Observer Money – Page 77

15 Jan

The world’s largest crane vessel anchored at Walvis Bay

info_e12wt4csObserver Moneycolossal semi-submersible crane vessel (SSCV) Sleipnir, The world’s largest crane vessel anchored at Walvis Bay

Niël Terblanché The colossal semi-submersible crane vessel (SSCV) Sleipnir, sailing under the flag of Panama, is currently anchored at Walvis Bay. This maritime marvel, a true testament to the wonders of engineering, is the world’s largest crane vessel. Sleipnir, a creation of Heerema Marine Contractors, came into existence in 2019, and its name is inspired by Odin’s legendary eight-legged horse from Norse mythology. What sets this vessel apart is its two massive revolving cranes, constructed by Huisman Equipment B.V., each boasting a jaw-dropping lifting capacity of 10,000 tons. These cranes can seamlessly work together to achieve an extraordinary joint lift…

15 Jan

Good relations are set to boost Namibian economic growth

info_e12wt4csObserver MoneyGood relations are set to boost Namibian economic growth

Niël Terblanché Namibia’s economic growth is set to receive a significant boost in 2024 through its growing and robust relationship with China, according to an independent economic and business researcher, Josef Sheehama. The strengthening ties between the two nations are expected to bring tangible and substantial benefits for both peoples. Over the years, China has emerged as Namibia’s largest source of foreign investment and its second-largest trading partner. The economic and political partnership between the two countries has deepened, offering a wide range of opportunities for mutual growth and cooperation. According to Sheehama, the opportunities arising from the China-Namibia relationship…

12 Jan

Bannerman receives mining licence

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Bannerman Energy Ltd has received the mining licence for its flagship Etango Uranium Project. “Our team in Namibia were very excited to receive the mining licence for the Etango uranium project. The project is now fully permitted and shovel ready as 2024 begins,” the company said this week. This comes on the heels of the news that France has announced plans to build an additional eight nuclear reactors on top of six already planned. It was also announced recently that the United Kingdom had made a landmark £300 million investment to become first nation in Europe to produce enriched uranium…

12 Jan

BoN sets monetary policy dates

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The Bank of Namibia has set dates for the Monetary Policy Announcements for 2024. The Bank of Namibia's Monetary Policy Committee (MPC) meets every two months to announce its interest rate decision and the broad direction of monetary policy. The 2024 Monetary Policy Announcement dates for 2024 are as follows: 14 February, 17 April, 19 June, 14 August, 23 October and 4 December. Looking back at the monetary decisions the bank made last year, February saw the MPC deciding to increase the repo rate by 25 basis points to 7%. The increase in the repo rate effectively brought the prime…

12 Jan

Government bonds returned 17.4% in 2023

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Cirrus Capital has stated that in the calendar year 2023, Namibian government bonds returned 17.4% on the back of substantial spread compression. Cirrus Capital, which focuses on corporate advisory, capital raising and research said spreads declined by an average of 119bps across the curve, with the most notable declines across the long end of the curve (GC37 – GC50), down on average 214bps. In the review of the Namibia Stock Exchange, Cirrus Capital said amongst the primary listed shares on the NSX, Standard Bank Namibia was the best performing in 2023, with a total return of 114%, whilst Paratus Namibia…

12 Jan

Inflation at 5.9% in northern regions

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The annual inflation in Zone 1 (Kavango East, Kavango West, Kunene, Ohangwena, Omusati) rate stood at 5.9% during December 2023 compared to 6.5% registered during December of the preceding year. The slowdown in the annual inflation rate emanated mainly from the slow increases registered in the price levels of transport (from 13.9% to 4.5%); food and non-alcoholic beverages (from 12.5% to 6.4%); hotels cafes, and restaurants (from 5.7% to 2.4%) and clothing and footwear (from 3.9% to 1.6%). On a monthly basis, the inflation rate registered a decline of 0.2% compared to 0.3% recorded during the preceding month. In Zone…

12 Jan

Diamond developments to watch

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Rapaport has outlined five developments to watch this year. These include US sanctions on Russia that came a long way in 2023, with US President Joe Biden signing an order banning Russian diamonds even if they were manufactured in a third country. The European Union has also announced sanctions and outlined some of the rules for how they will work. However, many unanswered questions remain. It’s likely that 2024 will shed more light on the finer details. The other issue is the De Beers-Botswana deal. Following long and sometimes strained negotiations, the government of Botswana has reached an agreement with…

12 Jan

Debswana approves Jwaneng project

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The Board of Debswana, the 50:50 diamond mining joint venture between De Beers Group and the Government of the Republic of Botswana, has announced that it had approved investment for a key development phase of the Jwaneng underground project, paving the way for the world’s most valuable diamond mine to transition from open pit to underground operations. The US$1 billion (BWP 13.6 billion) investment in this phase of works, known as the Exploration Access Development Phase, is for establishing a drilling platform to facilitate comprehensive sampling of the kimberlite pipes, delivering the early access decline for the underground mine and…

12 Jan

Auto executives less confident

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Auto executives around the world are entering 2024 with less confidence that the industry will achieve more profitable growth over the next five years, according to the latest KPMG Global Automotive Executive Survey. The survey of more than 1000 senior executives in thirty countries and territories reveals a dip in optimism as the sector deals with concerns over the global economy and rising costs. Overall, just 34% of executives said they are extremely confident versus 41% in the previous year. In Japan, the share of executives surveyed who are extremely confident dropped from 32% last year to 10% in the…

12 Jan

Air cargo markets stronger

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The International Air Transport Association (IATA) has released data for November 2023 global air cargo markets indicating the strongest year-on-year growth in roughly two years. This is partly due to weakness in November 2022, but also reflects a fourth consecutive month of strengthening demand for air cargo. Global demand for air cargo, measured in cargo tonne-kilometres (CTKs), increased by 8.3% compared to November 2022. For international operations, demand growth was 8.1%. Capacity, measured in available cargo tonne-kilometres (ACTKs), was up 13.7% compared to November 2022 (+11.6% for international operations). Most of the capacity growth continues to be attributable to the…