Trustco Group Holdings Limited has proposed issuing 9.5 million shares to seven independent non-executive directors (INEDs). The proposal to compensate the INEDs stems from them voluntarily implementing a 20% reduction in compensation, effective 1 April 2020, following the devastating financial impact of Covid-19. According to a Trustco statement, the reduction was implemented alongside the company’s...
Air Connect Namibia and Air Botswana have announced the launch of new flights connecting Windhoek to Maun, Kasane and Gaborone, with the latter service connecting to Durban. These routes are meant to establish important links for business and leisure travellers, and strengthen relations between the two neighbouring countries. Air Connect Namibia, established in 2024 and...
PARIS – Uncertainty about Chinese economic growth is weighing on global oil demand this year, OPEC said on Monday, leading the producers cartel to slightly revise down the robust projections it made in July “The world oil demand growth forecast for 2024 is revised down slightly by 135,00 barrels a day from the previous month’s...
NAIROBI – Aviation staff at Kenya’s main international airport will go on strike from next week over a contested investment proposal from an Indian conglomerate, their union said on Monday. About 10 000 members of the Kenya Aviation Workers Union will walk out from 19August, its secretary general Moss Ndiema told AFP. The dispute centres...
The National Petroleum Corporation of Namibia (Namcor) yesterday announced the appointment of Mildred Hendricks to its board of directors. She brings in over 20 years of extensive legal experience, having served in various significantroles within State-owned enterprises and development financing institutions. She is the chief legal advisor at NamPost, where she provides comprehensive legal services,...
Cabinet has urged relevant ministries to implement the recommendations of the Business Rescue Task Force. This submission was made by the finance and public enterprises’ ministry on the progress achieved to date, with implementation of these recommendations such as the drafting of the new Business Law, enactment of the Banking Institutions Act, and creation of...
Greylist exit… The Namibian government has formally requested technical assistance from the European Union Global Facility on Anti-Money Laundering and Countering the Financing of Terrorism (EU AML/CFT Global Facility) to enhance its compliance with international standards on beneficial ownership reporting. The EU Global Facility on Monday kicked off a scoping mission workshop aimed at outlining...
George Sanzila Parliament has recommended that the Minister of Finance and Public Enterprises, Iipumbu Shiimi, put on hold the controversial clause relating to the preservation of retirement benefits in the new Financial Institutions and Markets Act, Act No 2 of 2021. They also suggested that the regulations concerned be tabled in parliament for approval before...
In the quest for Namibia to become the first country in the world to industrially produce iron at zero emissions, a N$600 million green iron project, known as HyIron Oshivela, is well on track to kickstart the environmentally-friendly production before end of this year. “We are roughly at half-time of construction. 12 MW of our...
The Namibia Tourism Board scooped the Overall Best Exhibitor award in the corporate category of the Zambezi Bream Festival and Cultural Expo, held from 4 to 10 August in Katima Mulilo. The achievement shows its commitment to promoting the rich culture and natural beauty of Namibia, and that region specifically. The festival, which celebrated the...