Business

The European Investment Bank (EIB) is expected to increase its Africa financing to €4 billion (N$65.2 billion at an exchange rate of 16.3) in 2020. Looking ahead, the EIB expects to significantly increase engagement in both sub-Saharan and North Africa and to provide the €4 billion to support public and private investment across the continent in 2020. 

De Beers Marine (Debmarine) Namibia’s revenue, production and earnings before interest, tax, depreciation and amortization (EBITDA) declined with significant percentages for the 2019 financial year.

The rental market continues to bottom-out although at a moderate pace. In effect, the FNB Rental Index as at December 2019 shows a contraction of 0.8% - reflecting a steep improvement from a contraction of 8.6% recorded over the same period in 2018. 

The FirstRand Namibia Foundation Trust recently donated N$20 000 toward the NUST Career Starter Week (CSW) Workshop. The Namibia University of Science and Technology (NUST) and B360 Education Partnerships first piloted the CSW Workshop in 2017. 

The Government Institutions Pension Fund’s unqualified audit opinion for the period ended March 2019 shows that the fund’s asset base increased by 6.3% from N$111.1 billion to N$118.1 billion. 

The year 2020 is a special year for NWR as the company becomes 21 years old just as Namibia celebrates becoming 30 years of age. In this context, Namibia Wildlife Resorts (NWR) has confirmed an unbelievable independence discount during the month of March 2020 with added incentives.

Capricorn Investment Group Limited reported satisfactory results on Thursday with group profit after tax of N$557 million for the six months ended 31 December 2019, increasing by 7.9% compared to the prior period.

The Namibia Network of the Cosmetics Industry (NANCi) with the support of the joint project between the Deutsche Gesellschaft für Internationale Zusammenarbeit GmbH (GIZ), Promotion of Business Advisory and Economic Transformation Services (ProBATS), and the Ministry of Industrialisation, Trade and SME Development sent a delegation of 10 SMEs to exhibit Cosmetics Made in Namibia products at the Vivaness 2020 organic and natural cosmetics trade fair. The event took place in Nürnberg, Germany from 12 to 15 February.

Capricorn Group’s New Management Development Programme (NMDP), where the Group, in conjunction with the University of Stellenbosch Business School, is developing a new generation of emerging leaders, was launched on Tuesday, 18 February.

The Income Tax Amendment Bill 2020, which calls for the abolishment of the Export Processing Zone (EPZ) tax incentives and the manufacturer’s tax incentives, was submitted to the National Assembly by Finance Minister, Calle Schlettwein, on Wednesday.