Cabinet has urged relevant ministries to implement the recommendations of the Business Rescue Task Force. This submission was made by the finance and public enterprises’ ministry on the progress achieved to date, with implementation of these recommendations such as the drafting of the new Business Law, enactment of the Banking Institutions Act, and creation of...
Greylist exit… The Namibian government has formally requested technical assistance from the European Union Global Facility on Anti-Money Laundering and Countering the Financing of Terrorism (EU AML/CFT Global Facility) to enhance its compliance with international standards on beneficial ownership reporting. The EU Global Facility on Monday kicked off a scoping mission workshop aimed at outlining...
George Sanzila Parliament has recommended that the Minister of Finance and Public Enterprises, Iipumbu Shiimi, put on hold the controversial clause relating to the preservation of retirement benefits in the new Financial Institutions and Markets Act, Act No 2 of 2021. They also suggested that the regulations concerned be tabled in parliament for approval before...
In the quest for Namibia to become the first country in the world to industrially produce iron at zero emissions, a N$600 million green iron project, known as HyIron Oshivela, is well on track to kickstart the environmentally-friendly production before end of this year. “We are roughly at half-time of construction. 12 MW of our...
The Namibia Tourism Board scooped the Overall Best Exhibitor award in the corporate category of the Zambezi Bream Festival and Cultural Expo, held from 4 to 10 August in Katima Mulilo. The achievement shows its commitment to promoting the rich culture and natural beauty of Namibia, and that region specifically. The festival, which celebrated the...
Telecom Namibia and the Namibia Public Workers Union (Napwu) formalised a new era of cooperation by signing a recognition and procedural agreement. The agreement, replacing a 25-year-old predecessor, establishes a modern framework for labour relations that aligns with the amendments in the Labour Act, and the evolving needs of both parties. The signing ceremony, held...
Jerome Namaseb, the consortium CEO of the multi-million-dollar Daures green hydrogen project anticipates production to begin during the fourth quarter of this year. Namibia’s green hydrogen revolution is getting closer to reality, although many Namibians are yet to believe this is a true development of the concept of green hydrogen. This puts Namibia’s investments and...
The mining sector, which is considered one of the most important pillars of the national economy, is expected to be affected by weak global demand. The Bank of Namibia (BoN) quarterly bulletin released last week, the domestic economy is expected to grow by 3.1%in 2024, and then expand by 3.9% in 2025. The projected growth...
HONG KONG – Most stock markets fell yesterday after a sell-off on Wall Street, with analysts warning the volatility that has roiled markets this week still has some time to run as traders fret over the global economy. Data showing last Friday that fewer US jobs than expected were created in July continues to reverberate,...
The 11th Mining Expo and Conference, which concluded yesterday, has garnered remarkable support from exhibitors, breaking all previous records. This year, 199 exhibitors occupied 317 booths, up from 162 exhibitors and 268 booths at the preceding show in 2023. This represents a 22.8% increase in exhibitors, and an 18.3% increase in booth utilisation. During the...