LONDON – BP yesterday announced tumbling profits for the first half, with the British oil and gas giant hit by depreciation of assets and falling revenue. Profit after tax slumped 79% to US$2.13 billion compared with net earnings of US$10 billion in the first six months of last year, BP said in a statement. Revenue...
Pick n Pay Namibia, a subsidiary of the Ohlthaver & List (O&L) Group, recently concluded wage negotiations with the Namibia Food and Allied Workers Union (Nafau). The new one-year substantive agreement is effective from 1 July 2024 to 30 June 2025. It includes an increase in basic salary for bargaining unit employees, who make up...
After resolving to prohibit the exportation of Namibia’s critical minerals in raw form to create more local jobs and local value last year, Cabinet now endorses a maximum quantity of 1 000kg for mineral analysis per annum per exporter or producer. This submission was made by the mines and energy ministry last week, and applies...
Much of the trade emanating from the African Growth and Opportunity Act (AGOA), the United States (US) legislation that provides eligible sub-Saharan African countries with duty-free access to the American market, can be attributed to trade in mineral resources. This trade, noted industrialisation and trade minister Lucia Iipumbu, tends to be more capital intensive but yields...
Brazil’s state-run oil firm Petrobras has reportedly made a non-binding offer to buy a major stake in the Orange basin off the coast of Namibia. Industry insiders reported that Petrobras is interested in acquiring the massive oil discovery made by Portuguese company Galp Energia and its local partners. Petrobras’ offer was shared with an international news agency...
The ongoing protests in Kenya has necessitated organisers of the Namibia-Kenya Chamber of Commerce to change the initial venue for its launch on 31 October from Nairobi to Windhoek “to give room for imminent positive political and economic changes currently sweeping the country,” said Elvis Mboya, the chamber’s founder and brand ambassador. The Kenyan protests,...
BELÉM (Brazil) – The United States is launching a new initiative to help South American nations disrupt illicit activities that harm the Amazon rainforest, Treasury Secretary Janet Yellen announced in Brazil on Saturday. “Across the Amazon, criminal organisations and individuals are motivated by the potential for financial gain to illegally harvest plants, minerals and wildlife,”...
WASHINGTON – The US Federal Reserve may signal this week that interest rate cuts are on the way – although it is widely expected to remain on pause until its next rate decision in September. Fed officials, who have admitted moving too slowly to stem an inflationary surge in 2021 and 2022, have been wary...
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The Namibia Airports Company (NAC) on Friday certified 49 young Namibians with basic fire-fighting skills following six-months of rigorous training at the Hosea Kutako International and Walvis Bay International airports. The graduation at the Namibia Institute of Public Administration and Management (NIPAM) heralds a new lease for the country’s airport safety. The trainees will now...