Page 459 – News Stand

04 Apr

Foreign reserves drop to N$55,4 billion

info_e12wt4csObserver Money

The Bank of Namibia’s stock of international reserves declined marginally by 0,7% month-month to N$55,4 billion at the end of February. The fall was on the back of higher net commercial bank outflows coupled with government payments. The foreign reserves translated into 3,9 months of import cover, continuing to remain above the international benchmark of three months and adequate to support the Namibia dollar and the South African rand currency peg. Notably, the import cover excluding imports of oil exploration and appraisal activities stood at 4,4 months at the end of February, relative to the 4,5 months recorded at the…

04 Apr

NBL to join Heineken global platform

info_e12wt4csObserver Money

Namibia Breweries Limited plans to join the Heineken global platform in the next 12 months to enable the company to leverage scale for cost benefits in packaging and raw material as legacy contracts conclude. Heineken International, acquired majority control of Namibia Breweries in 2021 in a deal estimated at around N$6.56 billion. The move to join the Heineken global platform, comes at a time when revenue from beer sales in Namibia decreased, compounded by a steep decline in revenue contribution from South Africa, driven by aggressive pricing tactics from competitors, according to NBL’s consolidated results for the six months ended…

04 Apr

BoN researching economic impact of oil of gas

info_e12wt4csObserver Money

CHAMWE KAIRA The Bank of Namibia is conducting research on the potential implications for the macro economy and the potential implications for exchange rate and monetary policy by the production of oil and gas. Governor Johannes ǃGawaxab said this week that the central bank is also studying the impact of oil and gas on the management of the Welwitschia Sovereign Wealth Fund. The Fund now stands at N$425 million. Namibia is yet to start oil and gas production but exploration activities has so far contributed positively to economic growth. ǃGawaxab said the contribution expected to keep rising as explorations intensify…

04 Apr

DBN cleaning up loan book

info_e12wt4csObserver Money

Fitch Ratings recently affirmed Development Bank of Namibia Limited's (DBN) Long-Term Issuer Default Ratings (IDR) at 'BB-' and its National Long-Term Rating at 'AA+(zaf)'. Fitch said the outlooks are stable. Fitch said DBN's National Long-Term Rating of 'AA+(zaf)' is equalised with that of Namibia and reflects the bank's creditworthiness relative to that of issuers in South Africa and Namibia. The government has a high propensity to support DBN, given the bank's important policy role, 100% state ownership and significant share of government-guaranteed funding. The DBN is Namibia's flagship and largest policy bank and contributes to the country's economic growth and…

04 Apr

New bank on the horizon …………. Ghanaian investor seeking banking licence

info_e12wt4csObserver Money

The Bank of Namibia has received one application from a local company partnering with other investors seeking authorisation to establish a banking institution, Deputy Governor, Leonie Dunn disclosed this week. Dunn said the application is being assessed to determine whether the applicants meet the requirements for authorisation to conduct a banking business. Observer Money established that the applicants include an investor from Ghana in West Africa. The current authorised banking institutions are Bank Windhoek, First National Bank Namibia, Standard Bank Namibia, Nedbank Namibia, Bank BIC Namibia, Letshego Bank Namibia and Banco Atlántico. The new Banking Institutions Act took effect on…

04 Apr

Namibia Football Association appoints general secretary

info_e12wt4csSportsNamibia Football Association appoints general secretary

The Namibia Football Association (NFA) has announced the appointment of Mr. Charles Siyauya as its new General Secretary. This decision, was reached during a recent meeting of the NFA Executive Council held in Gobabis. Mr. Siyauya’s selection follows an application and interview process, during which his exceptional leadership capabilities and extensive academic background stood out. Holding a Master of Arts in Security and Strategic Studies, along with a Bachelor of Education, Mr. Siyauya brings a wealth of knowledge and expertise to his new role. With a Master of Arts in Security and Strategic Studies and a Bachelor of Education under…

04 Apr

Futsal Namibia Names 14-Man Squad for AFCON Futsal Morocco 2024

info_e12wt4csSports

Assistant Coach Modise unveiled the 14-man squad set to represent Namibia at the upcoming AFCON Futsal tournament in Morocco 2024. The announcement occurred during a press briefing held at Football House in Windhoek. Ryan Christopher, appointed to lead the technical team, expressed confidence in the team’s ability to secure a spot in the coveted Futsal World Cup later in the year. “We are very optimistic about our chances of making it through,” Christopher stated. “I believe we surprised everybody, including ourselves, in the return leg against Tanzania.” Captain Cee Jay, speaking to Observer Sport, echoed Christopher’s sentiments, stating, “The team…

03 Apr

FlyNamibia finally renews its air service license after legal battles

info_e12wt4csNational News

Stefanus Nashama FlyNamibia has announced that its air service license has finally been renewed by the Transport Commission of Namibia (TCN) after legal battles in the High Court. “We are thrilled to inform our passengers and partners that the license has now been renewed,” the company said. This follows a period of discussions and an urgent application to the High Court of Namibia after an initial notification of rejection from the TCN. The aviation company's application for license renewal was rejected by the Transport Commission after missing the deadline for submitting the renewal. The renewal of the license allows FlyNamibia…

03 Apr

Ministry of Fisheries engages public with exhibition at Parliament

info_e12wt4csNational News

Niël Terblanché In an innovative approach to public engagement and awareness, the Minister of Fisheries and Marine Resources, Derek Klazen, turned the National Assembly into a vibrant marketplace and exhibition centre for Namibia's bountiful seafood. On the evening of 2 April 2024, Parliament became the stage for a unique showcase aimed at promoting the nation's fisheries sector. During the budget presentation for Vote 22 (Fisheries Vote), Klazen extended an invitation to fishing companies and the general public to participate in an event that was as much about parliamentary debate as it was about celebrating Namibia’s aquatic resources. Annely Haiphene, the…

03 Apr

PDM demands action on the ever-increasing electricity prices

info_e12wt4csNational News

Hertta-Maria Amutenya The Popular Democratic Movement (PDM) has expressed concern about the cost of electricity, emphasising the urgent need for transparency and accountability from all involved stakeholders this week. In a recent statement, demanding clarity on the factors contributing to these prices, the PDM stressed the need for both the government and regulatory bodies to prioritise the welfare of the people. Highlighting the plight of ordinary citizens, especially those in remote areas, PDM Secretary for Information and Publicity, Hidipo Hamata, stressed the necessity for immediate action to alleviate financial burdens imposed by exorbitant electricity prices. Hamata emphasised that every Namibian…