info_e12wt4cs – Page 419

11 Apr

NamRA records total revenue of N$86 billion

info_e12wt4csNational News

Stefanus Nashama The Namibia Revenue Agency (NamRA) has collected a total revenue of N$86 billion for the 2023/24 financial year which is an increase of N$24.5 billion when compared to the previous financial year. NamRA’s commissioner, Sam Shivute, shared this on Wednesday at the agency’s 2024 Taxpayer and Trader Appreciation Day event. According to Shivute, the agency was able to exceed its target for this year, which was initially set at N$67 billion and later adjusted to N$71 billion. “Our strategic objective is to improve revenue collection. I am very happy to inform the public that we are well on…

11 Apr

NAB to suspend operators’ permits who refuse to buy local maize

info_e12wt4csNational News

Martin Endjala Millers and silo operators who refuse to buy any marketable white maize from Namibian farmers during the 2024 market season, will result in the suspension or withdrawal of their import permits with immediate effect. This was confirmed by Namibia Agronomic Board (NAB) Chief Executive Officer, Fidelis Mwazi, who on Wednesday, stated that “no import permits will be issued for white maize to such an operator until such time when there is compliance.” Mwazi also announced the restriction on the import of white maize into the country during the 2024 market season with effect from 1 May 2024. He…

11 Apr

No debts to be written off for NUST and UNAM graduating students

info_e12wt4csNational News

Martin Endjala Students graduating this year from Namibia University of Science and Technology (NUST) and the University of Namibia (UNAM), should settle their debts to obtain their qualifications. This was confirmed by the two institutions. NUST spokesperson, John Haufiku yesterday told this publication that the institution held a meeting last week Friday, to discuss the student debt matter. He clarified that management agreed that all students who owe the institution will be required to pay off all their outstanding debts. He refuted circulated information that debts will be written off and added that such information is untrue. “The debts aren’t…

11 Apr

Geingos entitled to significant benefits from the state

info_e12wt4csMain

Ester Mbathera Monica Geingos, the widow of late President Hage Geingob, is entitled to significant benefits that will ensure her financial security and well-being. According to the Former President's Pension and Other Benefits Act 18 of 2004 Sec 3(1) the surviving spouse is entitled to 75% of the monthly pension, which is exempt from income tax. Geingos is further entitled to gratuity which is equivalent to a one-year salary for the two terms served. At the time of his death on 4 February, the late President’s salary was pegged at more than N$2 million per annum Legal practitioner, Bernard Tjatjara…

11 Apr

Just saying

info_e12wt4csSports

Am just saying, the pursuit of excellence in sports extends beyond the field or court; it permeates the corridors of sports governance and leadership. The impact of good governance and ethical consideration by sports board members cannot be overstated. Am saying, it not only ensures the integrity and credibility of sports organizations but also fosters an environment conducive to growth, development, and fair play. Am proposing that one pivotal lesson that sports can glean from the private sector is the importance of meticulous vetting processes in appointing individuals to serve on boards. Am just saying as corporations meticulously scrutinize the…

11 Apr

2024 Nedbank Namibia Windhoek Power Pedal Series Third Leg is on

info_e12wt4csSports

Nedbank Namibia Windhoek Power Pedal Series (WPP3) marking the third leg of the six events scheduled for this year is set to take place on Sunday, April 14th, at the entrance of Matchless Mine in Windhoek. Stephanus Feris, one of the organizers from the Windhoek Pedal Power Cycling Club, expressed confidence in the preparations, stating that "All is set for the event." The route, he mentioned, remains unchanged from previous years, promising a challenging yet exhilarating course for participants. Highlighting the competitive nature of the race, Feris noted the expected participation of top male and female Namibian road cyclists. Last…

11 Apr

Hydrogen train draws international interest

info_e12wt4csFeatured

CHAMWE KAIRA Namibia’s plan to develop Africa’s first hydrogen train has gained international interest from the European Union, Canada and China. Konrad Boshoff, Chief Executive Officer of Hyphen Technical said the project is generating both locally and internationally from garnering significant local interest from local businesses and entrepreneurs as well as international interest. The contract that is expected to be signed soon on the introduction of the first hydrogen powered train next year will include the conversion to hydrogen dual fuel of two locomotives and a hydrogen fuel tender wagon. The project is spearheaded by TransNamib, Hyphen Technical and CMB…

11 Apr

SWIFT payments charges to increase slightly

info_e12wt4csFeatured

The Bank of Namibia had earlier announced that from 15 April 2024, CMA (Common Monetary Area) payments to South Africa, Lesotho & Eswatini will be initiated as Foreign Exchange transactions, with Balance of Payment (BoP) reporting requirements. However, this week commercial banks informed their clients that payments to South Africa, Lesotho and Eswatini (Common Monetary Area) will continue as per current payment processing and will not change as previously communicated. Observer Money this week asked clarity from Sandra Garises, Acting Director: Strategic Communications and International Relations at the Bank of Namibia on the readiness of the industry to implement this…

11 Apr

Banks profitable, liquid, well capitalised

info_e12wt4csObserver Money

Developments in the Namibian banking sector has pointed out that the sector remained profitable, liquid and adequately capitalised in 2023, despite a strained economic environment. Board chairperson of the Namibia Deposit Guarantee Authority, Ebson Uanguta said this week that the banking sector continues to record higher profitability levels, coupled with robust capital levels above prudential limits. Uanguta revealed that the sector’s common equity Tier 1 capital increased last year and stood significantly above the required 7% limit. The non-performing loan (NPL) ratio picked up slightly year-on-year and is nearing the trigger ratio of 6%, due to the high inflation and…

11 Apr

Civil servants to drive demand side inflation

info_e12wt4csObserver Money

CHAMWE KAIRA The rise in civil servant wages and the tax reforms enacted on 1 March are likely to support disposable income and increase consumer spending, which will potentially drive demand-side inflation. In the 2024/25 budget, the government has budgeted N$35,4 billion for wages and benefits and this also includes a 5% increase for civil servants. The country has about 107 000 civil servants. “The downside risk to this view is the elevated interest rate environment which may dampen the impact of these demand-side inflationary pressures,” FNB Namibia economists Ruusa Nandago and Helena Mboti disclosed this week. The economists noted…