Observer Money – Page 32

16 Oct

Decline in consumer inflation attributed to repo rate cut

info_e12wt4csObserver Moneydrop in consumer inflation, Monetary Policy Committee

Martin Endjala The Bank of Namibia has reduced the repo rate by 25 basis points, lowering it from 7.50% to 7.25%, a move attributed to the drop in consumer inflation, which fell to 3.4% in September. According to economist Josef Sheehama, who responded to the Monetary Policy Committee's (MPC) announcement, lower fuel prices, driven by declining oil prices and a stronger Namibian dollar, have been key factors in this cooling of inflation. "The interest rate cut will undoubtedly relieve pressure on all Namibians," Sheehama said. He believes the decrease in consumer inflation influenced the MPC’s decision to lower the repo…

15 Oct

South Africa faces backlash for snubbing Zambia AfDB Candidate

info_e12wt4csObserver MoneySADC, Samuel Maimbo

Martin Endjala South Africa has faced criticism for failing to endorse the Zambian candidate for the Africa Development Bank (AfDB) presidency. The Southern African Development Community (SADC), which includes 16 countries from Southern, Central, and Island Africa and accounts for over 14% of voting rights in the election, endorsed Samuel Maimbo on 17 August. SADC traditionally votes as a bloc during the AfDB presidential election, but this will not be the case now. South Africa, with over 5% of the voting rights, has shattered this coalition. According to reports, the country did not view Maimbo's candidacy favourably. The Zambian national…

15 Oct

NAC records N$40 million profit, plans major infrastructure upgrades

info_e12wt4csObserver MoneyBisey /Uirab, Dr Leake Hangala, Public Enterprises Governance Act

Niël Terblanché The Namibia Airports Company (NAC) has reported a profit after tax of N$40 million for the 2023/2024 financial year. This breakthrough for the state-owned enterprise was announced by the NAC Board Chairperson Dr Leake Hangala at the company’s annual general meeting (AGM) on 30 September. The AGM was held in accordance with the Public Enterprises Governance Act (PEGA) of 2019 during which the NAC leadership presented the audited financial statements to shareholders. Hangala highlighted the organisation’s financial growth, which saw a substantial increase in profits from N$19.4 million in the previous year to N$40.8 million in 2024. The…

15 Oct

FlyNamibia expands route network with TotalEnergies partnership

info_e12wt4csObserver MoneyTotalEnergies

Niël Terblanché FlyNamibia has announced the reinstatement of its weekday flights between Eros Airport in Windhoek and Lüderitz. The latest development which was announced on Tuesday was made possible through a partnership with TotalEnergies EP. According to André Compion, the airline’s Managing Director, the new flight route will operate Monday to Friday and is set to commence on 16 October 2024 “The reinstatement of the flight route will provide vital connectivity to the Lüderitz community and its surrounding economic activities,” he said. Compion expressed gratitude for the partnership with TotalEnergies, which enables the airline to maintain and expand routes that…

13 Oct

Manufacturing sector boosted by brewing Lion Lager locally

info_e12wt4csObserver MoneyAnheuser Busch InBev (AB InBev), Lion Lager, Namibia’s green industrialisation

Martin Endjala Anheuser Busch InBev (AB InBev), situated in Okahandja, announced that Lion Lager will soon be brewed in Namibia. The Minister of Industrialisation and Trade, Lucia Iipumbu, shared this information last week during the launch of the local production of Lion Lager in Okahandja. “Initiatives like today’s launch will further bolster this sector, supporting the government’s goals of sustainable economic growth and industrialisation,” she said. Iipumbu said the country, like many worldwide, continues to face the challenges posed by global economic fluctuations, underscoring the importance of attracting sustainable investment into the local economy. According to her, AB InBev’s decision…

13 Oct

Air Botswana delays planned flights between Windhoek and Gaborone

info_e12wt4csFeatured, Observer MoneyAir Connect Namibia

Niël Terblanché Air Connect Namibia has announced that due to unforeseen circumstances, this route launch has been delayed, with a new commencement date that will be communicated at a later stage. In September Air Connect Namibia announced that Air Botswana would begin flights connecting Gaborone to Hosea Kutako International Airport, with continuing service to Durban’s King Shaka International Airport in South Africa as of 1 October. Bisey /Uirab, the chairperson of Air Connect Namibia and chief executive officer of the Namibia Airports Company, expressed the airline's regret for the postponement. Air Connect Namibia is a collaboration between NAC, Gondwana Collection,…

10 Oct

Namibian Navy celebrates cooperation with Brazilian counterpart

info_e12wt4csObserver MoneyBrazilian Navy

Niël Terblanché The Namibian Navy proudly commemorated 20 years since its inception its long-standing ally, the Brazilian Navy. In a congratulatory message, the Brazilian Navy expressed its pride in celebrating this important date with one of its "sister navies" in Africa. The Brazilian Navy also pointed to the significance of this year, as it also marks 30 years of the Brazil-Namibia Naval Cooperation Agreement, an unprecedented partnership that continues to strengthen ties between the two Atlantic navies. The celebrations kicked off on Thursday morning with a street procession through Walvis Bay. Led by the Namibian Navy Band, Marines and sailors…

10 Oct

Maize imports stood at 5 700 tonnes in September

info_e12wt4csObserver Money

CHAMWE KAIRA While South Africa’s maize production is down 22% from the last season because of the tough mid-summer drought to an expected harvest of 12,8 million metric tonnes, South Africa has continued to export maize to the Southern African region. The anticipated harvest and significant carryover stock from the previous season, according to Wandile Sihlobo, the chief economist of the Agricultural Business Chamber of South Africa, have given South Africa confidence in its maize supplies. Sihlobo said in the week of September 27, South Africa exported 38 000 tonnes of maize. Zimbabwe received 54% of this volume, Botswana received…

10 Oct

The digital landscape is ever evolving

info_e12wt4csObserver MoneyE-commerce

EMILIA EINO Namibia is experiencing is the rise of E-commerce. Over the past few years, E-commerce has become an integral part of our lives, providing us with a plethora of benefits. This article explores the largely unexplored general benefits of E-commerce in Namibia, which are set to redefine our nation's economic and consumer experiences and future expectations. One of the most significant advantages of E-commerce in Namibia is the accessibility it is likely to offers to citizens accessibility. Whether you reside in the busy city of Windhoek, the peaceful landscapes of the Kunene Region, or the charming towns of the…

10 Oct

Diamond prices decline in September

info_e12wt4csObserver MoneyJewellery & Gem World show, RapNet Diamond Index

CHAMWE KAIRA Diamond prices fell in September as the market continued to suffer from an oversupply, Rapaport Group said this week. Indian manufacturers reduced rough-buying and polished production to rebalance supply and demand. Polished inventories began to decline, but it will take a few weeks for them to fall to healthy levels. Shortages of in-demand items are likely. The RapNet Diamond Index dropped 4% for 0.30-carat stones, 4.2% for 0.50 carats, and 2.5% for 3 carats. Lower-quality stones saw a gentler decline, with prices of round, 1-carat, D to H, SI diamonds slipping 3.5% in September. Prices of fancy shapes…