Page 553 – News Stand

08 Dec

International reserves declines to N$51.4 billion

info_e12wt4csObserver Money

The Bank of Namibia’s stock of international reserves declined in October. The stock of international reserves declined by 4.4 percent month-month to N$51.4 billion at the end of October, relative to N$53.8 billion in September. “The decline is attributable to higher commercial bank outflows as a result of higher import bills. The foreign reserves translated into 5.3 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,” the central bank said. Growth in private sector credit extension (PSCE) rose moderately at the…

08 Dec

Mining index reach 131 basis points

info_e12wt4csObserver Money

For the third quarter of this year, the Producer Price Index for Mining and Quarrying slightly rose by 0.5 basis points to 131.0 basis points, up from 130.5 basis points recorded in the corresponding quarter of 2022, translating into an annual inflation rate of 0.4 percent compared to 27.9 percent recorded in the same quarter of 2022, the Namibia Statistics Agency said. Mining and quarrying section covers indices of uranium, non-ferrous metals (copper, gold, lead and zinc) and other mining and quarrying (diamonds). The index for mining of uranium and thorium ores (ISIC 0721) increased to 107.4 basis points in…

08 Dec

Mid Week Review

info_e12wt4csSportsMid Week Review

Orlando Pirates v Khomas Nampol (0 -4)Orlando Pirates SC faced yet another devastating defeat, this time at the hands of Khomas Nampol with a scoreline of 0-4. The woes for the Buccaneers continue, raising concerns about the team’s performance and its future in the league.Khomas Nampol’s dominance on the field was evident, and the scoreline could have been even more humiliating for Orlando Pirates if not for missed opportunities by Khomas Nampol’s strikers. This defeat to Orlando Pirates follows another demoralizing loss to the Young Brazilians, and as previously highlighted in a commentary article, the situation looks bleak for the…

08 Dec

Just Saying with Matts Haikali

info_e12wt4csOpinions, Sports

Am just saying, in our request for the professionalization of sports in our country, it is becoming clear that this route that we have taken cannot unfold in isolation from crucial factors such as funding, governance, leadership, infrastructure, and education. Am just saying a lot of us are calling for the evolution of sports into a professional space, a critical examination of our own actions as advocates reveals a significant gap between rhetoric and practice. Am just saying, during a recent visit to a special school, of the ministry of education, in one of the rural areas of the country,…

08 Dec

Simonis Storms projects repo rate reduction in 2024

info_e12wt4csObserver Money

Martin Endjala Based on its recent report analysis of current monetary policy trends, Simonis Storm Securities has projected that Namibia will likely implement its initial repo rate reduction in the latter half of 2024. “We foresee this adjustment to be a modest decrease of 25 basis points, which is indicative of a shifting monetary landscape towards a more accommodative stance. This move corresponds with our forecasts of a gradually stabilising economic environment, as reflected in various key economic indicators,” read the report. The report comes after the Monetary Policy Committee of the Bank of Namibia after its final meeting of…

08 Dec

Debmarine Desert Jewels Secure Silver in Thrilling Africa Netball Cup Final

info_e12wt4csSportsDebmarine Desert Jewels Secure Silver in Thrilling Africa Netball Cup Final

Windhoek, Namibia – The Debmarine Desert Jewels gave a commendable performance at the Africa Netball Cup in Botswana, reaching the final and securing the silver medal position. Their podium dreams were narrowly edged out by Zambia, who accomplished a double victory over the Jewels, mirroring their success from the round-robin matches. In a statement from the President of Netball Namibia, Ms. Rebekka Goagoses, she extended heartfelt congratulations to the team, recognizing their exceptional talent, determination, and sportsmanship throughout the tournament. The Desert Jewels’ journey included losing only one of the five round-robin matches and delivering a captivating final that concluded…

08 Dec

Africa, the old horse of capitalist exploitation that Namibia seems to be learning little from

info_e12wt4csOpinionsAfrica

Is Namibia destined to forever keep experimenting before her wretched of the earth eventually start to test the fruits of her independence? Yours Truly Ideologically cannot but pose this pertinent question and muse about it. In view of the latest experiment in Green Hydrogen. Which for now, more than anything else, is just another experiment like many others before it. Most of which till this day have proven nothing but experiments, if not products of the wishful thinking of their presumed masterminds. From the beginning with the independence of the country, there are hardly, if any projects intended to meaningfully…

08 Dec

Fishrot trial must proceed despite hiccups

info_e12wt4csNational NewsFishrot trial must proceed despite hiccups

Niël Terblanché The notorious Fishrot corruption trial in Namibia is set to continue today despite a variety of legal challenges and plea requests from the accused individuals. Acting High Court Judge Moses Chinhengo has ruled that the trial must resume, rejecting further postponements, as key figures in the case remain without legal representation. The trial started almost four years after the corruption saga was uncovered, The prominence of the accused persons in Namibian society, namely the political and financial landscape from whence they hail, has had severe negative effects on Namibia’s fishing industry and its profitability. The case also caused…

08 Dec

Namcor completes annual marine tanker offshore jetty drill test

info_e12wt4csNational NewsNamcor completes annual marine tanker offshore jetty drill test

Martin Endjala The National Petroleum Corporation (Namcor) has announced the successful conclusion of its Annual Marine Tanker Jetty Offshore Industrial Drill test. The drill, conducted in collaboration with the Namibian Port Authority (Namport), the Namibian Navy, Namibian Police Force, Walvis Bay Municipality Traffic Department and the Walvis Bay Fire brigade, took place at the Namcor offshore Tanker Jetty on 1 December 2023. Namcor Marketing, Communications and Public Relations Manager Paulo Coelho said that this year’s drill was centred around a comprehensive offshore emergency response procedure, covering firefighting, evacuation, search and rescue operations. He added that the objective was to evaluate…

08 Dec

Namibia Affirms commitment to combat corruption

info_e12wt4csNational NewsNamibia Affirms commitment to combat corruption

Hertta-Maria Amutenja Namibia, while commemorating International Anti-Corruption Day, reiterated its commitment to the continued fight against corruption. During the event held in Katima Mulilo this week, Director-General for the Anti-Corruption Commission (ACC) Paulus Noa, underscored the global initiative launched by the United Nations Convention against Corruption in 2003, emphasising the shared responsibility of individuals in putting an end to corruption. Noa stressed the significance of Namibia’s adherence to the Convention since 2006, with the ACC leading the annual commemoration of the International Anti-Corruption Day. The core mandate of the ACC, he asserted, includes the investigation of corruption allegations and taking…