Observer Money – Page 23 – Windhoek Observer

12 Sep

Microfinance can shape financial landscape

ObserverObserver MoneyLara Enslin, TransUnion Namibia

CHAMWE KAIRA Microfinance credit providers have a critical role to play in shaping the financial landscape of Namibia, Lara Enslin, CEO of TransUnion Namibia has said. She said Namibians are navigating an economic environment that is both challenging and filled with opportunities. Enslin said TransUnion works with lenders and regulators around the world to help increase financial inclusion and benefit individuals and their families, while acting as a catalyst for increased economic growth. The recent Namibian census has revealed that the population has surged to 3.02 million. A significant 71% of the citizens of the country are younger than 35.…

05 Sep

Capricorn group spends N$25.8 million on social impact

ObserverObserver MoneyBank Windhoek, Capricorn Foundation

Martin Endjala Capricorn Group has announced a total spending of N$25.8 million, including contributions from its foundation, towards corporate social responsibility (CSR) initiatives in Namibia and Botswana. This represents a 19.1% increase from the N$21.7 million spent in 2023. Marlize Horn, the group's executive of corporate affairs, made the announcement on Thursday at the launch of the 2024 Social Value Report. “This report details the efforts of Capricorn Group and its subsidiaries—Bank Windhoek, Bank Gaborone, Capricorn Asset Management, Entrepo, and the Capricorn Foundation—to empower and support the citizens of the countries where we operate, namely Namibia and Botswana,” she said.…

05 Sep

Pepkor to sell furniture in Namibia

ObserverObserver MoneyPepkor Lifestyle

CHAMWE KAIRA Pepkor has entered into an agreement to acquire Shoprite’s furniture business operating more than 400 stores in South Africa, Botswana, Lesotho, Namibia, Eswatini and Zambia. Pepkor is a South African-based investment and holding company focused on the discount and value consumer retail and fintech markets. Pepkor’s JD Group business has recently rebranded to Pepkor Lifestyle and operates more than 900 retail stores in South Africa, Botswana, Lesotho, Namibia and Eswatini. Pepkor said this week that over the years, it has developed leading capabilities in supply chain, logistics, and financial services, all supported by best of breed scalable integrated…

05 Sep

Beef, charcoal exports under threat

ObserverObserver MoneyEuropean Union (EU)’s Deforestation Regulation, Namibian Agriculture Union

CHAMWE KAIRA The European Union (EU)’s Deforestation Regulation to be effective as of 1 January 2025, is a big threat to Namibia’s beef and charcoal exports, the Namibian Agriculture Union has warned. The expansion of agricultural land is seen as the main driver behind deforestation, desertification and a loss of biodiversity. It is linked to the production of commodities such as cattle, wood, cocoa, soya, palm oil, coffee, rubber, and some of their derivative products, such as leather, chocolate, tires or furniture. The NAU said the EU is a major economy and consumer of commodities linked to these negative practices…

05 Sep

Exports worth N$5.3 billion left by sea in July

ObserverObserver Money

CHAMWE KAIRA Goods worth of N$5.3 billion, representing 53.3% of total exports left the country by sea in July. The basket of exports via sea comprised mainly of uranium, fish and nickel ores and concentrates. Goods exported via road accounted for 28.6% of total exports, of which its export basket was mainly made up of petroleum oils, fish and live animals. Lastly, air transportation accounted for 18.1% with non-monetary gold and precious stones (diamonds) being the highest valued commodities transported via the respective mode. In terms of volume, a total of 342 476 tons of goods left the country, representing…

05 Sep

International reserves rise to N$60.8 billion

ObserverObserver MoneyBank of Namibia, Customer Foreign Currency (CFC), Net Foreign Assets

CHAMWE KAIRA The stock of international reserves rose by 5.5% to N$60.8 billion at the end of July, the Bank of Namibia announced. The increase in international reserves was on the back of higher SACU receipts, as well as Customer Foreign Currency (CFC) placements. This level of foreign reserves translated into 4.1 months of import cover, exceeding the international benchmark of 3 months. Notably, the import cover, excluding imports of oil exploration and appraisal activities, stood at 4.9 months at the end of July, relative to 4.6 months recorded at the end of June. Furthermore, the banking industry liquidity position…

05 Sep

Another repo rate cut projected

ObserverObserver Moneyfinal GC24 switch, Namibian Stock Exchange

CHAMWE KAIRA Namibia experienced a dynamic month in August in the fixed income market, characterised by fluctuating demand levels and interest rate reductions that have influenced yields, latest financial statistics have shown. The Bank of Namibia conducted five treasury bill auctions, two primary bond auctions, and completed the final GC24 switch. Secondary trades on the Namibian Stock Exchange (NSX) saw an overall decline, although there was a notable increase in trading volumes for the GC27 bond. Interest rates, which had been raised from 3.75% during the pandemic to a peak of 7.75% by July 2023, were reduced on August 14th…

05 Sep

Andrada transforms into multi-mineral producer

ObserverObserver MoneyAndrada Mining, multi-mineral producer

CHAMWE KAIRA Andrada Mining has transformed itself into a multi-mineral producer during the 2024 financial year, achieving a remarkable double-digit increase in tin concentrate production and successfully produced its first commercial batch of tantalum, solidifying our position as a key player in the critical metals space, chairman, Glen Parsons said. During the same period, Andrada has implemented a water recycling programme that reduced its environmental impact. “We also maintained a 99% Namibian workforce, demonstrating our commitment to the local community. Andrada's vision is deeply intertwined with our identity as a proudly Namibian company with significant future growth and value potential,”…

05 Sep

Inflation to stabilise at 4.9%

ObserverObserver MoneyBank of Namibia, Repo rate, Simonis Storm Security

CHAMWE KAIRA Simonis Storm Security projections suggest that inflation will stabilise at around 4.9% by the end of the year. The Bank of Namibia's monetary policy committee decided to implement a 25 basis point rate cut at its last meeting, reducing the repo rate to 7.50% and the prime rate to 11.25%. Simonis said although these rates remain relatively elevated, the reduction offers some relief to Namibian households and businesses by lowering borrowing costs. “Despite this rate cut, we anticipate that private sector credit extension growth will remain modest in the near term. This is due to the lag effect…

05 Sep

Osino finally in Chinese hands

ObserverObserver MoneyHeye Daun, Osino Resources Corp, Shanjin International Gold of China

CHAMWE KAIRA Osino Resources Corp has announced that it has been finally acquired by Shanjin International Gold of China for cash consideration of 1.90 Canadian dollars (N$25) for each share. The deal was first announced in February and will see, Shanjin pay 368 million Canadian dollars (N$4.8 billion) to take over Osino. Shanjin intends to cause Osino to delist the Osino Shares from the TSX Venture Exchange, to submit an application for it to cease to be a reporting issuer, and to otherwise terminate its public company reporting requirements as soon as possible. Osino is focused on the fast-tracked development…