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Posts by Edgar Brandt:
In line with government objectives, the mines and energy ministry has set a target to have all Namibian households electrified by 2040. It is common knowledge that domestic manufacturing is heavily dependent on inputs from the country’s natural resources' endowments. A school uniform manufacturing factory opened in Nkurenkuru, constituting an investment of N$3 million, and is the government’s latest effort to ensure vital market access for local producers. There is no need at this stage for macroprudential policy intervention in Namibia’s financial system. This is because the system in terms of the banking and non-banking industries remains liquid, profitable and well-capitalised, while the critical payment infrastructure operated efficiently. A massive clean-up process has commenced after this week’s extraordinary and devastating flash floods forced numerous businesses in the city to temporarily close and caused extensive damage to personal property across the capital. The deep-water Orange Basin of f shore Namibia, where TotalEnergies and Shell last year confirmed the largest oil discovery of 2022 with the detection of light crude oil, is becoming a more attractive destination for global oil explorers. Keeping the lights on during 2023 and beyond has become an increasing cause of concern for Namibian industries and households. The Namibia Power Corporation (NamPower) plans to develop six renewable energy- generation projects to keep the lights on in the country. Many of these projects are at an advanced stage, and have been developed to strengthen and ensure Namibia’s security of electricity supply. The number of people implicated in the massive fraudulent tax refund scam has increased from 409, as reported in July 2022, to 921 while the amount involved has escalated from N$36 million to an astronomical N$136 million. Despite the World Bank forecast for the global economy to grow by 1.7% in 2023 and 2.7% in 2024, chief economists at the World Economic Forum (WEF) still expect the majority of global businesses and households to grapple with persistent headwinds throughout 2023. Shell has reportedly made another major discovery of hydrocarbons, the main components of oil and gas in the Orange Basin. Once confirmed, this will be Shell’s second major discovery in the vicinity, where TotalEnergies last year also confirmed a major discovery of light crude. The mines and energy ministry this week cautioned that information making the rounds in the oil industry of yet another oil discovery in the Orange Basin is purely speculative. After a balloting process on Friday at all National Housing Enterprise (NHE) offices, more than 90% of staff voted in favour of a strike. As electric vehicles (EVs) become more popular in Namibia due to a steady escalation of fuel prices and the increased scarcity of new vehicles and vehicle parts, many potential EV customers are concerned about the availability of charging stations for alternative forms of personal transport. Konyima tupu zokuhorowora moutano unapuko, pevango lyonomberewa da National Housing Enterprise (NHE), wokusika ko 90% varugani kavahorowere asi vahepa kuza mehageko yirugana. Although Namibia’s score remained unchanged at 49 on the 2022 Corruption Perceptions Index, the country actually fell one spot to 59 on the global indicator of public sector corruption. The central bank yesterday confirmed that at no point was N$60 billion transferred or deposited into Namibia’s banking system by any entity or individuals associated with the Credit Union of Namibia (CUN). The country’s biggest telecommunications provider, Mobile Telecommunications Limited (MTC), is anticipating to take a leap into the financial services’ arena this year.