Blog – Page 806 – Windhoek Observer

02 Jun

Foreign reserves peak to N$51.8 billion

Observer Money

Chamwe Kaira The Bank of Namibia’s stock of international reserves increased in April to N$51.8 billion relative to the N$48.3 billion at the end of March, the central bank said. This is the highest figure the stocks have reached this year. The increase was on account of higher Southern African Customs Union receipts, diamond sales proceeds and FDI inflows in the manufacturing sector from the sale of Namibia Breweries Limited to Heineken as well as revaluation gains. “The foreign reserves translated into 5.4 months of import cover higher than the 5.1 months of import cover a month ago, remaining above…

02 Jun

Locals can form JVs with foreigners for Green Schemes…. Investors required to have financial capacity of up to N$650m

Observer Money

Chamwe Kaira Local investors who do not have financial capacity to bid for the leasing of Green Schemes may form joint ventures with foreign investors to bid for the leasing of the Green Schemes. The investors will be required that to access to, or has available, liquid assets, unencumbered real assets, lines of credit, and other financial means sufficient to meet the investment value requirement ranging from N$550 million to N$650 million. “The amounts required are not exaggerated or blindly put there, they’re real costs need to run each green scheme. These amounts vary from one scheme to another,” Ministry…

02 Jun

More local companies need to list on the NSX

Observer Money

Namibia Stock Exchange (NSX) CEO, Tiaan Bazuin this week gave Observer Money an update of the performance of the stock exchange, the impact of new legislation and the possibility of more companies listing. Observer Money (OM): What has been the performance of the NSX in the past year? Tiaan Bazuin (TB): Selected highlights of the NSX contributions to deepening and diversifying the capital markets in Namibia during 2022 and Performance on the NSX listed companies for the past year (2022) include: In the capital market, the overall comparative value traded was N$ 13,782 billion for the year ending December 2022…

02 Jun

Loans holiday relief applications hit 377 875…. Value of loans approved under moratorium is N$5.8 billion…. Ministry of Justice planning amendment to restrict sale of property

Observer Money

Chamwe Kaira The Bank of Namibia has disclosed that as of 30 April 2023, commercial banks received a total of 377 875 applications for holiday relief since a rollout in April 2020 to provide relief on property loans that were hard hit by the Covid 19 pandemic. Of this amount, 370 816 applications were approved. Kazembire Zemburuka, Director of Strategic Communications and International Relations told Observer Money that the banking industry is aware of the concerns raised regarding repossessions of houses and other property. He said it is for this reason; commercial banks continue to implement the measures instituted by…

02 Jun

Oshikoto Man(31) rapes pensioner

National NewsOshikoto Man(31) rapes pensioner, Teopoline Kalompo-Nashikaku

Hertta-Maria Amutenja A 31-year-old man was arrested after he allegedly raped a 79 year-old pensioner at Oshivelo in Oshikoto region. Oshikoto Regional Commander Commissioner Teopoline Kalompo-Nashikaku said in a report that the suspect entered the victim’s bedroom last Wednesday and sexually assaulted her. “It’s alleged that the victim was in the house sleeping in her bedroom when she saw the suspect opening the door of her room that was not locked and came inside the room. The victim then woke up asking who the person was, but the suspect started threatening her telling her to keep quiet otherwise he would…

02 Jun

TransNamib to upscale manganese transportation to 30 000 tonnes

Observer Money

Chamwe Kaira TransNamib Holdings plans to double the transportation of manganese to the port of Lüderitz from the current 15 000 tonnes to 30 000 tonnes. The manganese comes Northern Cape in South Africa for export via Lüderitz. This development follows the reviving of the Aus to Lüderitz railway line after 20 years of dormancy. It is currently moving about 15 000 tonnes of manganese per month between Ariamsvlei and Lüderitz. “This route has become a major revenue-generating source for TransNamib, and we are in the process of upscaling the tonnage of manganese moved to 30 000 tonnes per month,…

02 Jun

GIPF vows to invest more in the development of the country

National NewsGIPF vows to invest more in the development of the country, Nillian Mulemi

Martin Endjala The Government Institutions Pension Fund (GIPF) has reiterated its commitment to invest more in the country’s developmental sectors in an effort to uplift the livelihoods of people in all of Namibia’s regions by bringing services closer to them. The Fund’s Board of Trustees Chairperson, Nillian Mulemi revealed the plan during the official opening of a GIPF satellite office in Mariental in the Hardap Region on Wednesday. Mulemi said the opening of the satellite office was necessitated by a call from its members in the region who had to travel long distances to and from Keetmanshop or Windhoek to…

02 Jun

Natural ambassadors are key to development of their home countries

National NewsInternational Organisation for Migration (IOM), Natural ambassadors are key to development of their home countries

Niël Terblanché The International Organisation for Migration (IOM), with the support of the Southern Africa Migration Management (SAMM) project, organized a regional capacity development workshop on the engagement of people living in the diaspora as natural ambassadors for their countries. The capacity development event contributed to building the technical and institutional mechanisms at the national levels on diaspora engagement and ensuring that the member states have the requisite capacity to engage their community in the diaspora, effectively. In order to support the creation of common approaches towards diaspora mapping and engagement, the IOM Diaspora Mapping Toolkit provides users with practical…

02 Jun

Deep Catch to open frozen food facility in Zambia

Observer Money

Deep Catch Group, the Namibian company, which is engaged in wholesale, distribution and cold storage of perishable foods in Namibia and the Southern African Development Community Region, plans to open a frozen food facility in Zambia. Jared-Dwight Geyser, founder and managing director of Deep Catch said the Zambian cold storage market is set to undergo a significant transformation with the opening of a new 5 500-pallet frozen food facility in September, Freight News reported. Deep Catch, which is a trading and logistics company has identified a gap in the market as there is currently no commercial cold storage facility for…

02 Jun

Paladin not aware of imminent proposed legislative changes

Observer Money

Chamwe Kaira Paladin Energy Ltd has noted recent commentary by the Namibian government regarding a potential desire for the Namibian Government to own a minority equity interest in mining and petroleum companies operating in Namibia, arising from comments made at a mining and energy Workshop in Swakopmund, Namibia. Paladin Chief Executive, Ian Purdy, Chief Executive Officer, said Paladin has regular ongoing dialogue with all relevant Namibian government ministries as it progresses with the restart of mining activities at the Langer Heinrich Mine. “The company confirms that it is not aware of any imminent proposed Namibian legislative changes that would affect…