Observer Money – Page 52

23 Feb

Trans-Zambezi Railway important for iron project

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CHAMWE KAIRA The proposed Trans-Zambezi Railway Extension Grootfontein-Rundu-Katima Mulilo is very important for Tsodilo Resources Limited, which is developing the Xaudum Iron Project in Botswana close to the Namibian border. The company’s chairman and CEO, James Bruchs, said the railway line is very important for the rail shipment, once the Xaudum Iron Project is off the ground. In September, the Namibian Cabinet has approved the final feasibility study for the Trans-Zambezi Railway Extension Grootfontein-Rundu-Katima Mulilo. The extension of the Grootfontein-Katima Mulilo will connect Namibia, Zambia and Botswana, through Ngoma up to Kasane, and link up with Zimbabwe and Zambia, up…

23 Feb

FNB profit drop up to 5%

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FirstRand Namibia Limited has advised shareholders that the group's profit after tax for the period ended 31 December 2023 is expected to be 0% to 5% lower than the comparative period partly due to higher impairments, with pre-provision profit improving between 3% to 8% with strong underlying performance from operations. The group's reviewed financial results will be released on 29 February 2024, said Nelago Makemba company secretary. By comparison, FNB Namibia’s earnings for the six months ended 31 December 2022 increased by 38% to N$813 million, a performance the company said was a testament to the quality of its operating…

23 Feb

Beer, wine, cigarettes prices up

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CHAMWE KAIRA Consumers can expect prices of alcohol products and cigarettes to go up in line with the Southern African Customs Union (SACU) excise duties when Minister of Finance, Ipumbu Shiimi tables the 2024 budget next week. This week, South African Minister of Finance, Enoch Godongwana said for alcohol products excise duties, above-inflation increases of between 6.7% and 7.2% for 2024/25 are proposed. This means a can of beer increased by 14 cents, a can of a cider and alcoholic fruit beverage went up by 14 cents, a bottle of wine will cost an extra 28 cents, a bottle of…

23 Feb

No final decision on grey-listing ……… Namibia’s financial sector has assets exceeding US$5 billion

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CHAMWE KAIRA The Financial Action Task Force (FATF) has not made a final decision on whether the country has successfully implemented sufficient reforms to avoid being grey-listed, Bryan Eiseb, director of the Financial Intelligence Centre (FIC), said this week. Media speculation this week said Namibia will be blacklisted by FATF. “The final has not been made yet,” said Eiseb. Early this week, Minister of Finance, Ipumbu Shiimi said Since December 2022, Namibia has been diligently working towards meeting international standards set forth by the Eastern and Southern African Anti-Money Laundering Group (ESAAMLG) and FATF. He said a comprehensive mutual evaluation…

23 Feb

Dundee will not resubmit Osino offer

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Dundee Precious Metals (DPM) Inc. this week acknowledged receipt of notice from Osino Resources Corp that a foreign-based mining company has made a binding proposal to acquire all of the issued and outstanding common shares of Osino for a purchase price of Canadian Dollars (C$)1.90 per share payable in cash. Osino has further advised DPM that its board of directors has determined that the new proposal constitutes a superior proposal as defined in the arrangement agreement between DPM and Osino dated 17 December 2023. Pursuant to the terms of the Arrangement Agreement, DPM had previously agreed to acquire all of…

23 Feb

Tourism to be top performer in 2024

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The tourism industry could potentially be one of the strongest performing sectors of the Namibian economy in 2024, according to Simonis Storm Securities. The firm said although business and conference tourism still lag behind 2019 levels, there is potential for significant growth, especially as certain hospitality establishments are poised to accommodate guests attending events such as The Africa Hospitality Investment Forum (AHIF) and the AviaDev Africa event. Organisers of the AviaDev Africa event have announced that 26 airlines have registered to participate so far, suggesting significant interest and the potential economic impact particularly in the tourism and hospitality industry. In…

23 Feb

The essence of business transformation and strategy

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MIGNON DU PREEZ Corporate transformation and strategy are more than simply buzzwords in the rapidly evolving corporate world; they are essential to long-term success. In addition to keeping up, those that understand the value of strategic planning and transformation also lead with an unwavering vision for greatness. Business transformation is a significant movement that fundamentally alters the way organisations operate, going beyond simple adjustment. In a world where flexibility is essential, companies that embrace change gain an advantage. It involves reevaluating procedures, making intelligent use of technology, and cultivating an innovative culture. Corporate leaders are aware that this is a…

23 Feb

Airlink pays tribute to Geingob

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Airlink is deeply saddened by the news of the unexpected passing of President Hage Geingob. “On behalf of everyone at Airlink, I extend our sincerest condolences to the late President Geingob’s family, his loved ones and Namibians everywhere, on the loss of a loyal servant of the Namibian people, a valiant fighter and committed campaigner for Namibia’s independence and self-determination, and a champion of inclusivity, democracy and constitutionally-led values,” said Rodger Foster, CEO and Managing Director of Airlink. Foster said Geingob said appreciated the airline’s sector’s role in unlocking the potential of tourism, trade, commerce and cultural ties. He saw…

22 Feb

Economists anticipate that education might dominate the national budget

info_e12wt4csObserver MoneyEconomists anticipate that education might dominate the national budget

Martin Endjala Economists are anticipating that education will dominate the national budget that is set to be tabled in the National Assembly next week Some of the economists during a pre-budget public discussion in Windhoek this week said they are, however, doubtful of the continuous budgetary allocation to education because of its lacklustre performance. The event was organised by Capricorn Group in collaboration with its partners Economic Association of Namibia, and High Economic Intelligence among others, under the theme the National Budget in an Election Year: Fiscal Expansion and Strategic Priorities. The discussion centred around the implications of the expected…

21 Feb

Meatco faces increased competition from private sector entrants

info_e12wt4csObserver MoneyMeatco faces increased competition from private sector entrants

Niël Terblanché The Meat Corporation of Namibia (Meatco) finds itself at a critical juncture, with its commercial dominance in the Namibian meat industry under siege from private sector entrants. The arrival of companies like Beefcor Namibia and Savanna Beef Namibia signals a significant shift in the market dynamics, potentially diluting Meatco's longstanding position amidst challenging conditions exacerbated by drought. In the Institute for Public Policy Research’s (IPPR) latest economic review for the fourth quarter of 2023, economist Robin Sherbourne voiced his concerns about the possible misallocation of funds. Sherbourne stressed the government's potential stance on Meatco's pivotal role in marketing…