Observer Money

Standard Bank relaunched the Buy-a-Brick Footprint
21 Aug

Standard Bank relaunched the Buy-a-Brick Footprint

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Staff Writer Standard Bank (SBN) has relaunched the Buy-a-Brick Footprint Socks campaign which is intended to raise funds for the construction of houses for Namibia’s shack dwelling community. The campaign was initially launched in March this year to mobilize schools in the nationwide effort to raise funds for the construction of low cost house but had to be suspended due to the Coronavirus (covid-19) pandemic. However, despite the prevalence of Covid-19, Standard Bank deemed it necessary to relaunch the campaign to shine light on the plight of the shack dwellers community by raising funds through the selling of the Footprint…
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Church tax still under consideration
21 Aug

Church tax still under consideration

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Andrew Kathindi Ministry of Finance says plans to tax churches remains under considering two years on, with Finance minister Iipumbu Shiimi still to pronounce himself on the way forward. This comes after then finance minister Calle Schlettwein had stated in 2018 during his Budget Speech plans to probe Section 16 of the Income Tax Act to include taxing religious organisations such as churches. “The proposal is still on the cards but not yet tabled to parliament as consultation with the new Minister on this particular amendment is yet to be done,” finance ministry spokesperson, Tonateni Shidhudhu told the Windhoek Observer.…
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Asset manager courts GIPF for Ohorongo buy . . . as IDC plans exit
21 Aug

Asset manager courts GIPF for Ohorongo buy . . . as IDC plans exit

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Staff Writer The Government Institutions Pension Fund (GIPF) has received an unsolicited proposal from one its asset managers seeking financial backing for its plans to acquire Schwenk Namibia (Pty) Ltd, the company which owns and operates the Ohorongo Cement factory. The cement company is now back on the market after the Namibia Competition Commission (NaCC) this month blocked West China Cement Limited from acquiring the business for N$1.5 billion citing the proposed acquisition could be uncompetitive since West China Cement Limited is a majority shareholder in Cheetah Cement, a move which could enable possible collusion and price fixing to the…
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BoN forecast 7.8% domestic economy contraction
20 Aug

BoN forecast 7.8% domestic economy contraction

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Staff Writer Bank of Namibia (BoN) has forecasted the domestic economy to contract by 7.8 percent in 2020 before a moderate recovery of 2.1 percent in 2021. “The COVID-19 pandemic has caused domestic economic activity to contract severely during the first six months of 2020. The slump was reflected in sectors such as mining, agriculture, manufacturing, construction, tourism, wholesale and retail trade as well as transport and storage. Activity in the telecommunication and local electricity generation subsectors, however, showed some improvements in the first half of 2020 compared to the same period in 2019,” BoN Governor Johannes !Gawaxab announced on…
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Education Ministry consults on next step . . . As ED rules out full e-learning
20 Aug

Education Ministry consults on next step . . . As ED rules out full e-learning

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Andrew Kathindi After several failed attempts to restart the school year for all levels, the Ministry of Education Arts and Culture has begun consulting schools and unions on the way forward ahead of all grades reopening on 31 August 2020. This comes as the Ministry has posed several questions to schools, unions, parents, community members and stakeholders in a survey as part of an attempt to get a better understanding of where everyone stands regarding the issue of school re-openings. “We looked at what happens after August 31 in terms of school resumption for face-to-face learning. What is it that…
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Government to honor bonuses
19 Aug

Government to honor bonuses

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Andrew Kathindi Public service workers will breathe a sigh of relief as government stated that it still plans to honour birthday bonuses for its employees despite revenue pressures intensified by COVID-19. Despite hundreds of private sector workers being retrenched on a monthly basis due to economic pressures, with many companies cancelling the 13th cheque as part of cost containment measures, government maintains it will continue to pay bonuses to its employees. “The pay structure of government employees did not change, all conditions of employment, as per the contract of employment each employee has signed with their respective employer, remain applicable…
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Corona hits Windhoek Central Prison . . . As 120 inmates are quarantined
19 Aug

Corona hits Windhoek Central Prison . . . As 120 inmates are quarantined

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Katrina Andreas The Namibian Correctional Service (NCS) says it has no plans to decongest its prisons after 12 inmates from the Windhoek Central Prison tested positive for COVID-19. The Windhoek Observer can reveal that 122 inmates and 14 prison officers were tested for Covid-19 a week ago and the results confirmed 13 positive cases, of which 12 are inmates. NCS Commissioner General Raphael Hamunyela stated that there will be no further release of non-serious offenders for the purpose of decongestion to allow social distancing within the correctional facilities. This is because there are no more petty offenders after President Hage…
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Sisa case has merit – LSN lawyer . . . as pressure mounts on conflicted lawyers
19 Aug

Sisa case has merit – LSN lawyer . . . as pressure mounts on conflicted lawyers

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Andrew Kathindi Lawyer Uno Katjipuka, who unsuccessfully argued the Law Society of Namibia’s (LSN) case to have Sisa Namandje’s books opened, has said that Judge Herman Oosthuizen’s ruling was not made on the merits of the case. This comes as Judge Oosthuizen, on Friday, dismissed with costs the LSN’s application to probe Namandje’s law firm’s books to investigate his possible involvement in the Fishrot saga. Katjipuka told Windhoek Observer that the Judge’s ruling is unfortunate but not surprising. “I guess we saw it coming.” “He just dealt with whether or not the Director of the LSN was properly authorized to…
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Otjomuise targeted for Corona decongestion
18 Aug

Otjomuise targeted for Corona decongestion

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Andrew Kathindi The City of Windhoek has identified land in Otjomuise which will likely be used as a COVID-19 decongestion location, amidst rising numbers of confirmed cases in the capital city, Windhoek Mayor Fransina Kahungu has revealed. This comes as President Hage Geingob last week gave directives to decongest densely populated informal settlements where community transmission continues to skyrocket. Kahungu told Windhoek Observer that the city started with preparations and that informal discussions at the City of Windhoek where conducted. Formal meetings will continue at management committee level on Tuesday 18 August. “I can be specific that the place that…
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EIG to cost Gvt N$210m more
18 Aug

EIG to cost Gvt N$210m more

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Staff Writer The Ministry of Finance has added an additional N$210 million to its initial budget of N$562 million, budgeted for disbursement under the Emergency Income Grant (EIG), a once-off N$750 cash payment per qualifying person, on the basis of meeting a set of criteria. To date according to figures from the Ministry of Finance, 765,452 beneficiaries have already received payment under the scheme launched in April by government to aid those who have lost jobs or income, as a result of COVID-19 from an initial estimate of 739,000 Namibians. “As we speak 765, 452 have received their grant already.…
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