Observer Money – Page 146 – Windhoek Observer

05 Oct

Track impact of oil and gas exploration

Observer Money

Chamwe Kaira The International Monetary Fund has called for an improvement in specialised statistical capacity that will ensure consistent and proper recording of oil and gas exploration and tracking its impact on the economy. The oil discovery is expected to create around 4200 jobs after the discovery in the past two years of two significant light crude oil discoveries in the Orange Basin, namely Venus and Graff. The Venus discovery alone ranks as the second-largest deep-water oil discovery in the world since 2015. A third oil find was declared in early March, as a result of Shell and QatarEnergy's successful…

05 Oct

African airlines the weakest cargo performers

Observer Money

African airlines had the weakest performance in August, the International Air Transport Association’s (IATA) latest analysis of the air cargo market based on traffic and capacity data has shown. IATA data showed a 4.7% decline in cargo volumes compared to August 2022. This was a significant decrease in performance compared to July (+2.3%). Notably, Africa–Asia routes declined by 1.1% in August following an 11.2% growth in July. Cargo capacity was 3.8% above August 2022 levels. Africa accounts for 2% of the global air cargo market. Internationally, IATA said year-on-year air cargo demand grew for the first time in 19 months.…

05 Oct

The AHIF will present more investment opportunities

Observer Money

Martin Endjala The Chairperson and Chief Executive Officer of the Namibia Investment Promotion and Development Board (NIPDB), Nagula Uaandja, expressed that winning the bid to host the Africa Hospitality Investment Forum (AHIF) 2024 isn’t solely a triumph for Namibia but also a testament to its burgeoning potential. The forum, recognized as Africa's foremost tourism and hotel investment conference, promises to draw an array of distinguished international hoteliers, investors, financiers, and management companies. The event is slated for 25 - 27 June 2024 in Windhoek. Uaandja passionately voiced her belief that the AHIF 2024 presents a golden opportunity for Namibia's landscapes…

05 Oct

Namibian dates spearhead horticultural exports

Observer MoneyNamibian dates spearhead horticultural exports

Niël Terblanché Namibian horticultural products are making a significant mark in the global market, with dates leading the way. According to Calle Schlettwein, the Minister of Agriculture, Water, and Land Reform, Namibia's producers have experienced increased access to global markets in recent times. In 2022, a notable 36 percent of Namibia’s agronomy and horticultural production, consisting chiefly of products like grapes, onions, tomatoes, sweet peppers, butternut, dates, blueberries, and watermelon, found their way to international consumers. Schlettwein pointed out that Namibia celebrated its first-ever soft citrus and grapefruit exports in the first quarter of the current financial year. These exports…

05 Oct

Capricorn group addresses investment biases

Observer MoneyCapricorn group addresses investment biases

Martin Endjala The Capricorn Group has specified that in today's swiftly changing finance and investment landscape, recognizing the influence of biases and emotions on decision-making is more pivotal than ever. To address this, the Capricorn Group, in collaboration with its subsidiary, Capricorn Asset Management, hosted an Inspire event themed “Exploring Biases in Investment Decisions.” This event was aimed at addressing and understanding biases inherent in making investment choices. Relf Lumley, Chief Investment Officer at Capricorn Asset Management, highlighted the significance of behavioral finance in determining market outcomes. He ventured that astute and informed decision-making in investment requires an awareness of…

04 Oct

CoW plans to electrify 4,000 informal settlement households

Observer Money000 informal settlement households, CoW plans to electrify 4

Martin Endjala The City of Windhoek (CoW) municipal council has greenlit a plan to provide electricity to approximately 4,000 households within Windhoek's informal settlements from 2023 to 2028. This five-year electrification initiative is an expansion of the prior plan that spanned 2017 to 2022. Since 2017, the city has been on a mission to electrify homes in these informal settlements, successfully making 3,515 service connections in areas like Otjomuise, Havana, Goreagab Dam, One Nation, Okahandja Park, Ongulumbashe, Babylon, and Kilimanjaro. City Mayor Joseph Uapingene announced this new development during a regular council meeting held the previous week. He said that…

03 Oct

NAMFISA advocates for financial stability amidst a decline in loan book value

Observer Money

Martin Endjala The Namibia Financial Institutions Supervisory Authority (NAMFISA) has announced a year-on-year decline of 7.8 percent in the value of its loan book at the end of 2022, amounting to N$6.7 billion. This is largely attributed to the value of the loan book being dominated by the stock for term lenders, which accounted for nearly 96 percent of the total share, standing at N$6.5 billion. However, Kenneth Matomola, the Chief Executive Officer of NAMFISA, explains that the non-bank financial institutions sector remains financially sound and stable despite these fluctuations. “NAMFISA is committed to ensuring the stability and financial soundness…

02 Oct

The perception that blacklisting deny consumers access to credit is outdated: Burger

Observer Money

Martin Endjala Despite ongoing progress in the usage of consumer credit information in Namibia, there is still a perception that blacklisting is used to deny consumers access to credit, this is an outdated concept and an inaccurate term. This is according to TransUnion Namibia Chief Executive Officer Lara Burger, while responding to Windhoek Observer questions on the status quos of blacklisted Namibians who may have defaulted on their payments to financial institutions and others. Burger said in modern credit economies around the world, a consumer’s credit score and credit report are essential financial tools that help people get access to…

02 Oct

Fuel hike prices remedy lies in oil discovery: NALOBA

Energy, Observer MoneyFuel hike prices remedy lies in oil discovery: NALOBA

Martin Endjala Namibia Local Business Association (NALOBA) Vice President Peter Amadhila, believes that the continued hike of fuel prices, which proves to be somewhat cumbersome for Namibians due to international oil market prices, its remedy lies within the recent oil discovery in the country. Amadhila, who was reacting to the recent fuel hike prices announced by the Ministry of Mines and Energy, told this publication that Namibia has no control over the oil prices since these prices are in the hands of Global oil-producing giants. “If you have noticed, for the past three to four weeks, our country has been…

28 Sep

Demand for nuclear energy growing

Energy, Observer Money

Chamwe Kaira Ronnie Beevor, the Chairman of Bannerman Energy, which is actively involved in developing the Etango uranium project, has emphasized that many nuclear-powered nations, such as China, India, Japan, Great Britain, France, and the USA, are either extending the operational lifespan of existing nuclear reactors, often by more than 60 years (80 years in the case of the USA), or embarking on the construction of new ones. In 2021, Namibia was the world’s second largest uranium producer with 5,753 tonnes produced. He pointed out that there are approximately 437 operational nuclear reactors worldwide, with an additional 60 reactors under…