Observer Money – Page 104

27 Oct

Northern regions have 400 000 cattle

info_e12wt4csObserver MoneyNorthern regions have 400 000 cattle

Chamwe Kaira The northern regions of the country have an estimated cattle population of 400 000 cattle; Meat Corporation of Namibia statistics in the 2022/2023 annual report have shown. The statistics further showed that areas south of the Veterinary Cordon Fence have a cattle population of 800 000, giving the country an estimated cattle population of 1.2 million cattle. Meatco states that cattle produced within the southern regions can be exported to international markets, supporting the Namibian Government’s development aims and policies, while maximising returns to the producers, all while building and maintaining credible premium brand status for Namibian beef.…

26 Oct

Credit uptake remains low despite unchanged repo rate

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Martin Endjala Despite the repo rate holding steady at 7.75 percent, corporate credit uptake remains weak due to the private sector's reluctance to borrow under the current unfavourable economic conditions, where both economic activity and interest rates fail to stimulate credit demand for businesses. Economist and Independent Bank Researcher, Josef Sheehama provided this insight in response to the Bank of Namibia's announcement yesterday regarding the maintained repo rate at 7.75 percent. "Due to market volatility, private sectors are adopting a watch-and-see attitude instead of applying for facilities to invest in businesses. They are postponing business expansion and opting to restructure…

25 Oct

Hyphen Namibia secures over N$135 million grant from DBSA

info_e12wt4csObserver MoneyHyphen Namibia secures over N$135 million grant from DBSA

Martin EndjalaGreen Hydrogen Commissioner James Mnyupe, has recently announced that Hyphen Namibia has successfully secured N$135.5 million in grant and debt funding from the Development Bank of South Africa (DBSA) via KfW, the German state-owned development bank. This funding Mnyupe said, facilitated through the Southern Africa Development Community Project Preparation and Development Facility, demonstrates the pivotal role of the Southern African region in the global green hydrogen race. “As Hyphen expands its operations in Namibia, it is dedicated to promoting economic integration and green energy solutions, with a strong emphasis on local employment and sustainable growth, “said Mnyupe. In terms…

25 Oct

MUN wants decent employment and security amidst GH2 opportunities

info_e12wt4csObserver MoneyMUN wants decent employment and security amidst GH2 opportunities

Martin Eendjala Amidst the European Union-Namibia (EU-NAM) business forum currently underway in Brussels, Belgium, the Mineworkers Union (MUN) wants the much-talked-about Green Hydrogen (GH2) to bring about decent employment and job security. In a recent interview with Windhoek Observer, the union Assistant General Secretary, Paul Situmba, said whatever opportunities will come from the government and investors, they should always prioritise decent employment to avoid precarious employment. “It won't make sense to be excited over job opportunities and employment creation if the employment created is not better than staying home, we need to be excited about employment created that is decent…

23 Oct

Digital fraudsters target financial services, travel and leisure industries

info_e12wt4csObserver MoneyDigital fraudsters target financial services, travel and leisure industries

Martin Endjala Namibia's financial services providers and travel and leisure industries have reported the highest number of attempts at digital fraud in the first half of 2023, according to an analysis report by TransUnion Africa. These attempted fraud activities occurred between January 1st and June 30th, 2023. Out of all digital transactions made by consumers in Namibia, 1.4 percent were suspected to be fraudulent attempts. Financial services providers and retailers experienced the highest rates of suspected digital fraud attempts, standing at 3.9 percent and 3.5 percent, respectively. The gaming sector, including online sports betting and poker, ranked third with a…

20 Oct

Namibians own 4.3 percent of Shoprite

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Namibian investors hold a 4.3 percent stake in Shoprite, according to the 2023 Integrated Report. Shoprite Holdings Limited's international shareholders also include 47.4 percent from the USA, 16.7 percent from Hong Kong, 13.6 percent from the UK, and 5.8 percent from Luxembourg. Additional investors, totaling 13.2 percent, hail from countries such as Belgium, the Netherlands, Saudi Arabia, Switzerland, Ireland, the UAE, Kuwait, and Singapore. The majority of Shoprite's shareholders are from South Africa, the USA, Hong Kong, the UK, and Luxembourg. In the fiscal year ending on July 2, 2023, Shoprite achieved N$215 billion in revenue and N$11.9 billion in…

20 Oct

Population projected at 2.6 million

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Chamwe Kaira Namibia Statistics Agency projects that the country’s population may stand at 2.6 million people at the end of the 2023 Population and Housing Census. If the project turns out to be accurate, that will mean the population would have grown by half a million since the last census in 2011, which stood at 2.1 million. Digging into history, using the figures provided by the NSA, the country’s population stood at 228 916 in 1921. The next census in 1936, saw the population increase to 320 457. Ten years later in 1946, the population stood at 362 464. The…

20 Oct

Momentum paid N$300 million in Covid claims

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CEO of Momentum Metropolitan Namibia, Sakaria Nghikembua, talks about joining the company in the middle of the Covid-19 pandemic and the lessons the company learnt from the pandemic. He tells Observer Money about the new products launched by his company and the current status of the insurance industry in the country. Observer Money (OM): You were appointed as CEO of Momentum Metropolitan Namibia, just over two years ago, how has the journey been so far? Sakaria Nghikembua (SN): Enlightening, challenging and rewarding. I came in right in the middle of the Covid-19 pandemic. As a business, we learned many new…

20 Oct

Nasria readies weather based livestock insurance

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Chamwe Kaira The Namibia Special Risks Insurance Association (Nasria) is getting ready to introduce the innovative Weather Index Based Livestock Insurance (WIBLI). Johannes Alugodhi, the agriculture manager at Nasria said in an interview that Nasria is committed to launch the innovative WIBLI product to the market (Agriculture sector) before the down of 2023. Alugodhi said WIBLI will provide a solution by insuring livestock farmers against droughts and excessive rainfall and floods, which are the most significant climatic change risks challenges facing the agriculture sector. He said with WIBLI, there is no field, farm, grazing ground level assessment required to confirm…

20 Oct

Paladin spends US$66m in Namibia

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Chamwe Kaira Paladin Energy, which is in the process of reopening its Langer Heinrich Mine in the Erongo Region has spent US$66.2 million on various services in the country in the current financial year. The company said in the sustainability report that during the 2023 financial year, there was no direct economic value generated from revenues, however economic value distributed and retained, which included operating costs, employee wages and benefits, payments to providers of capital, payments to government by country, and community investments totaled US$66.2 million. Langer Heinrich already produced over 43 million pounds of uranium oxide over ten years…