Observer Money – Page 167 – Windhoek Observer

01 Jun

Diesel gets much cheaper in June

Featured, Observer Money

Niël Terblanché The sharp upward curve in the cost of consumer goods in Namibia will flatten off with diesel prices that will be significantly cheaper as of next week Wednesday. The Ministry of Mines and Energy has announced that the price for petrol will remain unchanged while the pump price for 50 ppm diesel will decrease by 80 cents and 10 ppm diesel by 60 cents.The new fuel prices in Namibia will be implemented at midnight next Wednesday. As a result of the downward adjustment the price of 50 ppm diesel will be N$19.00 and 10 ppm diesel will be…

01 Jun

Nampower refuses to write off debts

Observer MoneyMichael Gotora, Nampower refuses to write off debts

Martin Endjala The Namibia Power Utility (Nampower) refuses to write off the debts owed to it by the //Kharas region and Hardap region after the Deputy Leader and Member of Parliament of the Landless People’s Movement, Henny Seibeb tabled a motion in parliament calling for the writing off of debts. Both //Kharas and Hardap regions owe Nampower over N$500 million, while the total debt owed to NamWater as at 31 March 2023 is N$1.718 billion. Appearing before a Parliamentary Standing Committee on Human Resources and Community Development yesterday, Nampower’s Chief Financial Officer Michael Gotora adamantly stressed that Nampower would only…

01 Jun

DBN appoints new CEO

Featured, Observer MoneyDBN appoints new CEO

Niël Terblanché John Steytler, a seasoned Economist and a former Presidential Economic Advisor, has been appointed as the new Chief Executive Officer of the Development Bank of Namibia. The appointment was announced by Sarel van Zyl, the DBN’s Board of Directors chairperson. In a statement, Van Zyl expressed confidence and support to the incoming CEO and wished him well as he came to champion the strategic direction of the DBN with the help of a seasoned team of executives. “I expect Dr Steytler and his executive team to play a significant role in the recovery and future development of the…

01 Jun

Namibia set to host DFI network forum

Observer MoneyDevelopment Bank of Namibia, Environmental Investment Fund of Namibia, Namibia set to host DFI network forum

Niël Terblanché Development Finance Institutions (DFIs) in Namibia are set to host the 2023 Southern African Development Community network forum. The Agribank, Development Bank of Namibia, Environmental Investment Fund of Namibia and the National Housing Enterprise will host the forum under the SADC Development Finance Resource Centre (SADC-DFRC) and it is scheduled to take place from 6-9 June 2023 in Swakopmund. The network forum will be presented under the theme “Balancing DFI developmental mandate with sustainability.” The DFRC is an organization staffed by professionals in strategic areas and employs a collaborative approach which involves the utilization of complementary external technical…

01 Jun

Alweendo asks for more local ownership of valuable resources

Observer MoneyAlweendo asks for more local ownership of valuable resources

Niël Terblanché Tom Alweendo, the Minister of Mines and Energy, has requested that a state-funded mineral exploration fund be established to create increased local ownership in the mining sector. The mines Minister was officiating at a parliamentary oversight workshop on maximising the potential of the oil, gas, and mineral sector in Namibia when he made the request. “There is growing criticism from the public about the fact that the exploitation of our mineral and petroleum resources is dominated by foreigners. I wholeheartedly agree with this view, and may I add that the status quo is untenable; it is indefensible. We…

31 May

Gondwana employs first-ever AI consultant

Observer MoneyGondwana Collection, Gondwana employs first-ever AI consultant

Niël Terblanché Namibia’s premier tourism operator, Gondwana Collection has made history by taking a giant leap into the future by employing the very first Artificial Intelligence (AI) powered customer care consultant. “GECCO (Gondwana Electronic Customer Care Operative) was developed in response to the growing volume of customer messages. The automated consultant aims to provide prompt and accurate answers to clients' questions, thereby improving overall customer service levels,” Christiaan Jacobie, a member of Gondwana’s Public Relations Department said. He said that GECCO is constantly learning and evolving to provide reliable information. “While it may not be perfect in answering subjective questions,…

31 May

2023 FNB Whisky Festival launched

Observer Money

Staff Reporter FNB Namibia recently launched its annual Whisky Festival that will be taking place for the first time ever in Ongwediva Oshana region on the 3rd of June and in Windhoek, Khomas region on the 10 June, respectively. The FNB Whisky Festival offers a platform for whisky lovers to participate in a tasting experience to suit their distinctive palates, from the ‘curious’ newcomer to the seasoned connoisseur. Festival guests will learn how to get the most from every dram as Whisky experts guide them through samples from a selection of Whiskies from distilleries around the world. The Festival aims…

30 May

Oil discovery, a blessing or a curse?

Observer MoneyOil discovery a blessing or a curse?, Tom Alweendo

Julia Heita Mines and Energy Minister, Tom Alweendo said the answer to the question about whether or not the oil discovery is a blessing or a curse depends on what Namibia decides in the present. “The impact will be what we decide it to be,” Alweendo said. He was addressing a Parliamentary workshop on Maximizing mining and energy potentials, held in Swakopmund on yesterday. “We know of countries where the discovery of oil became a curse and there are also countries where the discovery became a blessing. I would like to believe that we all want our discovery to be…

29 May

Millennium investment holdings appoints new CEO

Observer Money

Martin Endjala Millenium Investment Holdings has appointed Miguel Hamutenya as the new Chief Executive Officer, succeeding Hafeni Vilho who has been the Managing Director for over three decades. He has stepped down for personal reasons, the group said. An announcement issued on Friday by the group indicates that Hamutenya's appointment is effective from 1 June 2023. Hamutenya holds an Honours Degree in Business Management from the United Business school in Madrid, a Diploma in Business Communications from the Norwegian Business School and a Corporate Finance certificate from the European school of economics in London. He is currently pursuing a Masters…

26 May

Eskom explains winter supply to Namibia……Diamond mines subject to loadsheddding schedule

Observer Money

CHAMWE KAIRA South Africa’s power company, Eskom which has announced that there is a high risk of elevated stages of loadshedding in winter, this week explained how this will impact on electricity exports to Namibia. Responding to questions by Observer Money, Eskom said its power supply agreement for NamPower is in accordance with National Regulatory Standard (NRS) 048-9. “NRS 048-9 is a code of practice in terms of load reduction practices, system restoration practices and other related matters. During load shedding, NamPower’s load is curtailed as per the requirements of NRS 048-9,” Eskom said. Under the current agreement with NamPower,…