Observer Money – Page 104 – Windhoek Observer

01 Mar

PSEMAS collects N$23 million in arrears

Observer Money

The Ministry of Finance and Public Enterprises, in collaboration with the PSEMAS Coordinating Committee, has initiated the comprehensive reform agenda for the Public Service Medical Aid Scheme (PSEMAS). The first phase of this reform has been completed, with the Cabinet endorsing the recommendations outlined in the PSEMAS Technical Review Report. Currently, the second phase, involving implementation, is underway. Additionally, the ministry has successfully concluded phase three of the re-registration project for members and dependents, and in phase four, has managed to collect approximately N$23 million in arrear contributions. The enhancement of the membership management system has been postponed to accommodate…

28 Feb

Boosted bunkering services enable Walvis Bay to capitalise on the Suez Canal crisis

Observer MoneyBoosted bunkering services enable Walvis Bay to capitalise on the Suez Canal crisis

Niël Terblanché The port of Walvis Bay has witnessed a remarkable 32 percent year-on-year increase in vessel calls for the year ending on 31 December 2023 because of the continued surge of maritime activity around the southern tip of Africa The Namibian Ports Authority (Namport) attributed the growth in port calls to a variety of vessels including container ships, dry bulk carriers, and reefers to geopolitical tensions that have prompted a significant shift in global shipping routes. Andrew Kanime, the Chief Executive Officer (CEO) of Namport, said the surge is not just in the number of vessels but also in…

28 Feb

NWR observes surge in bookings of out-of-town conference venues by companies

Observer MoneyNWR observes surge in bookings of out-of-town conference venues by companies

Martin Endjala The Namibia Wildlife Resorts (NWR) has witnessed a remarkable surge in companies and organisations opting for out-of-town conference venues in a bid to prioritise productivity and focus during business gatherings. NWR Corporate Communications Manager Nelson Ashipala, who is also responsible for overseeing meetings, conferences and event bookings, shared insights into this growing trend. Ashipala said that with the advantage of reduced disturbances and distractions, venues such as Gross Barmen and Hardap Dam resorts have become sought-after destinations for corporate events. Traditionally, bustling urban environments often accompany conferences and business meetings, leading to interruptions and distractions. However, the serene…

23 Feb

Tsumeb Smelter is unique asset

Observer Money

This week, Alina Garises, communications manager at Dundee Precious Metals talks about the possible sale of the Tsumeb Smelter and impact it could have on the country’s economy. Observer Money (OM): What impact will the sale of Tsumeb Smelter have on the current employees; does this mean they will lose jobs? Alina Garises (AG): It is currently business as usual at the smelter. Decisions on future employment will belong to a new owner but we are extremely impressed by the quality and commitment of our Namibian workforce. While we cannot speak for a new owner, we believe that the reductions…

23 Feb

Tsumeb Smelter put on the market

Observer Money

CHAMWE KAIRA Following the announcement Dundee Precious Metals Tsumeb has decided to undertake a strategic review of its Tsumeb operation, including a potential sale, the Windhoek Observer looked at the possible impact this move would have on the Namibian economy and the local impact on the town of Tsumeb. Dundee said given that the smelter is no longer expected to process any Chelopech concentrate from its subsidiary in Bulgaria, commencing in 2024 and as a result, it is no longer seen as strategic to DPM's asset portfolio. Statistics from the Chamber of Mines of Namibia showed that local procurement spend…

23 Feb

Trans-Zambezi Railway important for iron project

Observer Money

CHAMWE KAIRA The proposed Trans-Zambezi Railway Extension Grootfontein-Rundu-Katima Mulilo is very important for Tsodilo Resources Limited, which is developing the Xaudum Iron Project in Botswana close to the Namibian border. The company’s chairman and CEO, James Bruchs, said the railway line is very important for the rail shipment, once the Xaudum Iron Project is off the ground. In September, the Namibian Cabinet has approved the final feasibility study for the Trans-Zambezi Railway Extension Grootfontein-Rundu-Katima Mulilo. The extension of the Grootfontein-Katima Mulilo will connect Namibia, Zambia and Botswana, through Ngoma up to Kasane, and link up with Zimbabwe and Zambia, up…

23 Feb

FNB profit drop up to 5%

Observer Money

FirstRand Namibia Limited has advised shareholders that the group's profit after tax for the period ended 31 December 2023 is expected to be 0% to 5% lower than the comparative period partly due to higher impairments, with pre-provision profit improving between 3% to 8% with strong underlying performance from operations. The group's reviewed financial results will be released on 29 February 2024, said Nelago Makemba company secretary. By comparison, FNB Namibia’s earnings for the six months ended 31 December 2022 increased by 38% to N$813 million, a performance the company said was a testament to the quality of its operating…

23 Feb

Beer, wine, cigarettes prices up

Observer Money

CHAMWE KAIRA Consumers can expect prices of alcohol products and cigarettes to go up in line with the Southern African Customs Union (SACU) excise duties when Minister of Finance, Ipumbu Shiimi tables the 2024 budget next week. This week, South African Minister of Finance, Enoch Godongwana said for alcohol products excise duties, above-inflation increases of between 6.7% and 7.2% for 2024/25 are proposed. This means a can of beer increased by 14 cents, a can of a cider and alcoholic fruit beverage went up by 14 cents, a bottle of wine will cost an extra 28 cents, a bottle of…

23 Feb

No final decision on grey-listing ……… Namibia’s financial sector has assets exceeding US$5 billion

Observer Money

CHAMWE KAIRA The Financial Action Task Force (FATF) has not made a final decision on whether the country has successfully implemented sufficient reforms to avoid being grey-listed, Bryan Eiseb, director of the Financial Intelligence Centre (FIC), said this week. Media speculation this week said Namibia will be blacklisted by FATF. “The final has not been made yet,” said Eiseb. Early this week, Minister of Finance, Ipumbu Shiimi said Since December 2022, Namibia has been diligently working towards meeting international standards set forth by the Eastern and Southern African Anti-Money Laundering Group (ESAAMLG) and FATF. He said a comprehensive mutual evaluation…

23 Feb

Dundee will not resubmit Osino offer

Observer Money

Dundee Precious Metals (DPM) Inc. this week acknowledged receipt of notice from Osino Resources Corp that a foreign-based mining company has made a binding proposal to acquire all of the issued and outstanding common shares of Osino for a purchase price of Canadian Dollars (C$)1.90 per share payable in cash. Osino has further advised DPM that its board of directors has determined that the new proposal constitutes a superior proposal as defined in the arrangement agreement between DPM and Osino dated 17 December 2023. Pursuant to the terms of the Arrangement Agreement, DPM had previously agreed to acquire all of…