Observer Money – Page 137

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…

18 Feb

FirstRand Namibia CFO rumoured to join SOE Department

info_e12wt4csNational News, Observer MoneyFirstRand Namibia CFO rumoured to join SOE Department

Martin Endjala The Chief Financial Officer of FirstRand Namibia, Oscar Capelao has resigned, the company announced. Capelao’s resignation is effective end of April this year. The FirstRand Namibia board said it will commence with the process of appointing Capelao’s successor, with a further announcement to be made in due course. Capelao says change is a model he understands well, that he is excited to watch the group continue to help build a globally competitive Namibia. “I am a FirstRand citizen through and through, a lifelong customer of the bank of the changeable, and in whatever role comes next, supporting the…

30 Jan

RMB Namibia wins Best Trade Finance Bank in Namibia

info_e12wt4csObserver MoneyPhilip Chapman, RMB Namibia wins Best Trade Finance Bank in Namibia

Staff Writer RMB Namibia was recently named Best Trade Finance Bank in Namibia 2023 at the 23rd annual World's Best Trade Finance Providers Awards by Global Finance magazine. The awards recognize consistent growth in the trade sector over the past year, which was fueled by increased automation and innovation as a result of the pandemic. This year's winners were recognized for outperforming their competitors in terms of product and service offerings. RMB Namibia CEO Philip Chapman stated that the award demonstrates their commitment to serving the Namibian people by being their preferred banking partner and providing innovative financial solutions. The…

30 Jan

Old Mutual insurance covers agriculture.

info_e12wt4csObserver MoneyGert Grobler Old Mutual, Old Mutual insurance covers agriculture

Staff Writer One of Namibia’s life insurance and financial services group Old Mutual, offers insurance tailored to an individual farmer's needs, offering Agrisure needs. According to the general manager of commercial lines, Gert Grobler Old Mutual understands the challenges involved with protecting agricultural risks and the impact that unforeseen events can have on the long-termsustainability of an agricultural producer’s business. "Agrisure offers a holistic risk protection solution tailored to an individual farmer's needs. Agrisure is backed by service excellence and supported via a national branch network, with sales offices throughout the country. Through Agrisure your farming business will be protected…