Observer Money

Development Bank to resume Good Business Awards
30 Oct

Development Bank to resume Good Business Awards

Observer Money, , ,
Development Bank of Namibia (DBN) Head of Marketing and Corporate Communication, Jerome Mutumba, has announced the resumption of the Good Business Awards on 3 November 2022, with finalists and winners to be announced on the Bank’s Facebook and LinkedIn pages as well as on its website during the afternoon of 4 November. Results will also be made available to the press. The Awards, last held in 2019, were suspended for two years due to Covid-19. Mutumba said this year’s winners will come from the tourism and hospitality sector, private education, land servicing, manufacturing and the transport and logistics sector. Talking…
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Telecom Namibia to invest N$2.3 billion in modernising network
30 Oct

Telecom Namibia to invest N$2.3 billion in modernising network

National News, Observer Money,
CHAMWE KAIRA Telecom Namibia which is marking 30 years in business this year plans to invest over N$2.3 billion in the next five plus years to modernize its national network both fixed and mobile, starting from its national backbone to the core network and the access technologies, chief executive officer, Stanley Shanapinda revealed in an interview. Shanapinda said the first investment of about US$5 million has been invested in the co-landing of the Google Equiano submarine cable, in partnership with the private company Paratus, also allowing for the sharing of infrastructure as envisaged under HPPII. The Equiano cable landed in…
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AgriBank stops cash payments
26 Oct

AgriBank stops cash payments

National News, Observer Money, ,
Obrein Simasiku The Agricultural Bank of Namibia (AgriBank) will no longer accept cash as a form of payment starting from December. This decision is to curb money laundering in the country, said the public relations officer of the bank, Fillemon Nangonya in a statement. ‘’This change is an effort by Agribank to further contribute to the combating of money laundering in the country.’’ Money laundering is regulated in terms of the Financial Intelligence Act, with specific reference to Know Your Customer (KYC) requirements. ‘’This requires stringent verification of the source of cash funds and reporting thereon,” Nangonya emphasised. The measure…
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Namibia shines at Africa Energy Week
21 Oct

Namibia shines at Africa Energy Week

National News, Observer Money, , ,
O’brien Simasiku Namibia is cherished by many countries over its recent oil discoveries in the off-shore coast including its touted development of the green hydrogen project, which will make it feature among leading energy industry players. This was evident at last week’s Invest in Namibia Country Spotlight event, organized at the African Energy Week 2022, in Cape Town where a delegation consisting of the Ministry of Mines and Energy, Namibia Investment Promotion and Development Board (NIPDB) and the National Petroleum Corporation of Namibia (NAMCOR) made breakthrough presentations to market the country. According to Africa Energy Group with major oil and…
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New technology forcing BoN to adapt – Uanguta
07 Oct

New technology forcing BoN to adapt – Uanguta

National News, Observer Money, , ,
Martin Endjala Deputy Governor of the Bank of Namibia Ebson Uanguta said the emergence of new technology particularly in the space of online banking business modalities, has forced the central bank to adapt to the new technology by aligning its regulatory frameworks to speak to the needs of the new 4IR. The BoN deputy governor was speaking today at Start-Up Namibia and Fintech innovative hub session in Windhoek. Uanguta said that the innovative technologies are changing lives, by improving their living standards and alleviating poverty as well as addressing the economical inequalities within the global sphere. He further stated that…
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334 counterfeit Namibia dollar banknotes found
07 Oct

334 counterfeit Namibia dollar banknotes found

National News, Observer Money,
Staff writer Between January and 0ctober this year, the Bank of Namibia (BoN) recorded 334 counterfeit bank notes with a total face value of N$56 980. This is according to the latest records made available to Windhoek Observer by the central bank spokesperson Kazembire Zemburuka. 182 counterfeits with a face value of N$26,580 have been passed or exchanged while 152 pieces with face value of N$30,400.00 were intercepted before circulation, revealed Zemburuka. Most counterfeit banknotes were seized in Khomas and Erongo regions. In addition, he said, a total of 133 pieces of South African Rand (ZAR) with a face value…
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Namibian beef industry’s prime cut
26 Sep

Namibian beef industry’s prime cut

Observer Money,
CHAMWE KAIRA Savanna Beef Processors Ltd company, the newly formed meat producer will unlock new export markets and achieve better prices for producers and the whole beef value chain in Namibia, according to Rogers Kauta, one of the producers involved in the setting up of Savanna Beef. Kauta says the new beef producer intends to promote local value addition in the beef sector by retaining an additional 50 000 plus weaners in the local market for slaughter. “The export of weaners to South Africa deprives the local economy of job opportunities and premium prices for our beef in the international…
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Nambrew, Heineken, Distell concoction
25 Sep

Nambrew, Heineken, Distell concoction

Observer Money,
CHAMWE KAIRA The biggest ‘beer concoction’ in Namibian history has been ‘mixed.’ The Competition Commission of South Africa and the Namibian Competition Commission have both approved the Heineken takeover of Namibian Breweries and certain Distell operations. Sipho Ngwema, Head of Communications at the Competition Commission of South Africa says the commission has recommended that the Competition Tribunal approves with conditions the proposed transaction whereby the Heineken Group through Sunside Acquisitions Proprietary Limited (Newco) acquires a controlling interest in Namibian Breweries Investment Holdings Limited (NIH) and the flavoured alcoholic beverages (FABs), wine, and spirits operations of Distell Group Holdings Limited. The…
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Namdeb predicts 7.8 million carats, N$159bn revenue
25 Sep

Namdeb predicts 7.8 million carats, N$159bn revenue

Observer Money, , ,
CHAMWE KAIRA Namibia Diamond Corporation (Namdeb) under the new long term plan expects to produce 7.8 million carats over a 20-year period with a revenue of N$159 billion benefit to Namibia. “Production will be ramped up over the next two and a half years to approximately 160% of the current capacity. This means a significant capital investment of approximately N$1.8 billion and similarly, a significant increase in operational cost. The long term plan therefore results in 7.8 million carats being produced which amounts to revenue of N$159 billion benefit to Namibia. This requires approximately N$2 billion capital investment over the…
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Mineral exploration reached N$806m in 2021
25 Sep

Mineral exploration reached N$806m in 2021

Observer Money,
Staff Writer The money spent on exploration of minerals in the country increased to N$806 million in 2021 from N$548 million the previous year, figures released by the Chamber of Mines of Namibia revealed. This indicates that Namibia has continued to be an attractive investment destination for mining companies. GoldThe exploration projects include the Antler’s Erongo Gold Project is located in central Namibia, about 130 km northwest of Windhoek, near the towns of Usakos, Karibib and Omaruru. The project covers areas of the Navachab- Damara Belt, which is prospective for gold, and overlies similar lithologies and structures to the known…
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