Page 1380 – Windhoek Observer

26 May

Secrecy shrouds fate of suspended Fishcor CEO

Observer MoneyFishcor, Mike Nghipunya

… As cabinet deliberates on new Fishcor board Staff Writer The continued role of Mike Nghipunya as Chief Executive Officer of the National Fishing Corporation (Fishcor) continues to be shrouded in amid a deafening silence from key stakeholders of the company. This comes more than five months after he was suspended from the company and subsequently arrested for his role in the Fishrot saga on allegations that he used his position as CEO of the state-owned fishing company to allocate fishing rights in exchange for money. Nghipunya is facing three charges, including fraud, contravening the Anti-Corruption Act and corruptly using…

26 May

Education Ministry absolves liability for student contractions

Observer MoneyArts and Culture, Covid-19, Ministry of Education

…as it remains adamant on schools re-opening Andrew Kathindi The Ministry of Education, Arts and Culture is adamant on re-opening schools amidst the announcement of three new positive cases of COVID-19 and but maintains it will not be held responsible should students contract the virus at school. Minister of Health and Social Services, Dr Kalumbi Shangula on Wednesday announced the country had recorded three new cases, the latest being a 39-year old man who traveled from South Africa and this comes on the backdrop of the Ministry of Education announcing its plans to re-open schools in four stages beginning on…

21 May

Dempsey takes over as FirstRand Namibia Group CEO

UncategorisedConrad Dempsey, FirstRand Namibia, RMB Namibia

Staff Writer RMB Namibia Chief Executive Officer, Conrad Dempsey has been appointed FirstRand Namibia Group CEO Designate effective 1 July 2020 and will officially takeover reigns from Sarel van Zyl who retires on 30 September 2020. “He brings a wealth of work experience from around the world as well as Africa and successfully has led and developed RMB into the most successful Corporate and Investment Bank in Namibia. He has an incredibly deep understanding of the group’s businesses and our culture and I know he will take FirstRand to even greater heights”, said Van Zyl. “We have developed a strong…

21 May

City of Windhoek or Huawei City?

National News5G, City of Windhoek, CoW, Huawei

The decision about 5G technology in Windhoek in order to allow the city council to create what will be effectively, another an SOE is alarming. A quasi-SOE jointly owned by the City of Windhoek (CoW) and Huawei will supposedly run a fast, state-of-the-art internet ‘system’ conceived, financed, installed and operated by the Chinese. This is supposed to be a good thing for Windhoek. We disagree. First off, Huawei has been blocked from installing its high-tech internet infrastructure in the United States because there are concerns of Chinese control and access to national concerns. Also, THEY will have the on/off switch…

21 May

BoN declares WhatsApp Stokvel illegal

Observer MoneyBank of Namibia (BoN), WhatsApp Stokvel

Staff Writer The Bank of Namibia (BoN) has finally declared WhatsApp Stokvel illegal following an investigation into their operations. The announcement by the central bank comes amid growing popularity of WhatsApp Stokvel as a means of making additional income. According to the central bank, the operations of the WhatsApp Stokvel are similar to that of a pyramid scheme and thus violating the country’s banking laws. “The outcome of the investigation carried out has revealed that the business activities of the N$200 WhatsApp Stokvel constitute a pyramid scheme, and therefore, N$200 WhatsApp Stokvel is in contravention of section 55 (A) of…

21 May

Ministry aware of school re-opening risks

Observer MoneyMinistry of Education, Sanet Steenkamp

Andrew Kathindi The Ministry of Education says it is aware of the risks in reopening schools sooner than initially announced but feels it’s necessary as there is a “global move towards reopening schools.” The Education ministry this week announced that learners will be returning to schools in four stages, beginning with 3 June for grade 11 and 12 learners, followed by pre-primary to grade 3 on 22 June, then grades 7 to 9 and then lastly the remaining grades on 6 July and 20 July respectively. However, just this week a number of schools in France had to shut down…

20 May

Labour issue in court case signals doom

National Newscourt, labour

In general, we tend to support the lawsuit by several companies challenging the government. The cherry-picking of existing national labour laws, will destroy their businesses. Other laws that could overlap this situation are being side-stepped. The precedent is frightening. Others will credibly argue that the prevention of mass terminations and precipitously firing thousands of workers during a state of emergency is not a political agenda, but a national security consideration. At worst, it is a humanitarian imperative. The courts will have their hands full sorting the matter. Many are watching this ruling. This decision could break the Namibian economy, either…

20 May

Rental prices rebound

UncategorisedCovid-19, FNB, FNB Rental Index, Frans Uusiku

Staff Writer The FNB Rental Index for the first quarter of 2020 shows that overall residential rent prices rebounded from a two-year negative growth territory. Frans Uusiku, FNB Market Research Manager said the Covid-19 lockdown is bound to paint a different picture when looking at quarter two of 2020. “Although we reached a 12-month average growth of 0.0 percent at the end of March, bringing the national monthly average rent price to N$ 7465, we know that the pandemic has disrupted business activity, resulting in job losses and reduced income for the most part of the labour force. This is…

20 May

Domestic travel won’t save tourism sector

Observer MoneyCovid-19, Gitta Paetzold, tourism

Andrew Kathindi Hospitality Association of Namibia (HAN) says domestic tourism which has been made possible following re-opening of the country in Stage 2 of the lockdown, will not save the sector. If relied upon, over half of sector could be wiped out by next year. “Domestic travel is a small ray of hope and it’s something to keep some of us busy for a while but it’s not going to save the tourism industry. If we were to rely on domestic tourism for the next year, we could see more than 50 percent of our industry closing down,” HAN Chief…

20 May

Farmers get 12 month holiday

Observer MoneyAgribank, Covid-19

Staff Writer Agribank has announced that it will offer farmers a 12 month installment holiday as part of the bank’s measures to cushion them against the negative impact of COVID-19. “Qualifying clients of Agribank are not mandated to pay the installment for a period of 12 months from the effective date of the Bank’s COVID-19 Relief and Stimulus package. The installment and the interest applicable to that installment will be capitalized,” Agribank CEO Sakaria Nghikembua said. “Existing arrears will not be capitalized; penalty interest of 1.5 percent will apply on arrears for relief period (down from 2 percent) and installments…