Observer – Page 439 – Windhoek Observer

22 Sep

Capricorn Group grows to N$8.21b in ten years …… N$3 billion paid in dividends to shareholders

ObserverObserver Money

Chamwe Kaira The capitalisation of the Capricorn Group Limited in 2020 has grown from N$5 billion at the time of listing on the Namibia Stock Exchange in 2013 to N$8.21 billion, the group said in 2023 annual report. The share price at the time of listing was N$8.75 at the time of listing. As at 12 September the share price was N$15.81 resulting in a market capitalisation of N$8.21 billion. When the Group was listed it generated a revenue of N$1.4 billion, compared to N$4.6 billion for 2023. At the time of listing, it had total assets of N$21 billion…

22 Sep

Redforce has collected N$1b debt for municipalities

ObserverObserver Money

Redforce, the Windhoek based debt collection and management company has been in the news of late with residents of several towns protesting against debt collecting methods. Protests against the company have taken place in towns like Windhoek and Okahandja against Redforce after it was appointed by these towns to collect outstanding arrears. This week, Redforce CEO Julius Nyamazana, told Observer Money that the company has managed to collect debt of over N$1 billion out of the N$1.5 billion owed to local authorities by rate payers. Observer Money (OM): May you give us a brief background on RedForce, when was the…

22 Sep

BAN responds to new banking regulations

ObserverObserver Money

The Bank of Namibia has announced significant changes to the banking industry, which could have profound consequences for the sector. These changes include the implementation of the Banking Institutions Act and the Payment System Management Act. Under the new regulations, Namibian banking institutions are required to establish independent and autonomous boards, implement term limits, and set age restrictions to prevent board members from serving indefinitely. Additionally, the central bank has mandated that all credit decisions and approvals must be made by individuals authorised by the Bank of Namibia, and no credit decisions should be made outside Namibia by unauthorised persons.…

22 Sep

Just Saying with Matts Haikali

ObserverOpinions, SportsJust Saying with Matts Haikali

In the world of sports, fairness and equity should be fundamental principles, ensuring that competition thrives on merit rather than the size of one’s pocket. Unfortunately, in the MTC Premier Netball League, there is a disconcerting trend, with government-funded institutions dominating the league, while community-funded teams struggle to keep pace. Teams such as wanders, united, Black Africa, Tigers used to be competitive, but that’s the story of the past. Am just saying, this glaring discrepancy is not merely a reflection of superior resources, but a challenge to the core values of sportsmanship and equality that we hold dear. The MTC…

22 Sep

Housing target of 20 000 units, a pipe dream

ObserverObserver Money

Chamwe Kaira The target set by the government of delivering 20 000 housing units by the end of 2025, remains a pipe dream and will not be met. This is as a result of the slow pace at which the National Housing Enterprise is constructing houses. The country’s housing backlog stands at 300 000 housing units; this means that the country needs to construct around 30 000 houses annually. “However, it appears unlikely that this target will be met, given the current pace of construction by the National Housing Enterprise (NHE). Only 29% of this goal has been achieved, and…

22 Sep

Exempting Chinese from visas will increase tourism

ObserverObserver Money

Chamwe Kaira The proposed visa exemptions for 30 days for Chinese nationals arriving in Namibia will have a positive impact on tourist arrivals from the Asian giant given that it is the second biggest economy in the world and a big player in travel and tourism globally. “Namibia will do well to tap and establish a tourism market in China. This will enhance tourism growth for the country as well as economic growth and investment. The visa requirement has been one of the challenges that hampering Chinese arrivals, with that exemption, we are confident that the tourism arrivals will increase…

22 Sep

Trans Kalahari blends with TransNamib plans

ObserverObserver Money

Chamwe Kaira The proposed Trans Kalahari Railway to link Botswana and the port of Walvis plans will undoubtedly blend in with plans of TransNamib, to have a rail link between Namibia and Botswana, TransNamib said this week. The Trans-Kalahari Railway is anticipated to facilitate the transportation of 14 million tons annually in its inaugural year of operation, with the potential to increase to 56 million tons per annum by its 30th year of service, as revealed in project tender documents. Scheduled to commence construction in January 2025, this ambitious project comes with a multi-billion-dollar price tag. Stretching across a distance…

22 Sep

Namibia’s economy grew by 3.7 percent in the second quarter

ObserverNational Newsreflecting a slowdown compared to the remarkable 8.5 percent growth recorded in the same quarter of 2022., The Namibian economy showed a growth of 3.7 percent during the second quarter of 2023

Hertta-Maria Amutenja The Namibian economy showed a growth of 3.7 percent during the second quarter of 2023, reflecting a slowdown compared to the remarkable 8.5 percent growth recorded in the same quarter of 2022. Namibia’s nominal Gross Domestic Product (GDP) for the second quarter of 2023 was N$58.6 billion, displaying an increase of N$7.3 billion compared to the same period in 2022. This is according to Alex Shimuafeni, Statistician-General and Chief Executive Officer (CEO) of the Namibia Statistics Agency (NSA), who presented the economic performance report for the second quarter of 2023 this week. He, however, indicated that the real…

22 Sep

NAMFISA spends over N$14 million on rental fees annually

ObserverMainNAMFISA spends over N$14 million on rental fees annually

Martin Endjala The Namibia Financial Institutions Supervisory Authority (NAMFISA) has been paying N$14,985,114 per annum on office rental fees to occupy the building it is currently operating from in the Central Business District of the Namibian capital. This means for the past four years, the financial regulator has spent close to N$60 million on the lease of the building since occupying it on 15 June 2020. NAMFISA Communications Manager, Victoria Muranda, confirmed these figures during an interview with the Windhoek Observer this week. She said the leased building which NAMFISA currently occupies at the Gutenberg Plaza was procured through the…

22 Sep

Swartbooi concerned about certain aspects of the fishing industry

ObserverNational News

Stefanus Nashama The leader of the Landless People’s Movement (LPM), Bernadus Swartbooi, has expressed deep concern about the Namibian fishing industry which he feels has been under constant attack and in crisis because of illegal fishing by foreign vessels due to poor governmental policy implementation. He was speaking at a media engagement in Windhoek this week where he discussed several issues surrounding the Namibian Fishing Industry, accountability structures in Namibia and the Southern Africa Development Community observer mission to the recent Zimbabwean elections. According to Swartbooi, six to seven foreign fishing trawlers sailing under the Angolan flag are harvesting close…