotted on some of the town’s landmarks.
The FNB House Price Index posted a contraction of 5.9% y/y at the end of March 2020 compared to a contraction of 1.5% recorded over the same period of 2019.
In support of social distancing measures and to combat the spread of Covid-19, Bank Windhoek, in partnership with the Namibia University of Science and Technology (Nust) and B360 Education Partnerships, have decided to host an online Career Starter programme.
Some of the sectors hardest hit by the Covid-19 pandemic in the Namibian economy are tourism, transport and logistics as well as education, areas all of these areas will require much-needed government intervention to recover.
President Hage Geingob and his administration have been commended by a local economics lecturer for the Harambee Prosperity Plan’s (HPP) overall goals and outcomes execution rate of 70%.
At a time where hundreds of pilots have been grounded due to the coronavirus outbreak globally, Air Namibia youthful pilot shares his experience of domestic flying during these unprecedented times of the pandemic.
The year 2020 is certainly a year of change – so much change in fact that we cannot ever go back to how things were.
As a people and change champion, the role of the human resource business partner (HRBP) is critical in these unprecedented times. Covid-19 has disrupted how we do things – from how we conduct business to how we play with our children, as well as how we shop and stay connected.
While Namibia’s relative budgetary allocations are subject to realignment over time, key development priorities for the country lie in balancing the needs of the social sector and that of the economic sector to bring about improved quality of life, economic diversification, inclusive growth and shared prosperity within an environmentally sustainable manner.
A group of more than 50 angry street vendors from the Havana informal settlement on Friday demonstrated against Windhoek City Police officers, accusing them of destroying their structures.
Trustco has informed shareholders that DEG, a development finance institution based in the Federal Republic of Germany, in association with the German Development agency, KfW Group, approved a United States Dollar denominated term loan facility to Trustco Finance.
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The new Governor of the Bank of Namibia, Johannes !Gawaxab believes the central bank’s mandate is not just to deliver on traditional roles such as monetary policy and financial stability, but is also about delivering on an economy that provides prosperity to the country.
Namibia’s debt is projected to increase to N$117 billion, or almost 69% of GDP, while revenue will be down 14.3% compared to previous estimates for the 2020/21 financial year.
Following the first confirmed cases of Covid-19 in Namibia, the Chamber of Mines in Namibia cancelled its annual Mining Expo & Conference for 2020.
FNB, through the FirstRand Namibia Foundation Trust, has handed over a monetary contribution of N$1.5 million to the government in response to Covid-19 mitigation efforts.
Following the global release of the “2020 Brand Africa 100: Africa’s Best Brands on Africa Day”, Brand Africa, in partnership with TBWA\Paragon, announced Namibia’s rankings of the most admired brands. International sport and lifestyle brand Nike is the most admired brand overall, while local telecommunications giant MTC was named the most admired local brand.
Many Namibians are eagerly anticipating the lifting of the alcohol ban as the country, except Walvis bay, moves to stage 3 of the lockdown exit strategy for the next 28 days. As Namibians navigate the country’s gradual reopening, Namibia Breweries Limited (NBL) managing director Marco Wenk said there’s no doubt Covid-19 will have a lasting impact on society long after the current state of emergency and the risks associated with the pandemic are over.
Merriam-Webster defines a crisis as “an unstable or difficult time or state of affairs”. It is unplanned or uncontrolled change. During times of crisis, leadership is critical. While the existing economic crisis caused by Covid-19 is unprecedented, small businesses have historically proved themselves to be flexible and resilient.
Economic experts opined that the national budget, including the growing budget deficit, were in line with expectations, but agreed that the current financial situation could not only be attributed to the Covid-19 health crisis. This is because the domestic economy had already contracted during three out of the past four years while policy frameworks to attract domestic and foreign direct investment has not been conducive.
In an effort to maintain price stability in domestic fuel market, the price of fuel stay untouched. The Ministry of Mines and Energy has, through its monthly fuel price review, resolved to keep fuel pump prices unchanged countrywide for the month of June 2020.
The outbreak of the Covid-19 pandemic has changed the direction of government’s fiscal policy from fiscal consolidation to mitigation of the spread and impacts of the virus in the country. Additional expenditure has been considered to provide for the fight against Covid-19, increasing the already high government spending, while revenue is expected to fall to the lowest level.
The Namibian economy is projected to contract by 6.6% in real terms during the 2020/21 financial year. Finance minister Iipumbu Shiimi on Wednesday cautioned that this contraction may linger on well into 2021 at a moderate rate of 1.1%, with the new normal average growth rates of between 2.0 and 3.6% in 2022 and beyond.
A shift towards cleaner fossil fuels and natural gas has been identified as critical for the energy agenda in Africa to develop in a sustainable manner.
Conrad Dempsey, currently CEO of RMB Namibia, will take over the reins of one of the largest financial services institutions in the country. He has been appointed group CEO designate effective 1 July 2020, and will officially become CEO of the FirstRand Group effective 1 October 2020.
Namibia’s first telecommunications provider MTC on Wednesday launched its latest market offering termed “Multiple Aweh” product solution. This solution will enable customers to subscribe to more than one and up to three Aweh subscriptions at a time.
Southern African Development Community (SADC) member states should be developing roadmaps and action plans that prioritise investments and channel scarce resources to identified economic sectors to resuscitate their economies, strengthen resilience and improve competitiveness.
The Meat Corporation of Namibia (Meatco) and the Namibian Food and Allied Workers Union (Nafau) signed the revised recognition and procedural agreement last week.
The FNB Rental Index for the first quarter of 2020 shows that overall residential rent prices rebounded from a two-year negative growth territory. However, Frans Uusiku, FNB Market Research Manager cautioned that the Covid-19 lockdown is bound to paint a different picture when looking at quarter two of 2020.
Following its recent donation of 53 tents towards the Covid-19 homeless shelter initiative by the Ministry of Health & Social Services, Namibia Breweries Limited (NBL) followed up with further support of this project, with a beverage donation valued at close to N$100 000.
Namibia went into lockdown several weeks ago; our government’s firm and swift response has so far kept the number of infections very low. Thankfully, no deaths have been recorded and Namibia may come out of this quite well.
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The Bank of Namibia officially put the new N$30 commemorative banknote into circulation on Friday at an event held to mark the issuance of the note as a legal tender in the country. This means the new N$30 note banknote can now be used for the payment of goods and services alongside the current family of banknotes.
A trending WhatsApp stokvel is on Bank of Namibia’s (BoN) radar and while the central bank is still determining whether the scheme is permissible under the relevant provisions of the Banking Institutions Act, it has cautioned the public to be careful in promoting or participating in such schemes.
Deputy Prime Minister and Minister of International Relations, Netumbo Nandi Ndaitwah has distanced herself from a fraudulent email being circulated.
The Pointbreak Money Market Fund has as its primary objective to provide money market returns with 24-hour liquidity, with capital preservation and liquidity taking precedence over the maximisation of yield.
The international rating agency, Fitch Ratings, has upgraded the National Long-Term Rating of the Namibian Ports Authority (NamPort) to ‘AAA’ with a stable outlook.
