Observer Money – Page 110

28 Jul

Diamonds fetch higher outside De Beers

info_e12wt4csObserver MoneyDiamonds fetch higher outside De Beers, Namib Desert Diamonds Pty Ltd (Namdia)

CHAMWE KAIRA The government of Namibia will be in a position to negotiate for an improved sales agreement with De Beers using Namib Desert Diamonds Pty Ltd (Namdia) price recovery system that saw Namibian diamonds sold outside the De Beers system getting as much as more than 12% compared to De Beers’ diamond prices. Namdia is a wholly owned government diamond trading company that exclusively sells diamonds outside the De Beers system. The company is entitled to 15 percent of diamonds processed by the Namibian Diamond Trading company consisting of 22.6 percent above 2 carats, 76.2 percent below 2 carats…

28 Jul

Uranium earnings surged to N$3.5 billion

info_e12wt4csObserver Moneystronger uranium export, Uranium earnings surged to N$3.5 billion

Uranium export earnings surged to N$3.5 billion for the first quarter of 2023 from N$1 billion recorded in the same period in 2022. “This could be attributed to a stronger uranium export volume and the depreciation of the domestic currency. The higher export volumes were triggered by a low base effect, as shipping vessels were unavailable during the corresponding quarter of 2022,” said research firm, High Economic Intelligence. Namibia is one of the world’s top producers of uranium ranking second only to Kazakhstan. The country produces around 10% of the world’s global uranium production mainly from its large uranium mines…

27 Jul

EIF assists communities threatened by climate change

info_e12wt4csObserver MoneyEIF assists communities threatened by climate change, Environmental Investment Fund of Namibia

Martin Endjala The Environmental Investment Fund of Namibia has disbursed grants to the tune of N$88 300 000 under the ‘Building Resilience of Communities across Targeted eight landscapes threatened by climate change through an ecosystems-based adaptation approach’ initiative. The project is funded by the Green Climate Fund and geared towards addressing communities threatened by climate change through an Ecosystem-Based Adaptation Approach in Namibia, particularly in the Kunene and Erongo regions. The community projects are aimed at addressing climate change through ecosystem-based adaptation by recognising the inherent strength and resilience of the natural systems in adapting to changing climatic conditions. The…

26 Jul

Hyphen and Namibian Government launch SED framework

info_e12wt4csObserver MoneyHyphen and Namibian Government launch SED framework

Martin Endjala As part of the landmark N$180 billion green hydrogen project deal, the Government of the Republic of Namibia (GRN) and Hyphen Hydrogen Energy on Monday launched a socio-economic development framework (SED Framework) in the //Kharas Region. The SED Framework is an integral part of the Feasibility and Implementation Agreement (FIA) which demonstrates the GRN's commitment to incorporating socio-economic development targets for green hydrogen developers in the implementation of Namibia's green hydrogen strategy. Hyphen’s Head of Environment, Social and Governance (ESG), Toni Beukes, said that in partnership with central, regional, and local governments they aim to co-create solutions with…

26 Jul

The business community is a vital component of the mid-term budget

info_e12wt4csFeatured, Observer MoneyThe business community is a vital component of the mid-term budget

Niël Terblanché The Ministry of Finance and Public Enterprises along with the National Planning Commission will conduct a comprehensive mid-term budget review in various regions across the country. According to a statement provided by the finance ministry, the Minister of Finance and Public Enterprises, lipumbu Shiimi, will personally conduct the campaign with members of the National Planning Commission. “This initiative aims to assess the progress made thus far and identify areas where adjustments may be required to ensure effective fiscal management and equitable economic growth,” the statement said. During the visits to the various regions, the finance minister will engage…

25 Jul

Namfisa will not prevent voluntary dissolution of medical aid funds

info_e12wt4csFeatured, Observer MoneyJoanette Eises said that Namfisa, Namfisa will not prevent voluntary dissolution of medical aid funds, y BankMed Namibia

Martin Endjala The Namibia Financial Institutions Supervisory Authority (Namfisa) has reiterated that in terms of its prudential supervision of medical aid funds, it does not necessarily prevent the liquidation or voluntary dissolution of such funds. Namfisa stated that its function is merely to reduce the likelihood of liquidation or dissolution as other unforeseen factors may also adversely impact the business of a medical aid fund. This comes after it was brought to the attention of Namfisa about speculation and circulation of information, regarding the financial status and future sustainability of one of the medical aid funds, namely BankMed Namibia, which…

24 Jul

Hyphen Energy wants to create a skills database

info_e12wt4csNational News, Observer MoneyHyphen Energy wants to create a skills database, skills development and potential employees., Toni Beukes

Martin Endjala Hypen Africa Energy has revealed that it is looking at creating and implementing a local database that will focus on skills development and potential employees. The project is aimed at closing the gap that has been identified in the Technical and Education Vocational Training (TVET) sector such as the National Training Authority and the Namibian Institute of Mining and Technology amongst others, that offers training up to Level 5. The Head of Hyphen Energy Environment, Social Governance, Toni Beukes explained that studies currently being conducted are mostly targeting researchers who require Levels 7 to 9, resulting in TVET…

21 Jul

NamRa declares war on tax evasion

info_e12wt4csObserver MoneyNamRa declares war on tax evasion, Sam Shivute

Martin Endjala Following numerous failed interventions to sensitise the public to pay their taxes, it has come to the attention of the Namibia Revenue Agency that a number of companies and individuals have been declaring null or zero tax returns, as a result, the agency has declared war to root out tax evasion in the country. The agency’s Commissioner, Sam Shivute revealed yesterday in an exclusive interview during his courtesy visit to President Hage Geingob at state house that they have developed a Tax Law Enforcement Strategy and established a Centralised Investigation Enforcement Unit. The enforcement intervention activities he said…

21 Jul

Lead exposure to Rosh Pinah children probed

info_e12wt4csObserver Money

CHAMWE KAIRA The reported exposure of children to lead at Rosh Pinah is being probed by Rosh Pinah Mine new owners, Appian Capital Advisory. The Ministry of Health and Social Services has confirmed cases of chronic lead exposure at Rosh Pinah in the //Kharas region with a number of chronic lead exposure among children. Appian in a response to a query by Observer Money said the company takes these concerning allegations incredibly seriously, having only become aware of them following completion of the acquisition of Rosh Pinah in June. “We are investigating as a matter of urgency and are working…

21 Jul

Local construction firms losing ground

info_e12wt4csObserver MoneyLocal construction firms losing ground

CHAMWE KAIRA With local construction firms losing ground to foreign competitors and tenderpreneurs, Simonis Storm Securities said this week that it remains negative on the outlook of the sector’s profitability and contribution to employment going forward. “If local construction companies cannot even participate in the construction of a highway between two small towns in the country, one wonders whether they will be able to participate much in the mega projects planned in the South,” the firm said. Simonis cited the fact that only three Namibian construction companies made the short-list of bidders for the road reconstruction project between Karibib and…