Observer Money – WINDHOEK OBSERVER

24 Mar

JSE lifts suspension of trade in Trustco shares

ObserverObserver MoneyDr Quinton van Rooyen, JSE lifts suspension of trade in Trustco shares

Niel Terblanche The Johannesburg Stock Exchange (JSE) has with immediate effect lifted the suspension on the trading of Trustco Group Holding’s shares. “We are pleased to have our shares reinstated for trading on behalf of all our investors,” said Trustco Chief Executive Officer, Dr Quinton van Rooyen. “Trustco always strives for investing excellence, and looks forward to announcing even more exciting updates on our investment portfolios in the near future!” The company in a statement issued by its spokesperson, Neville Basson also announced that the trading of Trustco shares on its secondary markets Namibian Stock Exchange (NSX) and OTCQX in…

22 Mar

Distribution of death benefits from pension funds mandatory

ObserverObserver MoneyDistribution of death benefits from pension funds mandatory

Stefanus Nashama The Namibia Financial Institutions Supervisory Authority (NAMFSA) announced that the institution will ensure pension benefits will be distributed to the beneficiaries of deceased Pension Fund members, as stated by the Pension Funds Act. The process required to be followed by pension funds on the manner of distribution of the benefits following the death of a member. This entails tracing dependents and nominees of members, said NAMFISA Spokesperson, Victoria Muranda in a media statement. Muranda indicated that should the Pension Fund fail to trace any dependents or nominees within a period of 12 months, the balance in the fund…

16 Mar

Central bank launches regulatory reporting system

ObserverNational News, Observer Money

Hertta-Maria Amutenja The Bank of Namibia yesterday launched an Automated Regulatory Reporting System, which the central bank says will assist in maintaining financial stability and mitigate risks. The system, according to BoN will further enhance data collection and analytics capabilities. It will be available to regulated and supervised entities licensed by the Bank to conduct banking, currency exchange, and payment service provision activities. The system is a first for Namibia and is effective 1 February 2023. The Governor of the bank, Johannes !Gawaxab said the system engenders confidence in and contributes significantly to the stability and soundness of the domestic…

06 Mar

Local Ownership must start with the state-Alweendo

ObserverFeatured, Observer MoneyLocal Ownership must start with the state-Alweendo

Martin Endjala The Minister of Mines and Energy, Tom Alweendo says that local ownership must start with the state, in whose ownership of the country’s natural resources is vested. The proposed State ownership should take the form where the state owns a minimum equity percentage in all mining companies and petroleum products for which it does not have to pay. This comes after several Members of Parliament questioned the exploration and ownership rights of foreign investors in the country and not Namibians. “If we agree that local ownership is so important - and we do agree - and we also…

18 Feb

FirstRand Namibia CFO rumoured to join SOE Department

ObserverNational News, Observer MoneyFirstRand Namibia CFO rumoured to join SOE Department

Martin Endjala The Chief Financial Officer of FirstRand Namibia, Oscar Capelao has resigned, the company announced. Capelao’s resignation is effective end of April this year. The FirstRand Namibia board said it will commence with the process of appointing Capelao’s successor, with a further announcement to be made in due course. Capelao says change is a model he understands well, that he is excited to watch the group continue to help build a globally competitive Namibia. “I am a FirstRand citizen through and through, a lifelong customer of the bank of the changeable, and in whatever role comes next, supporting the…

30 Jan

RMB Namibia wins Best Trade Finance Bank in Namibia

ObserverObserver MoneyPhilip Chapman, RMB Namibia wins Best Trade Finance Bank in Namibia

Staff Writer RMB Namibia was recently named Best Trade Finance Bank in Namibia 2023 at the 23rd annual World's Best Trade Finance Providers Awards by Global Finance magazine. The awards recognize consistent growth in the trade sector over the past year, which was fueled by increased automation and innovation as a result of the pandemic. This year's winners were recognized for outperforming their competitors in terms of product and service offerings. RMB Namibia CEO Philip Chapman stated that the award demonstrates their commitment to serving the Namibian people by being their preferred banking partner and providing innovative financial solutions. The…

30 Jan

Old Mutual insurance covers agriculture.

ObserverObserver MoneyGert Grobler Old Mutual, Old Mutual insurance covers agriculture

Staff Writer One of Namibia’s life insurance and financial services group Old Mutual, offers insurance tailored to an individual farmer's needs, offering Agrisure needs. According to the general manager of commercial lines, Gert Grobler Old Mutual understands the challenges involved with protecting agricultural risks and the impact that unforeseen events can have on the long-termsustainability of an agricultural producer’s business. "Agrisure offers a holistic risk protection solution tailored to an individual farmer's needs. Agrisure is backed by service excellence and supported via a national branch network, with sales offices throughout the country. Through Agrisure your farming business will be protected…

Andrada Mining contributes over N$143<br>million to the Namibian economy in 2022

30 Jan

Andrada Mining contributes over N$143
million to the Namibian economy in 2022

ObserverObserver MoneyAndrada Mining contributes over N$143 million to the Namibian economy in 2022

Tujoromajo Kasuto During the fiscal year 2022, Andrada Mining, formerly known as AfriTin Mining, contributed over N$143 million to the Namibian economy and funded over N$185,000 in community projects. The mine notes in its Sustainability Report for the 2022 fiscal year, released this week, that total procurement spend for the reporting period exceeded N$294m, with N$143m, or 49 percent, spent across more than 250 Namibian businesses. Besides that the report notes that, “as our business grows and develops, we fully intend to bring our Namibian suppliers along with us.” “To the extent practicable our supply chain prioritises procurement from local…

22 Dec

Angolan Ministry of Transport and Consortium Trafigura, Vecturis, and Mota-Engil sign Concession Contract for Lobito Corridor Management

ObserverObserver Money

The Angolan Executive, through the Ministry of Transport, and the consortium consisting of Trafigura Group Pte Ltd, Vecturis, SA, and Mota-Engil, Engenharia e Construção África, SA, signed on November 4th, in Luanda, the concession contract for the Lobito Corridor. Over the next 30 years, this consortium will take over the operation, operation, and maintenance of rail freight transport and all existing infrastructure along the Corridor. The value of the contract signature award for this concession is US$100 million, which is in line with the other concessions in the Angolan transport sector. It has made it possible to differentiate competitors based…

31 Oct

Reviving the Elizabeth Bay Mine

ObserverObserver MoneyPaul Lombard, Reviving the Elizabeth Bay Mine, Sperrgebiet Diamond Mining (Pty) Ltd

CHAMWE KAIRA Sperrgebiet Diamond Mining (Pty) Ltd, which plans to start mining at the Elizabeth Mine near Luderitz in this fourth quarter, plans an initial production of 240 000 carats per annum before reaching about 360 000 carats, General Manager Paul Lombard said in an interview. The Elizabeth Bay Mine was formerly owned by Namdeb Holdings. “We’ll be constructing an Infield Pre-Treatment Facility by mid-next year which will aim at removing the majority of fine non-diamond bearing material and clay from the ore to be presented to the Main Treatment Plant, this will not only improve the throughput and concentration…