Observer Money – Page 146 – Windhoek Observer

07 Jul

Environment and making investment decisions

Observer MoneyEnvironment and making investment decisions

Bank Windhoek’s sustainable finance and environmental, social and Governance analyst, Joachim Komeheke says Namibia cannot deny the importance of protecting the environment as these are aspects that determine the modality and functionality of any economy across the globe. “The European Commission defines Sustainable Finance as the “process of taking Environmental, Social and Governance (ESG) considerations into account when making investment decisions in the financial sector, leading to more long-term investments in sustainable economic activities and projects”. Komeheke says for a greater part of human’s existence on earth, especially since the industrial revolution, humans have primarily focused on extraction and growth,…

06 Jul

Banking customers urged to amp up security

Observer MoneyBanking customers urged to amp up security

Staff Reporter Vigilance against fraudster tricks and scams remains one of the most effective defences to curb theft and fraud. International cybersecurity experts, including the United States-based Abnormal Security, have observed that Business Email Compromise (BEC) attacks increased by 81 percent in 2022 and 175 percent over the past two years. Bank Windhoek’s Manager of Forensic Services, Johnny Truter said that BEC is an advanced phishing scam that impersonates people, organisations, or entities the victim knows. “It works by manipulating email addresses, so the sender appears legitimate. The most common victims of BEC are companies that use online transfers to…

06 Jul

Namibia’s current repo rate is less restrictive than others

Observer MoneyNamibia’s current repo rate is less restrictive than others

Martin Endjala The real repo rate in Namibia is currently at 1.45 percent and is deemed to be less restrictive compared to real central bank policy rates in other emerging markets. Economist, Theo Klein, told this publication that the real repo rate in Namibia has been positive since April 2023 because the monetary policy has been restrictive for the last two and a half months. “Due to the lag effect of monetary policy, the cumulative 300bps hikes from December 2021 to December 2022 have not had an impact on the real economy as yet,” said Klein. He said further rate…

04 Jul

Synthetic diamonds negatively affect the market

Observer Money

Martin Endjala The Minister of Mines and Energy, Tom Alweendo stressed yesterday that laboratory-produced diamonds, commonly known as synthetic diamonds, pose a danger to the natural diamond market and that robust interventions are needed to safeguard prices. “Like with other minerals, we need to continue to ask ourselves the question of whether our diamonds can contribute more to our economy. What more can we get from our diamonds? How can the diamond sector contribute more to our local economic activities?” he asked. The Minister made the remarks during the announcement of the appointment of 12 new Diamond Board Members in…

03 Jul

DBN defends its settlement policy framework

Observer Money

Martin Endjala The Development Bank of Namibia (DBN) has come out strongly to defend its settlement policy in events of default, saying that the bank has robust and well-developed policies that inform credit decisions. This comes after allegations from members of the public concerning the need for a broader appreciation of the Bank settlement policy in the event of default. As a result, the bank has come out to reassure its clients and the public that it conducts its operations within the approved policy framework and in line with relevant legal instruments. According to DBN’s Chief Executive Officer, Martin Inkumbi,…

03 Jul

FlyNamibia spreads wings to Lüderitz

Observer Money

Niël Terblanché FlyNamibia a private Namibian airline launched a new route connecting Eros Airport in Windhoek to the coastal town of Lüderitz. The inaugural flight on the Windhoek to Lüderitz route will take place today. According to FlyNamibia, scheduled flights on the new route will be available from Mondays to Fridays. FlyNamibia Managing Director, Andre Compion said this new route opens up numerous opportunities for Namibian citizens and international travellers, providing seamless access to Lüderitz and its growing economic potential. "The launch of the Windhoek to Luderitz route is an exciting moment for FlyNamibia and the Namibian economy. By introducing…

03 Jul

Economic growth expanding steadily

Observer Money

Niel Terblanche Namibia’s economy expanded at a steady pace in the first quarter (Q1) of 2023. According to the Bank of Namibia’s June 2023 quarterly bulletin, the real gross domestic product (GDP) year on year in Q1 grew to a strong five percent. “In the primary industry, buoyant growth was recorded in the mining and quarrying sector during the first quarter of 2023 owing to higher production of diamonds, uranium, gold, and zinc concentrate, whereas the pace of growth slowed in the agriculture, forestry and fishing sectors. Furthermore, growth slowed in the secondary industry on the back of a contraction…

03 Jul

The second round of OM SEED launched

Featured, Observer MoneyThe second round of OM SEED launched

Martin Endjala The Old Mutual Foundation, in partnership with the United Nations Development Programme (UNDP) Accelerator Lab, has announced the launch of the second run of the highly anticipated Old Mutual Sustainable, Economic, and Empowerment Drive (OM SEED) in four new towns in Namibia. Following the remarkable impact achieved in Windhoek, Keetmanshoop, and Oshakati last year, the foundation is extending the initiative to Rundu, Swakopmund, Walvis Bay, and Mariental in 2023. The four towns have been strategically selected to foster entrepreneurship, create value within local communities, and address the United Nations’ Sustainable Development Goals. OM SEED was first launched last…

30 Jun

Consumers receive small respite from price hikes

Observer MoneyConsumers receive small respite from price hikes

Niël Terblanché Namibians will be spared another sharp increase in consumer goods because the price of fuel in Namibia will remain unchanged for the month of July. The Ministry of Mines and Energy in a statement announced That the pump prices for both diesel and petrol will remain the same as in June. The price of petrol in Walvis Bay will remain at N$19.78 per litre while the price of 50 ppm diesel will remain at N$19.05 per litre, and that of 10 ppm diesel will remain at N$19.25 per litre. Fuel prices across the rest of the country will…

29 Jun

Northern hemisphere tourists prepare to travel

Observer Money

With the northern hemisphere summer rush around the corner, travel concerns around delayed flights, surging airfares, and congestion in the airport are not putting travelers off air travel. Preliminary findings from the 2023 SITA Passenger IT Insights released this week revealed that 32% of passengers cited anxiety around flight cancellations when booking their next flight. Nearly two out of 10 passengers surveyed cited concerns around congestion in the airport and pointed to high airfares. This was fueled by past experience, where 56% of respondents said they had experienced delays or cancellations and 48% long airport queues. Yet travelers intend to…