Windhoek Observer – Page 657 – Windhoek Observer

21 Dec

Market capitalisation reach N$2.12 trillion

Observer Money

The market capitalisation of the 30 companies listed on the Namibia Stoke Exchange (NSX) increased year-on-year while it slowed quarter-on-quarter at the end of September this year. The overall market capitalisation stood at N$2.12 trillion at the end of September, three percent higher than the N$2.06 trillion a year earlier, driven by higher share prices, Bank of Namibia statistics revealed. Nevertheless, quarter-on-quarter growth decreased by a mere 0.28 percent. The share price indices for most industries in the overall index increased during the quarter under review. The indices for consumer staples, consumer discretionary, financials, telecommunications and real estate increased, to close…

21 Dec

Current account deficit stands at N$3.8 billion

Observer Money

The Bank of Namibia said in the December Quarterly Bulletin that the current account deficit published in the September Quarterly Bulletin for the second quarter of 2023 was revised upwards by 53.6 percent from a deficit of N$2.5 billion to N$3.8 billion. The central bank said the major revisions originated from exports which was revised upward from N$19.5 billion to N$20.6 billion as well as services (net) that was revised from an outflow of N$16 million to an outflow of N$3.4 billion. “The changes are in line with routine revisions made to monthly trade statistics obtained from the customs trade…

21 Dec

Funding plans for Katima railway on cards

Observer Money

CHAMWE KAIRA Namibia, Botswana and Zambia will start working on funding plans of the proposed extension of the country’s railway line from Grootfontein to Katima Mulilo once the project’s implementation is agreed by all the countries. “With regards to the meeting of Finance Ministers, the idea is to start working on the funding plan once implementation is agreed by all countries,” Minister of Finance, Iipumbu Shiimi told Observer Money. The proposed extension of the railway line has been deemed visible by the final feasibility study report, which was recently approved by Cabinet. According to the report prepared by MR Technofin…

21 Dec

Etango needs US$320m to kick start

Observer Money

CHAMWE KAIRA Bannerman Energy Limited, that has just been granted a mining licence for its flagship, Etango uranium project in the Erongo Region, has said to achieve the range of outcomes indicated in the Definitive Feasibility Study, pre-production funding in excess of US$320 million will likely be required. “There is no certainty that Bannerman will be able to source that amount of funding when required. It is also possible that such funding may only be available on terms that may be dilutive to or otherwise affect the value of Bannerman’s shares. It is also possible that Bannerman could pursue other…

21 Dec

Tafel Lager Brave Warriors Gear Up for AFCON 2024

Sports

Windhoek, Namibia - Tafel Lager Brave Warriors, have kicked off their preparations for the upcoming AFCON 2024 in earnest. A preliminary squad of 34 players has been called up for a rigorous 3-day assessment training camp, which commenced on Monday, December 18, 2023. The coaching staff, led by head coach Collin Benjamin, will meticulously evaluate the players' performance, fitness, and teamwork during the camp. The squad will later be trimmed down to a final roster of 27 players before the team embarks on their journey to the official AFCON 2024 training camp. Namibia finds itself in Group E alongside formidable…

21 Dec

Futsal Namibia Team Faces Exciting Challenge in 2024 Africa Cup of Nations Qualifiers

Sports

Windhoek, Namibia — the stage is set for Namibia's national futsal team as they gear up to participate in the 2024 Futsal Africa Cup of Nations qualifiers. The draw, expected to take place in the last week of December 2023, will determine the opponents Namibia will face in their quest for a spot in the prestigious tournament. The Confederation of African Football (CAF) has revealed that Namibia will be drawn against formidable opponents, namely Zambia, Mozambique, and Tanzania in the qualifiers. The 2024 Futsal Africa Cup of Nations marks the eighth edition of the quadrennial championship organized by CAF for…

21 Dec

EU pleased with Namibia for signing the Samoa Agreement

National News

Martin Endjala The European Union (EU) has expressed its satisfaction with Namibia’s decision to sign the New Partnership Agreement (NPA) between the EU and the Organisation of Africa, Caribbean, and Pacific States (OACPS), also known as the “Samoa Agreement,” which was signed on 18 December 2023 in Brussels, Belgium. The EU Ambassador to Namibia, Ana Beatriz Martins, stated that the Samoa Agreement establishes a solid foundation and continuity for the longstanding partnership between the two parties. “We are delighted to see Namibia joining the extensive and diverse group of African, Caribbean, and Pacific States in a new partnership with the…

21 Dec

Guinas Investments denies that Shaningwa unlawfully withdrew N$2.5 m from its account

National NewsGuinas Investments denies that Shaningwa unlawfully withdrew N$2.5 m from its account

Erasmus Shalihaxwe Guinas Investments (Pty) Ltd Board of Directors have denied allegations that Swapo Party Secretary-General, Sophia Shaningwa and Guinas Board Deputy Chairperson Josef Andreas unlawfully withdrew N$2.5 million from one of its bank accounts. A few weeks ago, Swapo Secretary for Economic Affairs Bernadette Jagger, summoned party member Pedro Mwenyo, to provide evidence on the allegations he made that Shaningwa had acted unprocedural when she withdrew N$ 2.5 million from the bank account of one of the party’s companies. Jagger said Mwenyo made the allegations through social media and cited Tuyenikelao Nicanor as the custodian of evidence that the…

21 Dec

Amushelelo defies legal threats amidst workers’ rights advocacy

National News

Hertta-Maria Amutenja Activist and member of the Namibia Economic Freedom Fighters (NEFF), Michael Amushelelo, is facing legal threats after attempting to shut down a shop in the Okuryangava area of Windhoek earlier this week. Amushelelo, undeterred despite receiving a cease-and-desist letter from the law firm Dr Weder, Kauta & Hoveka Inc., is accused of engaging in what the firm describes as “chaotic behaviour of intimidation, harassment, and unlawful instigation of protests and disruption” of their client’s business affairs. In the letter, the law firm urges Amushelelo to cease his actions, warning of potential legal consequences, including opening a case with…

21 Dec

Implementing climate change plans will be a multibillion-dollar commitment

National NewsImplementing climate change plans will be a multibillion-dollar commitment

Niël Terblanché Pohamba Shifeta, the Minister of Environment, Forestry, and Tourism, in a recent address to parliament, declared that Namibia’s efforts to combat climate change, in line with the Paris Agreement’s Nationally Determined Contributions (NDC), will require a substantial investment of around N$112.3 billion. The allocated budget reflects Namibia’s steadfast commitment to environmental sustainability, with N$65.2 billion dedicated to mitigation measures and N$47.1 billion aimed at adaptation targets. The minister added that the majority of this funding, approximately 90 percent, is expected to be sourced from international multilateral and bilateral channels, reducing the financial burden on domestic resources. Last year…