Observer Money

Chamwe Kaira  The new executive committee of the Namibia Chamber of Commerce and Industry (NCCI) Lüderitz branch has pledged to represent businesses of all sizes. It will focus on creating an enabling environment that promotes entrepreneurship, youth empowerment, and investment. Alex Gawanab was elected chairperson, with Daniel Hooft as vice-chairperson. Both are prominent figures in the local business community, representing the fishing industry and the emerging kelp-linked sector. In his acceptance speech, Gawanab said Lüderitz has the resources to drive economic growth in the town and the Karas Region through both established industries and new sectors.  He said the committee…

Shoprite Group results for the 52 weeks ended 29 June surpassed a N$250 million mark, the group announced on Tuesday. Chief executive officer Pieter Engelbrecht said the group achieved sales growth of N$20.6 billion for the period. Engelbrecht said the group returned N$16.5 billion at point of sale while successfully maintaining its selling price inflation at only 2.3% in its core Supermarkets RSA segment.  The group has 30 million customers, and in terms of sales performance in its core Supermarkets RSA segment, the Shoprite and Usave brands saw a sales increase of 5.9%, translating to N$6.5 billion in sales growth…

Chamwe Kaira  The recent announcement of a 15 percent tariff on Namibian exports to the US and a 30% tariff on South African goods has implications that go beyond trade flows, analyst Almandro Jansen of Simonis Storm Securities has warned.  Jansen said these measures will also affect how money moves across borders, particularly through the  Society for Worldwide Interbank Financial Telecommunication (SWIFT) system,  the backbone of international payments. SWIFT is used by over 11 000 financial institutions worldwide. It allows banks to send payment instructions, settle cross-border trade, and communicate in a standard format.  Almost every Namibian dollar earned from…

Chamwe Kaira  Walvis Bay exported goods  worth nearly N$7 billion in June,  according to the latest International Merchandise Trade Statistics Bulletin released by the Namibia Statistics Agency (NSA). Sea transport remained the top channel, moving exports valued at N$6.9 billion, equal to 56.7% of all exports. The shipments mainly included uranium, fish and copper products.  Air was the second most used mode, carrying 23.6% of exports, mostly non-monetary gold and diamonds.  Road transport followed with 19.7%, with fish, petroleum oils and sulphur among the main goods. In total, 312 464 tonnes of goods left the country in June. This was…

Capricorn Group has appointed Mariantha Fryer as group brand manager in its brand and corporate affairs department, effective 1 September.Fryer has close to 25 years of experience in strategic marketing, brand building and communications. She has worked in industries ranging from automotive and financial services to education and advertising.Her appointment strengthens Capricorn Group’s focus on building its brand and engaging stakeholders.Photo: Bank Windhoek

Chamwe Kaira The Bank of Namibia’s stock of international reserves fell by 2.6% to N$58.1 billion at the end of July.  The decline was mainly driven by higher net rand outflows from commercial banks for portfolio investment abroad. “This level of international reserves translates into 3.8 months of import cover, whereas the import cover excluding oil exploration and appraisal activities stood at 4.3 months,” the central bank said. Commercial banks’ overall cash balances declined to an average of N$5.8 billion in July, down from N$6.1 billion in June.  The reduction was largely due to corporate tax payments due at the…

Chamwe Kaira Koryx Copper Incorporated has released assay results from seven drill holes, covering 2 986 metres, as part of its phase 2, 3 and 4 drill programme at the Haib Copper Project in southern Namibia.  The programme forms part of the company’s 2025 exploration and project development strategy. Heye Daun, Koryx Copper’s President and CEO, said the results confirm the company’s drilling strategy.  “We continue to be highly encouraged by the results of our ongoing drill programme. Our strategy of drilling close spaced and deeper holes is paying dividends as we are seeing mineralisation extending down dip and along…

Chamwe Kaira  The appreciation of the Namibian dollar against the US dollar helped reduce the impact of rising freight costs. From 1 to 25 August, the average exchange rate stood at N$17.70 per US dollar, reflecting a 0.34% appreciation compared to the July average of N$17.76.  “This appreciation helped cushion the impact of rising freight costs by slightly lowering the cost of imports in local currency terms, thereby reducing the extent of under-recoveries,” the ministry of industries, mines and energy said. On Friday, the ministry announced that the prices of petrol and both diesel grades will remain unchanged for September. …

The JSE All Share Index closed at 101,836.00 points for the week of 25 to 29 August, down 0.86% from 102 724.00 points the previous week. Despite the weekly decline, the index has gained 21.10% since December 2024. Namibia’s Overall Index (N098) fell by 0.30% to 1,829.85 points. The Local Index (N099) inched up 0.04% to 754.49 points, marking a 9.14% increase since the end of 2024. Telecommunications (N15) remained unchanged at 282.92 points, while utilities (N65) also stayed flat at 1 107.49 points. Financials (N30) dropped 2.45% to 617.87 points and real estate (N35) declined 2.12% to 2,334.44 points,…

Chamwe Kaira The Jewelers of America (JA), the national trade association for fine jewelry businesses, is lobbying the United States  government to exempt diamonds from tariffs, a move that could affect Namibia’s diamond industry. JA said it met with Peter Navarro, senior counselor for trade and manufacturing to President Donald Trump, and his staff in Washington, D.C. The talks focused on the challenges in the global supply chain for polished diamonds and the possibility of adding diamonds to the Annex II list of products excluded from tariffs as a critical mineral. JA president and CEO David Bonaparte was joined by…