NAIROBI – Kenya’s central bank trimmed Tuesday its main interest rate for the first time in four years, citing easing inflationary pressures as the government struggles to raise revenue and service its public debt following deadly protestors over tax hikes. The bank’s monetary policy committee (MPC) cut its main interest rate by a quarter percentage...
PARIS – Two health experts on Tuesday called for Olympic organisers to cut ties with Coca-Cola, saying the current big-money sponsorship deal allows the US company to “sportswash” unhealthy sugary drinks. Events at the Paris games have been lined with advertising for the ubiquitous fizzy drinks of Coca-Cola, which has been sponsoring the Olympics since...
Farmers Meat, a proud subsidiary of the Ohlthaver & List (O&L) Group, is delighted to announce the successful conclusion of its wage negotiations with the Namibia Food and Allied Workers Union (Nafau). The new established, one-year substantive agreement, effective from 1 July 2024 to 30 June 2025, underscores the company’s unwavering commitment to its employees...
Finance minister Iipumbu Shiimi said the government is now targeting multinational companies to ensure that tax avoidance is minimised. He said big companies in the country have been avoiding paying taxes for almost 15 years, with the excuse of making losses. A tax loss carry forward is a provision that allows businesses or individuals to...
Vice President Netumbo Nandi-Ndaitwah has urged the country to explore ways to utilise local uranium resources. Namibia is ranked as the world’s third-largest producer of uranium, but the country still imports about 70% of its electricity. “As our country becomes a more prominent player in the supply of uranium, we should also consider how Namibia...
Nedbank Group delivered a strong financial performance for the six months to 30 June 2024, amid a challenging operating environment, as Headline Earnings (HE) increased by 8% year to year to N$7.9 billion. Return on equity (ROE) increased to 15% from 14.2% in the first half of 2023. The increase in HE was underpinned by...
WASHINGTON – The ongoing global stock sell-off has fuelled calls for the US Federal Reserve to lower interest rates swiftly and decisively, with some analysts now calling for it to make an emergency cut before its September rate decision. The futures markets, which as recently as last week expected a single quarter-percentage-point cut at the...
National Housing Enterprise CEO Gisbertus Mukulu said the enterprise is grappling with many challenges when it comes to providing housing in Namibia. Scarcity of land, high land prices, rising building material costs and restricted funding were among the issues, he stated. Mukulu made these remarks yesterday while providing an update at the Government Information Centre. ...
The National Petroleum Corporation of Namibia (Namcor)’s downstream operations are facing a working capital deficit of about N$1.6 billion. Downstream is the part of the oil and natural gas industry responsible for the refining, distributing and retailing of petroleum products. Working capital is the difference between a company’s assets and liabilities. It measures a company’s liquidity and short-term...
ANKARA – Turkey’s annual inflation rate slowed sharply in July to 61.78%, official data showed yesterday, as the country battles a cost-of-living crisis. It is the second consecutive fall after consumer price rises eased to 71.6% in June. “Annual inflation is falling. We continue to get positive results in all areas of our programme, whose...