Observer Money

Diamond prices declined for most of July amid uncertainty over US tariffs. Major retailers postponed holiday purchases, creating pressure on prices and inventory following a hike in manufacturing. US dealers raised prices on the final day of the month in response to President Donald Trump’s July 30 announcement of 25% duties on Indian imports. The trade began moving inventory to the US ahead of 7 August, when the new rate goes into effect. Smaller diamonds saw a sharper downturn amid a growing oversupply: The index for 0.30- and 0.50-carat stones declined 3.3% and 4.7% respectively. Larger stones enjoyed more stability,…

Mantra Tanzania Ltd, (a subsidiary of Uranium One Group, part of the State Corporation Rosatom) has commissioned a pilot uranium processing facility at the Mkuju River project located in southern Tanzania.  The official inauguration ceremony was graced by Samia Suluhu Hassan, President of the United Republic of Tanzania, government officials, local community leaders, and representatives from Rosatom State Corporation organisations. This milestone symbolizes the strengthening of Russia-Tanzania cooperation in the uranium mining sector.  “Rosatom offers its cutting-edge uranium processing technologies to develop distinctive geological potential of Tanzania. As with all our partners, we intend to advance cooperation with the country…

Shoprite Holdings has given an update on the sale of furniture business to Pepkor. The group signed an agreement on 2 September 2024 to dispose of the furniture business including the OK Furniture and House and Home brands to Pepkor in order to ensure the long-term sustainability of this business.  The proposed transaction was approved by all relevant authorities in the applicable non-South African territories, and a positive recommendation was made by the South African Competition Commission to the South African Competition Tribunal.  Following the South African Competition Tribunal’s granting of an application to intervene as a participant in the…

The International Air Transport Association (IATA) has released the latest edition of the World Air Transport Statistics (WATS) with comprehensive statistical data for 2024.  Updated annually with data from over 240 international airlines, the WATS database provides a complete overview of airline metrics related to demand, supply, and performance. The report includes a detailed breakdown of scheduled passenger and cargo traffic demand, scheduled passenger and cargo capacity, overview of the global airline fleet, and top airport pairs.  The report also provides details on the financial health of the industry with in-depth information on operating costs and revenue, aircraft utilization and…

Allexer Namundjembo Non-alcoholic beverage manufacturer and distributor Interpack says it has corrected salary discrepancies after several employees were underpaid due to a payroll miscalculation by the Human Resources department.  The issue reportedly  affected staff who said they received only partial salaries. “We were paid less. It seems like they calculated only the number of days we worked and ignored our basic salaries,” one employee told the Windhoek Observer on condition of anonymity. Former workers also alleged unfair dismissals, claiming some employees were terminated without undergoing formal disciplinary processes. “When I was there, we worked long hours, and some of us…

Chamwe Kaira  The government sees potential in the nuclear fuel cycle chain, including uranium conversion and small modular reactors, with the ability to inject up to N$20 billion into the economy under favourable conditions.  These include geopolitical dynamics, market trends, and Namibia’s financial and technical capacity. The sixth National Development Plan (NDP6) shows that one of the planned interventions is to assess the viability of uranium conversion.  The plan also sets the stage for considering a nuclear power programme beyond the NDP6 period. The proposed activities include the establishment of a Nuclear Institute of Namibia and exploring flagship nuclear projects…

Chamwe Kaira  The Namibia Green Hydrogen Programme (NGH2P) is in advanced talks with the European Investment Bank for a €500 million (approximately N$10 billion) facility.  The proposed facility carries a 3.5% interest rate with a five-year grace period. Earlier this year, the programme, in partnership with the ministry of finance, submitted a funding proposal to the Climate Investment Funds’ Industry Decarbonisation Program under the Clean Technology Fund.  The requested amount ranged from $50 million to $250 million, with a low-cost facility averaging 1% interest in USD.  This funding has been awarded, and the NGH2P is now in the project pipeline…

Chamwe Kaira  Standard Bank Namibia Holdings Limited expects its profit after tax for the six months ended 30 June 2025 to increase by between 8% and 12% compared to the same period last year.  Earnings per share (EPS) and headline earnings per share (HEPS) are projected to rise to between 105 and 109 cents, up from 97 cents in 2024. This projection is based on a trading statement issued in line with the Namibia Stock Exchange Listings Requirements, which obliges companies to inform shareholders when results are likely to differ materially from the previous period.  The company is expected to…