info_e12wt4cs

9815 Posts
Namibia not affected by De Beers separation plans in RSA

Namibia not affected by De Beers separation plans in RSA

Erasmus Shalihaxwe De Beers Group Chief Executive Officer Al Cook said Anglo American's announcement regarding its intention to explore a range of options to separate De Beers' business will not affect its operations in Namibia and other countries. Cook announced this on Tuesday after Anglo American announced the demerging of its interests from De Beers. Cook said that De Beers Group remains fully focused on delivering its strategy and creating value in the interests of all its stakeholders. “De Beers has led the diamond industry for more than a century. We have unparalleled expertise, outstanding assets across more than 20…
Read More
NIP employees receive salary increase

NIP employees receive salary increase

Stefanus Nashama Employees at the Namibian Institute of Pathology (NIP) received a salary increase of between six and 10 percent for the 2024/25 financial year. The Namibia Public Workers Union (NAPWU), which represented the employees, and NIP signed a collective wage agreement. According to a statement issued by NIP on Thursday, the agreement took effect on 1 April. Speaking at the signing ceremony, Mateus Ndeshikeya, the deputy general secretary of NAPWU, commended the parties for negotiating in good faith and avoiding the involvement of a third party. “We should continue finding amicable solutions without having to go to a third…
Read More
Kelp Blue to list blue bond on NSX

Kelp Blue to list blue bond on NSX

CHAMWE KAIRA Kelp Blue, a company specialising in the cultivation of giant kelp with operations based in Luderitz, has forwarded the programme memorandum to the Namibian Stock Exchange (NSX) and is currently awaiting feedback. Anouk Bosman, head of marketing and communication told Observer Money this week that upon receipt, the company will proceed to submit a formal filing for listing. Kelp Blue aims to launch a blue bond programme towards the end of 2024, with the goal of raising US$20 million annually for four years. This funding will be utilised for the planting of up to 1000 hectares of kelp…
Read More
Choppies to open seven more shops

Choppies to open seven more shops

CHAMWE KAIRA Choppies Enterprise Limited, the mother company of Choppies Supermarket Namibia (Pty) Ltd plans to open seven more shops in the country this year. Currently Choppies has 18 stores and is planning to open another three stores in the next few months as fit out of these stores are already underway, the company said in response to questions by Observer Money. “For 2024 we plan to open another seven stores.” Choppies said it is looking at expanding into the south of the country where the excitement around oil and green hydrogen is top of mind and the development which…
Read More
NamPower optimistic about winter power supply

NamPower optimistic about winter power supply

NamPower, managing director, Kahenge Haulofu talks to Observer Money about the power supply situation this winter. He explains that the company spends up to N$4 billion per year on imports. He also explains that NamPower applied for a tariff increase 14,59% but the Electricity Control Board (ECB) only approved a bulk tariff increase to 8%. Observer Money (OM): Winter is fast approaching and Zambia has already indicated that it will reduce exports. Is Namibia affected by possible reduced imports from neighboring countries? Kahenge Haulofu (KH): Yes, currently NamPower is currently affected with an export reduction totaling 60MW from the Zambian…
Read More
Green hydrogen vessel expected in two years

Green hydrogen vessel expected in two years

CHAMWE KAIRA Cleanergy Cleanergy Solutions Namibia has revealed that the first hydrogen-powered ship in Africa will be ready in two years’ time. The company together with CMB.TECH, Port of Antwerp Bruges and Namport, plans to launch the first hydrogen-powered ship in Africa. Currently, the company is in the process of finalising the technical design of the vessel in a team work between CMB.TECH, Cleanergy, PoAB and Namport. “We believe that a period of about 24 months is required before the vessel can be delivered to Namport. Financing of the project will come from various sources -own equity, bank and other…
Read More

TYRE FIRE:

Residents of Swakopmund have been warned to refrain from disposing of hot coals and ashes in regular refuse bins, as improper disposal of such materials poses significant risks.The warning came after a large cloud of black smoke was seen billowing over the coastal town, sparking concern among residents. The black smoke was caused by old vehicle tyres that caught fire on Thursday at about lunchtime.The smoke was a result of a fire at the local waste dump site.The situation was, however, quickly brought under control by the Swakopmund Fire and Rescue Services.Despite the dramatic appearance of the smoke, especially with…
Read More
NaCC considering Osino, Dundee takeovers

NaCC considering Osino, Dundee takeovers

CHAMWE KAIRA The Namibian Competition Commission (NaCC) is currently busy determining whether to sanction the takeover of Osino Resources Corp of Canada by Yintai Gold Company of China. In the same process, the NaCC is considering the approval of the deal involving the sale of Dundee Precious Metals’ owned Tsumeb smelter to Sinomine Resource Group Group also of China. NaCC spokesperson Dina //Gowases told Observer Money that the commission is currently busy with the investigation to determine the deal but added that the determination depends on the complexity of issues identified during the investigation. Yintai plans to take over Osino…
Read More
Namibia needs to exit greylist

Namibia needs to exit greylist

Leading asset management company, Namibia Asset Management (NAM) has said the decision by the Financial Action Task Force to greylist Namibia due to purported ongoing noncompliance with the requirements of international anti-money laundering (AML) legislation is a concern. “Although we do not anticipate a negative impact on local assets and clients, it's imperative for Namibia to exit this list in order for us attract and retain foreign direct investment,” the company said. Another concern is the regulatory changes that it anticipates will come into effect when the Financial Institutions and Markets Act (FIMA) is promulgated and NAM said dealing with…
Read More
PPS Namibia records N$49,3m operating profit

PPS Namibia records N$49,3m operating profit

PPS Namibia says it delivered a satisfying performance in 2023, surpassing most competitors despite navigating a challenging, low-growth economy. PPS Namibia recorded an operating profit of N$49,3 million. The total net (of reinsurance) claims increased from N$73,6 million to N$83.3 million. Gross insurance premium revenue increased year on year by 9% from N$213,3 million to N$233,3 million. The company said its members in Namibia also benefitted from the good investment market returns in 2023. Investment returns distributed to members’ PPS Profit-Share Accounts have increased from N$4,7 million in 2022 to N$176.9 million in 2023. “We continue to adhere to the…
Read More