The National Petroleum Corporation of Namibia (Namcor)’s downstream operations are facing a working capital deficit of about N$1.6 billion. Downstream is the part of the oil and natural gas industry responsible for the refining, distributing and retailing of petroleum products. Working capital is the difference between a company’s assets and liabilities. It measures a company’s liquidity and short-term...
ANKARA – Turkey’s annual inflation rate slowed sharply in July to 61.78%, official data showed yesterday, as the country battles a cost-of-living crisis. It is the second consecutive fall after consumer price rises eased to 71.6% in June. “Annual inflation is falling. We continue to get positive results in all areas of our programme, whose...
Broll Namibia, a subsidiary of the Ohlthaver & List (O&L) Group, and the Workers Council have signed a two-year wage agreement, effective from 1 July 2024 to 30 June 2026. Karen Keys, managing director of Broll Namibia, said the primary objectives of the negotiations were to enhance financial stability, improve employee satisfaction and strengthen company...
Mines and Energy minister Tom Alweendo told Namibians not to be distracted by other interpretations that might have a different meaning other than that the resources are theirs. He said they have all the rights to decide how to share it with those who are investing in the exploitation of such natural resources. The minister...
Since its inception, the Namibia Revenue Agency (NamRA) has pumped billions of dollars into national coffers by continuously exceeding its collection targets. NamRA collected a net amount of N$21.4 billion in three months.This amounts to 25.10% of the revenue projection for the current fiscal year, FY2024/25. The significant increase in revenue-collection is expected to give...
WASHINGTON – The US rating agency Fitch on Friday downgraded Kenya’s credit rating, following its president’s decision to scrap key measures of a controversial finance bill in the face of strong public opposition. Kenyan president William Ruto cancelled a raft of planned tax hikes in late June after the rallies that were initially peaceful, held...
VOUZIERS – As a deadline to phase out new combustion engine cars nears, workers in the industry worry their days might be numbered too. While there is plenty of optimism in certain regions of France, in particular in the north of the country, where a “Battery Valley” is emerging, workers at parts suppliers elsewhere are...
UNITED NATIONS – Opponents of deep-sea mining suffered a serious setback on Friday when they failed to take a first step towards an international moratorium on the controversial practice. Until now, those in favour of such mining – which would deliver minerals key to the green transition but with a potentially high environmental cost –...
Green industrialisation is expected to establish a new growth trajectory for Namibia by addressing current structural challenges. This emerging industry is expected to deliver high-skill jobs, increased productivity, create new markets, attract foreign direct investment (FDI) and position Namibia as a climate leader. This course of action is contained in a document titled; “A blueprint...
Namibia should focus on strengthening its domestic fuel stocks to prepare for any eventuality in the face of persistently volatile international oil markets. The mines and energy ministry last week emphasised the need to strengthen the domestic shock absorption capacity “at this point” as it continues to closely monitor oil market developments, while protecting Namibian...