The recently-appointed TransNamib executive team departed on a four-day strategic workshop from 13 May 2020 to 16 May 2020 aboard the flagship TransNamib train – the Desert Express.
The Swanu youth league expressed concern that Namibia continues to rely on food being imported from other countries.
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The Namibia Airports Company (NAC), like most other airport operators around the world, has over the past few weeks been inundated with requests for relief from various contractual obligations from different clusters of customers, ranging from concessionaires to airlines.
Minister of Mines and Energy Tom Alweendo will be joined by Executive Chairman of the African Energy Chamber NJ Ayuk on Friday, 15 May 2020, for a free webinar that will be hosted under the theme: ‘The Future of the Namibian Energy Industry’.
Leena Haivera is a 24-year-old female entrepreneur from Windhoek. The last article about successful entrepreneurs from Katutura I dedicate to her as an example that even really disadvantaged Namibians can make it independently of their background and drawbacks in business ventures that is if they are passionate and optimistic about their businesses.
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The Namibia Informal Sector Organisation (NISO) has appealed to the country’s lawmakers to allow the informal economy to resume their activities.
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Chaotic re-emergence…Social distancing was a near impossible task when the Roads Authority (RA) reopened its Namibia Traffic Information System (NaTIS) offices on Monday when hordes of people flocked to the already long queues.
The MTC has labelled as ‘anti-competitive’ the issuing of a telecommunications service licence by the Communications Regulatory Authority of Namibia (CRAN). According to MTC’s Tim Ekandjo, this decision by CRAN is both anti-competitive and against the Communications Act and the Competitions Act.
The world continues to face an unprecedented time in fighting an unseen enemy. Many countries are struggling to take care of the needs of their people and meet the demands to combat the virus at the same time. Namibia is no different with several impoverished communities in desperate need of relief.
Managing Director of Namibia Breweries Limited (NBL), Marco Wenk confirmed that retrenchments would be an absolute last resort at the company.
iMarketing Consultants has aligned itself with the Ministry of Health and Social Services (MoHSS) in the fight against Covid-19 and building local capacity in the development and management of data solutions.
In support of fighting the Covid-19 war, the Ministry of Health and Social Services (MoHSS) department in Lüderitz was this week empowered with equipment to the value of N$100 000, sponsored by the Ohlthaver & List (O&L) Group through its subsidiary Hangana Seafood, in particular, Hangana Abalone in Lüderitz.
Bukalo Village Council has approved has the sale of single residential immovable properties or plots to various private developers. The village council CEO, Martin Limbo, highlighted that about 101 plots at Bukalo Extension will be developed by First Capital Home Loans.
NamPower has appointed Fritz Jacobs as its Chief Operating Officer, effective 1 May 2020. Jacobs joins NamPower with over 25 years of corporate and private sector experience, ranging from consulting engineering, telecommunications, electricity, mining and construction environments. He worked at organisational levels from functional to executive and at governance as well as board level. Jacobs was also previously employed at NamPower as general manager: NamPower Investments (New Business).
Alexandre de Juniac, the Director General of the International Air Transport Association (IATA) is leading an urgent appeal to global financial institutions to support Africa’s travel and tourism industry. Speaking from IATA’s head office in Geneva, Switzerland, De Juniac said the industry has been decimated by Covid-19 and its associated travel restrictions.
Air Namibia has congratulated its Chief Information Officer, Victor Nghifindaka on his recent appointment as a member of International Air Transport Association (IATA) Digital Transformation Advisory Council (DTAC).
Based on my experience of over 30 years in promoting small businesses in four Asian countries and since 2000 in Namibia, such programmes can only be successful if the participants are carefully selected and if the required training is implemented in the business with additional mentoring.
Namibia Wildlife Resorts (NWR) management says the institutions have been hard at work addressing some limitations it identified within some of its resorts in the Etosha National Park. At the same time, NWR has been preparing its soon-to-be-launched Hospitality Institute (HI) for later this year.
The Government Institutions Pension Fund (GIPF) has appealed to all former members who left employment due to retirement, resignation, ill-health, disability or retrenchment and have not claimed or received their pension benefits from GIPF to contact the HR offices of their former employers to complete a claim form with the relevant supporting documents for submission to the Fund as soon as possible.
For Namibia to survive in the medium and long-term, every effort is required to create jobs. As in many other countries, Namibia’s fiscal space to continue supporting the private sector long after the lockdown period is extremely limited. After a four-year economic crisis, the coronavirus pandemic outbreak finds Namibia in an extremely vulnerable position.
Following the collapse of global oil prices since the emergence of Covid-19, the Ministry of Mines and Energy has announced a massive N$1.00 per litre decrease for both petrol and diesel prices as of Wednesday, 6 May 2020.
Air Namibia will start flying again locally as of today, following the announcement of stage two under the state of emergency. Regional and international flights remain suspended until further notice. Passengers can now fly between Eros and Ondangwa, Rundu, Katima Mulilo, Lüderitz, Oranjemund and Walvis Bay.
The Covid-19 pandemic has caused far-reaching disruption to everyday life and business. Over the past two months, many start-ups were directed to close temporarily to prevent the further transmission of the virus, causing sudden and massive loss of revenue.
The latest Financial Stability Report (FSR) by the Bank of Namibia (BoN) shows that risks to Namibia’s financial stability have increased significantly since 2018 as a result of the economic contraction experienced in 2019, coupled with the expected impact of Covid-19 going forward. Since the central bank’s last FSR, the probability and impact of most risks increased, particularly in the macroeconomic environment.
Why customer care is essential during lockdown? Several entrepreneurs may ask this question. Without customers during the current lockdown customer care is not required. This is true, but every entrepreneur has to plan for the future. Running businesses often told me: “We don’t have time for new approaches. We must concentrate on making money.”
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The Bank of Namibia expects the domestic economy to contract by 6.9% in 2020, following a milder contraction of 1.1% in 2019. This is according to its economic outlook update for April 2020, which was released yesterday.
The Development Bank of Namibia has suspended four of its employees, pending an investigation into alleged breach of the bank’s operational standards. The suspensions were effected as a result of anonymous tip-offs received.
WALVIS BAY - The success of smart partnerships is evident in Erongo region with the private sector taking the leading role in assisting the public health sector as well as residents in the region during the Covid-19 pandemic.
Curbing the spread…Namibian entrepreneur Sylvanie Beukes passes through a disinfecting chamber that he constructed together with partners, Abed Nakalenga and water specialist Sidney Beukes. The trio built the locally manufactured hands-free disinfectant chamber, which they hail as first of its kind for Namibia.
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KEETMANSHOOP - Registered street hawkers selling fresh produce in the capital of the south will be allowed to resume business today, following approval granted by the Keetmanshoop municipality.
Corporate social responsibility (CSR) helps a company be socially accountable to itself, its stakeholders and the public. By practising corporate social responsibility, also called corporate citizenship, companies can be conscious of the kind of impact they have on all aspects of society, including economic, social and environmental.
Ethiopian Airlines recently completed the flight and delivery of the second round shipments of life-saving medical supplies to fight Covid-19 donated by Jack Ma to all African countries.
