Blog – Page 393 – News Stand

20 Jun

Paratus Namibia raises N$175m on NSX

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Paratus Namibia Holdings Limited has continued raising money on the stock exchange for the expansion of its operation. The Windhoek based company has announced the listing of a new debt instrument with the successful issuing of a N$175 million five-year senior unsecured note. The bond is under Paratus Namibia’s N1 billion approved Domestic Medium Term Note Programme on the Namibian Stock Exchange (NSX). This is the fifth note issued under this programme. The company said bids to the value of U$557 million were received from nine bidders. Paratus Namibia is currently undergoing a righs issue to expand its existing offerings…

20 Jun

Livestock sales reach four-year high

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The total number of livestock marketed was 146 841 in April this year, reflecting a 6,4% year on year increase compared to April last year which recorded 137 979. This is also the highest record of livestock marketed since June 2019. From January 2024 to April 2024, there was a general upward trend in total livestock marketed, despite some fluctuations, according to a report by Simonis Storm Securities. Breaking down by livestock type, 32 795 cattle were marketed in April 2024, up 31,2% year on year from 25 004 in April 2023. Sheep numbers rose marginally by 0,5% year on…

20 Jun

DIPPENAAR GUILTY:

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Jandre Dippenaar has been found guilty on six charges of murder in the Swakopmund Regonal Court. Magistrate Gaynor Paulton also found Dippenaar guilty on the charge of reckless and negligent driving as well as on a charge of operating a vehicle without a valid driver's license. The charges stem from a horrific car crash that occurred near Henties Bay at the end of 2014. The crash claimed the lives of six people. The convicted person and Antonia Joschko were the only survivors.

20 Jun

Vehicle sales reach 966 units in May

info_e12wt4csObserver Money

Vehicle sales in May in Namibia reached 966 units, marking 7,5% month on month increase from the 899 units sold in April 2024. However, this figure represents a slight decline compared to the 982 units sold in May last year. Commercial vehicles continue to drive sales in the market. By the end of April this year, corporate instalment and leasing credit uptake has averaged 24.5% year-to-date, while household instalment and leasing credit uptake has averaged 6,1% year-to-date. Figures released by Simonis Storm Securities in a report showed that out of the 966 vehicles sold in Namibia during May 2024, dealerships…

20 Jun

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President Nangolo Mbumba has instructed the Minister of Education, Arts and Culture, Anna Nghipondoka, and the Minister of Higher Education, Training and Innovation, Itah Kandjii-Murangi to work with relevant stakeholders to address the issue of private schools not teaching indigenous languages while teaching foreign languages.This information was disclosed in a letter sent to Job Amupanda, the leader of Affirmative Repositioning, on Thursday.“His Excellency has taken note of the proposal of the government to implement indigenous languages in both public and private schools,” states the letter.Reporter: Stefanus Nashama

20 Jun

Robbed:

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Namibia Wildlife Resorts Chief Executive Officer Matthias Ngwangwama, was yesterday robbed while hiking in the Auasblick area in Windhoek.The robbers took his cellphone and vehicle.NWR's spokesperson, Nelson Ashipala confirmed this today."Fortunately, the vehicle has since been recovered in Katutura and he is currently in a stable condition. We are grateful that he was not physically harmed," said Ashipala.Ashipala called on the public and the media to respect Ngwangwama and his family privacy.Stating that further updates will be provided as more information becomes available.Report: Martin Endjala

20 Jun

Economic drivers:

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Vice-president Netumbo Nandi-Ndaitwah believes that in addition to the main economic sector namely; mining, fishing, tourism and agriculture.There is a need to include sport and creative industry as an engine of economic growth and social development.She said this at the 2024 TechNovation Social on Wednesday in Windhoek.She said the creative industry has the potential to create jobs in particular for the youth."Therefore, investing in these industries is not just about preserving our past, it is about building a brighter economic future for all Namibians," said the VP.Report: Martin Endjala.

19 Jun

Namibia’s Oil and Gas have potential to improve overall economy without adverse on other sectors

info_e12wt4csEnergy, Opinions

Josef Keas Sheehama Although Namibia's oil and gas industry has the potential to boost the country's economy, careful management and diversification are essential to ensuring that this potential is realized without detrimental effects on other industries. Namibia, along with other African countries, is emerging as an attractive oil and gas opportunity due to legislative changes that make the market more appealing. Namibia's partnership with the world community and local enterprises reveals a desire for an industrialized future by utilizing its resources. Namibia's immense untapped resources and favourable investment climate are significant drivers of the sector's future economic growth. Namibia has…

19 Jun

Trustco loses appeal in financial compliance case

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Niël Terblanché The Supreme Court of Appeal of South Africa has dismissed an appeal by Trustco Group Holdings Limited. The ruling confirmed the Johannesburg Stock Exchange’s (JSE) authority to mandate the restatement of financial statements to ensure compliance with international standards. This decision marks a crucial step in upholding financial transparency and accountability in the South African financial markets. The appeal, brought by Trustco against the JSE and the Financial Services Tribunal, challenged the directive to restate its financial statements for the year ending March 2019. Trustco argued that the JSE lacked the authority to enforce such directives and questioned…

19 Jun

BoN holds repo rate steady amid economic uncertainty

info_e12wt4csNational News

Niël Terblanché The Bank of Namibia (BoN) has decided to maintain the repo rate at 7.75 percent, following its bi-monthly Monetary Policy Committee (MPC) meeting on June 17-18. According to Johannes !Gawaxab, the Governor of the Bank of Namibia, this decision aims to support the domestic economy while preserving the peg between the Namibia Dollar and the South African Rand. "The committee's stance reflects a cautious approach to balancing economic growth with inflation control," !Gawaxab said while announcing the decision. He said that Namibia's economy demonstrated significant growth in the first four months of 2024, particularly in the mining, electricity…