Windhoek Observer – Page 394 – Windhoek Observer

20 Feb

De Beers’ carrying value reduced by US$2,9 billion

Observer Money

CHAMWE KAIRA It is looking likely that joint diamond ventures, including Debmarine Namibia, Namdeb land operations, and the Namibia Diamond Trading Company, all 50/50 joint ventures with the De Beers Group, will have a new partner in the near future. Anglo American, which owns De Beers, has continued its quest to sell the diamond giant. “The work to separate De Beers is well under way, with action taken to strengthen cash flow in the near term and position De Beers for long-term success and value realisation. Given prevailing diamond market conditions, we have reduced our carrying value of De Beers…

20 Feb

Positive outlook for car industry

Observer Money

CHAMWE KAIRA The Bank of Namibia’s decision to lower the repo rate from 7% to 6.75% in February will have a notable impact on credit conditions, vehicle financing, and overall car sales in the coming months. While lower borrowing costs typically encourage spending, broader economic pressures could temper the full effect of this rate cut, a report has noted. Simonis Storm noted that with interest rates easing, borrowing costs will fall, making credit more accessible to both businesses and households. However, the impact will vary across different sectors, it noted. The analysis noted that businesses may take advantage of cheaper…

20 Feb

Lüderitz wind farm gets N$2.5 billion investment

Observer Money

InnoVent is building a 11 turbine wind farm on the Atlantic coast as part of an ambitious national policy to enhance energy independence and decarbonization. InnoVent has developed and built the country’s first three solar power plants (Omburu, Osona, Aussenkehr, each with 5 MW) and the first wind farm (Ombepo, 6 MW). These infrastructures, with a total capacity of 21 MW, were commissioned between 2015 and 2017. In 2019, InnoVent acquired a fourth solar power plant of 5 MWc in the Omusati region, thus increasing its capacity and availability. Currently, InnoVent operates 26 MW in Namibia, producing 76,500 MWh in…

20 Feb

Did a Tax Dispute Hold Up the De Beers-Botswana Deal?

Observer Money

De Beers and the Botswana government have concluded their negotiations over a new sales agreement for rough diamonds after more than five years of discussions. They haven’t signed yet: Bogolo Kenewendo, minister of minerals and energy, said she hoped this would happen later this month, a pronouncement De Beers CEO Al Cook met with a nod at a press briefing. All that remains are the ‘largely formulaic’ process of issuing the mining licenses, Cook told the audience. The new government, under President Duma Boko’s Umbrella for Democratic Change (UDC) coalition, has touted the fact that it managed to seal the…

20 Feb

The last man standing; founding president and father of the NAMIBIAN nation H.E. Dr Sam Shafiishuna Nujoma

Opinions

P T SHIPALE I. Prologue Indeed, a great tree has fallen and a great shadow hangs heavy across the entire land because our beloved Founding President and Father of the Namibian Nation, H.E. Dr. Sam Shafiishuna Nujoma is no more. For those of us who knew him, who worked alongside him, who counted and relied on him, who were led by him, who learned from him, who loved him, it is unbearable that we will not see him again. The sad news of his passing struck a deep and solemn note as he was an iconic and quintessential revolutionary leader,…

20 Feb

NBL launches Windhoek Beer in Kenya

Observer Money

Namibia Breweries Limited (NBL) has announced the launch of Windhoek Beer in the Kenyan market. The company said the strategic move marks a significant milestone in NBL's ongoing efforts to expand its footprint, export its premium products, and develop its business across new markets. Windhoek Beer, the iconic brand of NBL portfolio, renowned for its exceptional quality and rich heritage, is now available to Kenyan consumers who appreciate a finely crafted beer. Brewed in accordance with the Reinheitsgebot, the German Beer Purity Law of 1516, Windhoek Beer is made from only the finest ingredients: malted barley, hops, and water, ensuring…

20 Feb

Anglo American sells nickel business

Observer Money

Anglo American has agreed to the sale of its nickel business to MMG Singapore Resources Pte. Ltd, a wholly owned subsidiary of MMG Limited for a cash consideration of up to US$500 million. The nickel business comprises two ferronickel operations in Brazil – Barro Alto and Codemin – and two high quality greenfield growth projects – Jacaré and Morro Sem Boné. The agreed cash consideration of up to US$500 million comprises an upfront cash consideration of US$350 million at completion; the potential for up to US$100 million in a price-linked earn out and contingent cash consideration of US$50 million linked…

20 Feb

Nujoma’s final journey begins

Main

Erasmus Shalihaxwe and Ester Mbathera The remains of the late Founding President Sam Nujoma have begun the journey to their final resting place, and the nation has paid its last respects. The remains arrived early on Thursday morning at State House, where President Nangolo Mbumba officially sanctioned their departure to the regions. Former President Hifikepunye Pohamba and former First Lady Penexupifo Pohamba were among the dignitaries who arrived to pay their respects. The Namibian Defence Force (NDF), led by the Chief of the Defence Force, Air Marshal Martin Pinehas, is overseeing the solemn procession. The journey began with a brief…

19 Feb

NamPol inundated with applications for cadet positions

Main

Stefanus Nashama The Namibian Police Force (NamPol) has received over 52 000 applications from young people to be trained as cadet constables. The head of NamPol’s public relations division, Deputy Commissioner Kauna Shikwambi confirmed this to the Windhoek Observer on Wednesday. “We received slightly more than 52 000 applications from which only 1 200 could be shortlisted,” she said. She said the review of these applications is ongoing, with the shortlist of successful candidates expected before May. “The shortlisting process is ongoing and expected to be concluded between February and May,” she said. Shikwambi noted that shortlisting has been completed…

19 Feb

City Police crack down on 949 unregistered businesses

National News

Hertta-Maria Amutenja Currently, 949 businesses in Windhoek are operating without a valid certificate of fitness or registration, according to the City of Windhoek Municipality (CoW). The City Police’s spokesperson, Marcelline Murapo said fines have been issued to bars, mechanic's workshops, and restaurants in Otjomuise, Wanaheda, Ausspannplatz, the city centre, Rocky Crest, and Olympia. “We identify them during routine inspections and when complaints are brought to our attention either by public members or the business registration section of the City of Windhoek,” she said. The fines were for offences including conducting a business without a certificate, operating a business without a…