Russia accused Ukraine yesterday of launching a weekend drone attack on the infrastructure of a major gas pipeline that carries Russian supplies to Europe via Turkey. The allegation, which Kyiv has not commented on, comes amid an escalating energy row between the two countries, almost three years after Russia launched its full-scale military offensive. Kyiv...
Air Connect Namibia welcomes the introduction of the route, which will increase regional integration, as FLY Angola connects Windhoek in Namibia with Luanda, Angola’s capital. On 21 December 2024, FLY Angola started to operate a thrice-weekly service, connecting the Luanda International Airport to the Hosea Kutako International Airport via the Benguela Catumbela Airport in Angola. ...
Over the past year, the Namibian private sector secured a total of N$3.73 billion in credit. Individuals received N$2.07 billion, and corporations took up N$1.66 billion. The demand for credit among individuals has shown some resilience, with an annual growth rate of 3.1% in November. Overdraft facilities saw a slight increase of 0.4%, while mortgage...
For nearly two decades, the Construction Industries Federation of Namibia (CIF) has persistently called for the establishment of a National Construction Council. CIF chief executive, Bärbel Kirchner, said since 2006, the federation has been advocating for this regulatory body to safeguard the local construction industry, ensure quality workmanship, foster fair competition, and ensure Namibian contractors...
Mines and energy minister Tom Alweendo has responded to Shell’s recent announcement regarding its write-down of about N$7.5 billion (US$400 million) related to oil discoveries in Petroleum Exploration License (PEL) 39. He said the decision is not a setback for the country’s oil ambitions. Shell determined that the discoveries made in some of the wells...
The Namibian National Petroleum Corporation (Namcor) is adamant that Namibia possesses significant untapped oil resources, despite Shell’s reported intention to write down nearly N$7.5 billion (US$400 million) related to an offshore oil discovery in the country. Shell recently announced that the oil and gas resources identified in offshore block PEL39 in Namibia cannot be validated...
Achieving economic growth, development, reduction of the productivity gap, and improvement of resilience will require a thorough and accurate paradigm shift involving all important stakeholders and development agencies. Corruption, low productivity, subpar implementation, and poor performance by community leaders, such as certain government ministries, State-owned enterprises (SOEs), governors, councillors, and mayors, are some of the...
Bank Windhoek chairperson Johan Swanepoel announced the appointment of James Chapman as managing director designate of the Bank with effect from 1 February 2025. This is following the conclusion of a comprehensive recruitment process and approval by the Bank of Namibia. The appointment follows the announcement by Bank Windhoek in September 2024 that its current...
Multichoice continues to face financial challenges as highlighted in its latest interim financial results for the period ending 30 September 2024. The company reported a substantial revenue decline of 10%, dropping from N$27.9 billion to N$24.8 billion. This is primarily due to a decrease in its linear subscriber base, which fell by 11% year-on-year, losing...
German greenhouse gas emissions fell again in 2024 but at a slower rate, due to lagging green investment by industry and households, according to a study published yesterday. Emissions in Europe’s biggest economy fell 3% in 2024, a “marked slowdown” from a 10% drop in 2023, according to the Agora Energiewende think tank. Germany reflects...