Business

Following the collapse of global oil prices since the emergence of Covid-19, the Ministry of Mines and Energy has announced a massive N$1.00 per litre decrease for both petrol and diesel prices as of Wednesday, 6 May 2020.

Air Namibia will start flying again locally as of today, following the announcement of stage two under the state of emergency. Regional and international flights remain suspended until further notice.   Passengers can now fly between Eros and Ondangwa, Rundu, Katima Mulilo, Lüderitz, Oranjemund and Walvis Bay.

The Covid-19 pandemic has caused far-reaching disruption to everyday life and business. Over the past two months, many start-ups were directed to close temporarily to prevent the further transmission of the virus, causing sudden and massive loss of revenue.

The latest Financial Stability Report (FSR) by the Bank of Namibia (BoN) shows that risks to Namibia’s financial stability have increased significantly since 2018 as a result of the economic contraction experienced in 2019, coupled with the expected impact of Covid-19 going forward. Since the central bank’s last FSR, the probability and impact of most risks increased, particularly in the macroeconomic environment. 

Why customer care is essential during lockdown?
Several entrepreneurs may ask this question. Without customers during the current lockdown customer care is not required. This is true, but every entrepreneur has to plan for the future. Running businesses often told me: “We don’t have time for new approaches. We must concentrate on making money.”

The Bank of Namibia expects the domestic economy to contract by 6.9% in 2020, following a milder contraction of 1.1% in 2019. This is according to its economic outlook update for April 2020, which was released yesterday. 

The Development Bank of Namibia has suspended four of its employees, pending an investigation into alleged breach of the bank’s operational standards. The suspensions were effected as a result of anonymous tip-offs received. 

WALVIS BAY - The success of smart partnerships is evident in Erongo region with the private sector taking the leading role in assisting the public health sector as well as residents in the region during the Covid-19 pandemic.

​​​​​​​Curbing the spread…Namibian entrepreneur Sylvanie Beukes passes through a disinfecting chamber that he constructed together with partners, Abed Nakalenga and water specialist Sidney Beukes. The trio built the locally manufactured hands-free disinfectant chamber, which they hail as first of its kind for Namibia.

KEETMANSHOOP - Registered street hawkers selling fresh produce in the capital of the south will be allowed to resume business today, following approval granted by the Keetmanshoop municipality.