Observer Money – Page 178 – Windhoek Observer

21 Jul

Oil, hydrogen projects increase business visitors

Observer MoneyGreen Hydrogen Commissioner, hydrogen projects increase business visitors, Oil

CHAMWE KAIRA The current oil exploration and green hydrogen projects in the country are increasing the number of business visitors to Namibia. Recent figures show that tourists that entered Namibia for business purposes increased their share of the market to 17.3%, while leisure tourist constituted 80.4% of the market and 1.38% of visitors came for conferences in June. Presidential economic adviser and Green Hydrogen Commissioner, Office of the President of Namibia, James Mnyupe in an interview early this month disclosed that Namibian Synthetic Fuel Industry Strategy estimated that more than 184 000 direct jobs could be created by 2040, up…

21 Jul

Rebuild passenger confidence in checked baggage

Observer MoneyRebuild passenger confidence in checked baggage, SITA Baggage IT

Recently, I was on a flight that was severely delayed with most passengers trying to bring their luggage into the cabin. There was simply no space on board. The flight ended up leaving more than an hour late. No doubt fears of their bags being misplaced or long delays waiting at the baggage carousel were weighing heavily on most passengers’ minds. They no longer felt confident checking their baggage. What are the numbers telling us? Data from the latest SITA Baggage IT Insights report confirms a spike in baggage mishandling emerging from the pandemic. The latest data from IATA shows…

20 Jul

ReconAfrica announces completion of $7.5m share offering

Observer MoneyReconAfrica announces completion of $7.5m share offering

Martin Endjala Reconnaissance Energy Africa Ltd (ReconAfrica) has announced its previously announced overnight marketed Offering units of the Company for gross proceeds of $7.5 million (Approximately N$133 950 000) including the full exercise of the over-allotment option for $975 000(Approximately N$17 413 500) on the Toronto Stock Exchange Venture (TSXV) share listing. The company’s Chief Executive Officer, Scot Evans made the announcement and said the offering was completed by way of a short form prospectus filed in all of the provinces of Canada, except Québec, and the Units were sold outside of Canada on a private placement basis. He said…

20 Jul

Namra rakes in over N$18 billion in revenue

Featured, Observer MoneyNamra rakes in over N$18 billion in revenue

Hertta-Maria Amutenja During the first quarter of the current financial year, the Namibia Revenue Agency (NamRA) collected N$18.9 billion in revenue. According to Namra Commissioner Sam Shivute, this amounts to 28 percent of the N$67 billion annual target set for the financial year beginning on 1 April 2023 and ending on 31 March 2024. Last year the agency surpassed its revenue-collection target for the 2022/23 financial year by N$4 billion. The revenue collector was required to bring in N$53 billion however it exceeded its target and collected a total of N$57 billion. “Our achievements thus far would not have been…

19 Jul

Mining Expo to shine a spotlight on oil and gas

Featured, Observer MoneyGreen Hydrogen, Mining Expo to shine a spotlight on oil and gas

Martin Endjala The highly anticipated Mining Expo 2023 will be focusing on the discovery of oil and gas as well as the Green Hydrogen in the country and how the mining industry can capitalize on these new developments while showcasing Namibia’s vibrant mining sector. The exhibition is slated for 30-31 August this year at the Windhoek Showgrounds where 86 exhibitors already confirmed their attendance. Exhibitors have already booked a total of 140 booths and stands and the number is expected to rise by the end of the week. The main highlights will be oil and gas, according to the extractive…

19 Jul

Mining sector generates N$ 38 billion in 2022

Observer MoneyMining sector generates N$ 38 billion in 2022

Martin Endjala The mining industry is estimated to have generated N$38 billion last year from the sales of minerals in terms of local content which relates to supply and demands by sourcing goods and services from local suppliers. Of this, 44 percent of the total industry revenue or N$16.8 billion was spent on sourcing goods and services from local suppliers and from the sale of minerals. The Namibian Chamber of Mines believes that the number has the potential to exceed 50 percent or N$17 billion by ploughing back into the country’s economy. This was revealed yesterday by the Chief Executive…

17 Jul

Vehicle sales are steadily increasing

Observer MoneyVehicle sales are steadily increasing

Martin Endjala Amid financial constraints, the sale of vehicles in Namibia is on a year-on-year upward trajectory. Vehicle sales increased from 872 units in June 2022 to 1,320 in June 2023 which represents an increase of 51.4 percent. According to a Simonis Storm Securities report, in prior months, sales were declining since March 2023, with June’s sales being the first monthly increase in sales since then. Light commercial vehicles drove sales in June 2023, increasing by 74.7 percent from a low base of 375 units to 657 units. At the same time, passenger vehicles accounted for 44 percent of sales…

17 Jul

Recon Africa gets the green light for more drilling

Featured, Observer MoneyRecon Africa gets the green light for more drilling

Niël Terblanché Although there is increased pressure to shift away from fossil fuels and to move towards low-carbon energy sources such as hydropower, solar and wind, this energy transition must be done in a way that shall be fair and affordable for developing countries like Namibia. The Ministry of Environment, Forestry and Tourism recently issued an Environmental Clearance Certificate (ECC) to Recon Africa to drill more exploration and appraisal wells in the Kavango Basin to search for oil and gas resources. The project situated in the Kavango West Region of Namibia was the cause of huge controversy amongst environmental activists…

14 Jul

International reserves drop to N$49.7b

Observer MoneyInternational reserves drop to N$49.7b

The Bank of Namibia’s stock of international reserves decreased in May, according to Bank of Namibia statistics. The stock of international reserves decreased to N$49.7 billion in May relative to the N$51.8 billion at the end of April. The decrease was on account of net commercial bank outflows as a result of portfolio investment and import payments. The central bank said the foreign reserves translated into 5.2 months of import cover at this level remaining above the international benchmark and adequate to support the currency peg between the Namibia Dollar and the South African Rand. The bank said the overall…

14 Jul

Chinese offer to build nuclear plant…… Nuclear not entirely ruled out in the future-Alweendo

Observer MoneyChinese offer to build nuclear plant…… Nuclear not entirely ruled out in the future-Alweendo

CHAMWE KAIRA China National Uranium Corporation, the majority shareholder in Rossing Uranium has offered and proposed to build a nuclear plant in Namibia. The Namibian government has said nuclear energy could be considered in the future. Two well informed energy industry officials told Observer Money that the Chinese firm has made offers and proposals to the Namibian government to build a nuclear plant. The officials spoke on condition of anonymity because they are not authorised to speak on behalf of the government. China National Uranium Corporation is said to be waiting on the government to respond to its offer. “I…