Blog – Page 51 – News Stand

16 Jan

Global oil prices expected to exceed US$80 per barrel

info_e12wt4csObserver Money

CHAMWE KAIRA Global oil prices are expected to exceed US$80 per barrel this year. Furthermore, Simonis Storm Securities has said for 2025, it anticipates that Namibia’s headline Consumer Price Index (CPI) will average around 4%, with core inflation stabilising at approximately 4.5%. The firm said the outlook assumes relative stability in global markets and continued monetary easing domestically. However, an expected increase in global oil prices, currently at US$77 per barrel, is projected to exceed US$80 per barrel, driven by heightened geopolitical tensions under the Trump administration. “Such an increase may exert upward pressure on transport costs, with potential spillover…

16 Jan

Chevron fails to find commercial hydrocarbons

info_e12wt4csMain

CHAMWE KAIRA Namibia’s quest to become an oil producer has suffered another setback. Sintana Energy Inc. has announced that it has been notified by Chevron that while operations reached total depth 25% ahead of plan at its offshore Namibia exploration, the well did not find commercial hydrocarbons. This is the second setback suffered by Namibia in its quest to become an oil producer following the recent announcement by Shell that it will write down around US$400 million over an oil discovery offshore Namibia that it deemed commercially unviable. Shell said the oil and gas resources in offshore block PEL39 in…

16 Jan

Exports by sea reached N$5.8 billion in November

info_e12wt4csObserver Money

CHAMWE KAIRA During November 2024, goods worth N$5.8 billion, representing 47.6% of total exports, left the country by sea. The basket of exports via sea comprised mainly of uranium and ‘copper and articles of copper. Goods exported via air accounted for 28.9% of total exports and its export basket was mainly made up of precious stones (diamonds) and non-monetary gold, Namibia Statistics Agency trade figures have revealed. Road transportation accounted for 23.5%, with ‘fruits and nuts,’ petroleum oils and fish being the highest-valued commodities transported via the respective mode. In terms of volume, a total of 337 518 tons of…

16 Jan

FNB sees inflation at 4% in December

info_e12wt4csObserver Money

CHAMWE KAIRA FNB Namibia has projected that inflation will rise to 3.6% this month and reach 4% in December with a 12-month average of 4% for the year. “We anticipate inflation to tick up in January 2025 due to seasonal adjustments made by the Namibia Statistics Agency in key sub-sectors such as rental inflation. We also expect food inflation to remain stubborn, despite more favourable weather conditions recently, until supply increases during the upcoming harvest,” FNB said. The firm continues to believe that the risks to inflation are tilted to the upside. However, FNB expects inflation to remain below 4.0%…

16 Jan

The emotional side of money

info_e12wt4csObserver Money

HILENI AMADHILA Money is more than just the number in a bank account. It is deeply personal and influenced by experiences, beliefs, and emotions. Whether it’s the celebration of reaching a milestone in our finances or anxiety about debt, or even the excitement in planning for the future, this emotional relationship with money impacts more life choices than one could imagine. To many of us, this relationship started during our childhood. Maybe I grew up in a place where money was scarce and learned to connect it with security and survival. Or maybe you have seen a very carefree approach…

16 Jan

Port’s association welcomes turning point for South African Rail

info_e12wt4csObserver Money

The Multi-Modal Inland Port Association (MIPA) has welcomeed the release of Transnet's Network Statement, a landmark development that opens up South Africa's rail network to third party operators, at an affordable cost structure. Approved in December 2024 by the Minister of Transport, Barbara Creecy, the Network Statement provides a clear framework for private sector participation in the rail sector, a move that is expected to transform freight logistics in the country. The Network Statement outlines the terms and conditions for access to the national rail infrastructure, including access conditions, capacity allocation and pricing structures. This initiative is a key milestone…

16 Jan

Growing political maturity emerging in SA

info_e12wt4csFeatured, Observer Money

JUANITA MAREE Now is the perfect moment to assess the lessons we have learned, evaluate performance and focus on how South Africa and our Government of National Unity (GNU) can apply these critical lessons to build resilience, avoid mistakes and safeguard the future of SA Inc. Progress is evident, from a logistics point of view. A growing political maturity is emerging in some critical areas, fostering positive change, boosting confidence and introducing new dynamics. Policy reforms are unlocking new opportunities, opening the way for some of the national institutions to deliver improved operational performance as the nation continues to work…

15 Jan

Canadian copper company leaves a legacy of toxic waste

info_e12wt4csNational News

The Globe and Mail Sickness has been common for years in Tsumeb, where Dundee Precious Metals (DPM) was the biggest employer for more than a decade. Tests have now found the soil is contaminated with arsenic and other heavy metals In the citrus orchards above the Namibian town, workers often fall sick. They say they feel a burning sensation in their eyes and throats and a metallic taste in their mouths as the wind blows across from the copper smelter a few kilometres away. “When the gas is coming from that side, we get headaches and dizziness, and sometimes you…

15 Jan

Environmental Impact Assessments mere formalities

info_e12wt4csNational News

Ester Mbathera The country’s Environmental Impact Assessment (EIA) system faces accusations of failing both communities and the environment, according to a report released by the Namibian Environment and Wildlife Society recently. Authored by John Pallett and Ndelimona Iipinge, the report highlights deficiencies in the EIA system. “The whole process appears to be a box-checking exercise that serves a wealthy and well-connected few at the expense of the majority of Namibians and our environment,” reads the report. One example cited involves an Exclusive Prospecting License (EPL) near the //Huab Conservancy in the Khorixas area, which is home to a number of…

15 Jan

Ministry dismisses allegations of exam paper leaks to top learners

info_e12wt4csNational News

Erasmus Shalihaxwe The Ministry of Education, Arts and Culture has dismissed claims that some of Namibia's top-performing Grade 11 and 12 learners had prior access to examination question papers because their parents hold high-ranking positions within the ministry. Clementine Tsumis-Garises, Director of National Examinations and Assessment, addressed the allegations, which stemmed from a WhatsApp message circulating in a group named “The Africa We Want.” The message accused the ministry of corruption and favouritism, particularly after Minister Anna Nghipondoka publicly congratulated her nieces, Twapewa and Twahafa Negumbo, during the announcement of the results. The message also alleged that Jolisa Garises and…