Observer Money – Page 149 – Windhoek Observer

20 Jun

BoN declares QZ Asset Management a pyramid scheme

Featured, Observer Money

Hertta-Maria Amutenja Following complaints by members of the public, the Bank of Namibia (BoN) has warned the public about investing their hard-earned money in an illegal scheme of QZ Asset Management. In a statement, the central bank, cautions the public to refrain from promoting or participating in the business activities of QZ Asset Management or any other unauthorised financial schemes, as such activities are against the law and may result in financial losses to those that partake in it. According to Kazembire Zemburuka, the Director of Strategic Communications and International Relations at the central bank, QZ Asset Management is marketed…

20 Jun

Namibians urged to support local products

Observer Money

Martin Endjala Namibians have been urged to buy local products to stimulate the domestic economy of the country which is in dire need of revival and only by buying local products will it be rescued. The Founder of SureFire Marketing Solutions, Lazarus Hishekwa said they saw the need to not only promote local products but also to bring interaction between the product and the consumers. He says he believes that the better people are acquainted with a product, there more they are likely to buy it. Hishekwa spoke to the Windhoek Observer yesterday about the upcoming event in July, that…

16 Jun

Peugeot Opel must scale up production

Observer Money

Chamwe Kaira Stakeholders in the Peugeot Opel Assembly Namibia at Walvis Bay hope that the government and French company, PSA Automobiles reach a mutual consensus and iron out their differences by ensuring a viable outcome to ensure the continuation of the operations at the plant. This follows a High Court ruling that the matter be removed from the roll because the joint venture agreement concluded between the parties in clause 20 of the agreement makes provision for the parties to amicably resolve their disputes and if they fail to so resolve their dispute, refer the matter to arbitration. “The parties…

16 Jun

Financing can boost low-income Countries’ resilience

Observer MoneyFinancing can boost low-income Countries’ resilience

Low-income countries face multiple economic challenges, including rapid inflation, food insecurity, costly borrowing, and mounting debt, heightened by shocks from the pandemic and Russia’s war in Ukraine. As a result, the IMF has revised down its growth projections for low-income countries, where per capita income growth is falling further behind the rates needed to catch up with advanced economies. This threatens to reverse a decades-long trend of steadily converging living standards. To boost economic growth and put them back on a path to income convergence with advanced economies, we estimate that low-income countries need an additional US$440 billion of financing…

16 Jun

International investors to list in Namibian securities

Observer MoneyInternational investors to list in Namibian securities

Chamwe Kaira More international institutional investors are expected to invest in Namibian listed securities without the typical due diligence required on the market, which has historically been a prerequisite to investing in Namibia, the Namibian Stock Exchange (NSX) said this week after it was admitted as a full member of the World Federation of Exchanges (WFE) after being an affiliate member for over a decade. The NSX announced that the WFE Board of Directors, at their meeting on 24 May 2023 in Tokyo, approved the Namibian Stock Exchange’s full membership application. The full membership application process included a series of…

16 Jun

Local contactors awarded 15 road projects

Observer MoneyLocal contactors awarded 15 road projects

Chief Executive Officer of the Roads Authority, Conrad Lutombi talks about the current road projects in the country and the involvement of local contractors. Observer Money (OM): Lately there were concerns about the lack of local involvement in road construction projects that are awarded to foreign companies. May you clarify, how involved are local companies in road projects carried out by the Roads Authority? Conrad Lutombi (CL): The concerns about the lack of local involvement in road construction projects are unfounded and not factual. To illustrate, the Roads Authority has embarked on 22 road construction projects in the five years…

16 Jun

IATA’s Focus Africa to strengthen economic contribution

Observer MoneyIATA’s Focus Africa to strengthen economic contribution

The International Air Transport Association’s (IATA) “Focus Africa” drive is gaining momentum, spurred on by the African Civil Aviation Commission (AFCAC) and the Airlines Association of Southern Africa (AASA) and as its newest partners. Focus Africa will strengthen aviation’s contribution to Africa’s economic and social development and improve connectivity, safety and reliability for passengers and shippers. It will see private and public stakeholders deliver measurable progress in six critical areas: safety, infrastructure, connectivity, finance and distribution, sustainability and skills development. “Focus Africa is all about establishing a coalition of partners committing to pool their resources and delivering a set of…

16 Jun

Should Namibia make mentoring certification mandatory for engineers?

Observer MoneyShould Namibia make mentoring certification mandatory for engineers?

Roland Innes Since January 2023, a notable development in South Africa is the requirement for mentors involved in the Mine Engineer’s Certificate of Competency to possess certification from an accredited institution. They must also demonstrate the mentorship of at least five engineers in training, among other prerequisites. Although this may be perceived as an additional hurdle in obtaining certification, its potential benefits extend beyond the engineers themselves and can significantly contribute to the improvement of efficiency, productivity, and safety within mining operations. Consequently, the question arises as to whether Namibia will choose to follow South Africa’s lead and implement mandatory…

16 Jun

NamPower in wait and see over debt plan

Observer MoneyNamPower in wait and see over debt plan

Chamwe Kaira Power utility, NamPower would not say this week whether it still expects to recover billions owed to it by local authorities across the country by the end of August as initially planned after it agreed to a government intervention plan over the matter. “As indicated in the latest Media Release of 12 June2023, NamPower and the Ministry of Finance are in consultation on the interventions put in place by Government for the settlement of the overdue amounts. Thus, we cannot at this stage provide the amount that we expect to collect,” said Tangeni Kambangula responding to questions by…

16 Jun

Chicken, eggs post double inflation rates

Observer Moneychicken, eggs post double inflation rates

Chamwe Kaira Chicken and eggs in South Africa where Namibia imports most of its food needs have consistently posted double digit inflation rates in recent months, research by Simonis Storm Securities have shown. One of South Africa’s largest chicken producers by revenue, Astral Foods Ltd, forecasted about N$45 million diesel expenses per month due to power outages. It cost them N$741 million in the first half to sustain their chickens for longer since load shedding caused delays in their slaughtering and so consumer prices are inflated. “Locally, higher chicken feed and transport prices continue to raise consumer prices from domestically…