info_e12wt4cs – Page 459

15 Dec

Electricity boosted by good Ruacana flow

info_e12wt4csObserver Money

CHAMWE KAIRA The electricity and water sector is expected to maintain strong growth in 2023, before registering low growth in 2024, according to Bank of Namibia statistics. The electricity and water sector is estimated to grow by 9.5 percent and 4.2 percent in 2023 and 2024, respectively, a slowdown from 10.3 percent in 2022. The strong growth in 2023 is mainly attributed to the electricity sub-sector where local generation of electricity improved on the back of an increased water level at the Ruacana hydro-power plant during the latest rain season. The latest growth estimate for 2023 was revised upwards by…

15 Dec

SIM card registration period will not be extended

info_e12wt4csNational NewsSIM card registration period will not be extended

Martin Endjala The Ministry of Information and Communication Technology (MICT) has maintained that the period for the registration of Subscriber Identity Model (SIM) cards will not be extended beyond the 31 December 2023 deadline. This is despite calls from various sections of society to extend the set deadline During an interview with Windhoek Observer this week, the Executive Director of the information ministry, Audrin Mathe said that despite the time frame provided for this critical process, it is disappointing to observe the low public response, reiterating that there will be no extensions. Mathe and representatives from both the Communication Regulatory…

15 Dec

Low volumes delay Namcor/TransNamib deal

info_e12wt4csObserver Money

CHAMWE KAIRA The Memorandum of Understanding signed between Namcor and TransNamib on September 6, 2021 for the transportation of lubricants has not commenced yet because of the lower volumes. “Regarding the quantity of petroleum and lubricant products transported by Namcor since the agreement was signed, we have not yet commenced the transportation of lubricants with TransNamib. This is due to lower volumes, and our strong client relationships allow us to deliver lubricants directly to our customers,” said Paulo Coelho, Manager of Marketing, Communication and Public Relations at Namcor. However, Coelho, said in terms of ULP and Diesel, for the year…

15 Dec

Paratus plans to invest N$137m in infrastructure

info_e12wt4csObserver Money

Chamwe Kaira Communications company, Paratus Namibia plans to invest N$137.8 million investment into infrastructure in 2024, the company said in the Integrated Annual Report 2023 released recently. Paratus said this investment will mainly be earmarked for capital expenditure projects. These projects include the completion of the fiber route running through Botswana to connect South Africa with the Equiano Submarine Cable, long-term evolution (LTE) expansion to the major towns of Namibia, which provides inter-alia Paratus with the ability to compete in the lower market segment. The capex will be funded with own cash resources only, the company said. Paratus Namibia Holdings…

15 Dec

ANIREP plans to secure 30 percent market share

info_e12wt4csObserver Money

CHAMWE KAIRA Alpha Namibia Industries Renewable Power Limited (ANIREP) has vision to secure a 30 percent market share in the renewable energy sector. During the first half, the IPP Sale of Electricity through ANIREP Solar (Pty) Ltd consistently generated a steady income of N$17.2 million, aligning with the preceding period, attributable to Power Purchase Agreements (PPAs). The PPA with NamPower remains effective until 2040, while the PPA with CENORED was extended in December 2022 for an additional year, now spanning until 2042. This extension accommodates a 120 percent capacity increase and volumes, expanding the current capacity from 5MW to 11MW,…

15 Dec

New car sales reach 11 944

info_e12wt4csObserver Money

The total number new cars sold from January to November total 11,944, marking it the most robust performance since the noteworthy figure of 12 224 recorded back in 2017. This success is particularly striking given the prevailing economic challenges, including high interest rates, and rising inflation, Simonis Storm Securities said this week. In December, the Bank of Namibia maintained the interest rate at 7.75 percent, providing a brief respite for consumers amidst ongoing economic pressures. “However, projections suggest that the high-interest rate environment will likely continue to impact household debt management at least into the latter half of the next…

15 Dec

Germany commits millions to improve Namibia’s water infrastructure

info_e12wt4csNational News

Niël Terblanché Namibia, with over 80 percent of its land area consisting of desert or semi-desert regions, has long struggled with extreme and protracted drought periods, leading to severe water supply challenges across the country, particularly in the central parts of Namibia. These challenges necessitate precise demand management, responsible management and recycling of existing water resources, and the urgent development of new sources. The Namibian government, in its ongoing efforts to mitigate water scarcity in especially the central parts of the country, has secured a substantial financial boost from the German government. In this regard, an agreement was signed between…

15 Dec

Trustco’s portfolio valuations decline

info_e12wt4csObserver Money

CHAMWE KAIRA Trustco has reported in a trading statement for the year 12 months ended August 2023 that a notable factor contributing to the decline in portfolio valuations was the collective surge in discount rates, totalling 11.68 percent (approximately N$650 million, or 66 cents per share) across Trustco's portfolios. Trustco, a diversified investment entity said the prevailing global trajectory of escalating central bank rates appeared to have reached its apex as of the current reporting period. “Forecasts indicate a potential moderation in these rates, hinting at an anticipated reduction in discount rates over the coming years. This expected adjustment may…

15 Dec

Fishing to slow down in 2024

info_e12wt4csObserver Money

The central bank expects growth in agriculture, forestry and fishing is expected to turn negative during 2023 and 2024, due to inconsistent rainfall patterns and reduced fishing quotas. The expected onset of El Niño late 2023 and/or early 2024 poses a downside risk to crop production in Southern Africa during 2023-2024 season, the central bank states. The Bank of Namibia said the diamond mining sector is expected to register a moderate growth rate during 2023, but a slowdown when compared to 2022, as production levels get closer to the carrying capacity. The uranium mining sector is expected to return to…

15 Dec

Practical financial tips for festive season

info_e12wt4csObserver Money

MAURIZA FREDERICKS As the Namibian festive season fills the air, many families eagerly anticipate a time of celebration, togetherness, and cherished memories. However, this joyous period can also bring financial strain due to increased spending on gifts, travel, and entertainment. To avoid the post-holiday financial blues, it is crucial to plan your festive season expenses wisely and ensure a joyous celebration without financial burdens. Here are some realistic tips to accomplish just that. Create a Realistic Budget The foundation of a stress-free festive season lies in a well-structured budget. Start by creating a detailed budget that accounts for all your…