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Trustco delays results submission

Trustco delays results submission

CHAMWE KAIRA Trustco Group Holdings Limited has announced the late submission of its annual statements for the financial period ending 31 August. The company advised that the annual financial statements for 2024 would not be published by 31 December. “Shareholders of Trustco are advised that Trustco's annual financial statements for the financial year ending for the period 31 August 2024 were earmarked to be reviewed by 30 November 2024 and completed by 31 December 2024,” the company said. The company advised shareholders that the annual financial statements would not be published by 31 December 2024 due to a number of…
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Namibia’s foreign assets increase to N$288 billion

Namibia’s foreign assets increase to N$288 billion

CHAMWE KAIRA The market value of Namibia’s foreign assets rose over in the third quarter ending in September due to an increase observed in portfolio investment, other investment, and reserve assets. At the end of the third quarter, Namibia’s foreign assets stood at N$288 billion, reflecting a 13,8% increase on an annual basis and a 0,9% increase on a quarterly basis, the Bank of Namibia said in its December quarterly bulletin. The market value of portfolio investment rose by 18,4% to N$174,8 billion on an annual basis, due to an increase in portfolio investment outflows in the form of equity…
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Value of downloads, streaming keep rising

Value of downloads, streaming keep rising

CHAMWE KAIRA The cloud services, software and applications remain the largest category of digitally delivered services expenditure, with a value of N$165.1 million in 2023. The Bank of Namibia said in its December quarterly bulletin that this translates into a share of 27% of total digitally delivered services. “This indicates the use of storage space from major suppliers of cloud services such as Google, Microsoft, Amazon Web Services, and Apple, as well as the purchase of applications such as ZOOM that picked up due to the remote working following the pandemic, as well as the use of various software. Most…
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Etango construction makes significant progress

Etango construction makes significant progress

CHAMWE KAIRA Bannerman Energy Ltd, the mining company listed on the Australian Stock Exchange and the Namibia Stock Exchange, has announced significant recent progress in the construction at its Etango uranium project in the Erongo Region. Bannerman said the key outcomes include key bulk earthworks and construction power contracts on schedule, with the first blast completed on the primary crusher site. The company said the construction of the water supply and ancillary storage dam was completed, delivering seamless continuity for bulk earthworks in progress. The manufacture of high-pressure grinding rolls (HPGR) tertiary crushers, a critical long lead item, is running…
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Xinfeng in hot water over illegal mining operations

Xinfeng in hot water over illegal mining operations

Ester Mbathera Xinfeng Investments is facing criminal investigations after being caught red-handed mining illegally in the Uis area of the Erongo region, on 16 November. The mines ministry has also ordered the company, which recently commissioned its N$600 million processing plant, to cease all operations at EPL 8397. Residents and conservancies in the Uis area protested against Xinfeng’s alleged illegal mining. The EPL in question, located at Ringmen Investment (Pty) Ltd, was granted to Orange River Exploration and Mining CC for the exploration of dimension stones, base and rare metals, industrial minerals, and precious metals. Orange River is a joint…
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TelecomLeaks: Billing errors cost company N$69.3 million

TelecomLeaks: Billing errors cost company N$69.3 million

Ester Mbathera An internal audit by Telecom Namibia in 2021 red-flagged their weaknesses, listing their troubled billing system, lack of controls and record keeping, costing the company N$69.3 million. The head of internal audit and risk management, Kgomotso Hochobeb, wrote to the Telecom chief executive officer (CEO), Stanley Shanapinda, requesting urgent management intervention in these weaknesses. This audit is part of leaked information from Telecom Namibia valued at N$5.4 billion (U$300 million) by hackers Hunters International. It exposed over 626 gigabytes of sensitive data of over 493 000 individuals, ministries, state-owned enterprises and private businesses. The leaked trove includes copies…
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15 Political parties join the electoral material inspection

15 Political parties join the electoral material inspection

Allexer Namundjembo Fifteen political parties, including the Independent Patriots for Change (IPC) and Landless People’s Movement (LPM), accepted an invitation from the Electoral Commission of Namibia (ECN) to inspect electoral materials. The inspection process started yesterday and will end today (19 December). The process has been criticised over the limited time allocated. Ivan Skrywer, the LPM representative to the ECN, raised concerns about the feasibility of the inspection within the two-day timeframe mandated by the court. Speaking during the inspection at the ECN offices, Skrywer voiced his dissatisfaction with the court’s decision, which he argued did not reflect the seriousness…
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Grieving mother demands accountability after fatal truck collision

Grieving mother demands accountability after fatal truck collision

Hertta-Maria Amutenja The death of a 26-year-old motorcyclist in a collision involving a Seapride Foods delivery truck has raised concerns about the company’s vehicle maintenance practices and accountability. The fatal accident occurred in Windhoek last month. According to police reports, a four-tonne truck reportedly hit a motorcycle on Robert Mugabe Avenue, causing it to collide with other stationary vehicles. The motorcyclist, identified as Romario Tony Pienaar, died at the scene. Romario’s mother, Suzette Elizabeth Dominguez, has since accused Seapride Foods of negligence, alleging that the truck’s brakes were not functioning properly at the time of the accident. “Innocent people were…
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Tobias hopes to produce world champions next year

Tobias hopes to produce world champions next year

Erasmus Shalihaxwe Boxing promoter, Nestor Tobias has strong hopes that 2025 is going to be a better year for boxing. Tobias expressed the hope during an interview with the Windhoek Observer on Wednesday while highlighting boxing activities in 2024 and outlining aspirations for 2025. He said 2025 would be better, especially for his stable, as some of his boxers have good chances of winning world titles. “The current crop of boxers in the academy are hungry for success and they show it whenever they step into the ring to fight. Hence, some of them are in the world ranking, which…
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Namibian Police issue advisory on preventing burglaries over the festive season

Namibian Police issue advisory on preventing burglaries over the festive season

Niël Terblanché As many Namibians prepare for their festive season travels at the start of the weekend, the Namibian Police issued an advisory to prevent a spike in housebreaking incidents, which typically rise during the holiday season. Deputy Commissioner Kauna Shikwambi, the head of the police’s public relations division, stressed the need for vigilance and proactive measures to safeguard homes while families celebrate Christmas and other festivities. "We have noted with concern an increase in housebreaking cases, particularly in urban areas, as the festive season approaches," she said. On Tuesday, members of the Namibian Police apprehended five suspects who broke…
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