Observer Money – Page 43

22 Aug

Belgian, Dutch tourists flock to Namibia

info_e12wt4csObserver Money

CHAMWE KAIRA The number of tourists from Belgium, The Netherlands, and Luxembourg increased by a record high of 11.6% in July. This is the highest number of visitors in five years. According to the Hospitality Association of Namibia (HAN), July and August are traditionally peak travel months for the European Union. Although there was a slight decline in visitors from France, likely due to the Olympics and other events, the Belgium, The Netherlands, and Luxembourg (Benelux) market has filled this gap, according to a report by Simonis Storm Securities. This trend reflects the strong market presence of Benelux tourists, bolstered…

22 Aug

Car sales exceeded pre-pandemic levels

info_e12wt4csObserver MoneyBank of Namibia, Simonis Storm Securities

CHAMWE KAIRA Simonis Storm Securities believe that the 25 basis point repo rate cut by the Bank of Namibia is unlikely to significantly impact vehicle sales in the short term, given that current sales figures have already exceeded pre-pandemic levels, reflecting a resilient market recovery. The firm noted that the second-hand vehicle market has gained considerable traction, becoming an attractive option for buyers amid economic prudence. This trend suggests a shift in consumer preferences towards more cost-effective alternatives, especially in an environment where luxury vehicle purchases remain restricted. Simonis noted the deceleration in motor vehicle price inflation suggests some relief…

22 Aug

Qatar Airways acquires 25% stake in Airlink

info_e12wt4csObserver MoneyRodger Foster, World’s Best Airline’s Africa

Qatar Airways Group has acquired a 25% stake in Southern Africa’s premier independent regional carrier, Airlink. The announcement is a continuation of the multi award-winning airline’s ambition to further develop its operations across the African continent. The investment in Airlink, which flies to more than 45 destinations in 15 African countries will enhance a code-sharing partnership between the two airlines. The deal will bolster the World’s Best Airline’s Africa growth strategy and cement its role as a key driver to the continent’s economic success. On the announcement, Qatar Airways’ Group Chief Executive Officer, Engr. Badr Mohammed Al-Meer,said: “Our investment in…

22 Aug

Southern Africa tourism safe from Mpox

info_e12wt4csObserver MoneyAfrica Centres for Disease Control and Prevention (Africa CDC), Public Health Emergency of International Concern (PHEIC), Tshifhiwa Tshivengwa

In light of recent global health declarations regarding Mpox, the SADC Business Council Tourism Alliance has reaffirmed that Southern Africa remains a safe and welcoming destination for tourism. The Tourism Alliance emphasized the region’s swift and coordinated response to the situation, while highlighting the minimal risk to travellers. On August 14, the World Health Organization (WHO) declared Mpox a Public Health Emergency of International Concern (PHEIC) for the second time in two years. This was followed by the Africa Centres for Disease Control and Prevention (Africa CDC) declaring a Public Health Emergency of Continental Security (PHECS) on 13 August. These…

20 Aug

Construction of Capricorn Group sustainable building commenced

info_e12wt4csObserver MoneyCapricorn Group, David Nuyoma, Johan Swanepoel

Martin Endjala The Capricorn Group held the groundbreaking ceremony for the start of construction on a new office building in Windhoek's central business district on Tuesday. The group's chief executive officer, David Nuyoma, said the development is designed to reflect the group's four-decade legacy while accommodating over 200 employees and addressing the growing need for office and parking space. “It represents the group’s commitment to contributing meaningfully to the rich heritage and renewal,” he said. The Capricorn Group building, which houses its subsidiary bank, Bank of Windhoek, will be next to the building at the corner of Independence Avenue and…

18 Aug

Shanjin International Gold to Acquire Osino Resources for N$4.8 Billion

info_e12wt4csObserver MoneyShanjin International Gold Co. Ltd

Martin Endjala Osino Resources has announced that Shanjin International Gold Co. Ltd. (formerly Yintai Gold) will acquire all outstanding common shares of Osino for C$1.90 per share (N$24.77), totalling C$368 million (N$4.8 Billion) The Canadian mining company made the announcement last week. Heye Daun, President and CEO of Osino, confirmed that both Osino and Shanjin have secured approval from the Namibia Competition Commission (NaCC) for the transaction. “The approval of the NaCC was the final outstanding approval to conclude the arrangement,” he said. The closing of the arrangement is set to occur on or before 29 August. The payment of…

18 Aug

Namibia resumes poultry imports from RSA but suspends imports from Brazil

info_e12wt4csObserver Money

Niël Terblanché Namibia has resumed the importation of live poultry and birds from South Africa, following a temporary suspension imposed in September 2023. The suspension was initially enacted due to an outbreak of highly pathogenic avian influenza in South Africa, prompting Namibia’s Ministry of Agriculture, Water and Land Reform (MAWLR) to halt all imports to protect the local poultry industry. The acting chief veterinary officer at the Directorate of Veterinary Services, Johannes Shoopala, stated in a notice on Friday that the ban has been lifted. “The resumption of imports, however, comes with stringent conditions to ensure the continued safety and…

18 Aug

Powercom expands network connectivity

info_e12wt4csObserver MoneyNamibian communication industry, PowerCom’s Howobees network tower

Niël Terblanché Stakeholders in the Namibian communication industry have been urged to collaborate more closely to ensure that every citizen can benefit from the digital age. Emma Theofelus, the Minister of Information and Communication Technology, during the groundbreaking ceremony for PowerCom’s Howobees network tower in the Keetmanshoop Rural Constituency on Thursday, made the call and said the tower will be yet another step in bridging the digital divide in Namibia. "Let us work together to ensure that every Namibian has the opportunity to thrive in the digital age," she said while stressing the need for continued collaboration among government entities,…

18 Aug

Sale of Tsumeb copper smelter approved

info_e12wt4csObserver MoneyDundee Precious Metals, Namibia Competition Commissio, Sinomine Resource Group Co. Ltd

Martin Endjala The Namibia Competition Commission (NaCC) has approved the sale of Dundee Precious Metals’s (DPM) copper smelter in Tsumeb. Sinomine Resource Group Co. Ltd., a Chinese-owned company purchased the company’s interest in the smelter. “The sale is on track to close as planned in the third quarter of 2024, subject to completing the documentation regarding the revised purchase price and proposed tolling arrangement as disclosed in the company’s management’s discussion and analysis and news release published on August 1, 2024,” said the company in a statement last week. In March this year, the company announced that it had entered…

15 Aug

Repo cut to revive consumer spending

info_e12wt4csObserver MoneyBank of Namibia, Economist Halleluya Ndimulunde

CHAMWE KAIRA Economist Halleluya Ndimulunde believes that a reduction in the repo rate generally leads to lower borrowing costs for both households and businesses. The Simonis Storm Security economist said in the aftermath of Bank of Namibia cutting the interest rate by 25 basis points down to 7.50%, that this may encourage a revival in private sector credit extension, which has been subdued, as confidence in a less restrictive monetary policy environment grows. “Overall, this rate cut is likely to stimulate economic activity by improving access to credit, thereby supporting increased spending and investment across the economy,” said Ndimulunde. Additionally,…