Observer Money

Livestock board to award quota share to export beef to Norway
08 Oct

Livestock board to award quota share to export beef to Norway

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Martin Endjala The Livestock and Livestock Products Board of Namibia (LLPBN) has announced it will allocate a portion of the Norwegian beef production and export quota to local abattoirs. According to an invitation notice seen by the Windhoek Observer, the quota will be awarded to eligible organisations approved for beef production and export to Norway. The quota is valid for 12 months, from 1 January 2025 to 31 December 2025. “The sharing and allocation of the 1,600 tons of beef quota will be done in accordance with the principles outlined in the Government Approved Norway Quota Allocation Model of 14…
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Financial system stable amid moderate domestic economic conditions
08 Oct

Financial system stable amid moderate domestic economic conditions

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Matin Endjala Namibia’s financial system remains stable and resilient despite slowing economic growth and global challenges, according to the Financial System Stability Committee (FSSC) report released on Tuesday. According to the report, factors like drought, low diamond prices, and weak global demand will cause Namibia's Gross Domestic Product (GDP) growth to slow to 3.1% in 2024. Global factors continue to primarily influence risks to the domestic economy. The FSSC, which includes the Bank of Namibia and the Namibia Financial Institutions Supervisory Authority, met on 3 October to assess the financial system’s resilience. Bank of Namibia Governor Johannes !Gawaxab said: “The…
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Namcor and SLB collaborate for suitable energy
03 Oct

Namcor and SLB collaborate for suitable energy

info_e12wt4csEnergy, Observer Money,
Stefanus Nashama The National Petroleum Corporation of Namibia (Namcor) and the global energy technology company SLB have signed an agreement to collaborate in advancing suitable technology in Namibia. The Namcor senior manager of sustainable energies, Frans Kalenga, announced the agreement on Thursday. “This agreement marks a greater step in our relationship towards building strong partnerships with international players, and we're excited to see the fruits of the seeds planted today. Our collaboration with SLB will play a key role in the sustainable development of Namibia’s energy resources, including recent oil discoveries, which marks an exciting era for our upstream sector,”…
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Toini Muteka appointed as executive officer for human capital at Bank Windhoek
03 Oct

Toini Muteka appointed as executive officer for human capital at Bank Windhoek

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Niël Terblanché Bank Windhoek has announced the appointment of Toini Muteka as the bank’s new Executive Officer for Human Capital. The appointment is effective from 1 October. The announcement was made by Bank Windhoek’s Managing Director, Baronice Hans, who stressed Muteka’s wealth of experience and leadership capabilities, which are expected to significantly bolster the bank's human capital strategies. “In her new role, Muteka will be tasked with developing and executing human resource strategies that align with Bank Windhoek’s broader business objectives,” Hans said. According to Hans, these strategies will be key to addressing critical areas such as succession planning, talent…
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Paratus eying African expansion
03 Oct

Paratus eying African expansion

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CHAMWE KAIRA Paratus Group, which has already launched Starlink services in Botswana, Mozambique and Zambia, is actively working on expanding its low earth orbit (LEO) offerings to more African countries as regulatory environments and satellite coverage permit. Chief Technical Officer, Rolf Mendelsohn, has said the company has launched the fastest express route from Johannesburg to Europe recently. “We have created an east-west African fibre route from Maputo to Swakopmund, we landed the Google subsea Equiano cable in Namibia and have built 4 Tier III by design data centres in Africa,” said Mendelsohn. He added that Paratus is positioning itself to…
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Reserves drop to N$59.3 billion
03 Oct

Reserves drop to N$59.3 billion

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CHAMWE KAIRA The Bank of Namibia’s stock of international reserves decreased at the end of August by 2.5% to N$59.3 billion, the central bank announced. The decrease in international reserves was primarily caused by customer foreign currency (CFC) withdrawals. This level of foreign reserves translated into four months of import coverage, exceeding the international benchmark of three months. Notably, the import cover, excluding imports of oil exploration and appraisal activities, stood at 4.8 months at the end of August relative to 4.9 months recorded at the end of July. At the end of August, the annual growth in private sector…
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Salt exports average N$59 million
03 Oct

Salt exports average N$59 million

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CHAMWE KAIRA Namibia exported salt valued at N$59 million, mainly exported to Nigeria and South Africa in August, according to the Namibia International Merchandise Trade Statistics Bulletin. The bulletin, which is produced by the Namibia Statistics Agency (NSA), said on the demand side, the country imported salt valued at N$1.4 million, which was primarily sourced from South Africa. Over the entire period (Aug 2023 to Aug 2024), the value of salt exported averaged N$59.9 million, with the largest value recorded in March at N$86.2 million and the lowest value recorded in September 2023 at N$28 million. For August, Namibia’s was…
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Green light pending for sulphuric acid facility at Walvis Bay
03 Oct

Green light pending for sulphuric acid facility at Walvis Bay

info_e12wt4csObserver Money
CHAMWE KAIRA The Cooperative Bulk Handling Terminal (Pty) Ltd. (CBHT) has appointed A. Speiser Environmental Consultants (ASEC) to conduct an Environmental Impact Assessment (EIA) for the construction and operation of the sulphuric acid storage and handling facilities at the port of Walvis Bay and the transport of sulphuric acid to the Etango Mine, documents showed this week. CBHT is a subsidiary of Bannerman Investments Namibia (Pty) Ltd. and part of the Bannerman Energy Ltd. Group of Companies. CBHT) was awarded an area within the port of Walvis Bay for its sulphuric acid storage and handling facility. The company manages the…
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NBL’s beverage categories grow
03 Oct

NBL’s beverage categories grow

info_e12wt4csObserver Money
CHAMWE KAIRA In the condensed consolidated interim financial results for the period ended 30 June, Namibia Breweries Limited (NBL) said over the period, the company delivered well on its strategy for the Heineken transaction, as the company’s diverse portfolio experienced volume growth in all beverage categories. At the same time, NBL said it continued to manage cash efficiently given high capital expenditures, higher debt levels, and challenging market conditions. In the coming six months, Namibia Breweries Limited (NBL) plans to continue optimising the combined brands, infrastructure and people. According to the company, synergies will further boost margins and balance the…
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Bank Windhoek gets stable outlook rating
03 Oct

Bank Windhoek gets stable outlook rating

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CHAMWE KAIRA GCR Ratings (GCR) has affirmed Bank Windhoek Limited’s Namibian long and short-term national scale issuer ratings AA(NA)/ A1+(NA) respectively, GCR has announced. At the same time, the South African long-term issuer rating has been affirmed at A(ZA). The rating outlooks remain stable. GCR has also confirmed Capricorn Group Limited's Namibian long- and short-term national scale issuer ratings AA-(NA)/A1+(NA), respectively, with a stable outlook. The ratings of Bank Windhoek Limited reflect the strengths and weaknesses of Capricorn Group Limited. The group views the bank as its core operating subsidiary, accounting for a larger portion of its total assets and…
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