TotalEnergies has signed an agreement with Scatec, a Norwegian renewable energy company, to acquire 100% of its subsidiary SN Power, which holds interests in renewable hydropower projects in Africa, through a joint venture (51% SN Power) with Norfund and British International Investment (BII). As a result of this transaction, which is subject to certain previous...
Electronic money or e-money is now viewed as the most convenient and efficient method of conducting financial transactions. With e-money, individuals can make payments and transfers electronically, eliminating the need for physical cash. Bankers Association of Namibia (BAN) CEO Brian Katjaerua said this week that by December 2023, N$67 billion had been transferred through e-moneychannels...
Government is making the necessary preparations to ensure the country is able to meet its Eurobond obligations on 29 October 2025. This is according to finance ministry spokesperson Wilson Shikoto, who stated Namibia is ready to repay its largest single-day debt maturity in the country’s history. Bonds are investment securities where an investor lends money...
The Ohlthaver & List (O&L) Group is now the sole shareholder of its property management company, Broll Namibia. This is after the successful acquisition, effective 1 July 2024, of the remaining 49.9% shares in Broll Namibia, which were previously held by the Broll Property Group (Pty) Ltd. “As a company born in Namibia, we take...
Our country looks to be going through a ‘glow-up,’ and the world is noticing. Oil and gas exploration, the green hydrogen projects that are being developed, and a resurgent tourism sector all bode well for Namibia’s socio-economic future. As a young Namibian, this fills me with joy, but there is also some apprehension. Every day,...
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...