Windhoek Observer – Page 603 – Windhoek Observer

15 Mar

Paratus invests N$75m in capital projects

Observer Money

Paratus Namibia invested N$75 million in capital projects for the six months ending 31 December 2023. This was a sharp decline compared to N$123 million invested in 2022. In line with the strategy for this financial year, the number of new sites and fiber in new areas were limited to focus on the sign-up of new customers on the existing infrastructure, the company said. The majority of capital expenditure was towards capacity expansion and customer access of the current network. “The outcome of this approach is reflected in the growth of recurring revenue. For the period up to 31 December…

15 Mar

El Niño threatens economy

Observer Money

The Namibian economy faces risks from low rainfall due to the El Niño weather pattern, NedNambia Holdings has evaluated. Softer global demand will keep the prices of the country’s key exports lower than in 2022. The Bank of Namibia’s latest figures predict that economic growth will moderate to 3,4% in 2024 and 3,1% in 2025 from an estimated 3.9% in 2023. Nedbank believes that a more favourable global environment and progress in addressing domestic inefficiencies would help to maintain economic growth at close to 3,5% between 2024 and 2025. The group said in condensed results for the year ended 31…

15 Mar

NSX foster gender equality and empowerment

Observer Money

The Namibian Stock Exchange (NSX) in collaboration with the CFA Society South Africa recently hosted and celebrated the International Women’s Day, Annual Ring the Bell for Gender Equality to raise awareness on gender equality. Over the years more than 100 stock exchanges and financial services institutions have participated in this global initiative to foster gender equality and women’s empowerment in the workplace and in our communities and the benefits of doing so. The event was under the theme; ‘Invest in Women: Accelerate Progress’. Namibia is ranked the most gender-equal country in Africa, and the eighth most gender-equal country in the…

15 Mar

How happy are Namibians?

Observer Money

CHAMWE KAIRA Namibia has a happiness index of 4.63, according to the World Happiness Report. The highest ranked country is Finland with 7.80 with the lowest being Afghanistan with a ranking of 1.86. South Africa has an index of 5.27, Mauritius 5.70, Mozambique 4.95, Zambia 3.98, Malawi 3.50, Botswana 3.44 and Zimbabwe 3.20. The IMF said in the last 10 years since United Nations General Assembly adopted the resolution proclaiming 20 March to be observed annually as International Day of Happiness, more people have come to believe that success as countries should be judged by the happiness of its people.…

15 Mar

Dundee expecting seamless smelter sale

Observer Money

Dundee Precious Metals Inc. early this month announced that it has entered into a definitive share purchase agreement with a subsidiary of Sinomine Resource Group Co. Ltd for the sale of its interest in the Tsumeb smelter located in Tsumeb including all associated assets and liabilities, through the disposition of all of the issued and outstanding shares it indirectly holds in Dundee Precious Metals Tsumeb Holding for consideration of US$49 million in cash. Dundee had operated the smelter for 13 years having acquired the smelter in 2010 to secure a processing outlet for the complex concentrate produced by the company’s…

15 Mar

RA to upgrade Windhoek’s Auas Road

Observer Money

CHAMWE KAIRA The Roads Authority plans to upgrade the Auas Road in Windhoek. The project involves the upgrade of the road to a double carriage way from the Sean McBride intersection to the Mandume Ndemufayo Intersection, with a new taxi rank. The aim of the project is to improve the traffic flow on this portion of road, which is currently congested, especially during peak traffic. The RA has appointed Lithon Project Consultants to conduct the design, and construction supervision of the project. Enviro Dynamics has been appointed to conduct the Environmental and Social Impact Assessment for the project, in line…

15 Mar

Namibia to import 162 000 tonnes of maize

Observer Money

Agricultural Economics Today, economist Wandile Sihlobo has started that Southern Africa’s maize supplies will likely be tight in the 2023/24 season. Zambia, the second largest maize producer in the area after South Africa, declared a drought disaster and there will be increased pressure on South Africa to supply maize to the neighbouring countries. South Africa’s early production forecasts indicate that the country will also face a challenge in maize production. The Crop Estimate Committee places South Africa’s 2023/24 white and yellow maize harvest at 7 million tonnes (down 17% year on year) and 7,3 million tonnes (down 8% year on…

15 Mar

Namdeb plans 34MW Wind Energy Facility

Observer Money

CHAMWE KAIRA Namdeb Diamond Corporation (Namdeb) is proposing the development of the Kerbehuk Ridge Wind Farm, a 34MW Wind Energy Facility (WEF) located approximately 50km north of Oranjemund, within the Southern Coastal Mine area covered by Mining Licence 43. The development and operation of the Namdeb Wind (Phase 1) project are contingent upon receiving an Environmental Clearance Certificate (ECC) from the Ministry of Environment, Forestry, and Tourism (MEFT). Granting of the ECC is subject to an Environmental Impact Assessment (EIA), which is being undertaken by SLR Consulting (South Africa) (Pty) Ltd (SLR). Namdeb is jointly owned by the government and…

14 Mar

BoN investigations find CBI Exchange Namibia in contravention of banking law

National News

Martin Endjala Bank of Namibia (BoN) has found that CBI Exchange Namibia (Pty) Ltd and Coenraad Baren Nolte Botha are in contravention of the Banking Institutions law, for collecting money from the public without being authorised to do so. This follows the banks’ investigations into the business activities of CBI Exchange Namibia (Pty) Ltd and Coenraad Barend Nolte Botha, who are suspected of conducting banking business by receiving, accepting, or taking deposits from the public, without being licensed. The Bank of Namibia said yesterday that at the time the assessment was conducted, it further revealed that the deposits were so…

14 Mar

Uutoni calls on Local Authorities to lead local economic development efforts

National News

Niël Terblanché The Minister of Urban and Rural Development, Erastus Uutoni, has urged local authorities across Namibia to embrace the role of champions in fostering local economic development. While delivering the keynote address at the official opening of the Association of Local Authorities in Namibia (ALAN) LED Indaba in Lüderitz, Uutoni stressed the need for bold vision, practical actions, and compassionate service in this endeavour. The theme of this year's Indaba, "Promoting Local Economic Development through Inclusive Strategic Planning, Innovation, and Diversification of Revenue Streams," underscores the critical importance of proactive measures at the local level to drive economic growth…