Blog – Page 703 – Windhoek Observer

15 Dec

Paratus plans to invest N$137m in infrastructure

Observer Money

Chamwe Kaira Communications company, Paratus Namibia plans to invest N$137.8 million investment into infrastructure in 2024, the company said in the Integrated Annual Report 2023 released recently. Paratus said this investment will mainly be earmarked for capital expenditure projects. These projects include the completion of the fiber route running through Botswana to connect South Africa with the Equiano Submarine Cable, long-term evolution (LTE) expansion to the major towns of Namibia, which provides inter-alia Paratus with the ability to compete in the lower market segment. The capex will be funded with own cash resources only, the company said. Paratus Namibia Holdings…

15 Dec

ANIREP plans to secure 30 percent market share

Observer Money

CHAMWE KAIRA Alpha Namibia Industries Renewable Power Limited (ANIREP) has vision to secure a 30 percent market share in the renewable energy sector. During the first half, the IPP Sale of Electricity through ANIREP Solar (Pty) Ltd consistently generated a steady income of N$17.2 million, aligning with the preceding period, attributable to Power Purchase Agreements (PPAs). The PPA with NamPower remains effective until 2040, while the PPA with CENORED was extended in December 2022 for an additional year, now spanning until 2042. This extension accommodates a 120 percent capacity increase and volumes, expanding the current capacity from 5MW to 11MW,…

15 Dec

New car sales reach 11 944

Observer Money

The total number new cars sold from January to November total 11,944, marking it the most robust performance since the noteworthy figure of 12 224 recorded back in 2017. This success is particularly striking given the prevailing economic challenges, including high interest rates, and rising inflation, Simonis Storm Securities said this week. In December, the Bank of Namibia maintained the interest rate at 7.75 percent, providing a brief respite for consumers amidst ongoing economic pressures. “However, projections suggest that the high-interest rate environment will likely continue to impact household debt management at least into the latter half of the next…

15 Dec

Germany commits millions to improve Namibia’s water infrastructure

National News

Niël Terblanché Namibia, with over 80 percent of its land area consisting of desert or semi-desert regions, has long struggled with extreme and protracted drought periods, leading to severe water supply challenges across the country, particularly in the central parts of Namibia. These challenges necessitate precise demand management, responsible management and recycling of existing water resources, and the urgent development of new sources. The Namibian government, in its ongoing efforts to mitigate water scarcity in especially the central parts of the country, has secured a substantial financial boost from the German government. In this regard, an agreement was signed between…

15 Dec

Trustco’s portfolio valuations decline

Observer Money

CHAMWE KAIRA Trustco has reported in a trading statement for the year 12 months ended August 2023 that a notable factor contributing to the decline in portfolio valuations was the collective surge in discount rates, totalling 11.68 percent (approximately N$650 million, or 66 cents per share) across Trustco's portfolios. Trustco, a diversified investment entity said the prevailing global trajectory of escalating central bank rates appeared to have reached its apex as of the current reporting period. “Forecasts indicate a potential moderation in these rates, hinting at an anticipated reduction in discount rates over the coming years. This expected adjustment may…

15 Dec

Fishing to slow down in 2024

Observer Money

The central bank expects growth in agriculture, forestry and fishing is expected to turn negative during 2023 and 2024, due to inconsistent rainfall patterns and reduced fishing quotas. The expected onset of El Niño late 2023 and/or early 2024 poses a downside risk to crop production in Southern Africa during 2023-2024 season, the central bank states. The Bank of Namibia said the diamond mining sector is expected to register a moderate growth rate during 2023, but a slowdown when compared to 2022, as production levels get closer to the carrying capacity. The uranium mining sector is expected to return to…

15 Dec

Practical financial tips for festive season

Observer Money

MAURIZA FREDERICKS As the Namibian festive season fills the air, many families eagerly anticipate a time of celebration, togetherness, and cherished memories. However, this joyous period can also bring financial strain due to increased spending on gifts, travel, and entertainment. To avoid the post-holiday financial blues, it is crucial to plan your festive season expenses wisely and ensure a joyous celebration without financial burdens. Here are some realistic tips to accomplish just that. Create a Realistic Budget The foundation of a stress-free festive season lies in a well-structured budget. Start by creating a detailed budget that accounts for all your…

15 Dec

Anglo American unlocks value through operational discipline

Observer Money

Anglo American plc, which owns De Beers has provided an update on its performance during 2023 and setting out capital expenditure and production guidance for the next three financial years. De Beers jointly owns diamond operations in Namibia with the government. Duncan Wanblad, Chief Executive of Anglo American, said: “The prospects for mined products have rarely looked better. In the near term, given continuing elevated macro volatility, we are being deliberate in reducing our costs and prioritising our capital to drive more profitable production on a sustainable basis. We are focused on what we can control - safety, operational discipline…

15 Dec

Walvis Bay mayor calls for a peaceful festive season

National News

Niël Terblanché As the festive season fills the air with joy and anticipation in Walvis Bay, Mayor Trevino Forbes has taken a moment to reflect on the accomplishments of the past year and extend warm wishes for a peaceful and enjoyable holiday season. “The end of the year is a time for reflection and setting new goals for the future,” he said in his special message. Despite the challenges that 2023 brought, Mayor Trevino Forbes expressed pride in the significant steps and milestones achieved in the coastal town. Some of the notable highlights include the successful relocation of the first…

15 Dec

SITA explores the shifting trends

Observer Money

With the arrival of Generative AI in 2023, the technology has surged to the top of airport and airline agendas, with 97 percent of airlines planning a program to develop the technology. This has taken the limelight away from Metaverse, which was the focus for 2022. Similarly, Urban Air Mobility has seen surging interest from airlines and airports, with the first flights due to take off in 2024. As a result, investment in the space across all stakeholders (including OEM, infrastructure, and systems) is projected to accelerate from US$5 billion in 2022 to US$28 billion in 2030. These were some…