Business

PARIS – The world’s richest one percent increased their fortunes by a total of US$42 trillion over the past decade, Oxfam said yesterday, ahead of a G20 summit in Brazil, where taxing the super-rich tops the agenda. Despite this windfall, taxes on the rich had plummeted to “historic lows”, the NGO added, warning of “obscene...

LONDON – British fintech company Revolut yesterday said it had obtained a long-awaited UK banking licence – but must wait to lend money and take deposits as it remains in a restrictive phase.  The licence granted by regulators linked to the Bank of England will allow Revolut to eventually compete better with established UK lenders,...

With the rising cost of living, many Namibians are burdened by financial pressure, which is aggravated by inflation. Facing increasing financial pressure, many policyholders are tempted as a first reaction to cancel or stop paying their insurance and retirement premiums to ease the financial burden. Wendy Naruses, Marketing and Communications Manager at Sanlam, emphasises the...

PARIS – French oil heavyweight TotalEnergies yesterday reported slumping profits in the second quarter, blaming lower margins in refining and falling sales and prices for natural gas. Net profit shed seven percent year-on-year in April-June, to US$3.8 billion, the company said in a statement. Analysts had forecast around US$4.9 billion in surveys by Bloomberg and...

The Husab mine has stepped up to assist the government with the establishment of a much-needed second desalination plant to be constructed at the coast.  NamWater CEO Abraham Nehemia on Wednesday stated that the uranium mine stepped in at a crucial time, and saved the government from mobilising some N$3 billion needed for the project....

A delegation of the World Bank Group’s (WBG) board of executive directors (EDs) recently noted Namibia’s and South Africa’s progress in achieving development goals, and reaffirmed World Bank Group’s commitment to providing support. The 11 EDs and Alternate EDs were hosted by the World Bank and International Finance Corporation (IFC) country offices during their recent visit from...

The Ohlthaver and List (O&L) Group does not intend on closing any retail outlets, and operations will continue as usual despite the group terminating a 27-year franchise agreement with massive South African retailer, Pick n Pay. This is according to the O&L Group’s executive chairman, Sven Thieme. “We remain committed to maintaining our presence in...

A preservation fund is a savings vehicle into which you can transfer your retirement savings from a retirement fund (pension or provident fund) to preserve funds for your financial well-being in retirement.    This vehicle is primarily used when people resign or change jobs, which then becomes a tax-free transfer from your existing retirement fund into a...

Lupita Nyong’o, the global ambassador for the world’s leading diamond company De Beers, was in Namibia last week to witness the impact that natural diamonds have on the country and its people. A De Beers ambassador since 2022, Nyong’o has sought to learn more about the untold stories of natural diamonds.  Together with joint venture...