Page 386 – News Stand

23 May

Diamonds sales total US$380 million

info_e12wt4csObserver Money

Anglo American plc has announced that the value of rough diamond sales for De Beers’ fourth sales cycle of 2024, amounted to US$380 million. The provisional rough diamond sales figure quoted for Cycle 4 represents the expected sales value for the period and remains subject to adjustment based on final completed sales. Al Cook, CEO of De Beers, said: “As expected, De Beers’ rough diamond sales in the fourth cycle of the year trended lower, in line with the seasonally slower second quarter and a quieter period of trading in India during the elections. The focus of the global diamond…

23 May

TransNamib to boost revenue generation

info_e12wt4csObserver Money

TransNamib has launched a new initiative, the TransEvaRail Pricing Strategy Project. The project is a strategic move aligned with its Integrated Strategic Business Plan 2022-2027 and supported by a comprehensive study funded by GIZ Namibia. The company has already held a number of workshops in Windhoek that brought together stakeholders to collaborate and share insights that will drive innovation and efficiency in TransNamib’s pricing structures. The company has said the goal of TransEvaRail is to boost revenue generation, enhance sustainable competitiveness, and ensure commercial stability. The first workshops took place on 13 to 14 May 2024, marking a significant step…

23 May

Letshego secures N$260m on NSX

info_e12wt4csObserver Money

CHAMWE KAIRA Letshego Holdings Namibia (LHN) has issued a N$260 million three-year bond under its N$2 billion approved Domestic Medium Term Note Programme on the Namibian Stock Exchange (NSX). This is the first social note to be issued and listed on the NSX. Total bids to the value of N$322 million were received from five bidders. The bond’s maturity date is 17 May 2027. Letshego said the bond is a senior unsecured social note. An unsecured note is a corporate debt that does not have collateral attached and is, therefore, a riskier prospect for an investor. “The NSX has granted…

23 May

Investment Promotion Bill heightening uncertainty

info_e12wt4csObserver Money

The 2023 Fraser Institute Survey of Mining Companies Survey has stated that the proposed Investment Promotion Bill is heightening uncertainty and risk in the Namibian mining industry. The other concern raised in the survey was that exploration companies are mandated to incorporate local ownership. Namibia’s foreign investment space is currently governed by the Foreign Investment Act (27 of 1990). According to the Namibia Investment Promotion and Development Board (NIPDB), the Foreign Investment Act will soon be replaced by the Namibia Investment Promotion Act (NIPA) which is currently being amended to particularly provide the private sector with greater room for growth,…

23 May

Namibia to see Famous Brands major rollout

info_e12wt4csObserver Money

CHAMWE KAIRA Famous Brands Limited is planning a major rollout in southern Africa including Namibia. Its brands include Steers, Debonairs Pizza, Fishaways, Mugg and Bean and Wimpy. These brands have a strong presence in Namibia. The company said in results for the year ended 29 February 2024 that it plans to implement its leading brands restaurant rollout plan in South Africa, the Southern African Development Community (SADC) and also in Cote d'Ivoire, Ethiopia, Kenya, Nigeria, Mauritius, Saudi Arabia, and the United Arab Emirates. “This includes boosting our drive thru presence as new sites become available. We will continue to invest…

23 May

NWR to upgrade tourist resorts

info_e12wt4csObserver Money

CHAMWE KAIRA Namibia Wildlife Resorts (NWR) is working on several capital infrastructure projects including the renovation of Popa Falls, retouching the walking decks for Olifantrus and the upgrading of Halali Resort’s honeymoon rooms with splash pools and also renovating of the Gross Barmen resort. Popa Falls Resort is situated on the banks of the Okavango river and a short distance from the Okavango Pan Handle. Halali Resort is located halfway between Okaukuejo and Namutoni in Etosha National Park. The Olifantsrus Camp is a campsite in Etosha National Park. Its located in the northwestern part of the park between Okaukuejo and…

22 May

Nehale Lya Mpingana constituency facing water crisis

info_e12wt4csNational News

Martin Endjala Residents at Elavi B village in the Nehale Lya Mpingana constituency in the Oshikoto Region are facing a water crisis because they are now competing with their livestock for the little water left in a single well. Silas Henock, a community member, narrated the water shortages, saying that since the constituency's existence, the Elavi B residents have been surviving on only one well for water. Henock, however, said that the residents now fear that the water will not last until November if it does not rain and is calling on the government to drill a borehole and put…

22 May

Demands for implementation as SADC PF Model Laws Oversight Committee meets

info_e12wt4csNational News

Moses Magadza The Regional Parliamentary Model Laws Oversight Committee (RPMLOC) is meeting today 22 May 2024, in Johannesburg, South Africa under the theme: “Enhancing the Role of the RPMLOC in Monitoring the Domestication of SADC Model Laws and Implementation of Related Policies and Laws through Structured Reporting Frameworks and Mechanisms: A Look at the Domestication of the Sendai Framework for Disaster Risk Reduction.’’ Malawi Member of Parliament Hon. Ishmael Ndaila Onani, is Chairperson of the RPMLOC. The meeting is in preparation for the 55th Plenary Assembly that will take place from 1 to 7 July 2024 in Angola. Ms Thoko…

22 May

Namibia renews biodiversity conservation amidst global challenges

info_e12wt4csEnergy, National News

Niël Terblanché Namibia reaffirmed its dedication to conserving biodiversity, highlighting the critical role it plays in sustaining ecosystems, providing food and medicine, and contributing to overall human well-being. During the celebration of International Biological Diversity Day in Lüderitz, Pohamba Shifeta, the Minister of Environment, Forestry and Tourism said that biodiversity conservation is not just an environmental issue but a foundational element for economic stability and cultural heritage. In his address, the minister pointed out that human activities such as deforestation, habitat destruction, pollution, and climate change pose unprecedented threats to biodiversity. "The loss of biodiversity has far-reaching consequences, impacting food…

22 May

GIPAN demands representation on GIPF Board

info_e12wt4csNational News

Niël Terblanché The Government Institution Pensioners' Association of Namibia (GIPAN) has voiced strong objections to the recent five percent annual pension increase, calling it insufficient and an insult to pensioners. Josef Pieters, the chairperson of GIPAN, pointed out that the increment is 0.46 percent lower than the previous financial year's increase, highlighting a trend of diminishing returns for pensioners. Pieters criticized the lack of engagement between the pensioners' association and the Government Institutions Pension Fund (GIPF) management. “More than five months lapsed without us meeting to pave the way forward, as a newly elected national body. We would reason that…