In a remarkable display of financial acumen, the Financial Intelligence Centre (FIC) of Namibia has significantly impacted domestic tax collection efforts. A recent report revealed that the FIC’s diligent monitoring and enforcement of anti-money laundering (AML) and counter-terrorism financing (CFT) regulations have substantially increased capital tax revenue. This achievement is a testament to the organisation’s...
Capricorn Group delivered a strong financial performance in its interim financial results for the six months ended 31 December 2024. The figures, released yesterday, show that Capricorn›s profit after tax increased by 28.4% to N$1.06 billion, compared to N$827.6 million during the same period last year. This translates to a 29.1% rise in earnings per...
MARIENTAL – Hyphen Hydrogen Energy and the Hardap Regional Council on Tuesday signed an agreement at Mariental. The agreement is aimed at providing skills development, capacity building and training initiatives for the youth of the Hardap region in order to prepare them for job opportunities in the green hydrogen industry. This marks the first agreement...
Some time back, the Namibia Industrial Development Agency (NIDA) embarked on a project to renovate industrial or small and medium enterprise parks countrywide. The project cost is estimated at N$15 million. Earlier this year, NIDA informed New Era that out of a total of 148 parks and business complexes constructed countrywide, only 118 are fully-operational. ...
The Portuguese oil and gas company Galp Energia and its joint venture partners have announced more oil and gas discoveries in an entirely new section offshore Namibia in the prolific Orange basin. A statement by Galp revealed that the new discoveries were made in the fifth well within the company’s second exploration and appraisal programme...
Isabel Bento SWAKOPMUND – The governments of Namibia and Botswana have reaffirmed their commitment to the Trans-Kalahari Rail Corridor Development Project (TKRP) which has been in conceptualisation since 2010. The project is envisioned as a transformative regional infrastructure initiative to enhance trade and economic integration in SADC. Minister of Works and Transport John Mutorwa during...
Andreas Thomas Seismic data has greater benefits to Namibia than just measuring the occurrence of earthquakes, with stakeholders such as the mining sector, construction sector and local authorities relying on its use. This is according to the Ministry of Mines and Energy’s executive director Penda Ithindi, who said Namibia benefits from a network of seismic...
In a bid to keep the shine on struggling natural diamond sales, industry giant De Beers has launched a verification device to differentiate natural gems from their laboratory-grown competitors, the company announced on Monday. The “DiamondProof” device is meant to confirm the authenticity of precious stones “formed deep within the Earth billions of years ago”,...
Ovitoto garment factory, situated in the Otjongombe village within the Omatako constituency, is one of the ongoing capital projects funded by the Ministry of Industrialisation and Trade (MIT) under the Sites and Premises Development Programme, administered by Nida. The 2019-2024 Namibia Industrial Development Agency (NIDA) annual report released on Monday revealed that the project cost...
Last week, the Financial Action Task Force (FATF) Plenary Meeting in Paris considered the second progress report regarding the greylisting of Namibia. The FATF confirmed that Namibia continues to make progress in addressing the strategic deficiencies identified in the country’s FATF Action Plan, which was adopted when Namibia was greylisted by the FATF on 23...