Page 592 – News Stand

20 Oct

Namibians own 4.3 percent of Shoprite

info_e12wt4csObserver Money

Namibian investors hold a 4.3 percent stake in Shoprite, according to the 2023 Integrated Report. Shoprite Holdings Limited's international shareholders also include 47.4 percent from the USA, 16.7 percent from Hong Kong, 13.6 percent from the UK, and 5.8 percent from Luxembourg. Additional investors, totaling 13.2 percent, hail from countries such as Belgium, the Netherlands, Saudi Arabia, Switzerland, Ireland, the UAE, Kuwait, and Singapore. The majority of Shoprite's shareholders are from South Africa, the USA, Hong Kong, the UK, and Luxembourg. In the fiscal year ending on July 2, 2023, Shoprite achieved N$215 billion in revenue and N$11.9 billion in…

20 Oct

Population projected at 2.6 million

info_e12wt4csObserver Money

Chamwe Kaira Namibia Statistics Agency projects that the country’s population may stand at 2.6 million people at the end of the 2023 Population and Housing Census. If the project turns out to be accurate, that will mean the population would have grown by half a million since the last census in 2011, which stood at 2.1 million. Digging into history, using the figures provided by the NSA, the country’s population stood at 228 916 in 1921. The next census in 1936, saw the population increase to 320 457. Ten years later in 1946, the population stood at 362 464. The…

20 Oct

Momentum paid N$300 million in Covid claims

info_e12wt4csObserver Money

CEO of Momentum Metropolitan Namibia, Sakaria Nghikembua, talks about joining the company in the middle of the Covid-19 pandemic and the lessons the company learnt from the pandemic. He tells Observer Money about the new products launched by his company and the current status of the insurance industry in the country. Observer Money (OM): You were appointed as CEO of Momentum Metropolitan Namibia, just over two years ago, how has the journey been so far? Sakaria Nghikembua (SN): Enlightening, challenging and rewarding. I came in right in the middle of the Covid-19 pandemic. As a business, we learned many new…

20 Oct

Frustrated Arandis residents threaten to seize land

info_e12wt4csMainFrustrated Arandis residents threaten to seize land

Stefanus Nashama Frustrated landless residents in Arandis have issued a threat to take matters into their own hands by occupying unserviced land illegally. They claim that the Arandis Town Council has repeatedly ignored their requests for land, leaving them with no choice but to pursue this course of action. The group, calling themselves the “Arandis Concerned Group,” expressed their disappointment with the Town Council, citing unresolved issues that have plagued them for years. These residents have grown weary of spending their hard-earned money on rent while struggling to provide for their families. Group spokesperson Helena Orus voiced their frustrations, stating,…

20 Oct

Nasria readies weather based livestock insurance

info_e12wt4csObserver Money

Chamwe Kaira The Namibia Special Risks Insurance Association (Nasria) is getting ready to introduce the innovative Weather Index Based Livestock Insurance (WIBLI). Johannes Alugodhi, the agriculture manager at Nasria said in an interview that Nasria is committed to launch the innovative WIBLI product to the market (Agriculture sector) before the down of 2023. Alugodhi said WIBLI will provide a solution by insuring livestock farmers against droughts and excessive rainfall and floods, which are the most significant climatic change risks challenges facing the agriculture sector. He said with WIBLI, there is no field, farm, grazing ground level assessment required to confirm…

20 Oct

Paladin spends US$66m in Namibia

info_e12wt4csObserver Money

Chamwe Kaira Paladin Energy, which is in the process of reopening its Langer Heinrich Mine in the Erongo Region has spent US$66.2 million on various services in the country in the current financial year. The company said in the sustainability report that during the 2023 financial year, there was no direct economic value generated from revenues, however economic value distributed and retained, which included operating costs, employee wages and benefits, payments to providers of capital, payments to government by country, and community investments totaled US$66.2 million. Langer Heinrich already produced over 43 million pounds of uranium oxide over ten years…

20 Oct

Grants offered for small businesses

info_e12wt4csObserver Money

The US African Development Foundation (USADF) and the Ministry of Industrialisation and Trade is inviting proposals from Namibian cooperatives, producer groups, and micro, small, and medium-sized enterprises (MSMEs) for grant financing and local support to develop innovative solutions that enhance their capabilities. These solutions aim to increase food security, add value to local products, boost revenues, create jobs, improve incomes, and foster sustainable market-based growth. The USADF and the trade ministry said they are welcoming proposals from registered cooperatives, producer groups, processors, distributors, and service providers in Namibia who are actively engaged in the following value chain sectors: grain, livestock,…

20 Oct

Schlumberger plans plant for oil rigs

info_e12wt4csObserver Money

Chamwe Kaira Services Pétroliers Schlumberger (SLB), a globally recognised oilfield services giant listed on the stock exchanges in New York, Paris, and London, is in the early stages of proposing the construction and operation of a Liquid Mud Plant (LMP) at Berth 8, situated within the Port of Walvis Bay, managed by the Namibian Ports Authority (Namport). SLB's extensive operations span across 120 countries, as indicated on its official website. The Liquid Mud Plant is a pivotal component in the management of various drilling fluids utilised in offshore oil rig operations. SLB envisions the LMP as a facility designed to…

20 Oct

Frederick Muller, new driver at Alexforbes

info_e12wt4csObserver Money

Frederick Muller was recently appointed as the Managing Director of Alexforbes Investments. With two decades of experience within Alexforbes, Muller says he would like to inspire the people working with him, foster close relationships with existing clients and bring innovative solutions and products to the market. Muller talks to Observer Money about his new role and how he hopes to take the company forward. Observer Money (OM): You have assumed the new role as MD at Alexforbes, how would you describe the current business environment in which you operate in? Frederick Muller (FM): I have assumed the role of MD…

20 Oct

EU-Namibia business forum to focus on GH2 and critical raw materials

info_e12wt4csObserver Money

Martin Endjala The upcoming European Union (EU) -Namibia business forum set to take place on the 24-25 October 2023 in Brussels, Belgium will focus on the Green Hydrogen and Sustainable Critical Raw Materials value chains. Hosted under the theme “Mobilising Quality Investment and Value Addition for Green Growth in the EU-Namibia Partnership”. The highly anticipated two-day forum aims to foster dialogue and collaboration as well as to strengthen the partnership between the EU and the Namibian Government, businesses and organisations. The forum is jointly organised by the Namibia Investment Promotion and Development Board (NIPDB) and the EU. According to Gosia…