Page 563 – News Stand

24 Nov

More than 10 716 trusts registered

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The Master of the High Court is currently calling on trusts to provide beneficial ownership information in order to ensure compliance with Section 22 of the Trust Administration Act 11 of 2023. The Trust Administration Act 11 of 2023 regulates the administration of trust moneys in Namibia and came into operation on 3 August 2023. This Act replaced the Trust Monies Protection Act 34 of 1934. A trust is a structure to which property is transferred by the founder or third party to beneficiaries nominated in a trust deed. The trust property is administered by trustees appointed in the trust…

24 Nov

Breaches of internal control systems blamed for staggering losses

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Martin Endjala Jennifer Comalie, the Chairperson of the National Petroleum Corporation Company (Namcor) Board, has attributed the N$700 million losses incurred by the company during the 2022 financial year to breaches of its internal control and governance system, as well as market volatility. Comalie stated that the findings of the investigative report point to internal procedural irregularities within the company, and the board is actively addressing the matter to hold those responsible accountable. She made these remarks during a media briefing on the company’s announcement of its turnaround strategy, aimed at positioning the state-owned entity toward sustainability. The board is…

24 Nov

Freight industry must adopt smart containers

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Chamwe Kaira The freight industry in Namibia, South Africa and Botswana must move with the times and introduce smart corridors and the use of smart containers embedded with sensors and tracking technology such as GPS and Radio Frequency Identification (RFID) chips, allowing manufacturers, carriers, and shippers to monitor their cargo more accurately. Leslie Mlungisi Mpofu, the Executive Director of the Trans Kalahari Corridor believes that a number of benefits may be realised by adopting new generation technologies and these include enabling various information systems to work together in the most effective way possible, promoting safe and secure borders, offering authorised…

24 Nov

“I am not a politician,” says Itula

info_e12wt4csNational News“I am not a politician, ” says Itula

Stefanus Nashama Dr. Panduleni Itula, the leader of the Independent Patriots for Change (IPC), has stated that he does not consider himself a politician but rather a leader of a political party. According to Itula, there is a clear distinction between politicians and leaders, particularly in terms of policy formulation. He explained that leaders formulate policies based on the needs of the people, whereas politicians have their own way of doing things. Itula made these remarks during an interview on the MAD Podcast this week, where he discussed how IPC came into existence. Itula emphasized that his direct visits and…

24 Nov

IATA: Namibia clean as a whistle

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Chamwe Kaira Namibia does not owe money to airlines that operate in the country, records released by the International Air Transport Association (IATA) showed this week. Kamil Alawadhi, Regional Vice-President Africa and Middle East of IATA disclosed that since 2018, a significant amount of blocked funds have been repatriated from Angola, Ethiopia, Ghana, Nigeria, and Zimbabwe through working with the respective governments. Currently US$1.68 billion in airline funds remain blocked across the continent. IATA records showed that Namibia is not among countries blocking money owed to airlines. Alawadhi, said achieving reasonable levels of taxes and charges by focusing governments on…

24 Nov

Klazen calls for sustainable practices in the fishing industry

info_e12wt4csNational NewsKlazen calls for sustainable practices in the fishing industry

Niël Terblanché Namibia’s Minister of Fisheries and Marine Resources, Derek Klazen, reiterated the importance of responsible fishing practices, conservation, and good corporate governance for the country’s fishing sector. Klazen delivered his annual fishing industry address in Walvis Bay where he urged Namibians to unite in their commitment to responsible fishing practices, and highlighted the need for collaboration, open dialogue, and innovation. He stressed that these principles are crucial for safeguarding the health of Namibia’s oceans, ensuring the prosperity of its fishing industry, and leaving a legacy of responsible stewardship for future generations. He stressed the invaluable resources found in Namibia’s…

24 Nov

Governmental to auction 5000 MT of hake

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Chamwe Kaira Ministry of Finance and Public Enterprises and Ministry of Fisheries and Marine Resources plans to auction 5000 metric ton (MT) of Hake. The move is part of the government objective of selling fishing quotas to the highest bidder. Bids must be in multiples of 100 metric ton with a minimum price of N$9000 per MT of Freezer fish and N$7000 per MT of wet fish. Bids must be submitted by 8 December and full auction results will be announced by mid- January 2024. The government has continued to generate revenue through fish auctions with figures showing that more…

24 Nov

American airport officials explore collaboration opportunities in Namibia

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Niël Terblanché Namibia, a nation not often in the spotlight for many in the United States of America, recently drew the attention of a high-level delegation from the world’s busiest airport, Hartsfield-Jackson Atlanta International Airport. The delegation, led by Balram Bheodari, the General Manager of Hartsfield-Jackson Atlanta International Airport, embarked on a visit to Namibia with the aim of advancing air service development efforts, which essentially means exploring opportunities for new passenger or cargo flights. The visiting group also included leaders from the airport’s infrastructure and commercial team. During their factfinding mission, the delegation engaged with various Namibian entities, including…

24 Nov

Synthetic diamonds lose shine

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Synthetics diamonds prices are trading as low as 98 percent below the Rapaport Price List for natural diamonds. Rapaport said Walmart sells a 3 ct., Round, F-G, VS1-VS2, synthetic diamond solitaire ring for US$2,975, while Signet’s Blue Nile sells a similar 3.00 ct., Round, G, VS1 synthetic diamond solitaire ring for US$8,190. That’s a 275 percent difference for the same ring, it said. De Beers said in September that it had decided to call time on offering lab-grown diamonds for engagement rings even as the man-made alternatives continue to cannibalise demand in one of the company’s most important markets. Mines…

24 Nov

Sinimbo urges for diversification in expertise in trade and economics

info_e12wt4csNational NewsSinimbo urges for diversification in expertise in trade and economics

Stefanus Nashama The Deputy Minister of Trade and Industrialisation, Verna Sinimbo, has made an appeal to international and development partners for the supply of expertise in trade and economic diversification. Speaking at a consultative workshop on skills for trade and economic diversification held in Windhoek, Sinimbo stressed that the days when trade was limited to the exchange of physical goods were long gone. She stressed that Namibia’s competitiveness in the global trade arena depends on the skills of its workforce. “A highly skilled labour force not only enhances productivity but also positions us as a preferred partner in international trade…