Page 394 – News Stand

11 Apr

Civil servants to drive demand side inflation

info_e12wt4csObserver Money

CHAMWE KAIRA The rise in civil servant wages and the tax reforms enacted on 1 March are likely to support disposable income and increase consumer spending, which will potentially drive demand-side inflation. In the 2024/25 budget, the government has budgeted N$35,4 billion for wages and benefits and this also includes a 5% increase for civil servants. The country has about 107 000 civil servants. “The downside risk to this view is the elevated interest rate environment which may dampen the impact of these demand-side inflationary pressures,” FNB Namibia economists Ruusa Nandago and Helena Mboti disclosed this week. The economists noted…

11 Apr

Ally Angula to join Katutura residents in their quest for debt write-off

info_e12wt4csNational News

Hertta-Maria Amutenja Independent Presidential candidate Ally Angula has voiced her support for the Katutura Residents Committee's (KRC) mass action against the debt management process of the City of Windhoek (CoW) scheduled for next week. In a statement released on Wednesday, she stated that she believed in the residents’ plight after seeing their bills. “Come one, come all. Come out and join what is truly an economic justice fight. The fight of the previously underserved, previously non-considered residents of the City of Windhoek. Let’s join the March not just as a show of solidarity but also as a show to say…

11 Apr

Mines ministry to develop policy for locals to participate in oil and gas sector

info_e12wt4csNational News

Erasmus Shalihaxwe Minister of Mines and Energy, Tom Alweendo said his ministry has a vision to manage the oil and gas sector transparently and ethically. Alweendo made these remarks in parliament while defending his ministry’s budget recently. “Our participation is only guaranteed if we prepare ourselves. For that to happen, we need to develop dogged determination to make it happen. Success will require Namibian entrepreneurs that are both curious and serious, lest we create an environment characterised by fronting and tokenism,” he said. One of the plans initiated is the development of a Local Content Policy for the sector. Alweendo…

11 Apr

SAN distances itself from national security guards’ strike…claims the strike is illegal and organised by unknown union

info_e12wt4csNational News

Stefanus Nashama The Security Association of Namibia (SAN) has distanced itself from the national strike which took place early this week at the Katutura Youth Complex in Windhoek. The strike was organised by the Namibia Security Workers Union (NASWU), and led by its president, Michael Amushelelo. Amushelelo and his union are demanding a minimum hourly pay rate of N$15 for guards from the currently gazetted minimum wage of N$8.75 per hour. , According to SAN’s national president, Dhiginina Uutaapama the strike earlier this week was illegal since it was organised by NASWU, an unregistered union, which he said is not…

11 Apr

Investors grab Deep Yellow shares

info_e12wt4csObserver Money

CHAMWE KAIRA Deep Yellow Limited, the Australian company that is developing the Tumas Project in the Erongo region has revealed its offer of fully paid ordinary shares under its Share Purchase Plan (SPP) received applications for a total of 36.8M shares totalling approximately 45 million Australian Dollars (A$). “We are delighted with the support shown by our shareholders to back us at this important time in the further development of our company. This SPP, plus the funds from the recently announced A$220M placement, together totalling A$250M, will support our growth strategy, the ongoing development of the flagship Tumas Project in…

11 Apr

Lower inflation not reflected in shopping basket

info_e12wt4csObserver Money

Inflation maybe slowing in the country but this won’t reflect in shopping baskets. Inflation has dropped from an average of 5,9% in 2023 to 4.9% in 2024. But Simonis Storm Security noted that it is important to note that this does not necessarily translate to real gains, considering inflation levels still remain relatively high. “Moreover, there are potential risks to inflation, particularly in food prices, which could be worsened by the El Niño weather phenomenon, alongside elevated oil prices,” it said. Namibia is experiencing a more rapid slowdown in annual inflation than anticipated, with March seeing an annual inflation rate…

11 Apr

Nictus records positive results

info_e12wt4csObserver Money

CHAMWE KAIRA Nictus Holdings Limited has disclosed that the first six months of the 2023 financial year, the group exceeded profits of the comparative period by 57%. The group said even within the high inflationary and interest rate environment, the group was able to increase retail sales and it is expected that retail sales continue on this trend. The insurance segment also exceeded premium expectations for the first six months of the year and will continue to do so. “The import strategies of the Group play a major role in the success achieved and will continue to do so in…

11 Apr

Credit bureau reports and scores

info_e12wt4csObserver Money

PATRICIA LOUW In the ever-evolving world of personal finance, understanding your credit bureau report is vital to making informed financial decisions. Your credit bureau report is a snapshot of your credit history, and it plays a crucial role in shaping your financial future. It is important to investigate the intricacies of credit bureau reports, exploring what they are, where to find them, the factors that influence your credit score, and actionable steps to improve your score. A credit report is a detailed record of your credit history compiled by credit reporting institutions called Credit Bureaus. These reports contain information about…

11 Apr

Nandi-Ndaitwah concerned about potential foreign interference in elections

info_e12wt4csMainNetumbo Nandi-Ndaitwah

Ester Mbathera The vice president of the SWAPO Party, Netumbo Nandi-Ndaitwah, has voiced serious concerns about potential interference in Namibia’s upcoming Presidential and National Assembly elections. She voiced her opinion at Swapo's central committee meeting held in Windhoek on Thursday. Her concerns follow the recent meeting between the European Union’s (EU) envoy, the German Embassy in Namibia and the Independent Patriot for Change’s (IPC) leader, Panduleni Itula. “There is nothing wrong for a diplomat to meet leaders or members of opposition parties, but to discuss issues of state matters and to be directly involved in the internal politics is a…

11 Apr

New Champion Emerges at Bank Windhoek 2024 Omaruru Open Chess Championships

info_e12wt4csSportsNew Champion Emerges at Bank Windhoek 2024 Omaruru Open Chess Championships

The Bank Windhoek 2024 Omaruru Open Chess Championships recently crowned a new champion, Mbitjita Kahuure, at an event hosted by the SI Gobs Secondary School and the Coastal Chess Association. This year’s Championship witnessed a record-breaking participation of 70 chess players, making it one of the most exciting events in Namibia’s chess calendar. Players from diverse backgrounds and skill levels converged to test their mettle on the chessboard, creating an electric atmosphere charged with excitement and anticipation. Kahuure, the newly crowned champion, who has been playing for about 25 years, expressed his satisfaction with the event, noting the significant turnout…