Observer Money – Page 121

09 Aug

More green hydrogen projects on the way

info_e12wt4csObserver MoneyMore green hydrogen projects on the way, Namibia’s Ohlthaver & List Group and CMB.TECH from Belgium

Niël Terblanché HYDROGEN fuel cell technology, which generates electricity to power most modes of transportation, is gaining traction, and Namibia, with its abundance of sunshine, is ideally positioned to promote the creation of green hydrogen required for exportation. Work is being done to identify cost-effective ways to use solar or wind energy to create hydrogen via electrolysis. Because the minerals in salty seawater conduct electricity generated by solar or wind energy far better than fresh water, it is perfect for electrolysis. Cleanergy Solutions Namibia intends to become Namibia's first company to manufacture commercial-grade hydrogen from water using renewable energy sources…

08 Aug

Mnyupe to lead GH2 Implementation Authority

info_e12wt4csObserver MoneyJames Mnyupe, Mnyupe to lead GH2 Implementation Authority

PRESIDENTIAL Economic Advisor, James Mnyupe, who is also the Green Hydrogen Commissioner, has been assigned to manage the Green Hydrogen (GH2) Implementation Authority Office at the Ministry of Mines and Energy under the GH2 Namibia Program. According to a media statement issued by the Ministry of Mines and Energy on Monday, Mnyupe will manage the program as its Commissioner for five years, reporting directly to the Minister of Mines and Energy. “In this regard, he will be in charge of assembling the necessary team to propel the program’s success in the coming months. Mnyupe will continue to serve as Economic…

08 Aug

Namibia enacts first visual assets Act

info_e12wt4csObserver MoneyBANK of Namibia (BoN, Namibia enacts first visual assets Act

Stefanus Nashama BANK of Namibia (BoN) says the country has approved laws for the first time to license and regulate virtual asset service providers and initial token offering service providers. This was revealed by BoN Director of Strategic Communications and International Relations, Kazembire Zemburuka yesterday. BoN will administer the Virtual Assets Act, 2023 (Act No. 10 of 2023) (VAA), which went into effect on July 25. “Before the landmark legislation was enacted, Namibia identified virtual assets as a growing threat avenue for generating and laundering proceeds of crime, with the banking sector and members of the general public being the…

07 Aug

Schlettwein commends O&L for unleashing Agric sector’s economic potential

info_e12wt4csObserver MoneyOhlthaver & List (O&L) Group, Schlettwein commends O&L for unleashing Agric sector’s economic potential, through its Hartlief Group subsidiary

Staff Writer THE Ohlthaver & List (O&L) Group, through its Hartlief Group subsidiary, has invested N$ 43 million in the re-opening of the Farmers Meat abattoir in Mariental. The Hartlief Group invested N$3 million re-opening the abattoir and N$40 million as working capital. Farmers Meat’s continued operations in October 2022, were officially marked on August 3, with the abattoir having a ceremony to formally mark the re-opening. Speaking at the ceremony, Agriculture Minister, Calle Schlettwein emphasised the necessity of unleashing the country’s agriculture sector’s economic potential. “We fully recognise the importance of agriculture in addressing food and nutrition security, as…

07 Aug

Tsumeb’s Fruit and Vegetable market opens

info_e12wt4csObserver MoneyErastus Uutoni, Tsumeb’s Fruit and Vegetable market opens

Martin Endjala MINISTER of Urban and Rural Development, Erastus Uutoni last Friday officially opened the N$ 2million Fruit and Vegetables Trading Market in Tsumeb. The official opening of the market clears the way for the towns’ vendors to have a place to work from after years of working on the street. The Fruit and Vegetable hub is the product of a collaboration between Tsumeb Municipality and Dundee Precious Metals that began in 2019 in order to provide a safe and secure facility that allows merchants to operate in an inexpensive area. The market will also aid in the control of…

07 Aug

BoN, Deutsche Bundesbank strengthen partnershipMartin Endjala

info_e12wt4csObserver MoneyBoN, Deutsche Bundesbank strengthen partnershipMartin Endjala, Johannes!Gawaxab

Staff Writer BANK of Namibia (BoN) Governor, Johannes!Gawaxab last week led a high-level delegation to the Deutsche Bundesbank in Frankfurt, Germany, which sort to analyse and improve the two institutions’ exceptional co-operation. According to a media statement by BoN’s International Relations and Sustainability Principal, Naufiku Hamunime, the connection between the two institutions stretches back to 2011, and is based on the sharing of ideas on numerous areas of mutual interest. According to her, the tour included extensive discussions between the BoN delegation and their counterparts at the Deutsche Bundesbank. Key subjects discussed include monetary policy, digitalisation, climate change, banking supervision,…

04 Aug

NamPost 2022 revenue up to N$ 981m

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Martin Endjala NamPost Group revenue rose by 3.7 percent to N$ 981 million in the fiscal year 2022, compared to N$ 945 million in the previous year. This has led to a profit rise of 64 percent, with N$ 89 million compared to N$ 54million in 2021. This is stated in the NamPost 2022 integrated annual report. NamPost's Finance Executive Officer, Batsirai Pfigirai stated in his financial review statement that the company has demonstrated increased financial performance in a limited economic climate, boosting earnings by 64 percent year on year. Pfigirai added that this was supported by an increase in…

04 Aug

Tax scammers case postponed to September

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Niël Terblanché Eight people accused of a N$830 million tax refund scam will return to the High Court in Windhoek on September 12 for a hearing to determine whether money owed to the Namibian Revenue Agency may still be taken from their salaries. The eight applicants are among the 1 168 people involved in the tax refund scheme. The accused work for a number of governmental and private organisations. At the time of its discovery, the scam had costed the Namibian fiscus N$833 million. The eight applicants, Joseph Eben Tuzembeho, Herbert Tjongarero, Vivian Upingasana, Edward Louis, Katamundo Kahorongo, Dawid Mootu,…

04 Aug

Business Hall of Fame invites nominations

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Staff Writer GEN Namibia Managing Director (MD), Helena Amadhila says nominations for this year’s Namibian Business Hall of Fame (NBHF) induction are currently open, and the public is encouraged to propose deserving candidates. Amadhila said this year's induction will take place on November 18, and will also act as a fundraiser for GEN Namibia's MSMEs support initiatives in Namibia. “It is that time of year again when Namibian entrepreneurs, both established and developing, are honoured by being inducted into the famous Namibian Business Hall of Fame. “The induction ceremony is a much-anticipated event that seeks to recognise authentic and proudly…

04 Aug

Shareholders cash in on Nedbank offer

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CHAMWE KAIRA Namibian shareholders sold shares worth N$288 136 on the recent Nedbank odd-lot Offer. An odd-lot offer is a ‘standard’ corporate action undertaken by JSE-listed companies whereby the company makes an offer to repurchase its shares from eligible shareholders holding less than 100 shares. Nedbank Namibia’s Manager of Communications and PR, Selma Kaulinge explained that with regard to the sell option, as this was an elective corporate event, holders who did not make an election were automatically regarded as having elected and accepted the cash consideration for which shareholders are required to return their original share certificates for payment.…