Blog – Page 542 – News Stand

25 Sep

Walvis Bay comes into FlyNamibia’s focus

info_e12wt4csNational NewsWalvis Bay comes into FlyNamibia’s focus

Niël Terblanché FlyNamibia, the country’s only private airline, has marked yet another milestone with the inauguration of a new air route, connecting the integral ports of Walvis Bay and Windhoek in Namibia to Cape Town, South Africa. In an official statement, Andre Compion, the Managing Director of FlyNamibia, unveiled the airline’s innovative approach to establishing this route as a strategic link, thereby facilitating enriched travel options and contributing to regional growth and development. “We are excited to introduce this new route, underscoring FlyNamibia’s commitment to expanding our network and enhancing travel options for our passengers,” Compion said. The strategic schedule…

22 Sep

Almost half of Namibians unable to pay bills, loans

info_e12wt4csObserver Money

A new TransUnion survey, presented at the inaugural Financial Services Summit in Namibia this week, has revealed a challenging financial outlook for Namibian consumers. While two in 10 (20%) said their income increased in the last three months, close to four in 10 (36%) reported a decrease, and 45% anticipate being unable to pay their current bills and loans in full. According to TransUnion’s third quarter Consumer Pulse Study, one of the significant factors contributing to the decrease in household income was job loss, with 27% of consumers reporting that someone in their household lost their job over the past…

22 Sep

NamPower to inaugurate N$741m substations

info_e12wt4csObserver Money

Chamwe Kaira NamPower will on 6 October inaugurate its Kunene and Omatando substations, built at an estimated cost of N$741 million. The power utility announced that the inauguration will take place at the Kunene substation 30km south of Ruacana. For the 330 (400) kV Kunene and Omatando Substations line to commercially operate, the two substations have been built at each end of the line, one at Kunene near Ruacana and another at Omatando near Ongwediva. The inauguration follows the construction of the substations and the completion of the 400 kV line from the Kunene Substation site to the 400 kV…

22 Sep

Trans-Zambezi Railway Extension cheers Canadian miner

info_e12wt4csObserver Money

Tsodilo Resources Limited, the Canadian mining company, which has projects in northern Botswana is pleased that cabinet has approved the Final Feasibility Study for the Trans-Zambezi Railway Extension Grootfontein-Rundu-Katima Mulilo. Tsodilo Resources Limited is a resource exploration company engaged in the search for economic metal and diamond deposits in Botswana. Minister of Works and Transport Minister John Mutorwa announced that Namibia is at the forefront of coordinating the extension of the Grootfontein-Katima Mulilo railway project. “We are now at the stage where the finance ministry is in the lead to see how we can fund this, because it’s not only…

22 Sep

Capricorn Group grows to N$8.21b in ten years …… N$3 billion paid in dividends to shareholders

info_e12wt4csObserver Money

Chamwe Kaira The capitalisation of the Capricorn Group Limited in 2020 has grown from N$5 billion at the time of listing on the Namibia Stock Exchange in 2013 to N$8.21 billion, the group said in 2023 annual report. The share price at the time of listing was N$8.75 at the time of listing. As at 12 September the share price was N$15.81 resulting in a market capitalisation of N$8.21 billion. When the Group was listed it generated a revenue of N$1.4 billion, compared to N$4.6 billion for 2023. At the time of listing, it had total assets of N$21 billion…

22 Sep

Redforce has collected N$1b debt for municipalities

info_e12wt4csObserver Money

Redforce, the Windhoek based debt collection and management company has been in the news of late with residents of several towns protesting against debt collecting methods. Protests against the company have taken place in towns like Windhoek and Okahandja against Redforce after it was appointed by these towns to collect outstanding arrears. This week, Redforce CEO Julius Nyamazana, told Observer Money that the company has managed to collect debt of over N$1 billion out of the N$1.5 billion owed to local authorities by rate payers. Observer Money (OM): May you give us a brief background on RedForce, when was the…

22 Sep

BAN responds to new banking regulations

info_e12wt4csObserver Money

The Bank of Namibia has announced significant changes to the banking industry, which could have profound consequences for the sector. These changes include the implementation of the Banking Institutions Act and the Payment System Management Act. Under the new regulations, Namibian banking institutions are required to establish independent and autonomous boards, implement term limits, and set age restrictions to prevent board members from serving indefinitely. Additionally, the central bank has mandated that all credit decisions and approvals must be made by individuals authorised by the Bank of Namibia, and no credit decisions should be made outside Namibia by unauthorised persons.…

22 Sep

Just Saying with Matts Haikali

info_e12wt4csOpinions, SportsJust Saying with Matts Haikali

In the world of sports, fairness and equity should be fundamental principles, ensuring that competition thrives on merit rather than the size of one’s pocket. Unfortunately, in the MTC Premier Netball League, there is a disconcerting trend, with government-funded institutions dominating the league, while community-funded teams struggle to keep pace. Teams such as wanders, united, Black Africa, Tigers used to be competitive, but that’s the story of the past. Am just saying, this glaring discrepancy is not merely a reflection of superior resources, but a challenge to the core values of sportsmanship and equality that we hold dear. The MTC…

22 Sep

Housing target of 20 000 units, a pipe dream

info_e12wt4csObserver Money

Chamwe Kaira The target set by the government of delivering 20 000 housing units by the end of 2025, remains a pipe dream and will not be met. This is as a result of the slow pace at which the National Housing Enterprise is constructing houses. The country’s housing backlog stands at 300 000 housing units; this means that the country needs to construct around 30 000 houses annually. “However, it appears unlikely that this target will be met, given the current pace of construction by the National Housing Enterprise (NHE). Only 29% of this goal has been achieved, and…

22 Sep

Exempting Chinese from visas will increase tourism

info_e12wt4csObserver Money

Chamwe Kaira The proposed visa exemptions for 30 days for Chinese nationals arriving in Namibia will have a positive impact on tourist arrivals from the Asian giant given that it is the second biggest economy in the world and a big player in travel and tourism globally. “Namibia will do well to tap and establish a tourism market in China. This will enhance tourism growth for the country as well as economic growth and investment. The visa requirement has been one of the challenges that hampering Chinese arrivals, with that exemption, we are confident that the tourism arrivals will increase…