Observer – Page 771 – Windhoek Observer

21 May

BoN declares WhatsApp Stokvel illegal

ObserverObserver MoneyBank of Namibia (BoN), WhatsApp Stokvel

Staff Writer The Bank of Namibia (BoN) has finally declared WhatsApp Stokvel illegal following an investigation into their operations. The announcement by the central bank comes amid growing popularity of WhatsApp Stokvel as a means of making additional income. According to the central bank, the operations of the WhatsApp Stokvel are similar to that of a pyramid scheme and thus violating the country’s banking laws. “The outcome of the investigation carried out has revealed that the business activities of the N$200 WhatsApp Stokvel constitute a pyramid scheme, and therefore, N$200 WhatsApp Stokvel is in contravention of section 55 (A) of…

21 May

Ministry aware of school re-opening risks

ObserverObserver MoneyMinistry of Education, Sanet Steenkamp

Andrew Kathindi The Ministry of Education says it is aware of the risks in reopening schools sooner than initially announced but feels it’s necessary as there is a “global move towards reopening schools.” The Education ministry this week announced that learners will be returning to schools in four stages, beginning with 3 June for grade 11 and 12 learners, followed by pre-primary to grade 3 on 22 June, then grades 7 to 9 and then lastly the remaining grades on 6 July and 20 July respectively. However, just this week a number of schools in France had to shut down…

20 May

Labour issue in court case signals doom

ObserverNational Newscourt, labour

In general, we tend to support the lawsuit by several companies challenging the government. The cherry-picking of existing national labour laws, will destroy their businesses. Other laws that could overlap this situation are being side-stepped. The precedent is frightening. Others will credibly argue that the prevention of mass terminations and precipitously firing thousands of workers during a state of emergency is not a political agenda, but a national security consideration. At worst, it is a humanitarian imperative. The courts will have their hands full sorting the matter. Many are watching this ruling. This decision could break the Namibian economy, either…

20 May

Rental prices rebound

ObserverUncategorisedCovid-19, FNB, FNB Rental Index, Frans Uusiku

Staff Writer The FNB Rental Index for the first quarter of 2020 shows that overall residential rent prices rebounded from a two-year negative growth territory. Frans Uusiku, FNB Market Research Manager said the Covid-19 lockdown is bound to paint a different picture when looking at quarter two of 2020. “Although we reached a 12-month average growth of 0.0 percent at the end of March, bringing the national monthly average rent price to N$ 7465, we know that the pandemic has disrupted business activity, resulting in job losses and reduced income for the most part of the labour force. This is…

20 May

Domestic travel won’t save tourism sector

ObserverObserver MoneyCovid-19, Gitta Paetzold, tourism

Andrew Kathindi Hospitality Association of Namibia (HAN) says domestic tourism which has been made possible following re-opening of the country in Stage 2 of the lockdown, will not save the sector. If relied upon, over half of sector could be wiped out by next year. “Domestic travel is a small ray of hope and it’s something to keep some of us busy for a while but it’s not going to save the tourism industry. If we were to rely on domestic tourism for the next year, we could see more than 50 percent of our industry closing down,” HAN Chief…

20 May

Farmers get 12 month holiday

ObserverObserver MoneyAgribank, Covid-19

Staff Writer Agribank has announced that it will offer farmers a 12 month installment holiday as part of the bank’s measures to cushion them against the negative impact of COVID-19. “Qualifying clients of Agribank are not mandated to pay the installment for a period of 12 months from the effective date of the Bank’s COVID-19 Relief and Stimulus package. The installment and the interest applicable to that installment will be capitalized,” Agribank CEO Sakaria Nghikembua said. “Existing arrears will not be capitalized; penalty interest of 1.5 percent will apply on arrears for relief period (down from 2 percent) and installments…

19 May

Debmarine employees aid communities

ObserverUncategorisedCoFeed Namibia Project, Debmarine Namibia, Okahandja, Oranjemund, Windhoek

Staff Writer Debmarine Namibia employees took an initiative to reach-out to those less fortunate by raising funds to purchase food parcels that will feed hundreds of destitute families in Oranjemund, Okahandja and Windhoek informal settlements. The employees raised more than N$40 000 which was matched by the Company. A total of N$ 80 000 was therefore committed to the initiative. In the true spirit of Show We Care, last week, 70 families from Otjomuise, 8Ste Laan benefited from the drive through the Cheerful Givers, a youth charity organisation which was started to provide struggling families with food during the lockdown…

19 May

Bank Windhoek brings water closer to the community

ObserverUncategorisedBank Windhoek, Covid-19, Jacquiline Pack

Staff Writer A team from Bank Windhoek led by the bank’s Executive Officer of Marketing and Corporate Communication Services, Jacquiline Pack, visited the Moses ǁGaroëb Constituency in Windhoek to assess the impact of water tanks donated to informal settlements around Windhoek. Capricorn Group and Bank Windhoek collaborated in donating 13 tanks, each with a capacity of 10 000 litres, to provide safe and clean water to residents. “As a connector of positive change, we believe that it is essential for us to take care of our community in which we operate. And with the COVID-19 pandemic, we thought it necessary…

19 May

Niikondo appointed NUST acting VC

ObserverObserver MoneyDr Andrew Niikondo, Namibia University of Science and Technology, NUST

Staff writer The Namibia University of Science and Technology (NUST) Council has appointed Dr Andrew Niikondo as the university’s new Acting Vice-Chancellor, effective 19 May 2020. Niikondo’s appointment follows the expiry of the acting term of Morné Du Toit, who now reverts to his substantive position of Deputy Vice-Chancellor: Finance and Administration. Dr Niikondo is expected to serve for a period of six (6) months, or until the position is substantially filled, which ever date is earlier. “It is envisaged that the recruitment of the Vice-Chancellor will be concluded in the second half of the year. The Council is confident…

19 May

Trustco plans to retrench 300

ObserverObserver MoneyNeville Basson, Quinton van Rooyen, Trustco

Staff Writer Trust Holdings (Trustco), a company majority owned by its billionaire Managing Director, Quinton van Rooyen is planning to retrench over 300 employees. Information gleaned by the Windhoek Observer shows the company has already started the process at its Morse Investment and Northern Namibia Development Company units , and has now also written to all its employees informing them of the management decision, which is being implemented as part of cost cutting measures. “Given the current circumstances, market conditions and probability that the global economy would deteriorate even further, the decision to retrench employees in several of the operating…