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The Electricity Control Board (ECB) has confirmed that electricity tariffs will not change and therefore will remain at N$1.65 per kilowatt-hour for the period 2020/2021. The approved tariff is applicable to NamPower bulk customers, such as Regional Electricity Distributors (REDs), local authorities, regional councils and mines.
The ministry of labour has cautioned the public against fraudsters claiming to be ministry employees. In a recent statement, the ministry notes that it has become aware of the alleged fraudsters contacting members of the public, particularly employees who have labour cases at the Labour Commissioner (LC). The perpetrators initiate the contact with intention to solicit money from the public.
With the current lockdown, families in Namibia face new challenges. Children have to stay at home. No school or kindergarten to meet their friends, they cannot play soccer.
OMUTHIYA – The Zambezi Regional Council has issued a directive to all businesses within the region to streamline their operations strictly to between 08h00 and 17h00.
The Construction Industries Federation (CIF) wants the industry to resume immediately after the lockdown ends on 4 May 2020, warning of mass retrenchments and company bankruptcies if this does not happen.
FNB Namibia has confirmed that, as of this week, FNB branches will be closed on Saturdays to curb branch activities due to the Covid-19 lockdown period.
The management committee of Lüderitz Crayfish Festival has confirmed the cancelation of this year’s Crayfish festival, which was scheduled to take place from 30 April until 4 May 2020.
Since the beginning of the Covid-19 outbreak, First National Bank Namibia has been closely monitoring developments, with the view of provisionally restructuring its operations and solutions to meet the changing demands and minimising the impact of the pandemic.
In a further bid to provide relief to its clients and to mitigate the negative impact of Covid-19, Standard Bank confirmed a decrease
The Ohlthaver & List (O&L) Group, one of Namibia’s largest private sector companies employing about 6500 Namibians and contributing almost 4% to GDP, said the impact of Covid-19 on Namibia and the rest of the world are not yet fully understood but will be felt for many years to come.
The Sanlam Group has thrown its weight behind the fight against the spread of Coronavirus in Africa and other territories where it has a business presence outside of South Africa by donating R45 million (about US$2.3 million) to support various initiatives to fight the pandemic.
Commercial banks have commenced with a reduction of their interest rates after the Bank of Namibia’s Monetary Policy Committee (MPC) on Wednesday cut the repo rate even further by 100 basis points to 4.25% in a bid to provide more relief for consumers. At its new level, the repo rate is expected to provide some short-term relief to borrowers.
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The Roads Authority (RA) has informed clients that in line with the extension of the lockdown period announced by President Hage Geingob on 14 April 2020, all its offices, including NaTIS, Transport Regulations and Weighbridges, will remain closed until Monday, 4 May 2020.
Winston Churchill once said, “Never let a good crisis go to waste.” A quick look at the situation within the Namibian tourism sector reveals that it is going through an unprecedented period that requires it to re-engineer itself.
The oldest gold mine in the country, QKR Namibia Navachab Gold Mine, situated just outside Karibib, has responded to private sector appeal by President Hage Geingob by reaffirming its support towards the nation-wide efforts to address some of the challenges posed by the Covid-19 pandemic in supporting the Karibib community.
Momentum Metropolitan Namibia, through their subsidiary Momentum Short Term Insurance Namibia, will acquire all the issued shares of Alexander Forbes Insurance Namibia. After the two entities signed the binding agreement, the transaction will be finalised pending regulatory approvals from the Namibian Competition Commission and the Namibia Financial Institutions Supervisory Authority.
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FirstRand Namibia recently announced the objectives of its HOPE intervention and relief effort, which aims to assist government and its partners in mitigating the impact of Covid-19 rapidly and at scale.
Namibia Wildlife Resorts (NWR) has confirmed that the 40 guests that were isolated at its Hardap Resort from 25 March 2020 up until 9 April 2020 were all safely released without showing any symptoms of Covid-19.
At a recent board meeting, B2Gold Namibia approved the allocation of N$6 million towards Covid-19 amelioration efforts. According to a company spokesperson, this donation will be split between targeted government interventions and a non-governmental organization called the Development Workshop of Namibia (DW), which operates through the Namibian Chamber of Environment.
The only thing that is certain about forecasting at the moment is that it is probably inaccurate. This sentiment resounds with many Namibian business people as we all try to make sense of and understand the uncertain future of doing business during the Covid-19 pandemic and the world thereafter.
Cast your mind back to a few weeks ago and imagine someone telling you the following: within the next few days, your child’s school or day-care will be closed. You won’t be able to leave your house unless it’s deemed “critical”. Essential and non-essential services will be redefined. You will work from home for an extended period.
The unprecedented and uncertain times we are facing during the corona virus pandemic requires extraordinary collaboration at multiple levels in society, both globally and nationally, to successfully combat the severe threat which the pandemic poses to our way of life.
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The Ministry of Finance has clarified that people receiving social grants on behalf of others, such as orphans or vulnerable children and other relatives, do not qualify for the Emergency Income Grant (EIG). The finance ministry this weekend explained that the EIG system does not allow for double benefits for any person whose ID number is registered for any sort or social grant and those who will attempt to apply will be declined.
The Mineworkers Union of Namibia (MUN) is accusing some mining houses in the country of taking advantage of the current vulnerability during the Covid-19 pandemic by victimising workers in the form of retrenchment.
The Covid-19 pandemic is affecting all sectors of the global economic ecosystem and the tourism and hospitality sector will experience the most severe impact.
Letshego Namibia Holdings Ltd, the country’s largest micro-lender and a subsidiary of the 11-market strong Letshego Group, is taking proactive steps to support its customers through emerging economic challenges
The Ministry of Finance has commended collaborating institutions for volunteering their services to implement the recently-announced multi-faceted economic stimulus and relief package.
The National Housing Enterprise (NHE) has responded to the call for action to assist the nation towards combating the spread of Covid-19 in the country by allocating N$200 000 to the cause.
While the Covid-19 pandemic has literally brought the world and every nation to a halt, not knowing where your next meal comes from, remains a stark reality for many.
As the Coronavirus sweeps the globe, so do rumours about what caused it or how it is spread. One such rumour that has gained steam online is that MTC has secretly installed 5G towers while the Khomas and Erongo regions are on lockdown.
Namibia’s external debt stock declined by 4.1% to N$31 billion at the end of 2019. This was confirmed by the central bank in its latest annual year report for 2019.
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The Development Bank of Namibia (DBN) is preparing measures to provide relief to borrowers in the wake of the Covid-19 pandemic, CEO Martin Inkumbi has confirmed.
“In these unprecedented times, it is important to stay focused and practice transcending actions through purpose, care and discipline. Collaboration amongst industry leadership and government has never been this phenomenal,” said O&L executive chairman and NCCI president Sven Thieme in a media statement issued on Wednesday.
RMB Namibia, through the FirstRand Namibia Foundation Trust has donated N$500 000 to assist a Covid-19 emergency response programme directly targeting the informal settlements in Windhoek.
Namibia Desert Diamonds (Namdia) has through the Namdia Foundation allocated N$2 million to support the nation’s fight against the deadly Covid-19 pandemic.
