Namibia’s financial market is poised for a significant transformation, with the introduction of the Central Securities Depository (CSD), a critical infrastructure approved by the Namibia Financial Institutions Supervisory Authority (Namfisa) on 8 March 2024. As a cornerstone of modern financial systems, the CSD promises to revolutionise the issuance, settlement, safekeeping and corporate servicing of financial...
The Board of Directors of the African Development Bank Group has approved a US$165 million (about N$2.9 billion) loan to Madagascar to develop critical trade corridors and improve regional connectivity. The funding, granted on 11 December 2024 in Abidjan, will support the third phase of a major infrastructure project to improve trade corridors across the...
PARIS – Oil supply is set to outpace global demand next year even as OPEC+ members extended cuts in efforts to prop up prices, the International Energy Agency said yesterday. Eight members of the alliance, including Saudi Arabia and Russia, agreed earlier this month to maintain supply cuts of 2.2 million barrels per day (bpd)...
The domestic economy continues to record growth since the second quarter of 2021, and during the third quarter of this year, the size of the domestic economy stood at N$61.6 billion in nominal terms, reflecting an expansion of N$5.3 billion from N$56.3 billion recorded in the same period of 2023. This is according to the...
TOKYO – Nippon Steel yesterday slammed the “inappropriate” role of politics after Bloomberg News reported that president Joe Biden would block its planned takeover of US Steel.The deal worth US$14.9 billion, including debts, is being reviewed by a body that audits foreign takeovers of US firms, helmed by Treasury Secretary Janet Yellen.Bloomberg cited people close...
O&L BrandX proudly announces its strategic agency partnership with Sprout Social. This collaboration makes BrandX the first agency in Namibia to partner with Sprout Social, an internationally-accredited social media management platform designed to help businesses centralise and optimise their social media activities. “We are thrilled to be the first agency in Namibia to partner with...
NAMITVEST Investment Holdings paid its first dividend to beneficiaries on 29 November 2024, marking a significant step in its mission to empower members and former members of the Mineworkers Union of Namibia (MUN) and their dependents through financial growth and generational wealth-creation. This milestone reflects NAMITVEST’s commitment to uplifting former and current MUN members, and...
LONDON – British oil giant BP announced on Monday it will significantly reduce investment in renewable energy through to 2030, as it combines its offshore wind business with that of Japanese power company Jera. The equally-owned joint venture, Jera Nex BP, is set to advance the companies’ existing wind projects and create one of the...
Trustco Group Holdings Limited has distributed a circular and notice of a general meeting related to its N$469 million (US$26 million) equity acquisition of additional shares in Legal Shield Holdings Limited (LSH). The transaction, initially announced on 23 April 2024, involves Trustco acquiring 1 135 shares from Riskowitz Value Fund LP (RVF), which will increase...
The European Investment Bank (EIB) has committed US$80 million (about N$1.4 billion) in equity to the Pembani Remgro Infrastructure Fund II (PRIF II) to finance infrastructure projects in sub-Saharan Africa. This investment was announced at the recent Africa Investment Forum. The financial instrument is intended to fund renewable energy, digital infrastructure and transportation initiatives that support...