Observer Money – Page 60

18 Jan

Rössing invests in possible future employees

info_e12wt4csObserver MoneyRössing invests in possible future employees

Niël Terblanché In a heartwarming gesture that highlights its commitment to education and community development, Rössing Uranium recently made a significant donation to the Tsumkwe Senior Secondary School.The donation included 400 school bags filled with essential stationery items, aimed at supporting the learners in their educational journey. The primary objective of the generous donation is to empower future employees and students, enabling them to concentrate on their studies while aspiring to reach greater heights, regardless of the challenges they may face. Rössing’s Corporate Communication Manager, Daylight Ekandjo, reaffirmed the mining company’s dedication to investing in education. Ekandjo stressed the pivotal…

18 Jan

Trustco needs N$2.4 billion to tap into Namibia’s economic potential

info_e12wt4csObserver MoneyTrustco needs N$2.4 billion to tap into Namibia’s economic potential

Martin Endjala Trustco Group Holdings Limited is set to raise N$2.4 billion from shareholders to tap into Namibia’s economic potential. This pivotal transaction with key shareholders is said to underscore confidence in Namibia’s bright economic prospects and Trustco’s time-tested capabilities to channel investment into high-growth areas. Trustco and United States fund Riskowitz Value Fund LP (RVF) will enter into an option to make a cash investment of up to N$950 million into Trustco, entrenching RVF as a key anchor foreign investor. The capital will provide Trustco with the unparalleled financial muscle to capitalise on new opportunities and strengthen existing investments…

17 Jan

NAMFISA’s Gariseb to serve on International Insurance Supervisory forum

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Martin Endjala Namibia Financial Institutions Supervisory Authority (NAMFISA) Manager for Insurance and Medical Aid Funds, Erich Gariseb, is set to serve on the International Association of Insurance Supervisors (IAIS) Risk-Based Solvency Implementation Forum. The Risk-Based Solvency Implementation Forum which aims to support Emerging Markets and Developing Economies (EMDEs) jurisdictions to advance their observance of the IAIS supervisory material and strengthen members’ supervisory frameworks, especially as they navigate the complexities of establishing risk-based solvency regimes. The Forum develops guidance for EMDE regulators on practical aspects of implementing a risk-based solvency regime and facilitates the exchange of experiences amongst regulators on the…

17 Jan

Livestock presents a challenge to the development of Opuwo

info_e12wt4csObserver MoneyLivestock presents a challenge to the development of Opuwo

Niël Terblanché Opuwo, the capital of the Kunene Region, is currently grappling with an influx of livestock within its boundaries. This phenomenon has raised concerns among the Opuwo Town Council, which has issued a stern warning to livestock owners to contain their animals within designated areas. According to Karui Rikambura, the Town Council's technical director, the livestock situation within Opuwo has become increasingly problematic, with goats, sheep, cattle, and pigs now a common sight within the town limits. “Some of these animals are even brought in from neighbouring villages, exacerbating the issue. Rikambura described the situation as both concerning and…

16 Jan

Transport Annual Inflation Slows Down in December 2023

info_e12wt4csObserver MoneyHalleluya Ndimulunde, Transport Annual Inflation Slows Down in December 2023

Martin Endjala The annual inflation rate in the transport category exhibited a significant slowdown, recording 4.0 percent in December 2023. This was a notable decrease from the 5.1 percent recorded in November 2023 and a sharp deceleration from the 14.8 percent reported in December 2022. According to Simonis Storm Economist Halleluya Ndimulunde, this slowdown can be attributed to the subcategory of personal transport equipment, which benefited from a reduction of 130 cents in the prices of both diesel and petrol in December 2023. Ndimulunde noted that this pricing adjustment was announced by the Namibian Ministry of Mines and Energy, emphasizing…

15 Jan

The world’s largest crane vessel anchored at Walvis Bay

info_e12wt4csObserver Moneycolossal semi-submersible crane vessel (SSCV) Sleipnir, The world’s largest crane vessel anchored at Walvis Bay

Niël Terblanché The colossal semi-submersible crane vessel (SSCV) Sleipnir, sailing under the flag of Panama, is currently anchored at Walvis Bay. This maritime marvel, a true testament to the wonders of engineering, is the world’s largest crane vessel. Sleipnir, a creation of Heerema Marine Contractors, came into existence in 2019, and its name is inspired by Odin’s legendary eight-legged horse from Norse mythology. What sets this vessel apart is its two massive revolving cranes, constructed by Huisman Equipment B.V., each boasting a jaw-dropping lifting capacity of 10,000 tons. These cranes can seamlessly work together to achieve an extraordinary joint lift…

15 Jan

Good relations are set to boost Namibian economic growth

info_e12wt4csObserver MoneyGood relations are set to boost Namibian economic growth

Niël Terblanché Namibia’s economic growth is set to receive a significant boost in 2024 through its growing and robust relationship with China, according to an independent economic and business researcher, Josef Sheehama. The strengthening ties between the two nations are expected to bring tangible and substantial benefits for both peoples. Over the years, China has emerged as Namibia’s largest source of foreign investment and its second-largest trading partner. The economic and political partnership between the two countries has deepened, offering a wide range of opportunities for mutual growth and cooperation. According to Sheehama, the opportunities arising from the China-Namibia relationship…

12 Jan

Bannerman receives mining licence

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Bannerman Energy Ltd has received the mining licence for its flagship Etango Uranium Project. “Our team in Namibia were very excited to receive the mining licence for the Etango uranium project. The project is now fully permitted and shovel ready as 2024 begins,” the company said this week. This comes on the heels of the news that France has announced plans to build an additional eight nuclear reactors on top of six already planned. It was also announced recently that the United Kingdom had made a landmark £300 million investment to become first nation in Europe to produce enriched uranium…

12 Jan

BoN sets monetary policy dates

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The Bank of Namibia has set dates for the Monetary Policy Announcements for 2024. The Bank of Namibia's Monetary Policy Committee (MPC) meets every two months to announce its interest rate decision and the broad direction of monetary policy. The 2024 Monetary Policy Announcement dates for 2024 are as follows: 14 February, 17 April, 19 June, 14 August, 23 October and 4 December. Looking back at the monetary decisions the bank made last year, February saw the MPC deciding to increase the repo rate by 25 basis points to 7%. The increase in the repo rate effectively brought the prime…

12 Jan

Government bonds returned 17.4% in 2023

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Cirrus Capital has stated that in the calendar year 2023, Namibian government bonds returned 17.4% on the back of substantial spread compression. Cirrus Capital, which focuses on corporate advisory, capital raising and research said spreads declined by an average of 119bps across the curve, with the most notable declines across the long end of the curve (GC37 – GC50), down on average 214bps. In the review of the Namibia Stock Exchange, Cirrus Capital said amongst the primary listed shares on the NSX, Standard Bank Namibia was the best performing in 2023, with a total return of 114%, whilst Paratus Namibia…