Observer Money

New technology forcing BoN to adapt – Uanguta
07 Oct

New technology forcing BoN to adapt – Uanguta

info_e12wt4csNational News, Observer Money, , ,
Martin Endjala Deputy Governor of the Bank of Namibia Ebson Uanguta said the emergence of new technology particularly in the space of online banking business modalities, has forced the central bank to adapt to the new technology by aligning its regulatory frameworks to speak to the needs of the new 4IR. The BoN deputy governor was speaking today at Start-Up Namibia and Fintech innovative hub session in Windhoek. Uanguta said that the innovative technologies are changing lives, by improving their living standards and alleviating poverty as well as addressing the economical inequalities within the global sphere. He further stated that…
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334 counterfeit Namibia dollar banknotes found
07 Oct

334 counterfeit Namibia dollar banknotes found

info_e12wt4csNational News, Observer Money,
Staff writer Between January and 0ctober this year, the Bank of Namibia (BoN) recorded 334 counterfeit bank notes with a total face value of N$56 980. This is according to the latest records made available to Windhoek Observer by the central bank spokesperson Kazembire Zemburuka. 182 counterfeits with a face value of N$26,580 have been passed or exchanged while 152 pieces with face value of N$30,400.00 were intercepted before circulation, revealed Zemburuka. Most counterfeit banknotes were seized in Khomas and Erongo regions. In addition, he said, a total of 133 pieces of South African Rand (ZAR) with a face value…
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Namibian beef industry’s prime cut
26 Sep

Namibian beef industry’s prime cut

info_e12wt4csObserver Money,
CHAMWE KAIRA Savanna Beef Processors Ltd company, the newly formed meat producer will unlock new export markets and achieve better prices for producers and the whole beef value chain in Namibia, according to Rogers Kauta, one of the producers involved in the setting up of Savanna Beef. Kauta says the new beef producer intends to promote local value addition in the beef sector by retaining an additional 50 000 plus weaners in the local market for slaughter. “The export of weaners to South Africa deprives the local economy of job opportunities and premium prices for our beef in the international…
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Nambrew, Heineken, Distell concoction
25 Sep

Nambrew, Heineken, Distell concoction

info_e12wt4csObserver Money,
CHAMWE KAIRA The biggest ‘beer concoction’ in Namibian history has been ‘mixed.’ The Competition Commission of South Africa and the Namibian Competition Commission have both approved the Heineken takeover of Namibian Breweries and certain Distell operations. Sipho Ngwema, Head of Communications at the Competition Commission of South Africa says the commission has recommended that the Competition Tribunal approves with conditions the proposed transaction whereby the Heineken Group through Sunside Acquisitions Proprietary Limited (Newco) acquires a controlling interest in Namibian Breweries Investment Holdings Limited (NIH) and the flavoured alcoholic beverages (FABs), wine, and spirits operations of Distell Group Holdings Limited. The…
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Namdeb predicts 7.8 million carats, N$159bn revenue
25 Sep

Namdeb predicts 7.8 million carats, N$159bn revenue

info_e12wt4csObserver Money, , ,
CHAMWE KAIRA Namibia Diamond Corporation (Namdeb) under the new long term plan expects to produce 7.8 million carats over a 20-year period with a revenue of N$159 billion benefit to Namibia. “Production will be ramped up over the next two and a half years to approximately 160% of the current capacity. This means a significant capital investment of approximately N$1.8 billion and similarly, a significant increase in operational cost. The long term plan therefore results in 7.8 million carats being produced which amounts to revenue of N$159 billion benefit to Namibia. This requires approximately N$2 billion capital investment over the…
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Mineral exploration reached N$806m in 2021
25 Sep

Mineral exploration reached N$806m in 2021

info_e12wt4csObserver Money,
Staff Writer The money spent on exploration of minerals in the country increased to N$806 million in 2021 from N$548 million the previous year, figures released by the Chamber of Mines of Namibia revealed. This indicates that Namibia has continued to be an attractive investment destination for mining companies. GoldThe exploration projects include the Antler’s Erongo Gold Project is located in central Namibia, about 130 km northwest of Windhoek, near the towns of Usakos, Karibib and Omaruru. The project covers areas of the Navachab- Damara Belt, which is prospective for gold, and overlies similar lithologies and structures to the known…
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5 Regulated Forex Brokers in Namibia
16 Sep

5 Regulated Forex Brokers in Namibia

info_e12wt4csObserver Money, , ,
To date, the Namibia Financial Institutions Supervisory Authority (NAMFISA) has made no effort to compel offshore Forex brokers to get local regulation. Traders new to the Forex market should select a broker from our recommended list because of the measures taken by these firms to safeguard client funds from loss. 1.   HF Markets Overview You can choose from six different trading accounts at HF Markets, a broker that offers the MetaTrader platform. HF Markets makes use of a more robust version of MetaTrader, however it only offers a limited selection of items for trading, but it is one of the…
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NamPower looks to wind power
07 Sep

NamPower looks to wind power

info_e12wt4csObserver Money, ,
CHAMWE KAIRA NamPower, which plans to establish a wind power plant with a capacity of up to 40MW near Rosh Pinah, expects to shortlist applicants from the prequalification stage in October. The shortlisted firms will then be invited to bid for the Engineering, Procurement and Construction (EPC) of the plant in October. All things being equal, construction of the plant is expected to commence in June 2023, with an estimated duration of 18 months, NamPower Managing Director, Simson Kahenge Haulofu told Observer Money. “The time of completion of the project is thus anticipated to be in December 2024,” he says.…
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NWR sees return to profitability in 2024
07 Sep

NWR sees return to profitability in 2024

info_e12wt4csObserver Money, ,
CHAMWE KAIRA The Namibia Wildlife Resorts expects to return to profitability in 2024 after being badly affected by the Covid 19 pandemic, which saw a drop in visitors to the country and to its resorts. Just before the pandemic, NWR reduced its losses from N$171m in 2020 to N$97m in 2021 that is 44% or N$77 million. “We just came back from a difficult phase that almost wiped us out of business. We still expect 2022 to be a hard year for us. We foresee changes only from 2024 onwards,” said Nelson Ashipala, manager of corporate communications. Pressed on the…
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Hyphen tables financing options for hydrogen
07 Sep

Hyphen tables financing options for hydrogen

info_e12wt4csObserver Money, ,
CHAMWE KAIRA Hyphen Hydrogen Energy is looking at all financing options for its green hydrogen project in southern Namibia. The company says it is making positive progress on its discussions with the government as it moves towards signature of the implementation agreement before the end of the year on its US$10 billion Namibian green hydrogen project. Hyphen is a Namibian registered green hydrogen development company, specifically formed to develop green hydrogen projects in Namibia for international, regional and domestic supply. Hyphen successfully bid on and has been awarded preferred bidder status on 4000 square kilometers of land within the Tsau…
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