Observer Money

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…

Martin Endjala Namibia will not be affected by the ongoing 2023 global recession caused by simultaneous rate hikes by central banks across the world in response to inflation. The economy of the country is, in fact, expected to grow in the region of three percent, only one percent shy of last year’s 4.6 percent. According to a comprehensive new study by the World Bank, the world may be edging toward a global recession in 2023 and a string of financial crises in emerging markets and developing economies that would cause them lasting harm. Economist, Ruusa Nandago explained that recession by…

Chamwe Kaira Namibians who have been pregnant with expectations that Nando’s, the South African franchise that specializes in Portuguese flame-grilled peri-peri style chicken will return to Namibia after its departure five years ago, will have to keep craving for it to return. Following numerous social media postings of Namibian travelers coming back with Nando’s mostly from South Africa, Observer Money sought to find out the latest regarding the franchise’s status in Namibia. We issued a statement in 2018 and there are no new developments or updates. As such, we will not be providing further comments on the topic. Nando’s had…