Faced with the prospect of an economy further devastated by Covid-19 after suffering from a recession for the last two years, a private sector task team spearheaded by the ministry of industrialisation and the Namibia Chamber of Commerce and Industry (NCCI) has encouraged businesses to be innovative in conducting their activities in order to minimise the spread of the deadly virus.
The Bankers Association of Namibia (BAN) has provided further clarity to customers on the case-by-case funding relief, which is handled according to each bank’s respective rules. “It is important to clarify that monthly payments will not be waived altogether but will only be moved out for a limited period of time,” said Sarel van Zyl, current chairperson of BAN.
Huawei recently released its 2019 Annual Report detailing a solid business performance. The company’s global sales revenue in 2019 rounded off at CNY858.8 billion, up 19.1% year-on-year; its net profit reached CNY62.7 billion; and its cash flow from operating activities topped CNY91.4 billion, up 22.4% year-on-year.
For thousands of years it was only a privilege of a few people to learn reading and writing. Lack of this knowledge was a tool, like the whip in slavery, to oppress the masses, in particular girls and women. Luckily, this has changed in most parts of the world including Namibia.
The free reconnection of unpaid water for Windhoek residents will cost the city N$8.9 million, City of Windhoek Chief Executive Officer Robert Kahimise announced on Monday.
After much speculation about the upcoming tabling of the national budget, newly appointed finance minister Ipumbu Shiimi has confirmed the 2020/21 Appropriation Bill will be delayed until further notice.
Preparations have kicked off for Namibia’s biggest biomass event of the year, with Standard Bank committing to be the main sponsor.
The Skorpion Zinc mine and refinery in southern Namibia has confirmed it will be placed in care and maintenance in April 2020, which will affect about 1 500 employees.
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The Namibia Financial Institutions Supervisory Authority (Namfisa) has encouraged the public to adhere to all public notices issued by government in relation to Covid-19 and to contact their medical aid funds for clarity on their benefit option limits.
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Petrol prices will come down by a whopping N$1.70 per litre and diesel will decrease N$1.20 per litre on 1 April 2020 as global demand for the oil wanes in the face of the crippling impact of the Covid-19 outbreak. The massive drop in local oil prices was announced even as the local currency depreciated against the United States greenback.
Ethiopian Airlines, the Pan-African carrier, has delivered medical supplies donated by Jack Ma, the founder of China’s e-commerce giant Alibaba, to 39 African countries within five days.
Air Namibia recently confirmed the temporary suspension of all flights, inclusive of domestic and regional flights effective today, 27 March, until 20 April. Long haul flights (international) remain suspended since 14 March and further updates will be communicated.
When Namibia recorded its first case of corona on 14 March 2020, President Hage Geingob put measures in place to safeguard the lives of the Namibian citizens. However, on 24 March 2020, Namibia had seven confirmed cases of Covid-19.
OMUTHIYA – The Omuthiya Town Council has banned street vendors and informal traders at open markets in anticipation of the lockdown instituted by President Hage Geingob with effect on Friday.
MTC has embarked on an aggressive response strategy to help fight Coronavirus, setting in motion a plan to be funded with N$1 million. The funds will be distributed to different critical areas as per the strategy, including information sharing, education sharing, prevention, facility investment, as well as service delivery.
RUNDU - The Covid-19 outbreak will cause a major slowdown in economic activity in Namibia, as it has done elsewhere in the world, local economic analyst Mally Likukela said this week
Selma Nampila is an example of a really disadvantaged Namibian. She was born 42 years ago in the village Ehwalyatulu in the Oshikoto region.
As Namibians and the international community continue to intensify efforts to curb the spread of Covid-19, FNB says it is committed to help its customers stay healthy by banking safely and conveniently.
In response to the announcement by the Monetary Policy Committee of the Bank of Namibia to decrease the policy rate as announced on 20 March 2020, Bank Windhoek hereby confirms the reduction of its Prime Lending Rate by 1.00% from 10.00% to 9.00%. The Mortgage Lending Rate will decrease from 11.00% to 10.00%
Covid-19’s arrival in Namibia turned the country upside down with emergency measures announced and implemented to prevent the spread of the virus within the country’s borders.
Economists and business leaders have hailed former central bank governor Iipumbu Shiimi as new finance minister as a welcome development, given his extensive economic and banking background. President Geingob on Sunday appointed Shiimi to the finance ministry while former finance minister Calle Schlettwein, a trained biologist, has been moved to the merged agriculture, water and land reform ministry.
MTC’s Chief Financial Officer Thinus Smit yesterday outlined the financial results of Namibia’s first cellular service provider when he confirmed an increase in revenue by 4.62% to N$2.614 billion for the 2018/19 financial year.
The Bank of Namibia’s (BoN’s) Monetary Policy Committee (MPC) on Friday cut the repo rate by 100 basis points, from 6.25% to 5.25% to help cushion the anticipated impact of Covid-19 and support domestic economic activity, while maintaining the one-to-one link between the Namibia Dollar and the South African Rand.
The Covid-19 pandemic, which is wreaking havoc across the globe, has the potential to significantly increase Namibia’s unemployment as it is no longer a health crisis but an economic, labour market and social crisis too.
The Namibia Statistics Agency (NSA) has confirmed the suspension of the census mapping exercise. As per the directive from President Hage Geingob, calling for a state of emergency because of the Covid-19 outbreak, NSA’s statistician general and CEO Alex Shimuafeni on Friday confirmed the Census mapping has been put on hold until 14 April 2020, or at least until the situation stabilises.
Standard Bank management says it continues to monitor the spread of Covid-19 infections globally and locally. To this effect, the bank says it understands the imperative to serve the Namibian public and provide critical services during this difficult time.
In response to the confirmed Covid-19 cases in Namibia and the directives issued by the government and head of state, NamPost has implemented preventative measures as part of its overall action plan to protect the health of staff and clients throughout the country. As part of preventative measures, there will be restrictions on the number of clients in the post office dependent on the post office lay-out and size and customers will be requested to keep a distance of at least a metre as directed by the Ministry of Health and Social Services.
In response to Namibia’s first confirmed coronavirus (Covid-19) cases, Bank Windhoek has implemented preventative measures as part of its overall action plan to ensure the health and safety of its staff and clients at all its branches and departments countrywide.
Certain national developmental agendas can only be achieved through public education and some of the crucial issues pertaining to this, according to the Bank of Namibia, are policies related to fees and charges at banks and financial institutions. Director of Payment and Settlement Systems at the central bank, Barbara Dreyer, said that access to affordable financial products and services is a key driver for economic development.
The Government Institutions Pension Fund (GIPF) is aware of the outbreak of the coronavirus (Covid-19) and has taken the necessary precautions to protect its staff members by encouraging them to practice best hygienic methods such as washing their hands with soap regularly, applying alcohol-based hand sanitisers and wearing of protective gear such as masks and gloves where necessary.
MTC is set to create temporary employment opportunities for artisans in all 14 regions when it embarks on its project to paint Namibia blue.
Businesses in the country are adhering to the call of President Hage Geingob on the suspension of mass gatherings for at least 30 days. This after Namibia confirmed two cases of coronavirus last week. Most events that were scheduled for April including expos and graduation ceremonies are now postponed.
