Observer – Page 474 – Windhoek Observer

21 Aug

Trustco Bank’s license temporarily suspended

ObserverFeatured, National NewsBank of Namibia (BoN), Johannes !Gawaxab

Martin Endjala The Bank of Namibia (BoN) has temporarily suspended Trustco Bank Namibia’s license for a period of six months to rectify certain stipulated and communicated instances of non-compliance. This comes after BoN issued a statement last week Friday stating that the suspension is in accordance with Section 15(5) of the banking institutions Act no 13 of 2023, and it was done after consultations with the Ministry of Finance and Public Enterprise, which resolved to halt the authorisation of the Trustco Bank Namibia to operate as a banking institution with immediate effect. According to Johannes !Gawaxab, the BoN’s Governor, the…

21 Aug

Uutoni to attend an urgent meeting withKarasburg Town Council amid employment chaos

ObserverNational NewsUutoni to attend an urgent meeting withKarasburg Town Council amid employment chaos

Martin Endjala Urban and Rural Development Minister Erastus Uutoni, is set to hold an urgent meeting today with Karasburg Town Council, which has been accused of employing some staff members illegitimately. Last week, Uutoni wrote a letter to the Mayor of Karasburg, Maria Veldskoen, requesting for an urgent meeting to look into the state of affairs at the Town Council. The minister demanded that all councillors be present in the meeting. “This letter serves to inform your good office that I would like to further engage all councillors regarding the state of affairs at the Karasburg Town Council as a…

21 Aug

Court orders SPYL to return the membership system

ObserverNational NewsCourt orders SPYL to return the membership system, N$14 million

Hertta-Maria Amutenja The Windhoek High Court has issued an order to the Swapo Party Youth League (SPYL) directing them to return all hardware, software, and accessories associated with its integrated membership system. The integrated electronic system belongs to True Media Trading. The court ruling comes after SPYL failed to pay N$14 million, a breach of contract terms with True Media Trading. High Court Judge, George Coleman recently ruled that the initial agreement between True Media Trading and SPYL was void due to vagueness. “The agreement is depicted as a ‘joint venture agreement’ and reads more like a memorandum of understanding…

21 Aug

Eviction matter was referred to the Inspector General of the Namibian Police

ObserverNational NewsCommissioner Kalompo-Nashikaku, Eviction matter was referred to the Inspector General of the Namibian Police, Oshikoto Region

Stefanus Nashama The Namibian Police in the Oshikoto Region has withdrawn its intention to evict police officers who are staying with their children at the Omuthiya Police Village in anticipation of a final decision about the matter by Lieutenant General Joseph Shikongo. The Oshikoto Regional Police Commander, Commissioner Kalompo-Nashikaku, on Friday, told Windhoek Observer upon enquiry that the matter has been referred to the police headquarters for General Shikongo to analyse it and provide a possible solution. “I referred the matter to our headquarters and the affected few members did the same. The Inspector-General of the Namibian Police is busy…

21 Aug

Mother commits suicide after strangling daughter to death

ObserverNational NewsKauna Shikwambi, n Virere

Hertta-Maria Amutenja A 21-year-old woman, identified as Hileni Vemujendavi Virere, has taken her own life after murdering her five-year-old daughter. According to Deputy Commissioner Kauna Shikwambi, the head of the Namibian Police’s Public Relations Division, the tragic incident happened on Saturday at Otjiwarongo, in the Otjozondjupa Region when Virere’s lifeless body was found hanging from the roof of her shack. Before the incident, according to Shikwambi, the deceased’s friend made several calls and grew suspicious when she didn’t get a response or pick up. She decided to walk to her house after growing concerned. She smelled a foul odour coming…

18 Aug

Namibia to receive N$5.5 Billion in oil exploration

ObserverObserver Money

Chamwe Kaira In the realm of deep-water exploration expenditures by continent, Namibia is poised to secure the largest allocation of exploration funds in Africa from Total Energies. The company is set to invest US$300 million (equivalent to N$5.5 billion) for the assessment of the Venus oil well situated offshore Namibia. This disclosure emerged during the Namibia Oil and Gas Conference held in Windhoek, presented by Namcor executive Shiwana Ndeunyema. Ndeunyema highlighted that the initial investment might escalate due to the potential for discovering additional resources. Preliminary estimations indicate that Graff and Venus fields possess the capacity to nearly double Namibia’s…

18 Aug

Inflation hits alcohol, tobacco

ObserverFeatured, Observer MoneyInflation hits alcohol, tobacco

The inflation rate for alcoholic beverages and tobacco stood at 6.9% in July 2023 compared to 5.4% registered in July of the preceding year The increase in the annual inflation rate for this category resulted from an increase witnessed in the subcategory of alcoholic beverages which increased by 7.7% in July 2023 compared to 5.4% recorded in July 2022, figures by the Namibia Statistics Agency revealed. The main products which pushed up the inflation rate for this subcomponent in July 2023 were sparkling wines/champagnes (from 1.2% to 10.6%); Wines (from 0.9% to 8.6%) and liqueurs (from -3.0% to 1.1%). Annual…

18 Aug

United Africa selling multi-million properties

ObserverObserver MoneyUnited Africa selling multi-million properties

Chamwe Kaira United Africa Group is in the process of selling its multi- million Namibia dollars property portfolio. The group has a vast property profile which includes hotels, commercial office blocks, retail space, industrial, residential, student accommodation and parking. Information gathered by Observer Money shows that the property portfolio currently consists of over 32 000 square meters of property in Windhoek and surrounds and includes hotels in Walvis Bay, Lüderitz, the Caprivi Strip, Ondangwa and Oshakati. WH Auctioneers Properties, in association with Solution Strategists, have been instructed, on a sole and exclusive basis, to dispose of a property portfolio, owned…

18 Aug

Government, Peugeot Opel to decide plant future

ObserverFeatured, Observer MoneyGovernment

Chamwe Kaira With the future of the Peugeot Opel Assembly plant hanging in the balance, the government and PSA Automobiles, the two shareholders on the plant are expected to hold crucial talks that will determine the future of the plant. “The two shareholders have to meet and agree on the way forward. That is all, I am allowed to say at the moment,” Michael Humavindu, deputy executive director of industrialisation and enterprise development at the Ministry of Industrialisation and Trade said this week. Humavindu is also a board member of the company. It is not clear when the shareholders will…

18 Aug

Competition Act facing overhaul

ObserverObserver Money

The Namibian Competition Commission (NaCC) CEO, Vitalis Ndalikokule talks to Observer Money about mergers, fulfilling its mandate and some of the challenges facing the Commission. He also discloses that the Draft Bill will overhaul the current Competition Act enacted in 2003. OBSERVER MONEY (OM): We see that the NaCC is announcing the approvals of many mergers in the country. Apart from mergers, what else has the NaCC been doing?VITALIS NDALIKOKULE (VN): Apart from the work done on mergers, the NaCC has also been carrying out investigations into anticompetitive practices in several sectors of the economy including the electricity, telecommunication, Poultry,…