Observer Money – Page 149 – Windhoek Observer

15 Sep

Prices higher in northern regions

Observer Money

Chamwe Kaira Namibia Statistics Agency’s inflation data reveals that prices in the northern regions of the country were higher in August compared to the rest of the nation. Specifically, Zone 1, encompassing regions such as Kavango East, Kavango West, Kunene, Ohangwena, Omusati, Oshana, Oshikoto, Otjozondjupa, and Zambezi. Zone 1 experienced a year-on-year inflation rate of 5.3 percent in August this year, which was the highest of the three zones. This is despite that inflation was down from 6.8 percent in August 2022. This decline in the annual inflation rate was primarily due to decreases in the prices of transportation (from…

15 Sep

Aquifer to continue watering Ohangwena

Observer Money

Chamwe Kaira The government is committed to the sustainable utilisation of the Ohangwena II aquifer to ensure a continuous water supply to the residents of the Ohangwena Region. According to Jona Musheko, the spokesperson for the Ministry of Agriculture, Water, and Land Reform, the ministry has been tapping into this aquifer for some time now by drilling deep boreholes (up to 250 meters deep) to provide water to the people of Ohangwena. He made these remarks while responding to questions about the progress of developing this substantial water source that was discovered over a decade ago. Musheko highlighted one significant…

15 Sep

Fish auctions continue to boost state coffers

Observer Money

Chamwe Kaira The government has continued to generate revenue through fish auctions with figures showing that more than N$700 million has been raised through the auctions. This approach involves auctioning fish quotas through a competitive bidding system, ensuring that the nation receives fair compensation for its fisheries and maximizes the benefits of its natural resources. In the latest development, the government has announced its intention to auction 600 metric tons of Monk Freezer Fish to the highest bidder. The Ministry of Finance and Public Enterprises and the Ministry of Fisheries and Marine Resources have invited bids for this quota, with…

15 Sep

Three hundred workforce to restart Langer Heinrich

Observer Money

Chamwe Kaira Paladin Energy, the Australian mining firm that holds a 75 percent stake in the Langer Heinrich uranium mine, is preparing to revive the mine operations with a workforce of 300 employees. According to Ian Purdy, Paladin’s CEO, the company anticipates that around 300 staff members will be responsible for operating and maintaining the plant. The essential leadership positions for both the in-country and mine site operations have already been filled. The project, valued at US$118 million, is fully financed and is progressing as planned within the allocated budget. The company aims to commence production in the first quarter…

15 Sep

Toyota remains top selling car

Observer Money

Toyota maintains its position as the top-selling car brand in the market. In August 2023, Toyota continued to lead, capturing a 51% share of the market, which is an increase of 1 percentage point from the previous month. Following closely behind are Ford (7%), Volkswagen (6%), Kia (5%), and Scania (4%). Ford’s market share saw growth, primarily driven by the strong demand for the Ford Raptor, with 64 units sold in August. However, Volkswagen, which used to be the second-best performer, has seen relatively flat sales due to higher prices. In terms of vehicle sales, there was a 2.9% decline…

15 Sep

DBN redeems bonds worth N$500 million

Observer Money

Hertta-Maria Amutenja Development Bank of Namibia (DBN) has recovered N$500 million of its DBN23 bond, marking the completion of a series of three amortising fixed-rate bonds issued in 2018. This accomplishment, as highlighted by Jerome Mutumba, Executive for Marketing and Corporate Communication at the bank, underscores DBN’s unwavering dedication to supporting Namibia’s growth and prosperity through responsible financing. The journey towards redemption began for DBN in 2018 with the issuance of three bonds: DBN20A1 in February, DBN20B in March and DBN23 in December. These bonds collectively raised an impressive N$500 million, strategically allocated to fund various developmental projects across the…

14 Sep

Trustco announces share buyback programme

Observer MoneyTrustco announces share buyback programme

Martin Endjala Trustco Group Limited (Trustco) has announced the establishment of a share repurchase program to be executed during its closed period which commenced on 1 September 2023, under the buyback programme, Trustco or a subsidiary may repurchase up to N$197 million shares directly or N$98 million shares via a subsidiary, subject to Johannesburg Stock Exchange (JSE) listings requirements. The Deputy Chief Executive Officer of Trustco Group Holding Quinton Van Rooyen said the group is constantly exploring strategies to boost shareholder value and has observed significant fluctuations in their share price, from a high 1600 cents per share in January…

13 Sep

Namfisa to host 46th SADC non-banking authorities meeting

Observer MoneyCISNA, Namfisa to host 46th SADC non-banking authorities meeting

Martin Endjala Namibia Financial Institutions Supervisory Authority (Namfisa), will host the 46th meeting of the Committee of Insurance, Securities and Non-Banking Financial Authority (CISNA) of the Southern African Development Community (SADC) in Swakopmund from 1-6 October 2023. Namfisa Chief Executive Officer Kenneth Matomola, who also serves as CISNA Chairperson, reiterated yesterday that the committee is committed to achieving SADC’s objectives by translating the objectives into actionable programmes and projects to ensure that they are attained within a specified timeframe. He said the key focus area of the convening meeting includes harmonisation of the legislative and supervisory framework, capacity building, marketing…

08 Sep

Trans-Kalahari Railway construction scheduled for 2025

Observer MoneyMmamabula in Botswana, Trans-Kalahari Railway project

Chamwe Kaira The construction of the ambitious Trans-Kalahari Railway project, a collaborative effort between Namibia and Botswana, is poised to commence in January 2025. The project’s price tag is projected to amount to billions of US dollars. Spanning 1500 kilometers, the railway line will stretch from Mmamabula in Botswana to its final destination, Walvis Bay, primarily serving as a conduit for transporting coal and copper from Botswana. In a recent announcement, the two nations disclosed their plans to initiate a call for Expressions of Interest (EOI) from interested parties starting from September 6 to November 8. The Trans-Kalahari Railway is…

08 Sep

Phase one completed at Omaruru lithium project

Observer MoneyPhase one completed at Omaruru lithium project

Phase one of the Omaruru Lithium Project has been successfully completed, Osino Resources Corporation reported this week. The company said Prospect Resources Limited, the majority owner on the project, will now proceed with phase two of the earn-in agreement. In the fourth quarter of 2022, Osino entered into an Earn-In and Shareholder Agreement with Prospect, granting Prospect the right to acquire a 40% interest in the project upon the completion of phase one and the potential to increase it to 51% upon completion of phase two. Prospect has the opportunity to earn up to an 85% interest in the project,…