Observer Money – Page 108

05 Oct

Namibian dates spearhead horticultural exports

info_e12wt4csObserver MoneyNamibian dates spearhead horticultural exports

Niël Terblanché Namibian horticultural products are making a significant mark in the global market, with dates leading the way. According to Calle Schlettwein, the Minister of Agriculture, Water, and Land Reform, Namibia's producers have experienced increased access to global markets in recent times. In 2022, a notable 36 percent of Namibia’s agronomy and horticultural production, consisting chiefly of products like grapes, onions, tomatoes, sweet peppers, butternut, dates, blueberries, and watermelon, found their way to international consumers. Schlettwein pointed out that Namibia celebrated its first-ever soft citrus and grapefruit exports in the first quarter of the current financial year. These exports…

05 Oct

Capricorn group addresses investment biases

info_e12wt4csObserver MoneyCapricorn group addresses investment biases

Martin Endjala The Capricorn Group has specified that in today's swiftly changing finance and investment landscape, recognizing the influence of biases and emotions on decision-making is more pivotal than ever. To address this, the Capricorn Group, in collaboration with its subsidiary, Capricorn Asset Management, hosted an Inspire event themed “Exploring Biases in Investment Decisions.” This event was aimed at addressing and understanding biases inherent in making investment choices. Relf Lumley, Chief Investment Officer at Capricorn Asset Management, highlighted the significance of behavioral finance in determining market outcomes. He ventured that astute and informed decision-making in investment requires an awareness of…

04 Oct

CoW plans to electrify 4,000 informal settlement households

info_e12wt4csObserver Money000 informal settlement households, CoW plans to electrify 4

Martin Endjala The City of Windhoek (CoW) municipal council has greenlit a plan to provide electricity to approximately 4,000 households within Windhoek's informal settlements from 2023 to 2028. This five-year electrification initiative is an expansion of the prior plan that spanned 2017 to 2022. Since 2017, the city has been on a mission to electrify homes in these informal settlements, successfully making 3,515 service connections in areas like Otjomuise, Havana, Goreagab Dam, One Nation, Okahandja Park, Ongulumbashe, Babylon, and Kilimanjaro. City Mayor Joseph Uapingene announced this new development during a regular council meeting held the previous week. He said that…

03 Oct

NAMFISA advocates for financial stability amidst a decline in loan book value

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Martin Endjala The Namibia Financial Institutions Supervisory Authority (NAMFISA) has announced a year-on-year decline of 7.8 percent in the value of its loan book at the end of 2022, amounting to N$6.7 billion. This is largely attributed to the value of the loan book being dominated by the stock for term lenders, which accounted for nearly 96 percent of the total share, standing at N$6.5 billion. However, Kenneth Matomola, the Chief Executive Officer of NAMFISA, explains that the non-bank financial institutions sector remains financially sound and stable despite these fluctuations. “NAMFISA is committed to ensuring the stability and financial soundness…

02 Oct

The perception that blacklisting deny consumers access to credit is outdated: Burger

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Martin Endjala Despite ongoing progress in the usage of consumer credit information in Namibia, there is still a perception that blacklisting is used to deny consumers access to credit, this is an outdated concept and an inaccurate term. This is according to TransUnion Namibia Chief Executive Officer Lara Burger, while responding to Windhoek Observer questions on the status quos of blacklisted Namibians who may have defaulted on their payments to financial institutions and others. Burger said in modern credit economies around the world, a consumer’s credit score and credit report are essential financial tools that help people get access to…

02 Oct

Fuel hike prices remedy lies in oil discovery: NALOBA

info_e12wt4csEnergy, Observer MoneyFuel hike prices remedy lies in oil discovery: NALOBA

Martin Endjala Namibia Local Business Association (NALOBA) Vice President Peter Amadhila, believes that the continued hike of fuel prices, which proves to be somewhat cumbersome for Namibians due to international oil market prices, its remedy lies within the recent oil discovery in the country. Amadhila, who was reacting to the recent fuel hike prices announced by the Ministry of Mines and Energy, told this publication that Namibia has no control over the oil prices since these prices are in the hands of Global oil-producing giants. “If you have noticed, for the past three to four weeks, our country has been…

28 Sep

Demand for nuclear energy growing

info_e12wt4csEnergy, Observer Money

Chamwe Kaira Ronnie Beevor, the Chairman of Bannerman Energy, which is actively involved in developing the Etango uranium project, has emphasized that many nuclear-powered nations, such as China, India, Japan, Great Britain, France, and the USA, are either extending the operational lifespan of existing nuclear reactors, often by more than 60 years (80 years in the case of the USA), or embarking on the construction of new ones. In 2021, Namibia was the world’s second largest uranium producer with 5,753 tonnes produced. He pointed out that there are approximately 437 operational nuclear reactors worldwide, with an additional 60 reactors under…

28 Sep

Simonis sees GDP growing at 3.7%

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Chamwe Kaira Simonis Storm has maintained that Namibia’s GDP will grow at 3.7% for 2023 which ranks higher than other forecasts on the economy. Simonis said sentiment has shown an upward shift, notably driven by the promising prospects offered by Namibia's green hydrogen and oil and gas sectors. “Nevertheless, amidst the multitude of information in the media, there remains an expectation to witness the actual realisation of these developments,” it said. The research firm said the strong momentum post the pandemic can only carry the economy for so long. “Positive sentiment and mindsets have the power to turn things around,…

28 Sep

NBL used FNB bridging finance to acquire Distell

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Chamwe Kaira Namibia Breweries Limited secured bridge financing to acquire the shareholding as part of its acquisition of Distell under the Bridge Facility Agreement worth N$850 million, the company said in the annual report for the financial year that ended 30 June. “The group does not intend to utilise any portion of the N$850 million cash balance to fund normal operations,” NBL said. Bridge financing, often in the form of a bridge loan, is an interim financing option used by companies and other entities to solidify their short-term position until a long-term financing option can be arranged. Various facilities have…

28 Sep

White maize, pearl millet production to decrease

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The Namibian Agronomic Board CEO, Dr Fidelis Mwazi speaks to the Windhoek Observer about crop production, Namibia starting to produce its own seeds and maize production. Windhoek Observer (WO): It was reported that the Namibia Agronomic Board (NAB) aims to capacitate local farmers to increase their yields and realise Namibia's food self-sufficiency. Could you elaborate on this? Fidelis Mwazi (FM); The NAB has multiple mechanisms in place focused on capacitating Namibian producers to further increase their crop yields and realise Namibia’s food self-sufficiency. Here are some of the most notable initiatives. Horticulture Market Share Promotion (MSP) scheme is a growth-at-home…