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Economy to continue positive trend
19 Dec

Economy to continue positive trend

info_e12wt4csObserver Money
CHAMWE KAIRA FNB Namibia has said looking ahead, the group expects GDP growth to continue its positive trend observed over the last 14 quarters. FNB Namibia economist Helena Mboti said the group expects improvements in the agriculture, electricity, and water sectors as weather conditions improve. “We also anticipate a modest uptick in oil and gas activity in the fourth quarter with even greater momentum in 2025, alongside continued strong production in uranium, gold, and metal ores. This could lead to a quicker-than-expected recovery in the mining sector, potentially occurring in the fourth quarter of 2024,” she said. She pointed out…
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NamWater’s water supply costs increase
19 Dec

NamWater’s water supply costs increase

info_e12wt4csObserver Money
CHAMWE KAIRA NamWater said it supplied water at an average cost of N$14,56 per cubic meter (m³) in the 2024 financial year compared (2023: N$14.51/m³). NamWater said in its 2023/2024 integrated annual report that the slow cost increase from the previous year is a result of prudent cost management against steep inflationary pressure on the cost base. Effective financial management practices were applied to ensure the viability of the business, the company said. NamWater said operating expenses increased compared to the prior year, resulting in the overall profit before tax reduction of 55% from N$220,6 million in the 2023 financial…
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Trustco delays results submission
19 Dec

Trustco delays results submission

info_e12wt4csObserver Money
CHAMWE KAIRA Trustco Group Holdings Limited has announced the late submission of its annual statements for the financial period ending 31 August. The company advised that the annual financial statements for 2024 would not be published by 31 December. “Shareholders of Trustco are advised that Trustco's annual financial statements for the financial year ending for the period 31 August 2024 were earmarked to be reviewed by 30 November 2024 and completed by 31 December 2024,” the company said. The company advised shareholders that the annual financial statements would not be published by 31 December 2024 due to a number of…
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Namibia’s foreign assets increase to N$288 billion
19 Dec

Namibia’s foreign assets increase to N$288 billion

info_e12wt4csObserver Money
CHAMWE KAIRA The market value of Namibia’s foreign assets rose over in the third quarter ending in September due to an increase observed in portfolio investment, other investment, and reserve assets. At the end of the third quarter, Namibia’s foreign assets stood at N$288 billion, reflecting a 13,8% increase on an annual basis and a 0,9% increase on a quarterly basis, the Bank of Namibia said in its December quarterly bulletin. The market value of portfolio investment rose by 18,4% to N$174,8 billion on an annual basis, due to an increase in portfolio investment outflows in the form of equity…
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Value of downloads, streaming keep rising
19 Dec

Value of downloads, streaming keep rising

info_e12wt4csObserver Money
CHAMWE KAIRA The cloud services, software and applications remain the largest category of digitally delivered services expenditure, with a value of N$165.1 million in 2023. The Bank of Namibia said in its December quarterly bulletin that this translates into a share of 27% of total digitally delivered services. “This indicates the use of storage space from major suppliers of cloud services such as Google, Microsoft, Amazon Web Services, and Apple, as well as the purchase of applications such as ZOOM that picked up due to the remote working following the pandemic, as well as the use of various software. Most…
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Etango construction makes significant progress
19 Dec

Etango construction makes significant progress

info_e12wt4csObserver Money
CHAMWE KAIRA Bannerman Energy Ltd, the mining company listed on the Australian Stock Exchange and the Namibia Stock Exchange, has announced significant recent progress in the construction at its Etango uranium project in the Erongo Region. Bannerman said the key outcomes include key bulk earthworks and construction power contracts on schedule, with the first blast completed on the primary crusher site. The company said the construction of the water supply and ancillary storage dam was completed, delivering seamless continuity for bulk earthworks in progress. The manufacture of high-pressure grinding rolls (HPGR) tertiary crushers, a critical long lead item, is running…
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Xinfeng in hot water over illegal mining operations
18 Dec

Xinfeng in hot water over illegal mining operations

info_e12wt4csMain
Ester Mbathera Xinfeng Investments is facing criminal investigations after being caught red-handed mining illegally in the Uis area of the Erongo region, on 16 November. The mines ministry has also ordered the company, which recently commissioned its N$600 million processing plant, to cease all operations at EPL 8397. Residents and conservancies in the Uis area protested against Xinfeng’s alleged illegal mining. The EPL in question, located at Ringmen Investment (Pty) Ltd, was granted to Orange River Exploration and Mining CC for the exploration of dimension stones, base and rare metals, industrial minerals, and precious metals. Orange River is a joint…
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TelecomLeaks: Billing errors cost company N$69.3 million
18 Dec

TelecomLeaks: Billing errors cost company N$69.3 million

info_e12wt4csNational News
Ester Mbathera An internal audit by Telecom Namibia in 2021 red-flagged their weaknesses, listing their troubled billing system, lack of controls and record keeping, costing the company N$69.3 million. The head of internal audit and risk management, Kgomotso Hochobeb, wrote to the Telecom chief executive officer (CEO), Stanley Shanapinda, requesting urgent management intervention in these weaknesses. This audit is part of leaked information from Telecom Namibia valued at N$5.4 billion (U$300 million) by hackers Hunters International. It exposed over 626 gigabytes of sensitive data of over 493 000 individuals, ministries, state-owned enterprises and private businesses. The leaked trove includes copies…
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15 Political parties join the electoral material inspection
18 Dec

15 Political parties join the electoral material inspection

info_e12wt4csNational News
Allexer Namundjembo Fifteen political parties, including the Independent Patriots for Change (IPC) and Landless People’s Movement (LPM), accepted an invitation from the Electoral Commission of Namibia (ECN) to inspect electoral materials. The inspection process started yesterday and will end today (19 December). The process has been criticised over the limited time allocated. Ivan Skrywer, the LPM representative to the ECN, raised concerns about the feasibility of the inspection within the two-day timeframe mandated by the court. Speaking during the inspection at the ECN offices, Skrywer voiced his dissatisfaction with the court’s decision, which he argued did not reflect the seriousness…
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Grieving mother demands accountability after fatal truck collision
18 Dec

Grieving mother demands accountability after fatal truck collision

info_e12wt4csNational News
Hertta-Maria Amutenja The death of a 26-year-old motorcyclist in a collision involving a Seapride Foods delivery truck has raised concerns about the company’s vehicle maintenance practices and accountability. The fatal accident occurred in Windhoek last month. According to police reports, a four-tonne truck reportedly hit a motorcycle on Robert Mugabe Avenue, causing it to collide with other stationary vehicles. The motorcyclist, identified as Romario Tony Pienaar, died at the scene. Romario’s mother, Suzette Elizabeth Dominguez, has since accused Seapride Foods of negligence, alleging that the truck’s brakes were not functioning properly at the time of the accident. “Innocent people were…
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