info_e12wt4cs – Page 201

12 Sep

Venaani pressures presidency over delayed August 26 audits

info_e12wt4csNational News

Erasmus Shalihaxwe McHenry Venaani, the leader of the official opposition, has called on the presidency to provide clear reasons for August 26 Holdings (Pty) Ltd's continued failure to submit its audited financial reports. Despite multiple requests and even interventions from the Ombudsman, the company has yet to comply. Speaking in Parliament on Wednesday, Venaani, president of the Popular Democratic Movement (PDM), directed his questions to Christine Hoebes, the minister in the presidency. “During a meeting in July of this year with President Nangolo Mbumba, he disclosed to my delegation and me that although he has received the reports, his office…

12 Sep

Gam farmers struggle to access drought relief

info_e12wt4csNational News

Hertta-Maria Amutenja Farmers from the Gam settlement in the Otjozondjupa Region are experiencing financial and logistical difficulties accessing drought relief subsidies provided by the Ministry of Agriculture, Water, and Land Reform (MAWLR). According to the farmers, the current system requires them to make bank deposits and travel over 400 kilometres to the nearest town, a process that they say is unsustainable. Chief Hans Kandji, speaking on behalf of the community, told the Windhoek Observer that the government supplies food for cattle. For the farmers to access the animal feed, they must purchase it through a system that involves bank deposits.…

12 Sep

NamPower focuses on battery storage solutions

info_e12wt4csNational NewsBattery Energy Storage Systems (BESS), Ben Mingeli

Hertta-Maria Amutenja NamPower’s Senior Manager of Generation Projects, Ben Mingeli, emphasised the importance of Battery Energy Storage Systems (BESS) in mitigating potential intermittency issues. Mingeli said this earlier in the week during the ceremony for an Engineering, Procurement, and Construction (EPC) contract for the 100 MW Rosh Pinah Solar Power Plant. Mingeli said NamPower anticipates challenges in managing intermittency from renewable energy sources, particularly solar, as the company expects solar capacity to exceed 100% of midday demand in the coming years. To address these challenges, the utility is developing and constructing Battery Energy Storage Systems (BESS), including the 54MW Omburu…

12 Sep

Walvis Bay harbour enters a new era

info_e12wt4csNational NewsNamibian Ports Authority, Terminal Investment Namibia

Niël Terblanché Namibia’s journey to solidify its position as a key logistics hub in Southern Africa took a major leap forward with the official handover of the container handling operations at the new container terminal in the Walvis Bay harbour to Terminal Investment Namibia (TiN). This strategic partnership between the Namibian Ports Authority (Namport) and TiN, set to commence on 10 October, will enhance Namibia’s maritime competitiveness while strengthening its role in regional and international shipping. TiN is a subsidiary of Switzerland-based Terminal Investment Limited (TiL). According to a joint statement issued by Namport and TiN on Wednesday, the concession…

12 Sep

Collaboration set to strengthen investment framework and tax compliance

info_e12wt4csNational NewsNamRA, Nangula Uaandja, NIPDB, Sam Shivute

Niël Terblanché The Namibia Revenue Agency (NamRA) and the Namibia Investment Promotion and Development Board (NIPDB) signed a new Memorandum of Understanding (MoU) in an effort to improve Namibia’s investment climate and tax compliance. This collaboration is set to enhance the efficiency of income tax and VAT registration processes while streamlining the investment process for foreign investors. The MoU signed on Wednesday, reflects both institutions’ commitment to strengthening tax compliance and promoting foreign investment, with a clear focus on fostering economic growth in Namibia. NamRA Commissioner Sam Shivute stressed the importance of facilitating a conducive environment for investors. “We want…

12 Sep

Walvis Bay prepares for the 18th edition of Southern African inter-municipal games

info_e12wt4csSportsRichard Hoaeb, SADC Local Authority’s Employee Wellness

Hilarius Hamutenya The Municipality of Walvis Bay is gearing up to host the 18th edition of the Southern African Inter-Municipal Association (SAIMSA) Games from 22 to 27 September. This sporting event brings together municipalities from across Southern Africa to foster social interaction, encourage physical activity, and promote sportsmanship. The 2024 SAIMSA Games will be presented under the theme "SADC Local Authority’s Employee Wellness, Enhanced Through Sports and Recreation." Councilor Richard Hoaeb, and chairperson of the organising committee, announced that municipalities from across Southern Africa will participate, each sending their best athletes to compete in a diverse range of sports. These…

12 Sep

NamPower to add renewables into the grid

info_e12wt4csObserver MoneyIntegrated Strategic Business Plan, Simson Haulofu

CHAMWE KAIRA Power utility, NamPower is expecting to add 250 MW to the power grid when all the projects under its 2020-25 Integrated Strategic Business Plan are completed, Managing Director Simson Haulofu told Observer Money this week. Haulofu furthermore disclosed that a new plan is expected to be completed in June 2025 and will speak to a number of things including addressing bottle necks in the transmission and many other things. “We are already in our planning phase. We need to hire out a consultant to help us with a new plan, with the approval of the board.” Of the…

12 Sep

FirstRand profit hit N$1,7 billion

info_e12wt4csObserver MoneyFNB Namibia

CHAMWE KAIRA The FirstRand Namibia group, which includes FNB Namibia recorded a net profit after tax of N$ 1,704 billion million in the financial year ended 30 June 2024, compared to N$ 1, 561 billion million), in the previous period, a 9.1% improvement on the previous year. Financial results showed that the groups return on equity (ROE) also improved to 27.8% (2023: 25.5%). Headline earnings increased by 10.1% to N$ 1, 716 billion. FirstRand said the main drivers of the increase in earnings are largely due to an improved trading environment, increased credit extended and base growth. This coupled with…

12 Sep

Capricorn delivers strong performance

info_e12wt4csObserver MoneyCapricorn Asset Management, Return on equity

CHAMWE KAIRA Capricorn Group delivered a strong financial performance for the year ended 30 June 2024 with a growth of 17.7% in profit after tax to N$1.74 billion over the N$1.48 billion previously reported in 2023. The group said Return on equity (ROE) increased to 17.9% from the 17.6% reported in the previous financial year. “This can be attributed to excellent results and solid all-round performances across our portfolio of businesses, which includes the banking subsidiaries, Bank Windhoek and Bank Gaborone, as well as Capricorn Asset Management, Entrepo Group, Peo Finance and our associates,” the group said. The group implemented…

12 Sep

Food prices continue to increase

info_e12wt4csObserver MoneyFirst Capital Namibia

CHAMWE KAIRA The average cost of the First Capital Namibia food basket consistently rose from N$2,029.21 in the first quarter of 2022 to N$2,390.88 in the third quarter of 2022, with the third quarter of 2022 having the highest cost and a significant increase of 10.05%. In 2023, the cost fluctuated, reaching its peak at N$2, 302.71 in the second quarter before slightly decreasing and then rising again to N$ 2,380.90 in the third quarter. The percentage change in 2022 showed moderate increases in the first and second quarter, while 2023 experienced more volatility, with a notable decrease of 7.25%…