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.
Business
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Breweries, union agree on zero wage increases and no bonuses
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.
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Banking sector responds to interest rate concerns
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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Bank Windhoek donates half a million to CAN
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.
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NWR launches NamLeisure Corporate card
The Namibia Wildlife Resorts (NWR) has grown its NamLeisure offering by introducing a NamLeisure Corporate card.
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NSA embarks on second survey to determine virus impact on businesses
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. This second round survey on the perception of businesses...
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GIPF invested close to N$45 billion in domestic economy during 2019
The Government Institutions Pension Fund (GIPF) invested close to N$45 billion in the Namibian economy during the 2019 financial year. Of this amount, investments worth N$5.6 billion have been committed in unlisted domestic sectors in Namibia. Figures from the recently released Fund’s 2019 annual report reveal that to date, N$1.5 billion was committed to infrastructure,...
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Unblocking financial relief bottlenecks critical for Africa’s air transport survival – IATA
As a consequence of the pandemic and associated restrictions, African airlines are forecast to lose US$2 billion in 2020. Without urgent financial relief, the International Air Transport Association (IATA) warns that the industry is at risk of collapse, putting about 3.3 million jobs and US$33 billion in African GDP in jeopardy. To date, the governments of...
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IMF loan could result in ‘debt trap’ … economist concerned about repayment ability
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. This is according to local economist, Mally Likukela, who also warns that Namibia’s financial ability to service this loan will be challenged by exchange...
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Port of Walvis Bay achieves African record
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.