Observer Money – Page 112

08 Sep

Revised electricity model to unleash 600 megawatts

info_e12wt4csObserver MoneyRevised electricity model to unleash 600 megawatts

Chamwe Kaira The introduction of the Modified Single Buyer (MSB) model has the potential to unlock an estimated 600MW of Solar PV equivalent capacity, according to Chamwe Kaira. Under the MSB system, certain electricity consumers and Independent Power Producers (IPPs) can engage in direct transactions for supplying a portion of their electricity needs. Pinehas Mutota, the General Manager of Economic Regulation at the Electricity Control Board, revealed this development. Mutota emphasized that the MSB fosters greater competition, choice, and increased private investment, which in turn provides Namibia with the optimal opportunity to efficiently expand its local power generation. Furthermore, it…

08 Sep

Over 1.2 million face challenge to apply for credit

info_e12wt4csObserver MoneyOver 1.2 million face challenge to apply for credit

Chamwe Kaira More than 1.2 million individuals in Namibia are expected to face difficulties when seeking credit, according to TransUnion Namibia. Lara Burger, the country manager for TransUnion Namibia, commended the country for its strides in financial inclusion, revealing that approximately 360 000 Namibians eligible for credit are visible to financial institutions through credit bureaus. Nevertheless, she emphasized that an additional 1.2 million people are likely to encounter obstacles when applying for credit. These 1.2 million Namibian adults are poised to face challenges when attempting to access financial products or services that would enable their greater participation in the nation’s…

06 Sep

NamRA clarifies import procedures for goods from non-SACU Member States

info_e12wt4csObserver MoneyNamRA clarifies import procedures for goods from non-SACU Member States, non-Southern African Customs Union (SACU)

Niël Terblanché Importing goods from non-Southern African Customs Union (SACU) member states into Namibia involves a series of procedures and regulations governed by the Customs and Excise Act, 1998 (Act No. 20 of 1998). In a notice, the Namibian Revenue Agency said regulations aim to ensure transparency, tax compliance, and adherence to health and environmental standards. Navigating these importation procedures is crucial for ensuring compliance with Namibia’s customs regulations and fostering trade while protecting public health and the environment. Importers and travellers are encouraged to familiarize themselves with these regulations to facilitate smooth and lawful importation processes. Importation of Commercial…

05 Sep

When fuel prices spike people can expect an increase in inflation

info_e12wt4csObserver MoneyMinistry of Mines and Energy, When fuel prices spike people can expect an increase in inflation

Martin Endjala Consumers may already understand the implications of higher oil prices because when fuel prices increase, a larger share of households’ budgets is likely to be spent on it, which leaves less to spend on other goods and services. The same goes for businesses whose goods must be transported from place to place or that use fuel as a major input such as mining, agriculture and construction industries. These were the words of Independent Researcher and Economist, Joseph Sheehama while reacting to the fuel price increment by the Ministry of Mines and Energy yesterday. The Ministry informed the public…

05 Sep

Namibians face a sharp increase in fuel price

info_e12wt4csObserver MoneyNamibians face a sharp increase in fuel price

Niël Terblanché NAMIBIAN motorists face a sharp increase in spending as the price of fuel has been drastically adjusted upwards for the month of September. The Ministry of Mines and Energy issued a statement in which it announced that the pump price for petrol will increase by N$1.20 and both kinds of diesel sold in Namibia will increase by N$1.70. As a result, the pump price for petrol in Walvis Bay will be adjusted to N$20.98 while 50PPM diesel will cost N$20.75 and 10PPM diesel will cost N$20.95. The ministry said that the price will be adjusted according to distance…

05 Sep

Standard Bank Namibia appoints a new CEO

info_e12wt4csObserver MoneyErwin Tjipuka, Standard Bank Namibia appoints a new CEO

Niël Terblanché Standard Bank Namibia has advised its shareholders about the appointment of Erwin Tjipuka as the new Chief Executive Officer of Standard Bank Namibia Holdings Limited and Standard Bank Namibia Limited. Shareholders were advised in accordance with Rule 3.59 of the Namibian Stock Exchange Listing Requirements. According to the advisement, Tjipuka is a Namibian chartered accountant and an experienced professional with a demonstrated history of working in the professional and financial services industry. Tjipuka is skilled in Financial Management, External Audit, Corporate Finance, Management Consulting and Banking. He is a transformational leader with a passion for talent development and…

01 Sep

Letshego’s profit sees a 2% rise to N$171m

info_e12wt4csObserver MoneyLetshego's profit sees a 2% rise to N$171m

Chamwe Kaira In its interim results for the first half of 2023, Letshego Holdings (Namibia) Limited announced an increase in profit after tax, reaching N$171 million compared to N$168 million in the previous year, marking a 2% growth. The company's performance led to the declaration of a dividend amounting to N$224.5 million in June 2023. Chairperson Maryvonne Palanduz and Chief Executive Officer Ester Kali stated that the company experienced a substantial 14% surge in total revenue compared to the same period the previous year. This surge was propelled by a 16% rise in interest income, accompanied by a robust 11%…

01 Sep

Mining sector employed 16 147 people in 2022

info_e12wt4csObserver Money6.9% in 2022, Debmarine Namibia, Mining sector employed 16 147 people in 2022

Chamwe Kaira Total direct employment in the mining industry increased by 6.9% in 2022 and the sector collectively employed 16,147 people. The increase was a result of the new employment positions created on Debmarine Namibia’s new mining vessel and increased exploration activities. The direct employment consisted of 8,391 permanent employees, 742 temporary employees and 7,014 contractors, the Chamber of Mines of Namibia announced this week. The mining sector recorded another year of strong growth in 2022 of 21.6%, compared to 11% in 2021. The industry also significantly increased its relative share and importance to the Namibian economy by growing its…

01 Sep

Government to dispose 600MT of monk fish

info_e12wt4csObserver MoneyGovernment to dispose 600MT of monk fish

Chamwe Kaira The government plans to disposal 600 metric tons of Monk Freezer Fish to the highest bidder. This is part of the governmental objective to auction fish quotas to the highest bidder. The Ministry of Finance and Public Enterprises and the Ministry of Fisheries and Marine Resources has invited bidders for 600 metric ton of Monk Freezer Fish on the following conditions bids must be in multiples of 100 metric ton with a minimum price of N$10 000 per MT of monk freezer fish. The ministry said quota will be allocated to the highest bidders at their bid-price, ascending…

31 Aug

High mineral prices drive port volumes

info_e12wt4csObserver MoneyHigh mineral prices drive port volumes

The Namibian Ports Authority says the mineral commodities are a key driver of Namibian ports cargo volumes. There is a high correlation between global commodity prices and cargo movement through the port, the Authority stated. It stated that where the commodity prices are favourable, it drives increased mining activities and an uptick in volumes throughput through the ports supporting these activities. Commenting on the minerals that are exported via Walvis Bay, the Authority, said in 2022, the copper price increased by 17.8% to an average of US$9,985 per metric tonnes during the first quarter of 2022. The increase was due…