Observer Money – Page 112

17 Jul

Vehicle sales are steadily increasing

info_e12wt4csObserver MoneyVehicle sales are steadily increasing

Martin Endjala Amid financial constraints, the sale of vehicles in Namibia is on a year-on-year upward trajectory. Vehicle sales increased from 872 units in June 2022 to 1,320 in June 2023 which represents an increase of 51.4 percent. According to a Simonis Storm Securities report, in prior months, sales were declining since March 2023, with June’s sales being the first monthly increase in sales since then. Light commercial vehicles drove sales in June 2023, increasing by 74.7 percent from a low base of 375 units to 657 units. At the same time, passenger vehicles accounted for 44 percent of sales…

17 Jul

Recon Africa gets the green light for more drilling

info_e12wt4csFeatured, Observer MoneyRecon Africa gets the green light for more drilling

Niël Terblanché Although there is increased pressure to shift away from fossil fuels and to move towards low-carbon energy sources such as hydropower, solar and wind, this energy transition must be done in a way that shall be fair and affordable for developing countries like Namibia. The Ministry of Environment, Forestry and Tourism recently issued an Environmental Clearance Certificate (ECC) to Recon Africa to drill more exploration and appraisal wells in the Kavango Basin to search for oil and gas resources. The project situated in the Kavango West Region of Namibia was the cause of huge controversy amongst environmental activists…

14 Jul

International reserves drop to N$49.7b

info_e12wt4csObserver MoneyInternational reserves drop to N$49.7b

The Bank of Namibia’s stock of international reserves decreased in May, according to Bank of Namibia statistics. The stock of international reserves decreased to N$49.7 billion in May relative to the N$51.8 billion at the end of April. The decrease was on account of net commercial bank outflows as a result of portfolio investment and import payments. The central bank said the foreign reserves translated into 5.2 months of import cover at this level remaining above the international benchmark and adequate to support the currency peg between the Namibia Dollar and the South African Rand. The bank said the overall…

14 Jul

Chinese offer to build nuclear plant…… Nuclear not entirely ruled out in the future-Alweendo

info_e12wt4csObserver MoneyChinese offer to build nuclear plant…… Nuclear not entirely ruled out in the future-Alweendo

CHAMWE KAIRA China National Uranium Corporation, the majority shareholder in Rossing Uranium has offered and proposed to build a nuclear plant in Namibia. The Namibian government has said nuclear energy could be considered in the future. Two well informed energy industry officials told Observer Money that the Chinese firm has made offers and proposals to the Namibian government to build a nuclear plant. The officials spoke on condition of anonymity because they are not authorised to speak on behalf of the government. China National Uranium Corporation is said to be waiting on the government to respond to its offer. “I…

14 Jul

!Aimab Superfarm aim to grow dairy herd, increase mi

info_e12wt4csObserver Money!Aimab Superfarm aim to grow dairy herd, increase mi

…Superfarm currently has 1800 cows, 900 producing milk …Superfarm is currently supplying about 65% of Namibia’s milk demand …Namibia Dairies processes about 16,2 million litres of milk annually Observer Money’s Chamwe Kaira talks to Dalinka Alberto, Namibia Dairies marketing manager on the performance of Namibia Dairies, its Nammilk products and the status of the !Aimab Superfarm at Mariental. CHAMWE KAIRA (CK): How is Namibia Dairies/Nammilk performing in the current market environment? DALINKA ALBERTOA (DA): Like probably all Namibians and most companies in Namibia at present, Namibia Dairies and by extension our product portfolio, feels the effects of rising global inflation,…

14 Jul

The Daures Green Hydrogen Village aims at establishing a sustainable and environmentally friendly ecosystem

info_e12wt4csObserver MoneyThe Daures Green Hydrogen Village aims at establishing a sustainable and environmentally friendly ecosystem

Project lead developer is Enersense Energy Namibia, a 100% Namibian owned firm. This is the firm I represent. The SPV (Daures Green Hydrogen Village) is 90% owned by Enersense an 10% by community groups. The community groups include the Daure Daman Traditional Authority and Tsiseb Conservancy. The SPV has a 25 year land lease with option to extend by an additional 50 years. The total land size is 15,000 hectares with good solar and wind potential. We are busy with continuous optimization of the project and its forecasted production. In the pilot we will only be producing 100tons of green…

14 Jul

Namibia maintains upper middle income country status

info_e12wt4csObserver MoneyNamibia maintains upper middle income country status

CHAMWE KAIRA Namibia has maintained its upper middle income country status in the World Bank Group country classifications by income level for the financial year 2024 from 1 July 2023 to 30 June 2024. In terms of comparison with its peers in the Southern African Development Community, South Africa was also rated as an upper middle income country, the same with Botswana while Lesotho is rated as lower middle income country, same with Eswatini, Angola, Zambia, Zimbabwe and Tanzania. Malawi, Mozambique, Democratic Republic of Congo and Madagascar were rated as low income countries. President Hage Geingob has repeatedly said 100…

14 Jul

Rossing Uranium aim for more spot market earnings

info_e12wt4csObserver MoneyRossing Uranium aim for more spot market earnings

CHAMWE KAIRA Rössing Uranium mine at Arandis in the Erongo Region plans to continue pushing for more revenue uranium oxide sales on the spot market, this year, which results in the company benefiting when uranium prices are high, senior company officials told journalists last week. Managing Director, Johan Coetzee and General Manager, Commercial and Marketing, Jingtao Frank Chang said in response to questions from the media that spot prices enable the company to earn extra money on top of the earnings from fixed contracts. In 2022, Rössing produced 5.9 million pounds U3O8 (uranium oxide), but only sold 5.7 million pounds…

14 Jul

Namibia exports 22 842 hectolitres of alcohol

info_e12wt4csObserver MoneyNamibia exports 22 842 hectolitres of alcohol

Namibia exported 22 843 hectolitres of alcoholic beverages in May, of which beer accounted for a share of 93.1 percent. South Africa (90.1 percent) was the top export destination for beverages, followed by Zambia (4.7 percent), Democratic Republic of Congo (3.1 percent) and Mozambique with a share of 0.7 percent. Namibia imported a total of 87 655 hectolitres of beverages during the month of May, as opposed to 80 024 hectolitres recorded in April 2023 and 80 951 hectolitres registered in the corresponding month of 2022. The Composite Production Index for beverages consisting of alcoholic and non-alcoholic beverages for May…

13 Jul

Namibia’s GDP growth expected to slow down

info_e12wt4csObserver MoneyNamibia’s GDP growth expected to slow down

Martin Endjala Namibia’s real Gross Domestic Product (GDP) growth is expected to slow down in 2023 and 2024, due to weaker global demand. Considering the current macroeconomic conditions, the Macroprudential Oversight Committee (MOC) deliberated and deemed it important to recommend a policy intervention on the existing Loan-To-Value ratios (LTV) regulation. Contrary to the robust growth of 4.6 percent observed in 2022, the domestic real GDP growth is projected to moderate to 3.0 percent in 2023 and is further expected to slow down to 2.9 percent in 2024. The moderation is mainly on account of global monetary policy tightening and ongoing…