Observer Money

CHAMWE KAIRA The confluence of positive economic indicators and the resilience of the volume passenger car segment during the last quarter of 2024 suggests a potential rebound for the new vehicle market in 2025, the Automotive Business Council has revealed in its December 2024 new vehicle sales statistics. Namibia imports a large number of cars from South Africa. The council said the South African Reserve Bank’s two interest rate cuts towards year-end, the first in four years, coupled with easing inflation, have created a more favourable economic environment. Additionally, lower fuel prices have bolstered consumer confidence and disposable income, as…

CHAMWE KAIRA Outgoing Bank Windhoek Managing Director Baronice Hans will work closely with newly appointed MD James Chapman until 30 June to ensure a smooth leadership transition, the Capricorn Group board has confirmed. Chapman is set to officially take over as managing director on 1 July 2025. In September, it was announced that Hans would complete her tenure as managing director at the end of June 2025. The bank initiated a comprehensive talent search to identify a suitable successor, culminating in the appointment of Chapman. “The appointment was made in accordance with the policy dealing with the nomination of directors…

CHAMWE KAIRA Trustco Group Holdings Limited shareholders have approved the N$469 million (US$26 million) equity acquisition of additional shares in Legal Shield Holdings Limited (LSH) at a general meeting held in Windhoek. The transaction involves acquiring 1 135 shares from Riskowitz Value Fund LP (RVF), increasing Trustco’s stake in LSH to 91.35%. Quinton Z van Rooyen, Deputy CEO of Trustco, stated: “The support from our shareholders validates our steadfast belief in Namibia’s economic potential. By deepening our commitment to the opportunities inherent in Namibia’s growing property and insurance sectors, we are not just investing in Trustco’s future but also contributing…

FAUSTO MENDES Namibia, with its abundant uranium reserves and growing energy needs, presents a unique case for evaluating the viability of constructing a nuclear power plant. Advantages Rich uranium resources Namibia is one of the world's top uranium producers, ensuring a steady and local supply of the primary fuel for nuclear energy. This could significantly reduce logistical and procurement challenges. A nuclear power plant could address Namibia's energy demands while reducing reliance on imported electricity, particularly from neighboring countries like South Africa. The construction and operation of a nuclear plant could stimulate job creation, infrastructure development, and technological advancement, boosting…

DENIZ IGAN A newly developed dataset shows how the pandemic’s aftermath ushered in the worst housing affordability crisis in more than a decade. The pandemic and subsequent return of inflation set off the world’s worst housing affordability crisis in more than a decade. It spilled across some of the largest advanced economies and contributed to widespread anger and resentment about economic conditions. Affordability fell in the United States, the United Kingdom, Australia, Canada, Germany, Portugal, and Switzerland. On average across countries, housing is less affordable today than during the house price bubble that preceded the global financial crisis of 2007–08,…

Niël Terblanché Technicians of Telecom Namibia were lauded for their swift and professional response to a fibre link outage caused by heavy rainfall over the weekend. The incident on Saturday, which affected the vital Okahandja-Karibib fibre link, disrupted connectivity in the area, prompting an immediate response from the company's technical team. In a statement, Telecom said the outage occurred following torrential rains that caused significant damage to the fibre infrastructure. According to the statement, technicians had to brave chest-high floodwaters in the relentless downpour to complete their task. Despite these challenges, the team managed to locate and repair the fault,…

Niël Terblanché The marine industrial complex situated in Walvis Bay welcomed the Q7000, a semi-submersible vessel, which docked on 16 December for maintenance and repair work before its deployment to Brazil's oil fields. The vessel is currently stationed at Berth 8 at the harbour, where it will undergo hull cleaning operations to comply with international maritime environmental standards. The Q7000 arrived from Western Australia and is scheduled for a ten-day stay in Walvis Bay. During this period, specialized underwater vacuum cleaning technology will be employed to remove marine life such as barnacles and mussels from the hull. The extracted organisms…

Martin Endjala In the digital transformative world, innovative ways of doing business have become a prerequisite for many Small and Medium Enterprises (SMEs) to navigate the demands of high-tech payment and cash withdrawal systems. Papa G, who owns Papa G’s Chicken in Grysblock, Windhoek, narrated his experience with a Portable Point of Sale (POS) commonly known as a swiping machine, describing it as convenient for his customers. He told the Windhoek Observer this week that some customers do not walk around carrying money, and the convenience of him having a swiping machine has been a game changer. “Trust me if…

Erasmus Shalihaxwe The Ministry of Mines and Energy has approved the 2024 ministerial determination for the procurement of new power generation projects, in line with the National Integrated Resource Plan (NIRP) of 2022. In a statement issued on Thursday, the minister of mines and energy, Tom Alweendo said the determination serves as a strategic guide for NamPower and the broader Electricity Supply Industry (ESI) in the development, procurement, and execution of critical energy projects. The minister emphasised that the determination reflects the government’s commitment to enhancing energy security and advancing energy independence through sustainable power generation. The initiative is expected…