The FNB House Price Index stood at -4.7% y/y as at December 2019 compared to 0.5% y/y recorded over the same period of the preceding year. On a quarterly basis, the house price index growth has averaged -5.1% y/y in Q4 of 2019 compared to -2.4% y/y realised over the same period of 2018.
Well-known Namibian company, Trustco, has implemented various measures to mitigate against the coronavirus disease to keep staff and customers at its local, continental and international operations as protected as possible from the pandemic that shook the world the past few days.
Given the current world events and the WHO declaring the Covid-19 outbreak a pandemic, local economists are sharing their views and the expected impact of the Covid-19 on domestic, regional and global markets.
OMUTHIYA – Dundee Precious Metals Tsumeb recently purchased industry heavy-duty machinery to be used in transportation of materials at the smelting mine. The machinery was procured from Barloworld Equipment Namibia to the tune of N$25 million and was handed over to Dundee last month.
The coronavirus outbreak is having an extreme impact on the global financial markets. According to Capricorn Asset Management (CAM) the real cost to the actual economies is still unknown, and the future effects cannot be accurately determined as the situation is still developing.
The wholesale and retail trade sector is expected to recover to positive growth in 2020, after contractions during the preceding three years. Bank of Namibia projections show that the wholesale and retail sector is anticipated to grow by 1.4% and 1.5% during 2020 and 2021 respectively, from an estimated contraction of 2.5% in 2019.
The Development Bank of Namibia (DBN) recently signed an agreement with the Nkurenkuru Town Council for a N$2.58 million feasibility study, funded by the bank’s Project Preparation Fund (PPF) for the town’s proposed Extension 6.
Air Namibia has confirmed the resignation of its long-serving General Manager of Commercial Services, Xavier Swaniso Masule, with effect as of 10 April 2020.
Global airlines have been among the hardest-hit by the Covid-19 outbreak as global air travel demand has basically collapsed since the outbreak of the virus, even before the declaration of a pandemic by the World Health Organisation.
Minister of Industrialisation, Trade and SME Development Tjekero Tweya on Friday launched a Strategic Action Plan for Sustainable Bush Value Chains in Namibia during the ground breaking ceremony for the construction of the Namib Green Gold Processing (NGGP) production facility.
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A N$134.6 million state-of–the–art Bakpro bread factory situated north of Windhoek at Okapuka farm was officially opened by Industrialisation, Trade and SME Development Minister Tjekero Tweya yesterday.
Over the last 10 years, the SME sector has seen a trend of more women taking up opportunities in franchising and this is expected to further increase over the next five years.
Diamond polishing companies currently operating within the soon-to-be-phased-out Export Processing Zone (EPZ) regime, where they enjoy a zero-tax holiday, will be catered for by transitional measures by the which is being finalised by the Ministry of Finance and other relevant government departments.
Different stakeholders in the sphere of labour activities have encouraged Namibia to ratify the International Labour Organisation (ILO) Convention related to violence and harassment in the world of work in order to address, prevent and subsequently eliminate such practices in the workplace.
Construction of the N$5.5 billion national oil storage facility at Walvis Bay, which was anticipated to be completed last month, is now at a standstill because of the global outbreak of coronavirus as the main contractors are Chinese who could not return to Namibia for final testing of the facility.
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The Central Procurement Board of Namibia (CPBN) yesterday launched its new corporate identity. Officiating at the occasion, Deputy Minister of Finance, Natangwe Ithete, said that for any business or organisation, a logo is the face of the company and in today’s competitive environment “a company and organisation needs to build strong, positive images and reputation in order to be distinguished from others”.
The national airline has confirmed a reduction of already at least 24% on its passenger load on the Windhoek to Frankfurt route alone for January and February compared to the same time last year as a direct result of coronavirus fears.
International Women’s Day gives us the opportunity to reflect on the progress we have made in terms of banking innovation towards financial inclusion for women.
FirstRand Namibia Limited yesterday reported results for the six months to 31 December 2019. The results show that for the six-month period the Group’s headline earnings increased 13.3% with a Return on Equity (ROE) of 24.6%.
Last week Nedbank Namibia hosted an information sharing session for local businesses in need of financing specifically aimed at sustainable and green projects. At the event, participants heard firsthand how they could make use of the funding available to green their operations or start a climate-friendly business project.
Over the past 10 plus years the national rail services operator, TransNamib, has incurred losses of more than N$1 billion but these financial misfortunes may soon be turned around as relatively new CEO, Johny Smith, aims to bring the parastatal into profitability within the next two years.
Capricorn Group partnered with the Ministry of Finance to carry out a two-day risk management workshop on 2 and 3 March 2020. The training was facilitated by the group’s Business Risk Officer, Horst Simon.
About six months after the completion of Namport’s new N$4.2 billion Walvis Bay container terminal, the port authority says it has been receiving enquiries from potential clients who are eager to move business through the new terminal.
The Ministry of Mines and Energy (MME) and the Namibian Broadcasting Corporation (NBC) on Wednesday entered into a Memorandum of Understanding for production and broadcasting services.
The Bank of Namibia (BoN) has projected growth in the manufacturing sector to slow down in 2020 and 2021. This is mainly due to being compared to a high base from 2019 that the central bank predicts will result in the sector to grow by 0.9% and 1.3% in 2020 and 2021, respectively.
Namibia joined the rest of the world to mark the first World Engineering Day at an event organised by the Engineering Council of Namibia (ECN).
The Export Processing Zone (EPZ) Act (Namibia) was implemented to meet the country’s industrialization goals. The policy is currently in the process to be phased out and replaced by the Special Economic Zone Act (SEZ) which might take another year before being fully implemented.
The International Air Transport Association (IATA) released data for global airfreight markets showing that African carriers posted the fastest growth of any region in January 2020.
African governments still need to do far more to strengthen their cultures of governance, ethical and professional leadership.
Businesses that thrive during uncertainty are those that have eagle eyes to identify critical opportunities within their macro-economic environments. Internal positioning is one of the core critical elements that help organisations create competitive capabilities in order to navigate all economic volatilities.
The national rail services operator, TransNamib, recently successfully hosted its first annual general meeting (AGM) in seven years where it presented the government, as its sole shareholder, with an unqualified audit for the past financial year.
The prolonged recession that has gripped the domestic economy for the better part of the last three to four years is expected to be something of the past, as the International Monetary Fund (IMF) on Monday projected that Namibia will see positive growth in 2020 as the drought fades and mining production picks ramps up.
Air Namibia on Sunday confirmed the suspension of three of its senior managers with immediate effect. The suspensions, which took effect on Friday, 28 February were of Wimpie van Vuuren, senior manager: sales and marketing; Johannes Blaauw, manager: cargo sales, and Abraham Nasab, manager: cargo operations.
Standard Bank has cautioned the public to be vigilant as incidents of vishing are becoming more prevalent, resulting in many clients losing their hard-earned money at the hands of criminal syndicates.
