Observer Money – Page 224

21 Aug

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

info_e12wt4csObserver MoneyGovernment Institutions Pension Fund (GIPF), NaCC, Namibia Competition Commission (NaCC), Ohorongo Cement, Schwenk Namibia (Pty) Ltd

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…

20 Aug

BoN forecast 7.8% domestic economy contraction

info_e12wt4csObserver MoneyBank of Namibia, BoN Governor Johannes !Gawaxab, Covid-19

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…

20 Aug

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

info_e12wt4csObserver MoneyCovid-19, education executive director Sanet Steenkamp, Ministry of Education Arts and Culture

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…

19 Aug

Government to honor bonuses

info_e12wt4csObserver MoneyCovid-19, Government

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…

19 Aug

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

info_e12wt4csObserver MoneyCorona, Covid-19, NCS Commissioner General Raphael Hamunyela, Windhoek Central Prison

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…

19 Aug

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

info_e12wt4csObserver MoneyLaw Society of Namibia, LSN, Sisa Namandje, Uno Katjipuka

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…

18 Aug

Otjomuise targeted for Corona decongestion

info_e12wt4csObserver MoneyCovid-19, Otjomuise, Windhoek Mayor Fransina Kahungu

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…

18 Aug

EIG to cost Gvt N$210m more

info_e12wt4csObserver MoneyEmergency Income Grant (EIG), Ministry of Finance

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.…

14 Aug

NUST still hunting for VC

info_e12wt4csObserver MoneyNamibia University of Science and Technology (NUST), Vice-Chancellor

Andrew Kathindi The Namibia University of Science and Technology (NUST) is yet to appoint a substantive Vice-Chancellor over a year after long-serving Vice-Chancellor, Tjama Tjivikua stepped down. The University Council, which is chaired by Florette Nakusera and appointed by Higher Education Minister Itah Kandji-Murangi in November last year to serve until 2022, is yet to find a suitable candidate. In May this year, Dr Andrew Niikondo was appointed as Acting Vice-Chancellor for a period of six months or until a substantial Vice Chancellor is appointed by council. He replaced Morné du Toit, after his term lapsed. Du Toit serves on…

14 Aug

Travel ban hits Air Namibia

info_e12wt4csObserver MoneyAir Namibia, Covid-19

Andrew Kathindi The grounding of Air Namibia flights amid the recently imposed national travel ban is set to hit the national carrier’s falling revenues, thus impact its turnaround strategy. Domestic travel was reintroduced in the country on 4 May following the initial State of Emergency proclamation by President Hage Geingob. Earlier this week however, following fears of rising cases of COVID-19, the President declared domestic travel restrictions. “As Air Namibia is involved in the business of transporting passengers and cargo, the temporary suspension of all domestic flights has a detrimental effect on the airline’s already difficult cash flow position, considering…