Blog – Page 60 – Windhoek Observer

12 Sep

Namibia drives strong Old Mutual retail sales

Observer Money

Chamwe Kaira Old Mutual Limited reported strong growth in its Integrated Report for the year ended 31 December 2024, driven by retail sales in Namibia and corporate sales in Malawi. Life's Annual Premium Equivalent sales rose 17% to just over N$1 billion. The company credited the increase to stronger adviser productivity in Namibia and new business in Malawi. The value of new business and margin fell compared to the prior year after changes were made to better account for expenses. “These changes were partially offset by a positive product mix in Malawi, weighted towards more profitable product lines and higher…

12 Sep

Annual inflation slows to 3.2% in August

Observer Money

Chamwe Kaira The Namibia Statistics Agency (NSA) said the annual inflation rate stood at 3.2% in August compared to 4.4% recorded in August 2024. On a monthly basis, inflation was 0.0%, down from 0.1% in July. Zonal data showed Zone 1, which includes Kavango East, Kavango West, Kunene, Ohangwena, Omusati, Oshana, Oshikoto, Otjozondjupa and Zambezi, recorded the highest rate at 3.6%. Zone 3, covering ||Kharas, Erongo, Hardap and Omaheke regions, recorded 3.2%, while Zone 2, the Khomas region, recorded 2.9%. The NSA said Zone 2 consumers paid the highest price for apples at N$41.42 per kilogram, followed by Zone 3…

12 Sep

Benguela Gem gets new crawlers to lift recovery

Observer Money

Chamwe Kaira Debmarine Namibia unveiled its Next Generation Crawlers this week in Cape Town, introducing new technology for the MV Benguela Gem that is expected to increase diamond recovery by about 80 000 high-value carats annually. The boost will more than offset the carats lost through the retirement of two older vessels. Head of projects and technology development, Danie van Aswegen, said the new crawlers were designed to be more robust to extend their lifespan. They cost close to N$1 billion to develop. He explained that the Benguela Gem undergoes servicing every three years, while its crawler is replaced every…

12 Sep

Simonis expresses concern about Letshego’s deduction method

Observer Money

Chamwe Kaira Simonis Storm Securities analyst Kara van den Heever says the suspension of the Deduction Code, effective 30 November, raises concerns for Letshego Namibia because a large portion of its Deduction at Source (DAS) model depends on this system. On 28 August, government employees were informed that the Deduction Code would be suspended. Van den Heever said the impact could be significant. “To put the scale into context, as of the 2024 financial year, 110 607 loans were originated via DAS. While not all of these loans relate to government employees, the government remains Namibia’s largest employer, which allows…

12 Sep

BoN deputy governor appointed to AFI board

Observer Money

The Bank of Namibia (BoN) has announced the appointment of deputy governor Leonie Dunn to the global board of directors of the Alliance for Financial Inclusion (AFI) for the term September 2025 to September 2027. The appointment was confirmed at the 2025 AFI annual general meeting held on 3 September during the AFI Global Policy Forum in Swakopmund. Dunn will represent the BoN on the AFI Board as stipulated in Article 18 of the AFI Articles of Association. The AFI board of directors is the highest governance body of the Alliance, setting the network’s strategic direction, ensuring accountability, and guiding…

12 Sep

African banks reshaping their operations

Observer Money

KPMG has released its latest global report, Banking Transformation: The New Agenda, which reveals how leading banks are reshaping their operations to deliver sustainable growth and cost efficiency. Drawing on a global survey of 228 banking leaders, the report outlines practical strategies for African banks to navigate growing economic pressures, regulatory change, and intensifying competition from fintech and digital-first challengers. The report shows that while transformation is a universal imperative, only 18% of banks globally have been highly successful in achieving their transformation objectives. Furthermore, 53% of banks aim to cut costs by at least 10% by 2030, yet only…

12 Sep

The petroleum local content policy is in whose interest if not capitalism?

Opinions

Kae Matundu-Tjiparuro The government, to be specific, the Upstream Petroleum Unit in the Office of the President, has been having roadshows countrywide and regionally, if not in selected areas and regions, to apparently explain the National Upstream Petroleum Local Content Policy. Upon picking this up through the media, the first question that occurred to mind is who have been invited to these roadshows, who have been attending and, with due respect and circumspection, if those invited and who have been attending these roadshows do and could realistically be expected to indeed comprehend what this subject matter entails to provide constructive,…

12 Sep

Africa’s absence at the biggest Chinese military parade in history

Opinions

PAUL T. SHIPALE (with inputs by Folito Nghitongovali Diawara Gaspar) Introduction Africa today finds itself in a paradoxical position, one that demands an introspection transcending the coldness of econometric language, delving into the depths of structural causes and existential implications for the continent's self-determination. The continent is, unequivocally, one of the largest suppliers of the critical minerals and raw materials that form the bedrock of China’s industrial and technological ascendancy, such as cobalt from the Democratic Republic of Congo for electric batteries, oil from Angola to fuel its burgeoning industry, platinum from South Africa for advanced manufacturing, uranium from Namibia,…

11 Sep

Nekundi orders 1 500 state cars to be destroyed …306 vehicles sold off at auctions

Main

Justicia Shipena The government will dispose of 1 500 vehicles that have exceeded both their age and mileage limits under the government fleet policy. Works and transport minister Veikko Nekundi announced this in Parliament on Wednesday. He said the process is aimed at cutting costs and improving efficiency in state transport operations. “The government fleet across our ministries, agencies, and regions has experienced significant ageing over the past decade, necessitating an urgent and comprehensive phase-out and renewal programme,” Nekundi said. The policy requires vehicles to be replaced after five years of service or once they have clocked 120 000 kilometres. …

11 Sep

Willemse says he was cautioned not to interfere in Namcor-Enercon deal

National News

Hertta-Maria Amutenja Former National Petroleum Corporation of Namibia (Namcor) executive Cedric Willemse told the Windhoek Magistrate’s Court on Wednesday that his involvement in the fuel supply agreement between Namcor and Enercon Namibia was limited to an advisory role and that he was warned not to make decisions on the transaction. Willemse testified on Wednesday during his bail application before Magistrate Olga Muharukua. He explained that the project owners of the Enercon deal were Namcor's sales and marketing team. “The project owners of this deal between Enercon and Namcor were the sales and marketing team. I was guiding the team if…