Observer Money – Page 150 – Windhoek Observer

16 Jun

Corridor Group eyes Chinese market

Observer MoneyCorridor Group eyes Chinese market, The Walvis Bay Corridor Group (WBCG)

Chamwe Kaira The Walvis Bay Corridor Group (WBCG) recently an excellent performance for the 2022/23 financial year. This saw corridor cargo volumes entering and leaving the hinterland increasing by 50% year-on-year, climbing from 1 639 510 tonnes to 2 464 123 tonnes. The corridor uses the ports of Walvis Bay and Lüderitz, going to and coming from the target markets of Angola, Botswana, the Democratic Republic of the Congo (DRC), Malawi, South Africa, Zambia as well as Zimbabwe. The financial year the South African market grew with 42%, from 771 852 tonnes to 1 093 569 tonnes. In addition, DRC…

16 Jun

Oceana’s landing increased by 40% in Namibia

Observer MoneyOceana’s landing increased by 40% in Namibia

Chamwe Kaira Oceana Group’s Namibia’s horse mackerel volumes landed improved by 40 % with an increase in both sea days and catch rates. Fishing days in the prior period were impeded by scheduled vessel maintenance, the group said in the interim results for the six months ended 31 March 2023. Oceana said horse mackerel volumes caught in South Africa were 52.1% down on the prior period. The 30.3% lower catch rate was due to La Niña climatic conditions, and the associated higher sea temperatures, extending into 2023 and the Desert Diamond undergoing a planned main engine overhaul. In Namibia, horse…

15 Jun

Namfisa appoints new insurance and medical aid funds general manager

National News, Observer MoneyNamfisa appoints new insurance and medical aid fundsgeneral manager, Namibia Financial Institutions Supervisory Authority

Martin Endjala The Namibia Financial Institutions Supervisory Authority has announced the appointment of Erich Gariseb, as its new Insurance and Medical Aid Funds General Manager as of 1 May 2023. This was announced by Namfisa’s Corporate Communications Manager Victoria Muranda on Tuesday. Gariseb holds a Master of Science degree in Financial Management from Heriot-WattUniversity in Scotland and completed the Senior Leadership Program (SLP) with Duke University’s Fuqua Business School in the USA. He served in various portfolios such as a Health Actuarial & Risk Analyst in Johannesburg, providing technical support to Health Insurance and Medical Aid funds across southern and…

14 Jun

Lithuim mine judgment deferred

Observer MoneyLithuim mine judgment deferred

Hertta-Maria Amutenja The delivery of a judgment in the court case between Chinese lithium miner Xinfeng and the Minister of Mines and Energy Tom Alweendo has been postponed to 22 June 2023. The judgment was initially set down for 2 June however, Judge Ramon Maasdorp postponed it. The mining company filed an urgent application with the High Court earlier last month to challenge a decision by the Minister of Mines , to revoke its mining license. Alweendo had revoked Xinfeng’s license, which was issued in September last year, citing misleading, untrue, and incorrect information submitted by the company during the…

14 Jun

Chamber of Mines welcomes cabinet decision

Observer MoneyChamber of Mines welcomes cabinet decision, Veston Malango

Niël Terblanché The directive by the Namibian Cabinet that placed a moratorium on the export of unprocessed lithium and other essential minerals without adding any value has the full support of the Chamber of Mines because of the revenue potential. Cabinet approved the prohibition for the export of certain critical minerals such as unprocessed crushed lithium ore, cobalt manganese, graphite, and rare earth elements At the same time, Cabinet approved that smaller quantities of the listed minerals may be allowed for export at the discretion of the Minister of Mines and Energy subject to Cabinet endorsement. “The Chamber welcomes the…

09 Jun

Namibia has not engaged Elon Musk’s Starlink

Observer Money

CHAMWE KAIRA Namibia has not engaged Elon Musk’s Starlink on the possibility of offering internet services in the country. This follows news that Mozambique and Zambia have come the first countries in Southern Africa to licence Elon Musk’s Starlink company. Executive Director of the Ministry of Information and Communication Technology, Audrin Mathe said Musk has not approached Namibia over Starlink services. “We have not approached him and he has not approached us,” said Mathe. The Namibian government owns interest in both Telecom Namibia and MTC Namibia. Zambia’s Minister of Technology and Science Minister Felix Mutati said the government has issued…

09 Jun

Sanctions keeps Rossing’s Iranian dividends under lock…… N$331 million held in special account

Observer Money

Chamwe Kaira Rossing Uranium has continued to keep dividends meant for the Iran Foreign Investment Company in a fixed account for fear of attracting United States sanctions. “As at 31 December 2022, the amount held in the Escrow account was N$331 million,” Rossing Uranium Managing Director told Observer Money on Thursday. Financial statements for the year ended 31 December 2022 revealed that the restricted cash equivalent relates to historic dividends that are payable to the Iran Foreign Investment Company (IFIC), shareholder. The transfer of the funds was initially restricted in terms of the UN Security Council Resolution 1929, which was…

09 Jun

Nyambe joins AIEN board

Observer Money

Shakwa Nyambe, the Managing Partner of SNC Incorporated, joins the Executive Committee of the Association of International Energy Negotiators (AIEN) Board of Directors as the new Vice President for Communications. The association is an independent, not-for-profit organisation that supports international energy negotiators around the world, enhancing their effectiveness and professionalism in the international community. Headquartered in Texas, USA, AIEN produces model contracts that are widely used in the international energy industry. Nyambe plans to make significant contributions to AIEN’s communication strategy and reinforce its global reputation. The appointment recognises his exceptional leadership qualities and industry expertise. He previously served the…

09 Jun

Rossing spent N$3.4 billion on goods and services

Observer Money

CHAMWE KAIRA Rossing Uranium said it made a significant annual contribution to economic development in the Erongo region and to Namibia as a whole in 2022. Rossing’s total spend for goods and services for operations was N$3.42 billion during 2022 (2021: N$3.01 billion). Financial results released this week showed that most of the procurement expenditure was on Namibian-registered suppliers. Rossing’s spend on local suppliers amounted to N$2.54 billion during 2022 (2021: N$2.25 billion), accounting for 74 percent of our total procurement expenditure. “The continued high percentage local spend reflects the company’s confidence to procure locally. N$386 million was spent on…

09 Jun

Namibia exported goods worth N$218m to Kenya in five years

Observer MoneyAlex Shimuafeni, Namibia exported goods worth N$218m to Kenya in five years

CHAMWE KAIRA Namibia exported goods to a value of N$218.7 million during the period 2015 to 2022 to Kenya, Namibia Statistics Agency has revealed. Statistician General, Alex Shimuafeni said on the demand side, Namibia imported goods amounting to N$89.2 million from Kenya over the same period. The statistics on Kenya was part of the NSA’s comment on the intra-Africa trade that looked at Namibia’s trade with Kenya. The NSA commented that the African Continental Free Trade Area (AfCFTA) is one of the flagship projects of Agenda 2063: The Africa We Want. It is a high ambition trade agreement, with a…