Some relief for motorists and consumers is expected on Wednesday, 4 March, as the Ministry of Mines and Energy has confirmed that Diesel 50 PPM will decrease 30 cents per litre, while 95 Octane Unleaded Petrol will remain unchanged
The just-released 2019 Fraser Institute survey of Mining Companies indicates a slight improvement in Namibia as an attractive mining jurisdiction.
The Bank of Namibia (BoN) has predicted economic growth of 1.5% this year; however, a key sector such as agriculture is expected to remain in contraction.
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The Government Institutions Pension Fund (GIPF) is a statutory pension fund that was created by the Namibian government to provide pension and other related benefits to civil servants as well as employees of participating institutions established by Acts of Parliament. GIPF is a defined pension fund that provides guaranteed pension benefits to its large membership base, and the benefits are defined in terms of the Rules of the Fund.
Popular Democratic Movement (PDM) parliamentarian Nico Smit said the loopholes created by the tax concessions for Export Processing Zone (EPZ) companies and certain manufacturing firms have long been a direct and substantial source of revenue loss for the government.
Telecommunications giant MTC has set its sights on providing low-cost houses to the homeless and targets to hand over close to 270 houses in the next two years, said Tim Ekandjo, chief human capital and corporate affairs officer at MTC.
Minister of Information and Communication Technology Stanley Simataa this week motivated the Communications Amendment Bill in the National Assembly.
MTC executive Tim Ekandjo yesterday announced the completion of phase one of the 081Every1 network project, which was worth N$232 million. He said the 081Every1 network project is well on track.
Minister of Finance Calle Schlettwein says Public-Private Partnerships (PPPs) are an excellent opportunity for the development of the Namibian economy.
The European Investment Bank (EIB) is expected to increase its Africa financing to €4 billion (N$65.2 billion at an exchange rate of 16.3) in 2020. Looking ahead, the EIB expects to significantly increase engagement in both sub-Saharan and North Africa and to provide the €4 billion to support public and private investment across the continent in 2020.
De Beers Marine (Debmarine) Namibia’s revenue, production and earnings before interest, tax, depreciation and amortization (EBITDA) declined with significant percentages for the 2019 financial year.
The rental market continues to bottom-out although at a moderate pace. In effect, the FNB Rental Index as at December 2019 shows a contraction of 0.8% - reflecting a steep improvement from a contraction of 8.6% recorded over the same period in 2018.
The FirstRand Namibia Foundation Trust recently donated N$20 000 toward the NUST Career Starter Week (CSW) Workshop. The Namibia University of Science and Technology (NUST) and B360 Education Partnerships first piloted the CSW Workshop in 2017.
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The Government Institutions Pension Fund’s unqualified audit opinion for the period ended March 2019 shows that the fund’s asset base increased by 6.3% from N$111.1 billion to N$118.1 billion.
The year 2020 is a special year for NWR as the company becomes 21 years old just as Namibia celebrates becoming 30 years of age. In this context, Namibia Wildlife Resorts (NWR) has confirmed an unbelievable independence discount during the month of March 2020 with added incentives.
Capricorn Investment Group Limited reported satisfactory results on Thursday with group profit after tax of N$557 million for the six months ended 31 December 2019, increasing by 7.9% compared to the prior period.
The Namibia Network of the Cosmetics Industry (NANCi) with the support of the joint project between the Deutsche Gesellschaft für Internationale Zusammenarbeit GmbH (GIZ), Promotion of Business Advisory and Economic Transformation Services (ProBATS), and the Ministry of Industrialisation, Trade and SME Development sent a delegation of 10 SMEs to exhibit Cosmetics Made in Namibia products at the Vivaness 2020 organic and natural cosmetics trade fair. The event took place in Nürnberg, Germany from 12 to 15 February.
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Capricorn Group’s New Management Development Programme (NMDP), where the Group, in conjunction with the University of Stellenbosch Business School, is developing a new generation of emerging leaders, was launched on Tuesday, 18 February.
The Income Tax Amendment Bill 2020, which calls for the abolishment of the Export Processing Zone (EPZ) tax incentives and the manufacturer’s tax incentives, was submitted to the National Assembly by Finance Minister, Calle Schlettwein, on Wednesday.
The Namibia Financial Institutions Supervisory Authority (Namfisa) and the Namibia Training Authority (NTA) have embarked on a project through which insurance intermediaries (agents and brokers) rendering financial services to the public (policyholder/potential policyholder) will soon be subjected to a compulsory market entry examination.
Annually the Government Institutions Pension Fund (GIPF) supports children annuitants (a child of a deceased GIPF member) by providing financial assistance towards their studies.
The Namibia Financial Institutions Supervisory Authority (Namfisa) and the Namibia Training Authority (NTA) have embarked on a project through which insurance intermediaries (agents and brokers) rendering financial services to the public (policyholder/potential policyholder) will soon be subjected to a compulsory market entry examination.
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The director of the Labour Inspectorate Directorate in the Ministry of Labour, Industrial Relations and Employment Creation, Aune Mudjanima, has tasked all labour inspectors to improve their service delivery and once again secure trust among the Namibian people.
Yesterday the Monetary Policy Committee (MPC) of the Bank of Namibia announced a reduction of the repo rate by 25 basis points to 6.25%.
Namibia has declared an interest in ratifying the International Labour Organisation (ILO) Convention 190 concerning the Elimination of Violence and Harassment in the World of Work.
The Otjinene Expo aims to put the town of Otjinene on the map by attracting more investors and to showcase the Omaheke region’s aptitude for rearing cattle.
International rating agencies and investors place a premium on power generation as a major factor contributing to industrial activity and economic growth.
The Namibian Traffic Information System (NaTis) has generated N$703.4 million in revenue derived from road user charges during the 2018/19 financial year.
Yesterday, at the annual PMR Awards ceremony in Windhoek, Salt Essential IT was presented with three Diamond Arrow Awards.
MTC last week confirmed the imminent launch of its ‘Taamba’ product line, which will be offering three solutions, namely Taamba Gifting, Taamba Advance, and Taamba Transfer.
The Communications Regulatory Authority of Namibia (CRAN), without necessarily responding to all the matters raised, has issued a statement on the issue pertaining to the laying of fibre optic cables in the municipal boundaries of the City of Windhoek by Paratus Telecommunications (Pty) Limited.
The Bank of Namibia has confirmed it will launch a commemorative banknote on 21 March 2020. The Bank is mandated by the Bank of Namibia Act 1997 (Act No. 15 of 1997) as amended, to issue banknotes and coins as legal tender in Namibia.
The Electricity Control Board (ECB) of Namibia recorded an increase in total revenue of 3.6% from N$86.3 million from the previous financial year to N$89.4 million for the 2018/2019 financial year.
Botswana’s President, Mokgweetsi Masisi yesterday encouraged the Southern African Customs Union (SACU) Secretariat to consider sharpening collaboration with leading institutions relevant to its work.
Vivo Energy, the distributor and marketer of Shell branded fuels and lubricants in Namibia, rewarded high-performing truck drivers for the year 2019, at their Drivers Recognition Awards, during a ceremony held at the Protea Marriott Hotel in Walvis Bay.
Despite an extremely challenging year for the Namibian economy coupled with the introduction of synthetic diamonds, Namib Desert Diamonds (Namdia) outperformed its target by an increase of 17% in gross profit compared to the previous financial year.
