Observer Money – Page 109

22 Sep

Trans-Zambezi Railway Extension cheers Canadian miner

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Tsodilo Resources Limited, the Canadian mining company, which has projects in northern Botswana is pleased that cabinet has approved the Final Feasibility Study for the Trans-Zambezi Railway Extension Grootfontein-Rundu-Katima Mulilo. Tsodilo Resources Limited is a resource exploration company engaged in the search for economic metal and diamond deposits in Botswana. Minister of Works and Transport Minister John Mutorwa announced that Namibia is at the forefront of coordinating the extension of the Grootfontein-Katima Mulilo railway project. “We are now at the stage where the finance ministry is in the lead to see how we can fund this, because it’s not only…

22 Sep

Capricorn Group grows to N$8.21b in ten years …… N$3 billion paid in dividends to shareholders

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Chamwe Kaira The capitalisation of the Capricorn Group Limited in 2020 has grown from N$5 billion at the time of listing on the Namibia Stock Exchange in 2013 to N$8.21 billion, the group said in 2023 annual report. The share price at the time of listing was N$8.75 at the time of listing. As at 12 September the share price was N$15.81 resulting in a market capitalisation of N$8.21 billion. When the Group was listed it generated a revenue of N$1.4 billion, compared to N$4.6 billion for 2023. At the time of listing, it had total assets of N$21 billion…

22 Sep

Redforce has collected N$1b debt for municipalities

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Redforce, the Windhoek based debt collection and management company has been in the news of late with residents of several towns protesting against debt collecting methods. Protests against the company have taken place in towns like Windhoek and Okahandja against Redforce after it was appointed by these towns to collect outstanding arrears. This week, Redforce CEO Julius Nyamazana, told Observer Money that the company has managed to collect debt of over N$1 billion out of the N$1.5 billion owed to local authorities by rate payers. Observer Money (OM): May you give us a brief background on RedForce, when was the…

22 Sep

BAN responds to new banking regulations

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The Bank of Namibia has announced significant changes to the banking industry, which could have profound consequences for the sector. These changes include the implementation of the Banking Institutions Act and the Payment System Management Act. Under the new regulations, Namibian banking institutions are required to establish independent and autonomous boards, implement term limits, and set age restrictions to prevent board members from serving indefinitely. Additionally, the central bank has mandated that all credit decisions and approvals must be made by individuals authorised by the Bank of Namibia, and no credit decisions should be made outside Namibia by unauthorised persons.…

22 Sep

Housing target of 20 000 units, a pipe dream

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Chamwe Kaira The target set by the government of delivering 20 000 housing units by the end of 2025, remains a pipe dream and will not be met. This is as a result of the slow pace at which the National Housing Enterprise is constructing houses. The country’s housing backlog stands at 300 000 housing units; this means that the country needs to construct around 30 000 houses annually. “However, it appears unlikely that this target will be met, given the current pace of construction by the National Housing Enterprise (NHE). Only 29% of this goal has been achieved, and…

22 Sep

Exempting Chinese from visas will increase tourism

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Chamwe Kaira The proposed visa exemptions for 30 days for Chinese nationals arriving in Namibia will have a positive impact on tourist arrivals from the Asian giant given that it is the second biggest economy in the world and a big player in travel and tourism globally. “Namibia will do well to tap and establish a tourism market in China. This will enhance tourism growth for the country as well as economic growth and investment. The visa requirement has been one of the challenges that hampering Chinese arrivals, with that exemption, we are confident that the tourism arrivals will increase…

22 Sep

Trans Kalahari blends with TransNamib plans

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Chamwe Kaira The proposed Trans Kalahari Railway to link Botswana and the port of Walvis plans will undoubtedly blend in with plans of TransNamib, to have a rail link between Namibia and Botswana, TransNamib said this week. The Trans-Kalahari Railway is anticipated to facilitate the transportation of 14 million tons annually in its inaugural year of operation, with the potential to increase to 56 million tons per annum by its 30th year of service, as revealed in project tender documents. Scheduled to commence construction in January 2025, this ambitious project comes with a multi-billion-dollar price tag. Stretching across a distance…

21 Sep

Shifeta calls for action to achieve sustainable forest management

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Hertta-Maria Amutenja Pohamba Shifeta, the Minister of Environment, Forestry and Tourism, highlighted the multifaceted challenges facing Namibia’s forests and emphasized the urgent need for collective action towards sustainable forest management. Speaking at the end of the conference titled “The Future of Namibia’s Forests – Sustainable Forest Management as Key to Unlock Its Potential”, organized by the Hanns Seidel Foundation (HSF) and the Desert Research Foundation of Namibia (DRFN), Shifeta focused the attention on the significant deterioration caused by deforestation. “Our forests ate confronted by numerous challenges, with deforestation at the forefront. Nevertheless, we find solace in Namibia’s proactive steps to…

20 Sep

The Windhoek Observer Launches WhatsApp NewsBot

info_e12wt4csObserver MoneyThe Windhoek Observer Launches WhatsApp NewsBot

Windhoek, Namibia – September 20, 2023 – The Windhoek Observer, a leading newspaper in Namibia, announced the launch of its innovative WhatsApp NewsBot, becoming the first newspaper in Namibia and one of the earliest in Southern Africa to offer this state-of-the-art feature. The InfoBot/NewsBot provides instant access to a myriad of offerings, including: On-Demand E-Paper Access: Subscribers to the bot, which is free to access, can instantly receive the daily e-paper and the weekend newspaper, both in convenient PDF formats. Latest Headlines at a Touch: Readers can get the latest headlines from latest news, finance to energy and sports, automatically…

20 Sep

Gondwana Collection takes action amidst surge in crimes against tourist

info_e12wt4csObserver MoneyGondwana Collection takes action amidst surge in crimes against tourist

Niël Terblanché Amidst a concerning uptick in criminal activities targeting international tourists, Gondwana Collection Namibia has launched the “Tourism Heroes” campaign. This initiative, in partnership with Namibian authorities, aims to reward and recognize individuals and entities pivotal in preserving and enhancing Namibian tourism. In this regard the Gondwana Collection Namibia contributed a generous N$1,000,000 to the cause—split between cash and in-kind donations facilitated through the Gondwana Care Trust. Christiaan Jacobie, Senior Content Architect at Gondwana, emphasized the importance of this campaign. “Namibia, globally celebrated for its enthralling landscapes and warmth, now faces challenges jeopardizing its visitors’ safety. Our campaign aims…