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...
Broll Namibia, a subsidiary of the Ohlthaver & List (O&L) Group, and the Workers Council have signed a two-year wage agreement, effective from 1 July 2024 to 30 June 2026. Karen Keys, managing director of Broll Namibia, said the primary objectives of the negotiations were to enhance financial stability, improve employee satisfaction and strengthen company...
Mines and Energy minister Tom Alweendo told Namibians not to be distracted by other interpretations that might have a different meaning other than that the resources are theirs. He said they have all the rights to decide how to share it with those who are investing in the exploitation of such natural resources. The minister...
Since its inception, the Namibia Revenue Agency (NamRA) has pumped billions of dollars into national coffers by continuously exceeding its collection targets. NamRA collected a net amount of N$21.4 billion in three months.This amounts to 25.10% of the revenue projection for the current fiscal year, FY2024/25. The significant increase in revenue-collection is expected to give...