Business

Businesses in the country are adhering to the call of President Hage Geingob on the suspension of mass gatherings for at least 30 days. This after Namibia confirmed two cases of coronavirus last week. Most events that were scheduled for April including expos and graduation ceremonies are now postponed.

The FNB House Price Index stood at -4.7% y/y as at December 2019 compared to 0.5% y/y recorded over the same period of the preceding year. On a quarterly basis, the house price index growth has averaged -5.1% y/y in Q4 of 2019 compared to -2.4% y/y realised over the same period of 2018.

Well-known Namibian company, Trustco, has implemented various measures to mitigate against the coronavirus disease to keep staff and customers at its local, continental and international operations as protected as possible from the pandemic that shook the world the past few days.

Given the current world events and the WHO declaring the Covid-19 outbreak a pandemic, local economists are sharing their views and the expected impact of the Covid-19 on domestic, regional and global markets.

OMUTHIYA – Dundee Precious Metals Tsumeb recently purchased industry heavy-duty machinery to be used in transportation of materials at the smelting mine. The machinery was procured from Barloworld Equipment Namibia to the tune of N$25 million and was handed over to Dundee last month. 

The coronavirus outbreak is having an extreme impact on the global financial markets. According to Capricorn Asset Management (CAM) the real cost to the actual economies is still unknown, and the future effects cannot be accurately determined as the situation is still developing. 

The wholesale and retail trade sector is expected to recover to positive growth in 2020, after contractions during the preceding three years. Bank of Namibia projections show that the wholesale and retail sector is anticipated to grow by 1.4% and 1.5% during 2020 and 2021 respectively, from an estimated contraction of 2.5% in 2019. 

The Development Bank of Namibia (DBN) recently signed an agreement with the Nkurenkuru Town Council for a N$2.58 million feasibility study, funded by the bank’s Project Preparation Fund (PPF) for the town’s proposed Extension 6. 

Air Namibia has confirmed the resignation of its long-serving General Manager of Commercial Services, Xavier Swaniso Masule, with effect as of 10 April 2020. 

Global airlines have been among the hardest-hit by the Covid-19 outbreak as global air travel demand has basically collapsed since the outbreak of the virus, even before the declaration of a pandemic by the World Health Organisation.