Observer Money – Page 116

18 Aug

Inflation hits alcohol, tobacco

info_e12wt4csFeatured, Observer MoneyInflation hits alcohol, tobacco

The inflation rate for alcoholic beverages and tobacco stood at 6.9% in July 2023 compared to 5.4% registered in July of the preceding year The increase in the annual inflation rate for this category resulted from an increase witnessed in the subcategory of alcoholic beverages which increased by 7.7% in July 2023 compared to 5.4% recorded in July 2022, figures by the Namibia Statistics Agency revealed. The main products which pushed up the inflation rate for this subcomponent in July 2023 were sparkling wines/champagnes (from 1.2% to 10.6%); Wines (from 0.9% to 8.6%) and liqueurs (from -3.0% to 1.1%). Annual…

18 Aug

United Africa selling multi-million properties

info_e12wt4csObserver MoneyUnited Africa selling multi-million properties

Chamwe Kaira United Africa Group is in the process of selling its multi- million Namibia dollars property portfolio. The group has a vast property profile which includes hotels, commercial office blocks, retail space, industrial, residential, student accommodation and parking. Information gathered by Observer Money shows that the property portfolio currently consists of over 32 000 square meters of property in Windhoek and surrounds and includes hotels in Walvis Bay, Lüderitz, the Caprivi Strip, Ondangwa and Oshakati. WH Auctioneers Properties, in association with Solution Strategists, have been instructed, on a sole and exclusive basis, to dispose of a property portfolio, owned…

18 Aug

Government, Peugeot Opel to decide plant future

info_e12wt4csFeatured, Observer MoneyGovernment

Chamwe Kaira With the future of the Peugeot Opel Assembly plant hanging in the balance, the government and PSA Automobiles, the two shareholders on the plant are expected to hold crucial talks that will determine the future of the plant. “The two shareholders have to meet and agree on the way forward. That is all, I am allowed to say at the moment,” Michael Humavindu, deputy executive director of industrialisation and enterprise development at the Ministry of Industrialisation and Trade said this week. Humavindu is also a board member of the company. It is not clear when the shareholders will…

18 Aug

Competition Act facing overhaul

info_e12wt4csObserver Money

The Namibian Competition Commission (NaCC) CEO, Vitalis Ndalikokule talks to Observer Money about mergers, fulfilling its mandate and some of the challenges facing the Commission. He also discloses that the Draft Bill will overhaul the current Competition Act enacted in 2003. OBSERVER MONEY (OM): We see that the NaCC is announcing the approvals of many mergers in the country. Apart from mergers, what else has the NaCC been doing?VITALIS NDALIKOKULE (VN): Apart from the work done on mergers, the NaCC has also been carrying out investigations into anticompetitive practices in several sectors of the economy including the electricity, telecommunication, Poultry,…

18 Aug

Green hydrogen to transform workforce

info_e12wt4csEnergy, Observer MoneyGreen hydrogen to transform workforce

Staff Writer Namibia’s groundbreaking green hydrogen project, a remarkable venture in sub-Saharan Africa, presents a transformative opportunity for the country’s workforce. As the Government of the Republic of Namibia (GRN) collaborates with the private sector to establish and operate this fully integrated project, there arises an urgent requirement for a comprehensive workforce solution. This is precisely where a Temporary Employment Services (TES) provider comes into play, offering a unified solution to address skills transfer, labour, and HR/IR needs, from start to operations. By partnering with a TES provider, Namibia can leverage their expertise, ensuring streamlined operations and unlocking the full…

18 Aug

TransNamib nears conclusion of N$2.6 Billion funding access

info_e12wt4csObserver MoneyDevelopment Bank of Southern Africa, TransNamib nears conclusion of N$2.6 Billion funding access

Chamwe Kaira TransNamib Holdings, the troubled state-owned railway company, is approaching the final stages of securing a loan agreement amounting to N$2.6 billion. This financial arrangement has been entered into with the Development Bank of Namibia and the Development Bank of Southern Africa. Abigail Raubenheimer, the spokesperson for TransNamib, conveyed that the company is currently in the last phases of planning and preparation. Several conditions need to be met by TransNamib in order to gain access to the funding, she explained to Observer Money this week. “Remaining committed to future objectives, TransNamib recognizes the pivotal role of rail transport in…

18 Aug

Beef industry stands at a crucial juncture

info_e12wt4csObserver MoneyBeef industry stands at a crucial juncture

Staff Writer The Namibian beef industry is at a crossroads, necessitating a proactive approach to tackle the challenges it confronts. To secure its future, the industry must undertake various strategic initiatives. These include investing in advanced infrastructure like efficient feedlots and cutting-edge equipment, as well as implementing drought-restocking plans to ensure long-term sustainability. Supporting small-scale beef processors through incentives is crucial for their operational stability. A pivotal focus should be on revitalising rangelands and enhancing grazing capacity for cattle. Initiatives encompassing the production and storage of animal feed to mitigate the impacts of drought are equally important, as suggested by…

18 Aug

Census to enhance economic planning

info_e12wt4csObserver MoneyAlex Shimuafeni, Census to enhance economic planning

Chamwe Kaira The 2023 Population and Housing Census holds significant importance for the Namibian economy due to its integral role in economic planning. Economic planning encompasses resource management and effective utilisation, making the data from this census crucial for informed decision-making in these areas. Scheduled to take place from September 18 to November 3, the 2023 Population and Housing Census is set to play a pivotal role in shaping Namibia’s future. Alex Shimuafeni, the Statistician-General and CEO of the Namibia Statistics Agency, emphasized that the census provides essential information for policy formulation, resource allocation, infrastructure development, and other key aspects.…

17 Aug

Proposed investment bill will create more unemployment

info_e12wt4csObserver MoneyEconomic Policy Research Association (EPRA), Proposed investment bill will create more unemployment

Niël Terblanché Namibia has amongst the highest unemployment rates in the world and the country’s current credit rating has been set at junk status by international rating agencies because of burdensome over regulation from the government. According to the Economic Policy Research Association (EPRA), Namibia’s economy remains stuck in a very precarious position, despite the economic potential provided by green hydrogen and oil discoveries. “With a suboptimal investment environment Namibia can simply not harness the potential these industries may present. We should not suffer under the illusion that (honest) investors are lining up to invest in Namibia. We must make…

16 Aug

Venaani claims rural SMEs lack support for business development

info_e12wt4csObserver MoneyMcHenry Venaani, Popular Democratic Movement (PDM) leader, Venaani claims rural SMEs lack support for business development

Stefanus Nashama Popular Democratic Movement (PDM) Leader, McHenry Venaani, says there is a huge gap existing in the country’s rural areas in accessing to necessary resources for Small and Medium-sized Enterprises (SMEs) development. “Without adequate funding, coaching and mentoring resources, these businesses are hindered from reaching their full potential and driving sustainable economic growth in their communities,” he said. He highlighted that SMEs play a vital role in driving economic growth, creating employment opportunities and fostering local development. “It is for this reason, the government should address the challenges faced by rural SMEs and empower them to contribute effectively to…