Observer Money – Page 231

29 Apr

Air Namibia to reassess COVID-19 impact

info_e12wt4csObserver MoneyAir Namibia, Covid-19

Andrew Kathindi Air Namibia Acting MD Elia Erastus said the airline will review the full impact of COVID-19 on its operations after 36 months even though they’ve managed to fully retain staff and pay salaries during the lockdown. Erastus revealed that Air Namibia has had zero revenue generation in the last month. He was hopeful the relaxation of lockdown regulations would allow the airline to focus on internal flights and generate some revenue. Erastus said the national airline will focus on regional flights to curb competition. He points out that the negative ripple effect of COVID-19 on airline operations is…

29 Apr

China debt relief not on the table-Shiimi

info_e12wt4csObserver MoneyChina, Covid-19, Finance Minister Iipumbu Shiimi

Staff Writer Finance Minister Iipumbu Shiimi says government has not considered appealing for debt relief from China, in light of the increased financial burden that the emergence of COVID-19 has had on government coffers. This comes as government has continued to dig deep to fund various grants to assist those that have been hardest-hit by the effect of COVID 19 such as businesses and workers in tourism, construction and other service sectors. “It is not something that we have looked at and we don’t have a government position on that,” the finance minister said. Of the N$93 billion that government…

27 Apr

N$600m lost in the arts sector

info_e12wt4csObserver MoneyCovid-19, National Arts Council of Namibia (NACN)

Andrew Kathindi The chairman of the National Arts Council of Namibia (NACN), Patrick Sam says around N$600 million in potential revenue has been lost in the Namibian arts and entertainment sector due to the COVID-19. He attributes this to a number of shows, events, arts sector based public gatherings that have been cancelled or postponed as well as advertising firms’ projects called off due to the lockdown. “We currently have 143 individual members and 22 organizations registered. There are no statistics available to gather the data of the wide-reaching impact of the pandemic because the sector has not been prioritized…

23 Apr

Utoni clueless on COVID-19 labour impacts

info_e12wt4csObserver MoneyCovid-19

Andrew Kathindi Minister of Labour, Industrial Relations and Employment Creation, Utoni Nujoma is clueless on the number of jobs that have been lost during the period of the COVID-19 pandemic. “I’m not in a position to give figures on lost jobs. You will have to get those details from the regions,” said the minister, whose ministry is key towards providing guidance to employers and employees affected by the coronavirus outbreak. Despite admitting that the labour market was in turmoil even before the COVID-19 outbreak, the minister failed to provide estimated job loses post-outbreak and what measures were being implemented to…

23 Apr

Tourism industry dying while waiting for bailout

info_e12wt4csObserver MoneyFederation of Namibian Tourism Associations (FENATA), lockdown, Ministry of Finance, tourism

…30,000 jobs can be lost if government money does not arrive on time Staff Writer The government is yet to avail the N$400 million promised to the country’s tourism sector as a subsidy. It has been three weeks since the Finance minister Iipumbu Shiimi, made an announcement pledging the multi-million dollar bailout for the hospitality, travel and tourism sector. The funds, according to Shiimi were aimed at providing a subsidy to players in the hard-hit tourism sector. This financial support would allow them to retain jobs with the industry. Tourism has been brought to a grinding halt as a result…

23 Apr

SSC plans N$3,000 payout

info_e12wt4csObserver MoneyCovid-19, Social Security Commission (SSC)

Andrew Kathindi The Social Security Commission (SSC) is set to pay N$1,000 per month for three months to employees from sectors hard-hit by the impact of the coronavirus. SSC Executive Officer Milka Mungunda said sectors to be covered by the grant to be administered by the fund include construction, farming, transport, manufacturing, retail, domestic workers and entertainment among others. “Vulnerable employees in the formal sector who are paid up SSC members will also receive a grant of N$1,000 a month during this period provided that they do not earn more than N$50,000 per annum,” said Mungunda said. Assuming all legal…

22 Apr

Cattle misfortune for Esau

info_e12wt4csObserver MoneyAgribank, Bernhardt Esau

Staff Writer Former Fisheries minister, Bernhardt Esau who is currently incarcerated over his involvement in the Fishrot scandal, has had 50 head of cattle which were being kept on his behalf at Farm Sorondo in the Omaheke region, stolen. According to sources, Esau entered into an agreement with former Agricultural Bank of Namibia (Agribank) Credit Manager, Masilo Hochobeb to keep 300 head of cattle at his farm. “I have not been at the farm in four weeks, I will have to check with the workers,” said Hochobeb when contacted for comment. When quizzed over the agreement he entered into with…

22 Apr

Gawaxab appointed BoN Governor

info_e12wt4csObserver MoneyBank of Namibia, Johannes Gawaxab, president Hage Geingob

Staff Writer President Hage Geingob on Tuesday appointed veteran financial guru, Johannes Gawaxab as the new Governor of the Bank of Namibia effective June 1, 2020. “I congratulate you Johannes Gawaxab on your appointment and appreciate your willingness to bring your talents and experience of the financial services sector towards our tireless effort in building a united inclusive and prosperous Namibian house,” the President said. The move by Geingob to appoint Gawaxab to the helm of the apex banks comes after the head of state side-stepped long serving Bank of Namibia Deputy Governor, Ebson Uanguta who has been in his…

22 Apr

Police to investigate Swapo over party

info_e12wt4csObserver MoneyPolice, Swapo Party

Staff Writer Popular Democratic Movement (PDM) on Monday laid charges against the ruling Swapo Party for violating national lockdown regulations when it hosted a party to mark its 60th anniversary. The birthday party which was attended by current President Hage Geingob, Founding President Sam Nujoma and Former President Hifikepunye Pohamba among others has been condemned by the opposition party amid concern the action of the ruling party violated set down lock down regulations against gatherings. “How do you go against your own regulations as a party and government, and expect the citizens to adhere to the regulations. They contravened the…

22 Apr

578,863 apply for N$750 grant

info_e12wt4csObserver MoneyEmergency Income Grant (EIG), grant

Staff Writer The Ministry of Finance says as of Monday it had received a total of 578,863 applications for the Emergency Income Grant. According to the ministry 234,345 of the applications have been approved, translating to total payments of N$176.76 million. The Emergency Income Grant (EIG) is a once-off payment of N$750 in cash per qualifying person introduced by government through the Ministry of Finance to assist individuals on the basis of having lost income or experienced difficult circumstances during the COVID-19 lockdown periods. The grant according to the Finance ministry seeks to provide interim relief for the most vulnerable…