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The total number new cars sold from January to November total 11,944, marking it the most robust performance since the noteworthy figure of 12 224 recorded back in 2017. This success is particularly striking given the prevailing economic challenges, including high interest rates, and rising inflation, Simonis Storm Securities said this week. In December, the Bank of Namibia maintained the interest rate at 7.75 percent, providing a brief respite for consumers amidst ongoing economic pressures. “However, projections suggest that the high-interest rate environment will likely continue to impact household debt management at least into the latter half of the next…

CHAMWE KAIRA Trustco has reported in a trading statement for the year 12 months ended August 2023 that a notable factor contributing to the decline in portfolio valuations was the collective surge in discount rates, totalling 11.68 percent (approximately N$650 million, or 66 cents per share) across Trustco's portfolios. Trustco, a diversified investment entity said the prevailing global trajectory of escalating central bank rates appeared to have reached its apex as of the current reporting period. “Forecasts indicate a potential moderation in these rates, hinting at an anticipated reduction in discount rates over the coming years. This expected adjustment may…

The central bank expects growth in agriculture, forestry and fishing is expected to turn negative during 2023 and 2024, due to inconsistent rainfall patterns and reduced fishing quotas. The expected onset of El Niño late 2023 and/or early 2024 poses a downside risk to crop production in Southern Africa during 2023-2024 season, the central bank states. The Bank of Namibia said the diamond mining sector is expected to register a moderate growth rate during 2023, but a slowdown when compared to 2022, as production levels get closer to the carrying capacity. The uranium mining sector is expected to return to…

MAURIZA FREDERICKS As the Namibian festive season fills the air, many families eagerly anticipate a time of celebration, togetherness, and cherished memories. However, this joyous period can also bring financial strain due to increased spending on gifts, travel, and entertainment. To avoid the post-holiday financial blues, it is crucial to plan your festive season expenses wisely and ensure a joyous celebration without financial burdens. Here are some realistic tips to accomplish just that. Create a Realistic Budget The foundation of a stress-free festive season lies in a well-structured budget. Start by creating a detailed budget that accounts for all your…

Anglo American plc, which owns De Beers has provided an update on its performance during 2023 and setting out capital expenditure and production guidance for the next three financial years. De Beers jointly owns diamond operations in Namibia with the government. Duncan Wanblad, Chief Executive of Anglo American, said: “The prospects for mined products have rarely looked better. In the near term, given continuing elevated macro volatility, we are being deliberate in reducing our costs and prioritising our capital to drive more profitable production on a sustainable basis. We are focused on what we can control - safety, operational discipline…

With the arrival of Generative AI in 2023, the technology has surged to the top of airport and airline agendas, with 97 percent of airlines planning a program to develop the technology. This has taken the limelight away from Metaverse, which was the focus for 2022. Similarly, Urban Air Mobility has seen surging interest from airlines and airports, with the first flights due to take off in 2024. As a result, investment in the space across all stakeholders (including OEM, infrastructure, and systems) is projected to accelerate from US$5 billion in 2022 to US$28 billion in 2030. These were some…

KPMG has released a new report highlighting Africa’s significant investment opportunity in renewable energy, detailing nearly US$250 billion untapped green investment opportunities in areas such as solar, wind and hydrogen. As it stands, Africa will need US$277 billion annually between 2020 and 2030 to reach its Paris Agreement targets and implement its nationally determined contributions, to contribute to limiting global warming to 1.5°C, according to the Climate Policy Initiative. Despite this, it currently only receives US$29.5 billion in annual climate finance, revealing the significant inflows of both public and private finances required from domestic and international sources. The report ‘Climate…