Page 360 – News Stand

16 May

TYRE FIRE:

info_e12wt4csLatest

Residents of Swakopmund have been warned to refrain from disposing of hot coals and ashes in regular refuse bins, as improper disposal of such materials poses significant risks.The warning came after a large cloud of black smoke was seen billowing over the coastal town, sparking concern among residents. The black smoke was caused by old vehicle tyres that caught fire on Thursday at about lunchtime.The smoke was a result of a fire at the local waste dump site.The situation was, however, quickly brought under control by the Swakopmund Fire and Rescue Services.Despite the dramatic appearance of the smoke, especially with…

16 May

NaCC considering Osino, Dundee takeovers

info_e12wt4csObserver Money

CHAMWE KAIRA The Namibian Competition Commission (NaCC) is currently busy determining whether to sanction the takeover of Osino Resources Corp of Canada by Yintai Gold Company of China. In the same process, the NaCC is considering the approval of the deal involving the sale of Dundee Precious Metals’ owned Tsumeb smelter to Sinomine Resource Group Group also of China. NaCC spokesperson Dina //Gowases told Observer Money that the commission is currently busy with the investigation to determine the deal but added that the determination depends on the complexity of issues identified during the investigation. Yintai plans to take over Osino…

16 May

Namibia needs to exit greylist

info_e12wt4csObserver Money

Leading asset management company, Namibia Asset Management (NAM) has said the decision by the Financial Action Task Force to greylist Namibia due to purported ongoing noncompliance with the requirements of international anti-money laundering (AML) legislation is a concern. “Although we do not anticipate a negative impact on local assets and clients, it's imperative for Namibia to exit this list in order for us attract and retain foreign direct investment,” the company said. Another concern is the regulatory changes that it anticipates will come into effect when the Financial Institutions and Markets Act (FIMA) is promulgated and NAM said dealing with…

16 May

PPS Namibia records N$49,3m operating profit

info_e12wt4csObserver 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

info_e12wt4csObserver 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

info_e12wt4csObserver 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

info_e12wt4csObserver 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

info_e12wt4csObserver 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

info_e12wt4csNational 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

info_e12wt4csOpinions

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…