Arandis Power has responded to environmental concerns raised regarding power plant driven by low sulphur heavy fuel oil through which it is has offered to supply South Africa’s Eskom with 120MW of electricity.
The Ministry of Labour, Industrial Relations and Employment Creation has confirmed that it will be training designated employers in all 14 regions of the country from today to 3 March 2020 on the Employment Service Act and the Namibia Integrated Employment Information System (NIEIS).
Green Enterprise Solutions (Green) and EstApp recently signed a memorandum of Understanding (MoU signalling the intention for Green to further develop EstApp’s real estate software application to ensure Namibians have all their real estate needs at their fingertips.
From the discussions during the recent 2020 Investment Summit, hosted by Nedbank Namibia and Simonis Storm, it is evident that deglobalisation is a structural transformation of the world economy and the risks thereof have not diminished.
Bank Windhoek last week announced its partnership with the Katuka Mentorship Programme. At the event, Bank Windhoek’s Head of Corporate Affairs Hayley Allen said empowering women who are in business is the reason for supporting the Katuka Mentorship Programme and it is the perfect fit for the bank.
The National Environment Fund (NEF) of Botswana yesterday commenced with a benchmark study of Namibia’s Environmental Investment Fund (EIF) to attain suitable benchmarks for its own NEF.
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As the coronavirus pandemic continues to spread across the world and has now killed more people than SARS (Severe Acute Respiratory Syndrome), the disease is wreaking havoc on the Chinese economy and is severely disrupting global supply chains.
Etosha Fishing Corporation has confirmed the appointment of Nezette Beukes as its new managing director (MD), effective 1 January 2020. Beukes previously held the position of financial director in the company from 2015 and has been acting in the position of MD since the resignation of its former MD Pieter Greeff in December 2018.
PowerCom Pty Ltd has commenced with the planned tower construction in Walvis Bay Extension 17. A recent ground-breaking ceremony confirmed the tower’s commencement as well as the company’s infrastructure CAPEX investment rollout for 2019/2020, which seeks to increase the company’s footprint and asset base to best service ICT players and offer last mile connectivity.
Local entrepreneurs, Shiwomeho Kalla, of Shiwa The Baker, and Mutindi Jacobs of Karibu Flowers, are using the power of collaboration as a business-building strategy this Valentine’s Day. No stranger to the phrase,
The founder of Nghishe Biotech, Charles Haluodi, has developed a system to convert organic waste such as food, animal and plant waste, into environmentally friendly flammable gas and organic fertiliser.
The Namibia Airports Company (NAC) has confirmed the successful annual Aerodrome Renewal Licences for Hosea Kutako International Airport (HKIA), Walvis Bay International Airport and Andimba Toivo ya Toivo Airport.
The voluntary nature of the Retail Sector Charter (RSC) remains one of the biggest challenges hindering its successful implementation.
Air Namibia yesterday confirmed it will suspend its Windhoek to Luanda route effective Sunday, 9 February 2020.
As cargo volumes continue to increase on the Walvis Bay-Ndola-Lubumbashi Development Corridor (WBNLDC), Namibian truckers continue to face an uphill battle once they enter Zambia, as the Livingston to Sesheke road leading to Lusaka and beyond to the Democratic republic of Congo remains in a dilapidated state.
Bank Windhoek was in December 2019, named as the Best Corporate Bank in Namibia by the London-based Global Banking and Finance Review, a leading international financial portal and print magazine.
The Non-bank Financial Institutions (NBFIs) sector remains financially sound and does not pose any systemic risks to the country’s financial system.
The start of the new decade began with the very familiar situation for a lot of school leavers receiving their Matric results and, immediately their world took a sharp left-turn and spiralled out of control.
Illegal fuel at Oshikango on the Angolan border totalling 12 600 litres was discovered at Fysal Fresh Produce, one of the biggest fresh produce retail chains in northern Namibia.
The City of Windhoek last week notified the public on the upcoming invitation for bids (IFB) for closed bid sale of single residential and general residential erven in the Rocky Crest’s extension four.
In 2021, Namibia will hold its 4th Population and Housing Census. The census is better known for counting people; however, the statistics that a population and housing census provides is much more than just counting people. Namibia’s first census was held in 1991, the second in 2001, the third in 2011 and the next one to be held in 2021, as indicated above.
WINDHOEK – Namibian fuel pump prices will remain unchanged for February at NS13.05 per litre for 95 Octane Unleaded Petrol and N$13.63 per litre for Diesel 50ppm in part to the fixed level of global fuel inventories.
WINDHOEK - B2Gold Corporation last week handed over a ground-breaking donation of 1 000 ounces of Namibian gold representing a monetary value of N$25 million.
WINDHOEK - Namibian independent power producer Arandis Power says it is offering the South African utility Eskom 120MW of flexible power generation capacity within the framework of the Request for Information (RFI) that was issued on 13 December 2019 by the South African Department of Mineral Resources and Energy in respect of a “Risk Mitigation Power Procurement Programme”.
WINDHOEK – Kenneth Matomola, the chief executive officer (CEO) of the Namibia Financial Institutions Supervisory Authority (Namfisa), revealed yesterday that 40% of contractual savings are invested in the local economy with the remaining 60%
WINDHOEK – The Development Bank of Namibia (DBN) has cautioned the public on ‘instant business plans’ that are being promoted on various social media for SMEs and skills-based youth finance.
WINDHOEK – The full-year price per platinum ounce for the basket of metals sold increased by 27% to US$2,819/ounce compared to 2018 due to 48% and 73% price increases in palladium and rhodium, respectively. Anglo American revealed these figures last week.
WINDHOEK – The N$250 million construction project to alleviate congestion at the terminal and apron of the Hosea Kutako Airport within the short-term is progressing well and is expected to be completed by September this year.
KEETMANSHOOP – Despite losing more than 50 percent of its budget allocation due to government’s austerity measures during the previous financial year, the //Kharas Regional Council succeeded in awarding all its capital project tenders accordingly.
WINDHOEK – It is a new year and for many people, this is the time to start afresh by setting new goals. In the midst of setting new goals, it is important to also include financial resolutions.
WINDHOEK – De Beers rough diamond production decreased by 15% to 7.8 million carats, driven by lower production levels in South Africa and Botswana. This was stated by Anglo American in its production report for Q4 which was released last week.
WINDHOEK – The Roads Authority (RA) yesterday celebrated the completion within the stipulated timeframe and within budget of Section 4A of one of the busiest roads in the country, namely the freeway between Windhoek and Okahandja. Section 4A is comprised of 27.6 km of road which has now also been upgraded from a dual carriageway to a four-lane freeway.
WINDHOEK – The stock of international reserves held by the Bank of Namibia (BoN) declined both on an annual and quarterly basis at the end of the third quarter of 2019, Bank of Namibia governor Iipumbu Shiimi said in the central bank’s quarterly report for Q3 2019.
