Page 3 – Windhoek Observer

16 May

PPS Namibia records N$49,3m operating profit

ObserverObserver Money

PPS Namibia says it delivered a satisfying performance in 2023, surpassing most competitors despite navigating a challenging, low-growth economy. PPS Namibia recorded an operating profit of N$49,3 million. The total net (of reinsurance) claims increased from N$73,6 million to N$83.3 million. Gross insurance premium revenue increased year on year by 9% from N$213,3 million to N$233,3 million. The company said its members in Namibia also benefitted from the good investment market returns in 2023. Investment returns distributed to members’ PPS Profit-Share Accounts have increased from N$4,7 million in 2022 to N$176.9 million in 2023. “We continue to adhere to the…

16 May

Trans-Kalahari Railway calls for consultancy services

ObserverObserver Money

The Trans-Kalahari Railway Project Management Office (TKR-PMO), has invited proposals for consultancy services for the development of a comprehensive request for proposal (RFP) document for the Trans Kalahari Railway Project. The Trans-Kalahari Railway Project (TKR) is a bilateral project between and Botswana and Namibia. The initial objective of the project was to construct a railway line (heavy haul) linkage between the two countries to transport coal and other commodities to the overseas market, through ports in Namibia. Botswana and Namibia commenced the discussions in 2010 as signified by the Memorandum of Understanding (MOU). A prefeasibility study, regarding this project, was…

16 May

Elevated interest rates affect building projects

ObserverObserver Money

The decline in completed building projects can be primarily attributed to elevated interest rates. At the beginning of 2023, the repo rate stood at a modest 6,75% in January, subsequently rising to 7% by March's end. This relatively low rate facilitated accessible borrowing, leading many individuals to secure loans from banks for property construction and renovation, according to Simonis Storm Securities. The current repo rate, now at 7,75%, has resulted in a decline in borrowing due to its heightened cost implications, the firm noted. “In addition to high interest rates, other contributing factors include the soaring prices of building materials…

16 May

Anglo American rejects BHP new offer

ObserverObserver Money

Anglo American has rejected the latest takeover bid by BHP Group Limited. The takeover bid has implications for Namibia because Anglo American owns De Beers, which is a partner with the government in Namdeb Holdings, Debmarine Namibia and the Namibia Diamond Trading Company. Chamber of Mines of Namibia data, showed that Debmarine Namibia produced 1,7million carats in 2022, an increase of 52% from 2021, covering an area of 19,1 square kilometers. The increase in production was primarily driven by the introduction of the MV Benguela Gem. The new recovery vessel, the MV Benguela Gem, was completed ahead of schedule; commissioning…

16 May

Pick n Pay Stores to recapitalise with R40 billion

ObserverObserver Money

Pick n Pay Stores Limited has informed shareholders through a cautionary announcement released on the Johannesburg Stock Exchange that the board has approved a two-step recapitalisation plan. The recapitalisation plan will comprise a rights offer to existing shareholders of the Company of up to R4 billion, expected to take place in mid-2024, followed by an offering and listing of the Group’s Boxer business on the Main Board of the JSE expected towards the end of 2024. Pick n Pay said the terms and conditions of the recapitalisation plan are being refined in consultation with the board and the final recapitalisation…

16 May

Lion sightings cause panic and force school closures in Kavango East

ObserverNational NewsKavango East Region

Niël Terblanché Panic ensued amongst certain communities of the Kavango East Region following the sightings of stray lions in areas where hundreds of learners walk to and from school daily. This has led to the temporary suspension of classes at four schools in the Mukwe circuit. According to a warning issued by the Directorate of Education, Arts and Culture in Kavango East, the schools affected are Kangongo Combined School, Thikanduko Primary School, Mayara Combined School, and Katanga Primary School. The authority added that classes have been suspended for Thursday and Friday, while teachers and support staff members will have to…

15 May

Navigating the Namibia-China Partnership: A Strategic Advisory

ObserverOpinions

Dr Penny TM Uukunde As Namibia prepares to engage with China in the evolving landscape of Sino-African relations, it is crucial to chart a clear and strategic path forward. The enduring friendship between Namibia and China extends beyond economic cooperation, encompassing shared values, cultural exchanges, and a mutual commitment to deepening bilateral ties. Strengthening Economic Ties: Beyond Traditional Frameworks While China remains a vital economic partner for Namibia, recent developments in China's investment strategy for Africa necessitate a reevaluation of traditional frameworks such as FOCAC. Namibia must explore alternative avenues for economic cooperation and foster closer collaboration with Chinese stakeholders…

15 May

Iran aims to expand its economic footprint in Namibia

ObserverNational News

Niël Terblanché Iran has announced new investment plans in Namibia, including the possibility of establishing an oil refinery and oil storage facilities in Walvis Bay. Iran's ambassador to Namibia, Seyed Ali Sharifi, made this announcement at a business event for small and medium-sized enterprises (SMEs). The event, hosted in collaboration with the Namibia Chamber of Commerce and Industry (NCCI), sought to foster business networks and future investment opportunities. Ambassador Sharifi emphasised Iran's intention to expand bilateral relations with Namibia across various sectors, particularly focusing on the oil market. He emphasised Iran's ability to help Namibia achieve self-sufficiency in fuel production.…

15 May

Robust partnerships needed to achieve clean cooking goals

ObserverEnergy, National News

Niël Terblanché Cooking on fires fueled by wood or animal dung has severe health, environmental, and gender equality implications, leading to approximately 600,000 premature deaths annually, mostly among women and children around the world. The Minister of Agriculture, Water, and Land Reform, Calle Schlettwein, stressed an urgent need for robust partnerships with industrialised countries, multinational companies, and the global private sector to finance clean cooking initiatives across Africa. Schlettwien spoke at the Summit on Clean Cooking in Africa, which is currently underway in Paris. He pointed to the financial constraints that have impeded Namibia and many other African countries from…

15 May

Judiciary mourns Lady Justice Mokgoro

ObserverNational News

Erasmus Shalihaxwe The Namibian Office of the Judiciary has described the late Lady Justice Jennifer Mokgoro, a former South African judge, as a true legal giant who made immense legal contributions to the southern African region, including Namibia. The executive director of the Office of the Judiciary, Benhardt Kukuri, said on Tuesday that Mokgoro, a retired judge, died on 9 May in Johannesburg, South Africa. She said that the legal community held Justice Mokgoro in high regard, not just in her native South Africa but also in the Southern African Development Community and globally. Justice Mokgoro was one of the…