Observer Money – Page 34

24 Oct

African CEOs confident about growth

info_e12wt4csObserver MoneyKPMG’s 2024 CEO Outlook Survey – Africa

While CEOs remain confident in the future of the global economy, there is a significant consideration for escalating uncertainty and rising global crises. This is according to KPMG’s 2024 CEO Outlook Survey – Africa, the inaugural edition focusing on the African continent. According to Ignatius Sehoole, Chairman and CEO, KPMG in Africa: “It is an exciting time in the history of the African continent to release these results that collectively look at how we, as African colleagues, can together address the key impacts of the global and local economies to gear our businesses for growth. The whole is very much…

24 Oct

Saving strategies after the Income Tax amendment

info_e12wt4csObserver MoneyIncome Tax Amendment Act

MIGNON DU PREEZ The most important change introduced by the gazetting of the Income Tax Amendment Act (No. 8442) on 16 September 2024 was that the tax threshold for individual taxpayers increased from N$50 000 to N$100 000, with effect from 1 March 2024. With this, many Namibians will now have some more money at their disposal to manage wisely. But how? First and foremost is to focus on the building of an emergency fund. Having money saved for emergencies such as a medical emergency or home repairs, saves one from further financial stress. If possible, try to build up…

23 Oct

Namibia’s oil industry set for major growth by 2025

info_e12wt4csEnergy, Observer MoneyFinal Investment Decision, Graff-1X well

Oliver Diggle Since Shell's 2022 oil discovery at the Graff-1X well, the Namibia oil sector has gained significant international attention. The prospect of the new industry providing significant local content opportunities and in generating substantial government revenue has provided a degree of hope to a stumbling economy. The probability of ever reaching first oil in a market-enabling economic and judicial state has constantly been debated. However, as more information comes to light, that probably is becoming ever more likely. 2025 is expected to be pivotal for offshore drilling in Namibia, with over a dozen wells planned by companies such as…

23 Oct

Nuclear science and technology conference aims to unlock development potential

info_e12wt4csEnergy, Observer MoneyAfrican nuclear landscape, International Atomic Energy Agency (IAEA)

Niël Terblanché Namibia aims to position itself as a key player in the African nuclear landscape while exploring the potential of the latest technology to find sustainable solutions to the country’s energy needs to support industrial growth and environmental sustainability The Second Nuclear Science and Technology Conference commenced in Swakopmund on Wednesday and brought together experts, policymakers, and international stakeholders to discuss the role of nuclear science in Namibia’s development. The event has attracted international experts from the International Atomic Energy Agency (IAEA) and various African nations. The conference, themed “Unlocking the Potential of Nuclear Science and Technology for Namibia’s…

22 Oct

Swakop Uranium injected N$7.9 billion in local procurement

info_e12wt4csObserver MoneyLeading in Mining Excellence

Martin Endjala The Swakop Uranium has contributed N$7.9 billion to the local economy through procurement, taxes, royalties, and social development. The company released its 2023 sustainability report in Windhoek on Monday. The report was launched under the theme “Leading in Mining Excellence.”. In a speech delivered on her behalf by international relations deputy minister, Jennely Matundu, mines and energy deputy minister, Kornelia Shilunga said Swakop Uranium is poised to become a global leader in the supply of uranium because. She added that she has reliable information that the Husab Mine will reach its nameplate capacity by the end of the…

22 Oct

Namibia to host 7th International Energy Conference in 2025

info_e12wt4csObserver MoneyNamibia International Energy Conference (NIEC), RichAfrica Consultancy

Niël Terblanché Namibia will host the 7th edition of the Namibia International Energy Conference (NIEC) from 23 to 25 April 2025, in Windhoek. According to a statement released on Tuesday by RichAfrica Consultancy’s chief executive officer, Selma Shimutwikeni, the event aims to solidify Namibia’s position as a regional energy hub. Themed “Leading the Way: Becoming an Energy Hub with In-Country Value,” the conference will bring together key players in the global and local energy sectors to explore opportunities for growth, investment, and sustainable development. The 2025 edition of the NIEC Organised by RichAfrica Consultancy and endorsed by the Ministry of…

20 Oct

NamPost Bank goes digital

info_e12wt4csObserver MoneyFestis Hangula, Namibia Post Limited (NamPost)

Martin Endjala The Namibia Post Limited (NamPost) last week launched a banking application (app) that will enable customers to make transactions and pay bills at their convenience. Festis Hangula, the chief executive officer of NamPost, explained that the app is designed to meet the needs of savings and transactional account holders. “For savings bank account holders, especially savings and transactional accounts, they need access to their funds to transact, pay bills and send money,” said Hangula. The postal operations have been running financial services under the savings bank for many years. He emphasised the institution's ongoing commitment to serving the…

17 Oct

Footballers welcome Kuisebmond Stadium rehabilitation initiative

info_e12wt4csObserver Money

Allexer Namundjembo Soccer players and fans of the sport in Walvis Bay have welcomed the announcement by the Walvis Bay municipality to rehabilitate Kuisebmond Stadium. The municipality announced its plans in a statement on Thursday. Blue Waters soccer fan Bernard Kamatoto described the municipality's move as a life changer. Speaking to the Windhoek Observer, Kamatoto said sports lovers in Walvis Bay will have the opportunity to watch soccer and use the stadium for their sports activities. "At least we will have a chance to access the stadium after it is completed," he said. Former Brave Gladiators coach Paulus Shipanga also…

17 Oct

Access Bank coming to be big player

info_e12wt4csObserver Money

CHAMWE KAIRA The Bank of Namibia has granted a provisional banking license to Access Bank, a Nigerian listed bank, with the goal of becoming a Tier 1 bank on the Namibian market. Head of the Access Bank Namibian project, Oluseun Onasoga, said in an interview that in every market that Access Bank operates in, its ambition is to be in the top five on the market. “We don’t want to play small. You have to have the required capital to ensure that you can support your strategic game plan. Our entry into Namibia is not to be a small player,”…

17 Oct

NASRIA eyes oil and gas sector

info_e12wt4csEnergy, Observer Money

CHAMWE KAIRA Namibia Special Risks Insurance Association Limited (NASRIA) is exploring possibilities of tailored products that the firm can offer to the emerging oil and gas sector following discoveries in the Orange Basin, chairman Adrianus Vugs has said. The company recently handed over a dividend of N$16 million for the 2024 financial year to its sole shareholder, the government. Vugs said that the dividend handover is a testament to the collective efforts of NASRIA’s dedicated team, the guidance of the Board, and the strategic direction provided by government. “This dividend is not just a financial transaction; it represents the culmination…