Observer Money – Page 105

20 Oct

Grants offered for small businesses

info_e12wt4csObserver Money

The US African Development Foundation (USADF) and the Ministry of Industrialisation and Trade is inviting proposals from Namibian cooperatives, producer groups, and micro, small, and medium-sized enterprises (MSMEs) for grant financing and local support to develop innovative solutions that enhance their capabilities. These solutions aim to increase food security, add value to local products, boost revenues, create jobs, improve incomes, and foster sustainable market-based growth. The USADF and the trade ministry said they are welcoming proposals from registered cooperatives, producer groups, processors, distributors, and service providers in Namibia who are actively engaged in the following value chain sectors: grain, livestock,…

20 Oct

Schlumberger plans plant for oil rigs

info_e12wt4csObserver Money

Chamwe Kaira Services Pétroliers Schlumberger (SLB), a globally recognised oilfield services giant listed on the stock exchanges in New York, Paris, and London, is in the early stages of proposing the construction and operation of a Liquid Mud Plant (LMP) at Berth 8, situated within the Port of Walvis Bay, managed by the Namibian Ports Authority (Namport). SLB's extensive operations span across 120 countries, as indicated on its official website. The Liquid Mud Plant is a pivotal component in the management of various drilling fluids utilised in offshore oil rig operations. SLB envisions the LMP as a facility designed to…

20 Oct

Frederick Muller, new driver at Alexforbes

info_e12wt4csObserver Money

Frederick Muller was recently appointed as the Managing Director of Alexforbes Investments. With two decades of experience within Alexforbes, Muller says he would like to inspire the people working with him, foster close relationships with existing clients and bring innovative solutions and products to the market. Muller talks to Observer Money about his new role and how he hopes to take the company forward. Observer Money (OM): You have assumed the new role as MD at Alexforbes, how would you describe the current business environment in which you operate in? Frederick Muller (FM): I have assumed the role of MD…

20 Oct

EU-Namibia business forum to focus on GH2 and critical raw materials

info_e12wt4csObserver Money

Martin Endjala The upcoming European Union (EU) -Namibia business forum set to take place on the 24-25 October 2023 in Brussels, Belgium will focus on the Green Hydrogen and Sustainable Critical Raw Materials value chains. Hosted under the theme “Mobilising Quality Investment and Value Addition for Green Growth in the EU-Namibia Partnership”. The highly anticipated two-day forum aims to foster dialogue and collaboration as well as to strengthen the partnership between the EU and the Namibian Government, businesses and organisations. The forum is jointly organised by the Namibia Investment Promotion and Development Board (NIPDB) and the EU. According to Gosia…

17 Oct

Economist calls for caution in implementing government handouts

info_e12wt4csObserver MoneyEconomist calls for caution in implementing government handouts

Martin Endjala Local economist and independent researcher, Joseph Sheehama, has strongly opposed the government's plans to introduce a Condition of Basic Income Grant (CBIG) for every unemployed Namibian between the ages of 18 and 59. He believes that while the initiative is commendable, it represents a temporary solution that can promote complacency in terms of innovation and creativity, hindering economic growth. Sheehama pointed out that Namibia faces a critical challenge in the form of high unemployment, which perpetuates the cycle of widespread poverty. He argued that what the country needs is entrepreneurship, not handouts. "Instead of handouts, provide a scheme…

16 Oct

Unhygienic conditions at trade markets worrisome: Upingene

info_e12wt4csObserver MoneyUnhygienic conditions at trade markets worrisome: Upingene

Martin Endjala The Mayor of Windhoek, Joseph Uapingene, has expressed concerns about the unhygienic environmental conditions observed at trading markets and inadequate infrastructures across the city as worrisome and pose serious health risks. He said this can undermine traders’ sales and equally pose serious health risks to customers and the traders themselves. It is for this reason, in 2018 CoW intensified its health and hygiene promotion efforts at informal food markets and ran a competition at all food handling markets, to encourage traders to keep the markets clean at all times and practice good hygiene, in the interest of public…

16 Oct

NSX’s bond trading system goes live

info_e12wt4csObserver MoneyNSX’s bond trading system goes live

Chamwe Kaira The Namibian Stock Exchange (NSX) celebrated a momentous and long-awaited project with the go-live of the bond trading system on 13 October. The CEO of the NSX, Tiaan Bazuin, stated that the NSX is very pleased with the addition of our own bond trading system, to enhance the capabilities of the exchange to facilitate safe and regulated trading in the bond space in Namibia. This is also an expansion of its market participants as some of the banks in Namibia are now also capable of on-market trading together with some of the Stockbroking community. “Increasing on-market trading of…

13 Oct

Shell working to develop local content

info_e12wt4csEnergy, Observer MoneyShell working to develop local content

Chamwe Kaira Shell Namibia Upstream BV, spokesperson, Sally Wood has said the company recognises the long-term potential an oil and gas industry could have in Namibia in helping to unlock the country’s energy needs, provide training and employment and contribute to economic development. “We continue to work closely with the industry and government as it develops its local content policy and meanwhile, prioritise local goods, services and skills where possible, across our operations. This reflects where we are currently in the exploration process and will scale up if we proceed towards commercial development,” Woods told Observer Money this week. The…

13 Oct

Namdeb spends N$3.2 billion on economy

info_e12wt4csObserver Money

Chamwe Kaira Diamond producer, Namdeb’s operations have thus far spent more than N$3.2 billion in the local economy of Namibia in 2022 and capital expenditure of N$1.3 billion is being spent on the ramp up production activities, spokesperson Shangelao Ndadi told Observer Money. Ndadi said the royalty remission that was agreed upon with the government enabled a N$2 billion capital investment over a period of three years (2022 -2025) in the operations resulting in a 20-year life of mine extension (to 2042) for Namdeb’s land-based operations. “This life extension has huge positive implications in terms of long-term contribution to the…

13 Oct

Petroleum import bill N$892m in August

info_e12wt4csObserver Money

The Petroleum oils import bill increased by N$892 million in August, trade statistics have revealed. This increase was one of the leading causes that lead to the country’s trade balance standing at a deficit of N$4.9 billion compared to N$3.7 billion and N$4.1 billion recorded in July 2023 and August 2022. This was the largest deficit the country has recorded between August 2022 and August 2023. The other increases in imports were vessels imports, which increased by N$428 million, rotating electric plant increased by N$391 million, tubes and pipes of iron and steel increased by N$180 million and precious stones…