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...
Elago Shipanga The Namibia Statistics Agency (NSA) last week launched a pilot of the Namibia Household Income and Expenditure Survey (NHIES) at Otjiwarongo in the Otjozondjupa region. The survey being piloted in the eight of the 14 regions commenced on 30 September, and is scheduled to conclude on 20 October 2024. It aims to identify...
The National Petroleum Corporation of Namibia (Namcor) has partnered with global energy technology company SLB. This agreement marks a significant milestone in strengthening the collaboration between Namcor and SLB, aligning both entities towards mutual goals in the energy sector, including sustainability, decarbonisation and new energy opportunities. The multi-year deal covers a broad scope of collaboration,...
The domestic microlending sector loan book value has shown a notable increase, reflecting a shift in borrowing trends and preferences among consumers. As of the end of 2023, the value of the domestic loan book grew by 6.1% year-on-year, reaching an impressive N$7.2 billion. This growth is primarily attributed to term lenders, whose loan value amounted to N$6.9...
LONDON – Major stock markets diverged yesterday, while oil prices extended a rally after Iran’s missile attack on Israel fanned fears of a Middle East-wide conflict. London’s top-tier Financial Times Stock Exchange (FTSE) 100 index rose slightly, helped by share-price gains for oil giants BP and Shell. Paris and Frankfurt fell in early afternoon deals....
ELIZABETH – Just a short drive from the New York skyline, giant cranes, containers and machinery stand motionless behind closed gates.The International Longshoremen’s Association (ILA), 85 000 members-strong, has launched its first strike since 1977 after weeks of deadlocked negotiations over a six-year labour agreement.“It’s not just money. It’s our future,” declared Herbert Hall, 76-year-old...
MANILA – Philippine president Ferdinand Marcos yesterday signed into law a measure that imposes a 12% value-added tax on foreign-based firms providing digital services in the country. The tax applies to a vast range of products and services, including search engines, software licensing, mobile apps, online games, webinars, music, advertising, warehousing and cloud services, website...
The results are in! The International Trade Centre (ITC) announced that the Namibia Investment Promotion and Development Board (NIPDB) was selected as the runner-up of the WTPO Awards 2024 under the category ‘Best Initiative to Ensure that Trade is Inclusive and Sustainable’. The WTPO Awards, which celebrate innovation and leadership in trade promotion, recognise Trade...