Observer Money – Page 125

14 Apr

Ndeunyema will remain interim MD at Namcor

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Niël Terblanché Shiwana Ndeunyema will remain as the Acting Managing Director of the National Petroleum Corporation of Namibia while the board continues negotiations with Lionel Matthews, who was supposed to take over this week. According to a statement issued by Namcor, Ndeunyema, the company’s Business Strategy Executive, will continue to oversee the day-to-day operations of the company while acting as Managing Director. In the statement, Namcor also confirmed that Lionel Matthews and the board are still in discussions regarding this assignment because no formal offer has been extended to him yet. “Namcor understands the importance of keeping its stakeholders and…

14 Apr

German company to expand biochar production

info_e12wt4csObserver Money

Pyronam Biochar, a Namibian subsidiary of a German company that is producing biochar is working to expand its facilities in Namibia. This investment was confirmed by the Namibia Investment Promotion and Development Board. Biochar is a charcoal-like material that is produced from plant materials such as grass, agricultural and forest residues that are decomposed at high temperatures, often during renewable energy production. The company is expecting to employ 5600 permanent workers and 5600 seasonal workers at full production. The Namibia Investment Promotion and Development also disclosed that the Namibia University of Science and Technology (NUST) is being consulted to bring…

14 Apr

Four entities nominated for climate change project accreditation

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Martin Endjala A new window of opportunity has opened for more entities seeking accreditation and access to climate change projects, as four entities have been nominated by the Green Climate Fund (GCF) project. This comes after the National Designated Authority (NDA) for climate finance, the Ministry of Environment, Forestry and Tourism strengthened national capacity to coordinate the implementation of the Green Climate Fund funding in the country. The nominated entities are Bank Windhoek, Development Bank of Namibia, Agricultural Bank and Namibia Nature Foundation. With the accreditation of the Environmental Investment Fund of Namibia (EIF) to the Green Climate Fund in…

14 Apr

Wesco gears towards being a key player in Namibia’s Green economy

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WESCO GROUP Namibia exhibits the notion that a green economy is not only environmentally friendly, but also is also an economy that generates jobs, alleviates poverty, and creates wealth for the country. Under the umbrella of our Wesco Waste Management entity, we assert our Green Corporal Social Responsibility (CSR) by actively reducing or eliminating the negative impact that waste products have on the environment. At the same time, our highly skilled workforce demonstrates how the private sector can reduce pressures on the public wage bill through training and creation of employment opportunities. Wesco Waste Management is versatile and applies scientific…

14 Apr

DBN aiming to mitigate climate change effects with new product

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Niël Terblanché In order to achieve the country’s objectives set to mitigate the effects of climate change, the Development Bank of Namibia (DBN) launched the Sustainable Finance Framework (SFF). According to the development bank’s Chief Executive Officer, Martin Inkumbi, the inaugural framework is aligned with the four core components of the International Capital Market Association’s (ICMA) Green Bond Principles 2021, Social Bond Principles 2021, Sustainability Bond Guidelines 2021 as well as the Loan Market Association’s (LMA) Green Loan Principles 2023 and Social Loan Principles 2023. Inkumbi stated that the framework has seven green categories which aim to achieve the environmental…

30 Mar

BoN pays N$413.7m dividends to the government

info_e12wt4csObserver MoneyBoN pays N$413.7m dividends to the government, Johannes !Gawaxab

Martin Endjala The Bank of Namibia yesterday announced its dividends to the government amounts N$413.7 million after its operating profit increased by 11.5 percent from N$584.2 million in 2021 to N$651.2 million in 2022. Dividends paid to the government were made possible after the central banks’ reserves increased from N$672 million in 2021 to N$772 million in 2022, the central bank’s Governor Johannes !Gawaxab announced during the annual report launch for 2022 under the theme of global economic shocks, rewiring Namibia to bolster resilience. The Governor also indicated that the domestic economy has shown a slight growth of 4.6 percent…

24 Mar

JSE lifts suspension of trade in Trustco shares

info_e12wt4csObserver MoneyDr Quinton van Rooyen, JSE lifts suspension of trade in Trustco shares

Niel Terblanche The Johannesburg Stock Exchange (JSE) has with immediate effect lifted the suspension on the trading of Trustco Group Holding’s shares. “We are pleased to have our shares reinstated for trading on behalf of all our investors,” said Trustco Chief Executive Officer, Dr Quinton van Rooyen. “Trustco always strives for investing excellence, and looks forward to announcing even more exciting updates on our investment portfolios in the near future!” The company in a statement issued by its spokesperson, Neville Basson also announced that the trading of Trustco shares on its secondary markets Namibian Stock Exchange (NSX) and OTCQX in…

22 Mar

Distribution of death benefits from pension funds mandatory

info_e12wt4csObserver MoneyDistribution of death benefits from pension funds mandatory

Stefanus Nashama The Namibia Financial Institutions Supervisory Authority (NAMFSA) announced that the institution will ensure pension benefits will be distributed to the beneficiaries of deceased Pension Fund members, as stated by the Pension Funds Act. The process required to be followed by pension funds on the manner of distribution of the benefits following the death of a member. This entails tracing dependents and nominees of members, said NAMFISA Spokesperson, Victoria Muranda in a media statement. Muranda indicated that should the Pension Fund fail to trace any dependents or nominees within a period of 12 months, the balance in the fund…

16 Mar

Central bank launches regulatory reporting system

info_e12wt4csNational News, Observer Money

Hertta-Maria Amutenja The Bank of Namibia yesterday launched an Automated Regulatory Reporting System, which the central bank says will assist in maintaining financial stability and mitigate risks. The system, according to BoN will further enhance data collection and analytics capabilities. It will be available to regulated and supervised entities licensed by the Bank to conduct banking, currency exchange, and payment service provision activities. The system is a first for Namibia and is effective 1 February 2023. The Governor of the bank, Johannes !Gawaxab said the system engenders confidence in and contributes significantly to the stability and soundness of the domestic…

06 Mar

Local Ownership must start with the state-Alweendo

info_e12wt4csFeatured, Observer MoneyLocal Ownership must start with the state-Alweendo

Martin Endjala The Minister of Mines and Energy, Tom Alweendo says that local ownership must start with the state, in whose ownership of the country’s natural resources is vested. The proposed State ownership should take the form where the state owns a minimum equity percentage in all mining companies and petroleum products for which it does not have to pay. This comes after several Members of Parliament questioned the exploration and ownership rights of foreign investors in the country and not Namibians. “If we agree that local ownership is so important - and we do agree - and we also…