Observer Money – Page 76

19 Jan

Namibia listed as top investment destination

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On the back of growing global demand and with a largely untapped resource portfolio, Africa is on the cusp of transforming its energy sector. Foreign investors are eager to capitalise on diversified supply chains while efforts by African governments to bolster industrialisation and economic growth are unlocking a fresh slate of opportunities for financiers and project developers alike. In 2024, several markets stand out as promising investment destinations. According to the International Monetary Fund, Senegal is projected to experience a remarkable 10.6% economic growth in 2024, fueled by the commencement of new oil and gas projects like the Greater Tortue…

19 Jan

US sanctions may harm jewelry companies

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Chairman of the Rapaport Group, Martin Rapaport has deep concerned for the future of the US diamond trade and has proposed a Rapaport US Diamond Protocol that will enable the US government to implement Russian diamond sanctions without hurting the diamond trade. Rapaport said the US government is now urgently formulating regulations to control the import of diamonds into the US. If we do not act, new US sanction regulations may severely harm small to medium sized US diamond and jewelry companies. The US government has agreed with the G7 group of countries that “As of 1 March 2024, a…

19 Jan

Half of Africa to use AfCFTA rules

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More than half of African nations will use the rules of a continental free-trade pact this year as the region moves closer to fully integrating into a single market. Of the 47 countries that have ratified the African Continental Free Trade Area, 31 will join the so-called guided trade initiative, up from seven in 2023, AfCFTA Secretary-General Wamkele Mene said at a World Economic Forum panel in Davos this week. Last year’s trial included processed agricultural products, manufactured goods and services, he said. Uganda, for example, exported some of its excess 2 billion liters of milk to Algeria, while a…

19 Jan

Airlink to re-start Durban, Bloemfontein flights

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Airlink, Southern Africa’s premier airline, will reinstate direct flights between Durban and Bloemforntein from 26 February this year. The service is part of Airlink’s strategy to expand its network of flights from Durban as a third hub with Bloemfontein joining Johannesburg, Gqeberha, Mbombela (Nelspruit) and Harare as directly-served destinations. Airlink’s morning flights on the route will operate Monday to Friday and its late afternoon flights every day except Saturdays. Tickets for flights on the route are available already. “Airlink’s direct service between the two cities is in response to increased calls for convenient and efficient connections that boost productivity for…

19 Jan

The AI era is upon us

info_e12wt4csObserver Money, Uncategorised

Kristalina Georgieva We are on the brink of a technological revolution that could jumpstart productivity, boost global growth and raise incomes around the world. Yet it could also replace jobs and deepen inequality. The rapid advance of artificial intelligence has captivated the world, causing both excitement and alarm, and raising important questions about its potential impact on the global economy. The net effect is difficult to foresee, as AI will ripple through economies in complex ways. What we can say with some confidence is that we will need to come up with a set of policies to safely leverage the…

18 Jan

Rössing invests in possible future employees

info_e12wt4csObserver MoneyRössing invests in possible future employees

Niël Terblanché In a heartwarming gesture that highlights its commitment to education and community development, Rössing Uranium recently made a significant donation to the Tsumkwe Senior Secondary School.The donation included 400 school bags filled with essential stationery items, aimed at supporting the learners in their educational journey. The primary objective of the generous donation is to empower future employees and students, enabling them to concentrate on their studies while aspiring to reach greater heights, regardless of the challenges they may face. Rössing’s Corporate Communication Manager, Daylight Ekandjo, reaffirmed the mining company’s dedication to investing in education. Ekandjo stressed the pivotal…

18 Jan

Trustco needs N$2.4 billion to tap into Namibia’s economic potential

info_e12wt4csObserver MoneyTrustco needs N$2.4 billion to tap into Namibia’s economic potential

Martin Endjala Trustco Group Holdings Limited is set to raise N$2.4 billion from shareholders to tap into Namibia’s economic potential. This pivotal transaction with key shareholders is said to underscore confidence in Namibia’s bright economic prospects and Trustco’s time-tested capabilities to channel investment into high-growth areas. Trustco and United States fund Riskowitz Value Fund LP (RVF) will enter into an option to make a cash investment of up to N$950 million into Trustco, entrenching RVF as a key anchor foreign investor. The capital will provide Trustco with the unparalleled financial muscle to capitalise on new opportunities and strengthen existing investments…

17 Jan

NAMFISA’s Gariseb to serve on International Insurance Supervisory forum

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Martin Endjala Namibia Financial Institutions Supervisory Authority (NAMFISA) Manager for Insurance and Medical Aid Funds, Erich Gariseb, is set to serve on the International Association of Insurance Supervisors (IAIS) Risk-Based Solvency Implementation Forum. The Risk-Based Solvency Implementation Forum which aims to support Emerging Markets and Developing Economies (EMDEs) jurisdictions to advance their observance of the IAIS supervisory material and strengthen members’ supervisory frameworks, especially as they navigate the complexities of establishing risk-based solvency regimes. The Forum develops guidance for EMDE regulators on practical aspects of implementing a risk-based solvency regime and facilitates the exchange of experiences amongst regulators on the…

17 Jan

Livestock presents a challenge to the development of Opuwo

info_e12wt4csObserver MoneyLivestock presents a challenge to the development of Opuwo

Niël Terblanché Opuwo, the capital of the Kunene Region, is currently grappling with an influx of livestock within its boundaries. This phenomenon has raised concerns among the Opuwo Town Council, which has issued a stern warning to livestock owners to contain their animals within designated areas. According to Karui Rikambura, the Town Council's technical director, the livestock situation within Opuwo has become increasingly problematic, with goats, sheep, cattle, and pigs now a common sight within the town limits. “Some of these animals are even brought in from neighbouring villages, exacerbating the issue. Rikambura described the situation as both concerning and…

16 Jan

Transport Annual Inflation Slows Down in December 2023

info_e12wt4csObserver MoneyHalleluya Ndimulunde, Transport Annual Inflation Slows Down in December 2023

Martin Endjala The annual inflation rate in the transport category exhibited a significant slowdown, recording 4.0 percent in December 2023. This was a notable decrease from the 5.1 percent recorded in November 2023 and a sharp deceleration from the 14.8 percent reported in December 2022. According to Simonis Storm Economist Halleluya Ndimulunde, this slowdown can be attributed to the subcategory of personal transport equipment, which benefited from a reduction of 130 cents in the prices of both diesel and petrol in December 2023. Ndimulunde noted that this pricing adjustment was announced by the Namibian Ministry of Mines and Energy, emphasizing…