Observer – Page 634 – Windhoek Observer

24 Apr

FNB Namibia cuts interest rates

ObserverUncategorisedFNB Namibia

Staff Writer FNB Namibia has announced an interest rate reduction, following the Bank of Namibia’s repo rate cut last week of another 100 basis points. “The prime lending rate has been reduced to 8 percent, while the home loan rate will decrease from 10 percent to 9 percent, effective from 25 April 2020,” said Elzita Beukes, FNB Communications Manager. She said further changes have been made to the credit card rates which have been reduced to 12,80 percent for all the various credit card categories. Beukes added that the bank decided to meet those customers dependent on interest income by…

24 Apr

Government must not over-promise

ObserverUncategorisedCovid-19, Government

…credibility is legal tender in an emergency Government must stop over-promising and under-delivering. People are taking the government at its word. They are cheering for the great pronouncements about support for the people in this new Covid-19 world. Then, the promises can’t stand the light of day in terms of implementation. It is glaringly apparent that announcements of bailout packages were intentions and not programs. A drowning person desperately grabs for anything that looks like a lifeline, even if it is not. Those offering possibilities, therefore, must be very careful that what they throw out there is the real deal.…

24 Apr

How socially responsible are corporates during COVID-19?

ObserverUncategorisedCovid-19, World Health Organization (WHO)

Jefta Gaoab Corporate social responsibility (CSR) helps a company be socially accountable—to itself, its stakeholders, and the public. By practicing corporate social responsibility, also called corporate citizenship, companies can be conscious of the kind of impact they have on all aspects of society, including economic, social, and environmental. Essentially, it is about listening and responding to the needs of a company’s stakeholders. COVID-19 has been declared as a global health pandemic by the World Health Organization (WHO). It not only has caused massive economic knocks but greatly impacted the health and wellbeing of many citizens globally and Namibia is not…

23 Apr

Retirement: A new chapter in the story of your life

ObserverUncategorisedGIPF, Retirement

GIPF Manager: Strategy & Projects Desmond Nikanor There is an old adage that says “retirement is not closing the book, it is just a brand new chapter”. This saying is especially true because it correctly implies that you have the ability to author and take control of this chapter in your life. The extent to which you will enjoy your retirement depends largely on the financial decisions and other support structures you have put in place before and during your retirement. Whether you have prepared well or not, it is never too late to improve your current retirement living. The…

23 Apr

This is not the time for a party

ObserverUncategorisedCovid-19, SWAPO

…it is a time to be sensitive and sincere We are disappointed at the ill-considered ‘party’ that was held to celebrate the SWAPO 60th birthday. We are fine with the ruling party rightfully applauding its 60-year history and its future in power in Namibia. But, during a COVID-19 pandemic, a state of emergency and an extended lockdown where people are being herded into their homes, forced to stand distances apart in queues to buy bread, and watch their financial futures crumble, the ruling party -led by the President himself- is having a grand old time, at a party with a…

23 Apr

This is not the time for a party

ObserverNational NewsCovid-19, National Broadcaster (nbc), SWAPO

…it is a time to be sensitive and sincere We are disappointed at the ill-considered ‘party’ that was held to celebrate the SWAPO 60th birthday. We are fine with the ruling party rightfully applauding its 60-year history and its future in power in Namibia. But, during a COVID-19 pandemic, a state of emergency and an extended lockdown where people are being herded into their homes, forced to stand distances apart in queues to buy bread, and watch their financial futures crumble, the ruling party -led by the President himself- is having a grand old time, at a party with a…

23 Apr

Utoni clueless on COVID-19 labour impacts

ObserverObserver MoneyCovid-19

Andrew Kathindi Minister of Labour, Industrial Relations and Employment Creation, Utoni Nujoma is clueless on the number of jobs that have been lost during the period of the COVID-19 pandemic. “I’m not in a position to give figures on lost jobs. You will have to get those details from the regions,” said the minister, whose ministry is key towards providing guidance to employers and employees affected by the coronavirus outbreak. Despite admitting that the labour market was in turmoil even before the COVID-19 outbreak, the minister failed to provide estimated job loses post-outbreak and what measures were being implemented to…

23 Apr

Tourism industry dying while waiting for bailout

ObserverObserver MoneyFederation of Namibian Tourism Associations (FENATA), lockdown, Ministry of Finance, tourism

…30,000 jobs can be lost if government money does not arrive on time Staff Writer The government is yet to avail the N$400 million promised to the country’s tourism sector as a subsidy. It has been three weeks since the Finance minister Iipumbu Shiimi, made an announcement pledging the multi-million dollar bailout for the hospitality, travel and tourism sector. The funds, according to Shiimi were aimed at providing a subsidy to players in the hard-hit tourism sector. This financial support would allow them to retain jobs with the industry. Tourism has been brought to a grinding halt as a result…

23 Apr

SSC plans N$3,000 payout

ObserverObserver MoneyCovid-19, Social Security Commission (SSC)

Andrew Kathindi The Social Security Commission (SSC) is set to pay N$1,000 per month for three months to employees from sectors hard-hit by the impact of the coronavirus. SSC Executive Officer Milka Mungunda said sectors to be covered by the grant to be administered by the fund include construction, farming, transport, manufacturing, retail, domestic workers and entertainment among others. “Vulnerable employees in the formal sector who are paid up SSC members will also receive a grant of N$1,000 a month during this period provided that they do not earn more than N$50,000 per annum,” said Mungunda said. Assuming all legal…

22 Apr

FNB Namibia provides relief to SMEs impacted by COVID-19

ObserverUncategorisedCovid-19, First National Bank Namibia, FNB, Namibia

Staff Writer Since the beginning of the COVID-19 outbreak, First National Bank Namibia has been closely monitoring developments, with the view of provisionally restructuring its operations and solutions to meet the changing demands and minimising the impact of the pandemic. FNB Namibia commends the Government of Namibia on its decision to invoke extreme social distancing (lockdown) and believes that the decision is a major step in the right direction towards containing the spread on the COVID-19, and drastically minimising its impact on our society and economy. Philip Chapman, FNB Executive Officer for Commercial assured customers that in addition to putting…