Observer Money – Page 44

27 Aug

Telecom faces challenges amid mobile and data network expansion

info_e12wt4csObserver Moneydata network expansion

Hertta- Maria Amutenja Telecom is grappling with challenges as it undertakes a substantial expansion of its mobile and data services across the country. The company has acknowledged difficulties in infrastructure investment, which have hampered efforts to modernise its network. Stanley Shanapinda, the chief executive officer of Telecom Namibia, addressed these issues during an update on the implementation of the company’s mobile and data turnaround strategy. He noted that the limited investment in infrastructure over the past decade has resulted in the company lagging behind in upgrading its mobile network to 3G and 4G standards. “For a certain period, Telecom found…

26 Aug

Trustco to provide deposit repayment plan on Tuesday

info_e12wt4csObserver MoneyBank of Namibia (BoN), Trustco Bank Namibia Limited (TBN)

Martin Endjala Trustco Group Holdings Ltd. (TGH), the parent company of Trustco Bank Namibia Limited (TBN), has until Tuesday to provide the Bank of Namibia (BoN) with a deposit plan. This follows TGH's decision to return TBN’d banking license to the BoN for cancellation with immediate effect. Quinton van Rooyen, Chairman of Trustco Group Holdings' Board Investment Committee, disclosed this information in a statement last week. "In light of recent developments, Trustco has decided to exit from investing in deposit-taking institutions in Namibia. Our focus is now shifting towards non-deposit-taking financial services, where we see tremendous growth potential,” he said.…

26 Aug

Namibia set to host strategic business forum in Beijing

info_e12wt4csObserver MoneyForum on China-Africa Cooperation (FOCAC)

Niël Terblanché Namibia is preparing to play a key role in this year's Forum on China-Africa Cooperation (FOCAC), as its delegation will host a business forum aimed at enhancing strategic economic partnerships with China. The forum, to be held during the event in Beijing from 4 to 6 September, will provide numerous opportunities for business collaborations and at the same time, strengthen bilateral ties between Namibia and China. At the end of last week, Jerobeam Shaanika, the Deputy Executive Director of Namibia’s Ministry of International Relations and Cooperation, reiterated the importance of the event, noting that it presents a unique…

22 Aug

NBL unveils N$337m wine packaging line

info_e12wt4csObserver MoneyNamibia Breweries Limited (NBL), Peter Simons

CHAMWE KAIRA Namibia Breweries Limited (NBL) has unveiled its N$337-million wine packaging line, a significant milestone in the company’s ongoing commitment to innovation and growth. The new facility was officially inaugurated by President Dr Nangolo Mbumba at NBL Head Office in Windhoek. In a strategic move to expand production capacity and diversify its brand portfolio, NBL has allocated an additional N$44 million to enhance its existing packaging lines. This upgrade will allow the brewery to produce and package popular ciders such as Savanna and Hunters locally for the first time. Additionally, the brewery’s extended warehouse, covering 4,400 square meters represents…

22 Aug

Curro seeking for more investments

info_e12wt4csObserver MoneyCurro Holdings Limited, Walvis Bay Gymnasium

CHAMWE KAIRA Curro Holdings Limited has said in the financial results for the six months ended 30 June that it is actively pursuing opportunities to offer quality education to more learners in Southern Africa. The group opened two new campuses in Walvis Bay and Oshana and also owns the Windhoek Gymnasium. The Walvis Bay Gymnasium opened with 350 pupils. Oshana Gymnasium opened with an initial intake of 200 to 250 learners. The two new schools were built at a total cost of N$240 million. Curro said the two new campuses in Namibia are part of a joint venture. “Much of…

22 Aug

Tsumeb Smelter must buy local goods

info_e12wt4csObserver MoneyDundee Precious Metals Inc, Namibian Competition Commission, Sinomine (Hong Kong) Rare Metals Resources Co Limited

CHAMWE KAIRA Sinomine (Hong Kong) Rare Metals Resources Co Limited, which has bought Tsumeb Smelter from Dundee Precious Metals Inc will be expected to buy goods and services below N$250 000 from local companies, under conditions imposed by the Namibian Competition Commission. The commission further said its decision is based on the grounds that the transaction is unlikely to prevent or lessen competition in Namibia. Sinomine and Dundee have promised that there will be specific retrenchments by the merged undertaking for a period of three years after the date of implementation. The company is also expected to comply with the…

22 Aug

Billion dollars for water infrastructure

info_e12wt4csObserver MoneyOhangwena II Wellfield Water Supply Schemes, Ondangwa-Omutsegwonime bulk water supply scheme, Outapi Water Treatment Works, Rundu Water Treatment Plant Extension

CHAMWE KAIRA Water utility, NamWater is developing plans to improve Namibia’s water infrastructure with the launch of four major projects valued at over N$1 billion. One of the projects is the Henties Bay reservoir pipeline upgrade that involves the replacement of a critical five-kilometre water pipeline, an essential conduit from the Omdel aquifer. With a project cost of N$15 million, this initiative ensures are liable water supply for the Henties Bay area, reflecting the government’s dedication to service delivery despite Namibia’s challenging geography. NamWater said this upgrade is crucial for maintaining water reliability in one of Namibia’s key coastal towns,…

22 Aug

Central region property growing rapidly

info_e12wt4csObserver MoneyFNB House Price Index, Simonis Storm Security.

CHAMWE KAIRA The central region has experienced significant and consistent growth according to a report prepared by Simonis Storm Security. The report said northern region displayed a steady but slower rise in prices compared to the central and coastal regions. The southern region exhibited the most volatility, with sharp fluctuations, but ultimately ended on an upward trend. However, the national average line reflects a consistent rise in house prices, emphasizing the overall growth in Namibia's housing market, the report said. The FNB House Price Index report for the first quarter of this year revealed a subdued housing market across Namibia,…

22 Aug

Belgian, Dutch tourists flock to Namibia

info_e12wt4csObserver Money

CHAMWE KAIRA The number of tourists from Belgium, The Netherlands, and Luxembourg increased by a record high of 11.6% in July. This is the highest number of visitors in five years. According to the Hospitality Association of Namibia (HAN), July and August are traditionally peak travel months for the European Union. Although there was a slight decline in visitors from France, likely due to the Olympics and other events, the Belgium, The Netherlands, and Luxembourg (Benelux) market has filled this gap, according to a report by Simonis Storm Securities. This trend reflects the strong market presence of Benelux tourists, bolstered…

22 Aug

Car sales exceeded pre-pandemic levels

info_e12wt4csObserver MoneyBank of Namibia, Simonis Storm Securities

CHAMWE KAIRA Simonis Storm Securities believe that the 25 basis point repo rate cut by the Bank of Namibia is unlikely to significantly impact vehicle sales in the short term, given that current sales figures have already exceeded pre-pandemic levels, reflecting a resilient market recovery. The firm noted that the second-hand vehicle market has gained considerable traction, becoming an attractive option for buyers amid economic prudence. This trend suggests a shift in consumer preferences towards more cost-effective alternatives, especially in an environment where luxury vehicle purchases remain restricted. Simonis noted the deceleration in motor vehicle price inflation suggests some relief…