Page 514 – News Stand

01 Dec

Country Club to pay N$20 million dividend

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Chamwe Kaira The Windhoek Country Club and Casino is expected to pay a N$20 million dividend cheque to the Ministry of Finance and Public Enterprises next week. “We all know that the last years have been challenging for the hospitality industry and we are gratefully noticing the steady improvement in our circumstances since last year. It is therefore a great pleasure to be able to hand over an amount of N$20 million to the Ministry of Finance and Public Enterprises,” said, Tony Boucher, general manager of the WCCR. The dividend cheque handover to the Minister of Finance and Public Enterprises,…

01 Dec

Individual discretion necessary on pensions

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Retirement Fund Solutions, Managing Director, Marthinuz Fabianus comments on the current debate of compulsory preservation of pensions. Observer Money (OM): What is your opinion on this topic? Marthinuz Fabianus (MF): The biggest majority of employees only save for retirement through the contractual employer sponsored pension funds. Membership of an employer’s pension fund is a condition of service. Caring employers with good fringe benefits tend to have low staff turnover and employees as a result build up large sums in their retirement savings accounts. When an employee with 15 to 20 or more years of service change jobs, it becomes tempting…

01 Dec

NEFF demands the allocation of fishing quotas for the unemployed

info_e12wt4csMainNEFF demands the allocation of fishing quotas for the unemployed

Stefanus Nashama The Walvis Bay branch of the Namibia Economic Freedom Fighters (NEFF) is demanding the fair allocation of fishing quotas to all citizens in Namibia, with a particular focus on unemployed people. A group of unemployed individuals, organized by NEFF member Immanuel Pombili, gathered yesterday in the open area near Kuisebmund Soccer Stadium to present their petition to the Ministry of Fisheries and Marine Resources. The petition calls for the allocation of governmental objectives fishing quotas to unemployed Namibians. In their petition, the group urges the government to review the current fishing governmental objectives and consider allocating fishing quotas…

01 Dec

Oceana’s horse mackerel catch up 7.5 percent

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Chamwe Kaira Oceana Group said in the annual results for the year ended 30 September that horse mackerel catch volumes in Namibia improved by 7.5 percent with an increase in both catch rates and sea days. The group’s total horse mackerel sales volumes reduced 6 percent to 45 327 tons (2022: 48 245 tons). In South Africa, catch rates were 32.4 percent lower due to the impact of the ongoing La Niña weather pattern on the east coast, and associated warmer sea temperatures extending into the 2023 season. The Desert Diamond vessel also underwent a planned engine overhaul in the…

01 Dec

Alpha extends publication of results

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Alpha Namibia Industries Renewable Power Limited (ANIREP) told its shareholders and the general public this week that the ongoing rights offer process has delayed the preparation and finalisation of its interim financial statements for the half year ended 31 August. Consequently, ANIREP said it would not be in a position to publish its interim report for the six months ended 31 August 2023 within three months, as required in terms of the Namibia Stock Exchange listings requirements. Accordingly, ANIREP said it had obtained formal approval from the Namibian Stock Exchange (NSX) to delay the publication of its audited financial statements…

01 Dec

Tuma uranium project targets 30-year lifespan

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Chamwe Kaira Deep Yellow Limited recently revealed that an updated Mineral Resource Estimate for the Tumas 3 Deposit in the Erongo Region's EPL3496 indicates the potential for an additional 25 million pounds of uranium oxide. This discovery has the potential to extend the Life of Mine for the Tuma uranium project to over 30 years. The final investment decision is anticipated in the first half of next year. Owned by Deep Yellow's subsidiary, Reptile Uranium Namibia (Pty) Ltd, the deposit underwent a drilling programme west of Tumas 3. The focus was on expanding the current resource towards Tumas 3 West…

01 Dec

Standard Bank performing well in Africa

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Standard Bank said this week that Africa regions continued to perform very well and delivered strong earnings growth period on period in both reported and constant currency, the bank said in a report to the ten months to 31 October. Africa regions' contribution to group headline earnings for the period was 44 percent. The bank said while higher average interest rates continued to support net interest margin, net interest margin expansion has slowed in recent months given that the interest rate increases seen in the second half of 2022 are now embedded in the base. Lower demand, reduced affordability, and…

01 Dec

DBN appoints Mutenda as its new CFO

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Martin Endjala The Development Bank of Namibia (DBN) yesterday announced the appointment of Nicky Katapa Mutenda as its new Chief Financial Officer (CFO). Mutenda will assume his role on December 18, 2023, and is expected to serve for five years. John Steytler, DBN's Chief Executive Officer, said that Mutenda's appointment followed a thorough selection process conducted by a panel consisting of six distinguished individuals from the DBN Board and external experts. Steytler expressed firm confidence in Mutenda, recognizing him as a capable candidate who would contribute to the bank's success and growth. Mutenda brings more than 11 years of experience…

30 Nov

Afrocat Sports Club Beach Volleyball League Wraps Up a Successful Season

info_e12wt4csSportsAfrocat Sports Club Beach Volleyball League Wraps Up a Successful Season

Windhoek, Namibia - The Afrocat Sports Club Beach Volleyball league, a platform for emerging talents, successfully concluded its inaugural season on November 25, 2023. The league, which kicked off on October 7, proved to be a pivotal initiative in nurturing aspiring athletes from the suburbs of Windhoek. Sponsored by OTB Namibia - Trophies & Medals, with Switch Energy Drink - Namibia and Architectural Outlet backing the event by sponsoring playing attires, the league attracted participants from the Central Volleyball Association, DTS Beach Volleyball players, and enthusiastic athletes from Afrocat SC. “Managing diverse schedules among learners, students, and employed individuals was…

30 Nov

Electricity Distribution Industry reform stalls due to revenue losses

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Martin Endjala Robert Kahimise, the Chief Executive Officer of the Electricity Control Board (ECB), has disclosed that the implementation of the Electricity Distribution Industry (EDI) reform faced significant challenges, including revenue losses incurred by Local Authorities and Regional Councils. Kahimise made this announcement while presenting the outcomes of the recently concluded EDI summit held in Windhoek from November 16th to 17th, 2023. The primary objective of the summit was to review government policies concerning the establishment of the remaining Regional Electricity Distribution (RED) companies and to address the deficiencies in the legal and regulatory framework, local authority surcharges, and the…