WINDHOEK – At the conclusion of Team Namibia’s entrepreneurial training programme, which was funded by the Embassy of Finland to the value of N$1.76 million, the member-based organisation honoured the owners of 16 outstanding Katutura-based small and medium enterprises (SMEs). To this end an award ceremony was held at Xwama Cultural Village in Katutura, Windhoek on Thursday, 23 January 2020.
WINDHOEK – Good news for grape producers is that despite a downturn in the global economy, Namibian fresh grapes exports for 2019 continued to increase, recording a value of close to N$840 million and over 33 million kg in net-weight shipped out. This is more than double the revenue generated by fresh grapes exported in 2015, which produced around N$407 million in sales.
WINDHOEK – The Economic Outlook for 2020 by Cirrus Securities, a company started in 2017 with a focus on corporate advisory, capital raising and research, predicts that small businesses in Namibia are expected to remain under pressure during 2020. As a result, and depending on the severity of new government policies, Cirrus expects that many small businesses will either close their doors, or lay off further workers.
WINDHOEK – Namibia National Reinsurance Corporation Limited (NamibRe)’s national scale financial strength rating was upgraded by GCR Ratings on 18 December, 2019, to AA-(NA), from A+(NA), with the outlook accorded as stable.
WINDHOEK - Executive Secretary of the Southern African Customs Union (SACU) Paulina Mbala Elago and the United Kingdom’s director for economic diplomacy at the Foreign & Commonwealth Office (FCO), Lewis Neal, recently signed a Memorandum of Understanding (MoU) to support implementation of the ongoing SACU Customs Modernisation Programme.
WINDHOEK - FNB Namibia’s latest rental index report, which was released yesterday, confirms that growth in rental prices remains in contractionary territory with the FNB Rent Price Index, recording a contraction of 1.9 percent at the end of September 2019, compared to a contraction of 8.6 percent over the same period last year.
WINDHOEK – Activity in the construction sector, which is an excellent barometer of economic strength, started with a gradual recovery during the third quarter of 2019.
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WINDHOEK - The annual inflation rate for December 2019 stood at 2.6 percent compared to 5.1 percent registered in December 2018, indicating an inflationary slowdown of 2.5 percentage points.
WINDHOEK - Team Namibia, the member-based organisation has the mandate to contribute towards “Growth at Home” and secure optimal market access for Namibian businesses with the mission to ultimately impact economic sustainability.
WINDHOEK - Bank Windhoek has confirmed the appointment of Frieda Beukes as its new Oshakati Branch Manager, effective 1 January 2020.
WINDHOEK - In the latest FNB Residential Property Report, FNB’s Group Economist, Ruusa Nandago, states that the FNB House Price Index plunged further into negative territory at the end of September 2019, reaching a historic low of -5.1 percent y/y compared to 2.0 percent recorded over the same period last year.
WINDHOEK – Local electricity generation decreased last year mainly as a result of inadequate water inflow into the Ruacana hydropower plant.
WINDHOEK – The Orano Mining Namibia yesterday announced its internal restructuring process, culminating in the appointment of Tommie Gouws as managing director in the place of Hilifa Mbako, who will now become the executive chairperson.
WINDHOEK- Khomas regional council’s Windhoek East constituency office has once again demonstrated that it remains at the forefront of driving self-employment in its community when owners of income generating projects recently received equipment or materials worth N$150 000 as part of efforts in fulfilment of government promise of assistance to the citizens in accordance with the policy of job creation strategies in all the constituencies.
WINDHOEK – Mortgage lending continued to dominate commercial banks’ credit exposure basket over the year to the end of the third quarter of 2019.
The central government’s budget deficit is estimated to narrow during 2019/20 when compared to the preceding fiscal year, which is mainly due to an increase in revenue as a result of higher SACU receipts.
Bank Windhoek ranked Best Bank in Namibia by PSG
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Ecopreneurship is a viable way to stimulate the economy
Air Namibia acknowledges ‘gravity’ of PAU malfunction
Sowing the seeds of entrepreneurial growth
IATA’s cargo handling improvement programme to bolster trade efficiency
GENEVA – While the International Air Transport Association’s (IATA) 25by2025 campaign to address gender balance in civil aviation is gaining traction three months after its launch, with 59 airlines already having signed up, only two African airlines have committed to the initiative, namely Air Botswana and the Angolan airline, TAAG.
WINDHOEK – Namibia Desert Diamonds (Namdia) yesterday declared a dividend of N$80 million to the government.
WINDHOEK – The Grove Mall of Namibia has announced a step in a new direction, including making slight changes to its name, while sporting new colours.
GENEVA - Similar to 2019 performance, African airlines are again expected to make a massive collective loss of US$200 million (about N$3 billion) in 2020 mainly due to structural problems of high costs mostly as a result of government taxes and fees as well as low load factors.
WINDHOEK - Namibia Wildlife Resorts (NWR) and Namibia Public Workers Union (Napwu) have announced the finalisation of their revised recognition agreement that follows the recent 2018/2019 wage negotiations that were successfully concluded by the two parties in September 2019.
WINDHOEK – Economic performance in the Southern African Customs Union (SACU) remains subdued, with most countries projected to grow by between 0.5 percent and 4.2 percent in 2019.
WINDHOEK - Local consumers were granted some marginal relief when the Monetary Policy Committee (MPC) of the Bank of Namibia (BoN) yesterday confirmed that the repo rate will remain unchanged at 6.50 percent.
WINDHOEK - The Minister of Industrialisation, Trade and SME Development Tjekero Tweya this week confirmed he will soon introduce new poultry product import restriction measures aimed at supporting domestic production, which in turn will restrict the issuing of the import quotas.
WINDHOEK – The Ministry of Mines and Energy has confirmed that fuel pump prices for December will remain unchanged, as prices at the entry port of Walvis Bay remain stable at N$13.05 per litre for 95 Octane Unleaded Petrol and N$13.63 per litre for Diesel 50ppm.
WINDHOEK - Single men are now the fastest growing group of home owners, accounting for 42 percent of total home transaction volumes.
The end of another year is rapidly approaching and all thoughts are on the festive season, as it is the season of giving.
WINDHOEK – The Windhoek Country Club Resort and Casino (WCCR) handed over N$6 million in preference shares to its shareholder, the government, through the ministries of public enterprise, as well as environment and tourism yesterday. The event took place at the Country Club grounds, where representatives from the government met the hotel’s management team.
WINDHOEK – Bank Windhoek yesterday emphasised its zero-tolerance approach towards corruption, following the airing of ‘Anatomy of a Bribe’ on the Al-Jazeera news channel this past weekend.
WINDHOEK – Bank Windhoek on Friday confirmed it has been named Bank of the Year by the leading Financial Times publication, The Banker.
WINDHOEK - At the recent CHANGE training graduation, FNB Namibia, through the FirstRand Namibia Foundation, handed over financial support of N$370 000 to CHANGE, a programme which offers ex-offenders a chance to develop the skills to become productive members of society through meaningful employment.
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It is no secret that aviation has come in for a good deal of scrutiny and criticism over its environmental impacts.
WINDHOEK – The acting Minister of Fisheries and Marine Resources Albert Kawana has called upon all stakeholders in the fishing industry to work with him to ensure confidence is re-instilled in the industry and that jobs are created.
