Observer Money

Staff Reporter FNB Namibia recently launched its annual Whisky Festival that will be taking place for the first time ever in Ongwediva Oshana region on the 3rd of June and in Windhoek, Khomas region on the 10 June, respectively. The FNB Whisky Festival offers a platform for whisky lovers to participate in a tasting experience to suit their distinctive palates, from the ‘curious’ newcomer to the seasoned connoisseur. Festival guests will learn how to get the most from every dram as Whisky experts guide them through samples from a selection of Whiskies from distilleries around the world. The Festival aims…

Martin Endjala Millenium Investment Holdings has appointed Miguel Hamutenya as the new Chief Executive Officer, succeeding Hafeni Vilho who has been the Managing Director for over three decades. He has stepped down for personal reasons, the group said. An announcement issued on Friday by the group indicates that Hamutenya's appointment is effective from 1 June 2023. Hamutenya holds an Honours Degree in Business Management from the United Business school in Madrid, a Diploma in Business Communications from the Norwegian Business School and a Corporate Finance certificate from the European school of economics in London. He is currently pursuing a Masters…

CHAMWE KAIRA South Africa’s power company, Eskom which has announced that there is a high risk of elevated stages of loadshedding in winter, this week explained how this will impact on electricity exports to Namibia. Responding to questions by Observer Money, Eskom said its power supply agreement for NamPower is in accordance with National Regulatory Standard (NRS) 048-9. “NRS 048-9 is a code of practice in terms of load reduction practices, system restoration practices and other related matters. During load shedding, NamPower’s load is curtailed as per the requirements of NRS 048-9,” Eskom said. Under the current agreement with NamPower,…

Staff Writer O&L Nexentury GmbH, a subsidiary of the Ohlthaver & List Group, recently announced that it was granted the advanced water management permit from the District Administration Office of Karlsruhe, Germany, for the construction and operation of what will be Germany’s largest fully permitted and floating solar photovoltaic (PV) park at this point in time. The solar park will be built on the gravel lake of sand and gravel works company, Philipp & Co KG, in Bad Schönborn, Germany. O&L Nexentury plans to commence construction of the solar park in the third quarter of 2023 with the intention for…

Chamwe Kaira B2Gold’s Otjikoto Mine near Otavi took strides in 2022 to decreasing its energy usage by connecting to the Namibian grid, which is estimated to reduce annual power generation emissions by more than 30% due to renewable energy sources within the Namibian grid. The company said in its Annual Responsible Mining Report that overall, the proportion of electricity generated from renewable sources increased significantly to 14.3% in 2022 from 9.5% in 2021, for consolidated operations. The Otjikoto Mine is expected to produce between 190,000 and 210,000 ounces of gold in 2023 at cash operating costs of between US$590 and…

Yango, an international service for ordering rides online, has introduced a new Comfort tariff in Namibia. Yango successfully launched its services in Namibia in January this year. The Comfort tariff is an additional tariff on the Yango app which will allow users to order higher-quality cars at an affordable price. “We are happy with our successful launch which took place in Windhoek in the beginning of the year and now we are glad to move forward to launch a new Comfort tariff. We recognize that our valued customers have different needs when they take a ride with us and giving…

CHAMWE KAIRA The Financial Action Task Force (FATF), which leads global action to tackle money laundering, terrorist and proliferation financing said this week that it could not comment on newly announced legislation announced by the Bank of Namibia and its effectiveness on Namibia’s framework to combat money laundering or terrorist financing. The Bank of Namibia recently disclosed that the Cabinet Committee on Legislation has approved 11 amendments and two new bills that, when passed by the legislature, will ensure that Namibia’s legal framework is fully aligned with new developments in global anti-money laundering, terrorist financing, and proliferation financing standards. A…

Advisory and intermediary firm NMG Consultants and Actuaries has opened an office in Windhoek as it looks to offer a range of retirement fund, investment and actuarial consulting services to Namibian businesses, pension funds and medical aid funds. The new office will allow NMG to enhance its service levels to its existing Namibian clients, while actively looking to grow its client base in the country, said Ernestu Augustus MD of NMG Consultants and Actuaries Namibia. “This expansion is a clear indication of our growth trajectory as a business. We expect it to open up several opportunities for skilled people in…

CHAMWE KAIRA China’s maize imports from South Africa will have no impact on South African maize exports to its neighbours including Namibia, Wandile Sihlobo, Chief Economist of the Agricultural Business Chamber of South Africa told Observer Money this week. “No; South Africa has ample supplies and surplus of 3 million tonnes in the 2023/24 marketing year. South Africa’s neighbouring countries will still be able to import maize, and this won’t be disrupted by China. China remains one of South Africa’s small markets, having imported around 108 000 tonnes from South Africa in 2022/23 marketing year that ended in April, which…