Namibia is facing severe challenges in its foreign direct investment (FDI) landscape,as recent reports indicate a notable decline in net FDI inflows during the second quarter of 2024. This downturn, amounting to a decrease of N$7.2 billion year-on-year and N$3.9 billion quarter-on-quarter, has brought net inflows down to N$8.5 billion. FDI refers to an ownership...
LONDON – World oil prices rallied more than 2% yesterday as tensions escalated in the crude-rich Middle East one year after the deadly Hamas attacks on Israel. European stock markets mostly rose after more big gains in Asia as China’s stimulus boost, a strengthening US economy and the outlook for interest rates in major economies...
WASHINGTON – US Trade Representative Katherine Tai defended stiff tariff hikes against countries like China, arguing that paired with investment, they were a “legitimate and constructive” tool for re-invigorating domestic industries. Tai’s comments to AFP come a week after sharp tariff increases on Chinese electric vehicles, EV batteries and solar cells took effect – with...
MTC Maris is a mobile phone-based money transfer and payments service. The service was launched last week by Windhoek General Administrator (WGA), the financial technology arm of MTC that operates independently from its parent company. The new service allows users to deposit, withdraw, transfer money and pay for goods with a mobile device. Maris, meaning...
The domestic retirement funds industry is faced with a significant liquidity challenge. This is as recent data reveals a troubling decline in the industry’s ability to meet short-term financial obligations. The industry’s liquidity ratio, which measures the adequacy of contributions to cover expenses and benefits, has dropped from 77% to 67.3% over the past year. The latest figures were...
Strategic direction… Toini Muteka has been appointed as the executive officer for human capital for Bank Windhoek. Her appointment is effective from 1 October 2024. She will be responsible for developing and executing the bank’s resource strategy in support of the overall business plan and strategic direction. She will focus specifically on succession planning, talent...
Sinomine Resource Group has appointed Logan Lou Yonggang as chief executive officer (CEO) of Sinomine Tsumeb Smelter. Zebra Kasete, former managing director, will transition into a new role as executive vice president of business development of Sinomine Tsumeb Smelter. He will be accountable for client acquisition, developing strategic partnerships and overseeing stakeholder relations. He...
Reconnaissance Energy Africa (ReconAfrica) is progressing with its onshore exploration, although at a slightly slower pace than anticipated due to delays caused by slower drilling rates. The Canadian oil and gas company, which is exploring in the Damara Fold Belt and Kavango Rift Basin in the Kalahari Desert in northeastern Namibia and northwestern Botswana, last...
The African Continental Free Trade Area (AfCFTA) secretariat, in collaboration with the industrialisation and trade ministry, last week convened the 10th Meeting of the Committee on Investment in Windhoek. The meeting, which ran from 1 to 4 October 2024, aimed to review and consider a draft of the annex on the Rules and Procedures for...
The National Housing Enterprise (NHE) recently marked a significant milestone as it finalised a backlog of financial reports that has persisted for more than seven years. This completion is expected to bring much-needed clarity and transparency to the organisation’s financial standing, which is crucial for maintaining stakeholder confidence. The reports cover seven audited financial statements...