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Posts by Edgar Brandt:
Namibia’s accommodation establishments reported a 65% occupancy rate for the third quarter of the year. Russia is on the verge of resuming nuclear weapons testing after that country’s lawmakers on Tuesday voted to revoke the ratification of a Comprehensive Nuclear Test Ban Treaty. It is estimated that to produce one kilogramme of green hydrogen via electrolysis, about 10kg of water will be needed. Green hydrogen (GH) could hold the most industrial potential to foster a meaningful structural transformation of Namibia’s economic base. A soaring public debt bill, underperforming State-owned entities and a need to urgently diversify the domestic economy were some of the main concerns that emerged at yesterday’s tabling of the mid-year budget review. The mid-term budget review for the current financial year provides an encouraging framework which in many aspects reflects a government keenly attuned to the nation’s pressing socio-economic needs. Canadian company Reconnaissance Energy Africa and its joint venture partner, the National Petroleum Corporation of Namibia (Namcor), have been granted approval to resume exploration in the northeast of the country. Namibia cannot remain at its current level of economic development, consisting of minimal heavy industries and an economy mainly focused on mining only. Following sentiments that Namibia’s proven Kudu gas reserves should be seen in a different light after recent offshore oil discoveries, reports have emerged that TotalEnergies and Shell have been instructed to work with the operator to develop the natural gas field. The labour, industrialisation and employment-creation ministry is hard at work on many fronts, and aims to render more concrete support to trade unions. When Capricorn Group board chairman, Gerhard Fourie announced the appointment of seasoned financial guru, David Nuyoma, as the new Group CEO, the share price of the listed entity jumped from N$16.50 to N$17.00. Since 2018, a significant amount of blocked airline funds has been repatriated from Angola, Ethiopia, Ghana, Nigeria and Zimbabwe, with the International Air Transport Association (IATA) working with the respective governments. The mines and energy ministry believes it prudent to maximise Namibia’s gas production to support domestic industrialisation. The National Petroleum Corporation of Namibia (Namcor) has developed a three-phase turnaround strategy to ensure its future sustainability. The impact of alleged currency manipulation by 28 local and international banks which apparently took place more than a decade ago and was recently uncovered by South African regulators, has been allayed through relevant legislation and a transparent banking sector. African airlines are expected to continue generating losses in both 2023 and 2024. The Namibia Financial Institutions Supervisory Authority (Namfisa) last week placed a temporary cap on selected medical aid increases as part of proactive measures to secure the long-term sustainability of the domestic medical aid fund industry. Although the independent domestic airline, FlyNamibia, currently flies between Eros in Windhoek and Lüderitz every weekday, this route has becomeincreasingly more overcrowded due to significant oil discoveries made in the Orange Basin off the coast of southern Namibia. One of the most notable developments at this year’s UN Climate Change Conference (COP28), which ended this week, was a declaration by at least 20 countries, including the United States, the United Kingdom, Sweden and Canada to triple their nuclear power capacity by 2025. Despite numerous regional and global headwinds, domestic economic activity expanded during the first ten months of 2023, although at a slower pace compared to 2022.