Observer Money

CHAMWE KAIRA Namibia awaits anxiously to learn its fate next week as the Financial Action Task Force (FATF) prepares to announce whether the country has successfully implemented sufficient reforms to avoid being grey-listed, Bryan Eiseb, director of the Financial Intelligence Centre (FIC), revealed to Observer Money. Eiseb noted that the country initially faced 72 issues identified for reform, which have now been narrowed down to just 13 remaining concerns. Since 2021, Namibia has been undergoing a mutual evaluation process under the Eastern and Southern Africa Anti-Money Laundering Group (ESAAMLG). “Namibia has made remarkable progress in addressing the issues outlined by…

CHAMWE KAIRA The Kimberley Process (KP) will remain as a safeguard for Namibia even as the diamond industry deals with unintended consequences from the second phase of a ban on Russian diamonds by the Group of Seven (G7). De Beers, the leading diamond company fear the second phase may disrupt prices for diamonds produced in Botswana, South Africa and Namibia. In December, G7 nations announced a direct ban on Russian diamonds starting in January followed by phased-in restrictions on indirect imports of Russian gems from March. The Kimberley Process (KP) is a commitment to remove conflict diamonds from the global…

CHAMWE KAIRA The 85 MW green hydrogen energy project by HDF Energy Namibia near Swakopmund has been given Environmental Clearance Certificate by the Ministry of Environment, Forestry and Tourism, the company announced this week. “Notice is hereby given that on 22 January 2024, the Ministry of Environment, Forestry and Tourism: Directorate of Environmental Affairs granted an Environmental Clearance Certificate for the project in terms of the Environmental Management Act (No. 7 of 2007) and the Environmental Impact Assessment Regulations 2012. This provides HDF Energy Namibia with authorisation to develop and operate the Renewstable Swakopmund Project, east of the town of…

The Ministry of Finance and Public Enterprises has announced plans to auction 26,384 metric tons (MT) of horse mackerel to the highest bidder, aiming to generate revenue for government expenditure. The bidding process will close on 1 March. The tender conditions stipulate that bids must be in multiples of 100 metric tons, with a minimum price of N$3,500 per MT for freezer fish and N$1,000 per MT for wet fish. Each bidder is required to provide a bid security deposit equal to the reserve price per MT multiplied by the volume of MT applied for. The ministry has outlined that…

CHAMWE KAIRA The Ministry of Environment, Forestry and Tourism has given Namwater an environmental clearance certificate to upgrade the Rundu Purification Plant, Namwater has announced. The project aims to upgrade the existing water supply schemes at Rundu and Nkarapamwe (inclusive of construction of a new water treatment plant at Rundu, upgrading of water supply abstraction, reservoirs and conveyance systems and the decommissioning of the old water treatment plant and associated redundant infrastructure at Rundu. Projects documents obtained by Observer Money showed that both NamWater schemes have difficulties in coping with the water demand at Rundu Town. The reservoirs’ levels are…

Namibia’s diamond production decreased by 4% to 600 000 carats in the fourth quarter of 2023, due to marginally lower grades at the land operations, the De Beers Group announced. Overall, De Beers rough diamond production decreased by 3% to 7.9 million carats, primarily due to the planned reduction in South Africa as Venetia transitions to underground operations, partly offset by higher production from Botswana. In Botswana, production increased by 6% to 6.1 million carats, principally driven by increased plant throughput at Orapa due to planned lower maintenance. In South Africa, production decreased by 54% to 0.4 million carats, due…

FNB Namibia announced this week the dual listing of the FirstRand Bank Limited Exchange Traded Note (ETN) programme on the Namibian Stock Exchange (NSX). The ten listed instruments will provide ordinary Namibians the ability to invest in quality international companies like Amazon, Berkshire Hathaway and Microsoft with for as little as N$10. FNB said International diversification is important to any investment portfolio and the FNB ETN’s provide an easy and cost-effective manner to start diversifying your investment portfolio. “The ETN note programme makes use of the concept of micro investing thus promoting financial inclusion. Because the programme is listed on…

CHAMWE KAIRA Namib Desert Diamonds (Pty) Ltd (Namdia), the diamond marketing and sales company, has, through its Namdia Foundation, granted life-changing opportunities to 14 young Namibians from all 14 regions in the country. The recipients of the 2024 academic intake of the Namdia Foundation Bursary Scheme have described the bursaries as transformative. Tommy Shaningwa, from the Ohangwena Region, has been awarded a bursary to pursue a degree in electronic and computer studies at the University of Namibia. He expressed gratitude, stating, "This is a once-in-a-lifetime opportunity. I feel deeply honored and privileged to receive such a sophisticated bursary. Namdia is…

Nichlas Mbingeneeko The previous article focused on preparing small stock for mating and selecting an appropriate lambing or kidding season. This article focuses on preparing the ewes for lambing or kidding. In preparing the ewes for lambing or kidding, the farmer needs to vaccinate the ewes against gangrene of the uterus (baarmoeder sponssiekte) two to three months prior to lambing or kidding. Also, inoculate against scabby mouth (vuilbek) one month prior to lambing or kidding so as to prevent udder infection. Literally, ¾ of the growth of the fetus takes place during the last three weeks of pregnancy. The pregnant…

Martin Endjala The beginning of 2024 has witnessed a significant uptick in vehicle sales, achieving the highest January figures since 2016. A total of 1,369 vehicles were sold, with 950 of these being new units. This marks a notable increase of 13.0 percent from December's 841 units and a 17.7 percent increase from January of the previous year, where 807 units were sold. A report from Simonis Storm Securities highlights this consistent growth, projecting an optimistic outlook for vehicle sales in 2024. The data reveals that rental agencies contributed to this surge by purchasing 41 vehicles, including a mix of…