Observer Money – Page 14 – Windhoek Observer

24 Oct

Otto Shikongo to chair FNB board

ObserverObserver MoneyFirstRand Namibia Ltd, Namibian Stock Exchange

CHAMWE KAIRA FirstRand Namibia Ltd. and First National Bank of Namibia have announced the appointment of former Debmarine Namibia chief executive officer Otto Shikongo as chairman of its boards effective 17 October. FNB said the appointment of Shikongo as board chairperson is in compliance with paragraph 3.59(c) of the listing requirements of the Namibian Stock Exchange. “The company’s shareholders are hereby advised that Otto Nakasole Shikongo, an independent non-executive director and deputy chairperson of the company, is appointed as chairperson of the boards of FirstRand Namibia Ltd. and First National Bank of Namibia effective 17 October ,” the notice said.…

24 Oct

Uranium supply chain face uncertainties

ObserverObserver MoneyDeep Yellow, John Borshoff, Tumas uranium projec

CHAMWE KAIRA Uranium supply uncertainties escalated in the quarter ending 30 September as Kazakhstan’s state uranium production company, Kazatomprom, announced substantial reductions in planned output for 2025. According to Deep Yellow chief executive officer John Borshoff, Kazatomprom revised its production guidance for 2025 to reflect a downgrade of about 15 million pounds due to a variety of production-related issues, including the limited availability of sulphuric acid needed for the in-situ recovery process. Deep Yellow is developing the Tumas uranium project in the Erongo Region. Furthermore, Kazakhstan announced a significant increase in future delivery commitments to the Chinese nuclear utility group,…

24 Oct

Namibian diamonds to be traced

ObserverObserver MoneyDe Beers Group, tracing natural diamonds, Tracr platform

CHAMWE KAIRA De Beers Group has announced that it will provide country of origin data for all newly registered rough diamonds over 1.25 carats sourced from De Beers on the Tracr platform. Tracr is the world’s leading digital platform for tracing natural diamonds from source to scale. The company announced that starting in 2025, it will extend this to rough diamonds larger than 1 carat, which is equivalent to approximately 0.5 carats in polished form, thus aligning with the size threshold for new diamond import requirements for G7 countries. For the first time, this will enable diamond jewelry consumers at…

24 Oct

Oil markets entering period of volatility

ObserverObserver MoneyOPEC, world’s largest oil consumers

Oil prices have been highly volatile in recent months, influenced by a convergence of factors, most notably excess global production and subdued demand from China, one of the world’s largest oil consumers. This has exerted considerable downward pressure on prices. At the same time, geopolitical tensions, particularly escalating conflict between Iran and Israel, have emerged as critical determinants of price movements. Should these tensions intensify, the market faces the potential for significant supply disruptions, which could push prices sharply higher. The outlook for oil prices in 2024 is marked by significant volatility, driven by a confluence of geopolitical tensions, economic…

24 Oct

Tourism continue to show resilience

ObserverObserver MoneyBank of Namibia

CHAMWE KAIRA Namibia's tourism sector continued to demonstrate resilience in September, with a diverse mix of regional and international visitors contributing to the positive outlook, a study has shown. European tourists remained the largest group, increasing their share to 71.8% from 67.3% in September 2023. This growth highlights Namibia’s ongoing appeal as a premier destination for European travellers, reinforcing the need for tailored marketing strategies and services to cater to this key demographic, as Simonis Storm said in a report. Leisure travel continued to dominate the sector, presenting opportunities for further infrastructure development to enhance the visitor experience and sustain…

24 Oct

African CEOs confident about growth

ObserverObserver MoneyKPMG’s 2024 CEO Outlook Survey – Africa

While CEOs remain confident in the future of the global economy, there is a significant consideration for escalating uncertainty and rising global crises. This is according to KPMG’s 2024 CEO Outlook Survey – Africa, the inaugural edition focusing on the African continent. According to Ignatius Sehoole, Chairman and CEO, KPMG in Africa: “It is an exciting time in the history of the African continent to release these results that collectively look at how we, as African colleagues, can together address the key impacts of the global and local economies to gear our businesses for growth. The whole is very much…

24 Oct

Saving strategies after the Income Tax amendment

ObserverObserver MoneyIncome Tax Amendment Act

MIGNON DU PREEZ The most important change introduced by the gazetting of the Income Tax Amendment Act (No. 8442) on 16 September 2024 was that the tax threshold for individual taxpayers increased from N$50 000 to N$100 000, with effect from 1 March 2024. With this, many Namibians will now have some more money at their disposal to manage wisely. But how? First and foremost is to focus on the building of an emergency fund. Having money saved for emergencies such as a medical emergency or home repairs, saves one from further financial stress. If possible, try to build up…

23 Oct

Namibia’s oil industry set for major growth by 2025

ObserverEnergy, Observer MoneyFinal Investment Decision, Graff-1X well

Oliver Diggle Since Shell's 2022 oil discovery at the Graff-1X well, the Namibia oil sector has gained significant international attention. The prospect of the new industry providing significant local content opportunities and in generating substantial government revenue has provided a degree of hope to a stumbling economy. The probability of ever reaching first oil in a market-enabling economic and judicial state has constantly been debated. However, as more information comes to light, that probably is becoming ever more likely. 2025 is expected to be pivotal for offshore drilling in Namibia, with over a dozen wells planned by companies such as…

23 Oct

Nuclear science and technology conference aims to unlock development potential

ObserverEnergy, Observer MoneyAfrican nuclear landscape, International Atomic Energy Agency (IAEA)

Niël Terblanché Namibia aims to position itself as a key player in the African nuclear landscape while exploring the potential of the latest technology to find sustainable solutions to the country’s energy needs to support industrial growth and environmental sustainability The Second Nuclear Science and Technology Conference commenced in Swakopmund on Wednesday and brought together experts, policymakers, and international stakeholders to discuss the role of nuclear science in Namibia’s development. The event has attracted international experts from the International Atomic Energy Agency (IAEA) and various African nations. The conference, themed “Unlocking the Potential of Nuclear Science and Technology for Namibia’s…

22 Oct

Swakop Uranium injected N$7.9 billion in local procurement

ObserverObserver MoneyLeading in Mining Excellence

Martin Endjala The Swakop Uranium has contributed N$7.9 billion to the local economy through procurement, taxes, royalties, and social development. The company released its 2023 sustainability report in Windhoek on Monday. The report was launched under the theme “Leading in Mining Excellence.”. In a speech delivered on her behalf by international relations deputy minister, Jennely Matundu, mines and energy deputy minister, Kornelia Shilunga said Swakop Uranium is poised to become a global leader in the supply of uranium because. She added that she has reliable information that the Husab Mine will reach its nameplate capacity by the end of the…