Page 646 – News Stand

28 Jun

Tabled Banking Bill to empower BoN in holding banks accountable

info_e12wt4csFeatured, Observer MoneyTabled Banking bill to empower BoN in holding banks accountable

Martin Endjala The Bank of Namibia will soon have the authority to deal with commercial banks that are contravening the Banking Institutions ACT following the introduction of the Banking Institutions Bill tabled in parliament which is intended to repeal the Banking Institutions Act, Act No. 2 of 1998 as amended. During the tabling of the Bill, the Minister of Finance and Public Enterprises, Iipimbu Shiimi said that the banking regulatory framework should be effective and responsive to the needs of the people and when promulgated, it will enhance the regulatory and supervisory framework for banking institutions and contribute to the…

28 Jun

Retrenchments looming at Momentum

info_e12wt4csNational NewsRetrenchments looming at Momentum

Hertta-Maria Amutenja One of the leading financial service providers, Momentum Metropolitan Namibia (MMN) has announced to its employees that it will embarked on a retrenchment exercise to save N$10 million on its payroll cost. The decision follows a business update engagement held between Group Chief Executive Officer Sakaria Nghikembua and all MMN employees, via the Microsoft Teams platform, on Monday. According to an internal memo seen by this publication the company has invited all employee levels in the Life Business, except for Sales Managers and Salespeople to apply for a voluntary retrenchment which is due end of next month. The…

28 Jun

NCCI hosts Namibia’s first State of Business Address

info_e12wt4csNational NewsNCCI hosts Namibia’s first State of Business Address

Martin Endjala It is no secret that geopolitics is becoming a factor in investment attraction and international trade and Namibia is said to be sailing in such turbulent waters. Hence the need to adopt a collective approach to navigate stormy waters. These were the words of the Namibia Chamber of Commerce and Industry President, Bisey Uirab during the first-of-its-kind State of Business Address in Namibia held in Windhoek on Monday, which will become an annual occurrence. Uirab said that there is a trend emerging from some quarters globally, among which there are developed countries that favour, and some would say…

28 Jun

Namibia first to launch ROAM-X in Southern Africa

info_e12wt4csNational News

Stefanus Nashama While the mastery of technology continues to be one of the most modern development targets, Namibia has become the first country in Southern Africa to conduct a national assessment of the Internet Universality Indicators. The Deputy Minister of Information and Communication Technology, Emma Theofelus, yesterday officially launched the Namibia National Internet Universality Indicators (ROAM-X) Assessment at the Namibia University of Science and Technology HTTP Centre in Windhoek. The ROAM-X assessment aims to develop policy recommendations and practical initiatives that will enable Namibia to improve the national Internet ecosystem as advanced ICTs evolve, among other things. This assessment framework…

28 Jun

SMEs actively contribute to the national economy

info_e12wt4csFeatured, Observer MoneySMEs actively contribute to the national economy

Martin Endjala Namibia should embrace the fact that it is well-positioned to capitalise on the strengths of its Small and Medium Enterprise sector, given the immense contributions of SMEs to economies and societies worldwide. The importance of such enterprises emphasises the power of Micro, Small and Medium-sized (MSMEs) and their transformational potential and the need for inclusive, sustainable support systems. Bank Windhoek’s Head of SME, Financial and Data Analytics, Bianca Janse Van Vuuren made these remarks during the commemoration of MSMEs Day, which is commemorated on the 27th of June worldwide. The United Nations General Assembly designated 27 June as…

28 Jun

Parliament creates a committee to fight youth unemployment.

info_e12wt4csNational NewsParliament creates a committee to fight youth unemployment.

Stefanus Nashama The Speaker of the National Assembly, Peter Katjavivi, on Monday, convened a discussion on youth unemployment with various stakeholders to establish a technical committee to be entrusted with the responsibility of devising strategies to address the crisis in the country. This will be made possible by identifying unique economic opportunities in the country, formulating actionable policy recommendations, and collaborating with technical and vocational training institutions to enhance the skills and capacities of young people to become job creators. During his opening remarks, Katjavivi reiterated the importance of a multisectoral approach in tackling the scourge of youth unemployment, adding…

28 Jun

Wendelinus hits back at OvahereroTraditional Authority after ‘Otjikaiva’ uproar

info_e12wt4csNational News

Hertta-Maria Amutenja Former Mr Gay Namibia, Wendelinus Hamutenya has hit back at the Ovaherero Traditional leaders who took issue with his choice of outfit at a recent anti-homophobia protest in Windhoek. The Ovahereo Traditional Authority (OTA) expressed disgust after images of Hamutenya wearing a Herero women’s traditional dress( Ohorokova jozende) surfaced online. The protest was held against sanctioned homophobia and hate speech in Windhoek. Hamutenya says he wore the Herero traditional attire because it has a significant impact on modern tradition. He challenged the traditional authority to indicate the section of the constitution that prohibits men from wearing female garments.…

28 Jun

BoN Governor clarifies severe debt default practices

info_e12wt4csNational News

Niël Terblanché The sale in execution of banking procedures to reduce debt owed by people, who have fallen on hard times, has left many Namibians without a roof over their heads. Johannes !Gawaxab, the Governor of Namibia’s central bank, has responded to niggling questions about the draconian judicial steps taken against people who default on their home loans and added that the BoN has taken note of the concern that some commercial banks in Namibia purchase properties at a low cost during the sale in execution process and may omit to credit the home loan debt with the amount obtained…

28 Jun

Chinese lithium miners score victory in the High Court

info_e12wt4csMain

Hertta-Maria Amutenja Chinese lithium mining company, Xinfeng Investments has won its case to reinstate its 20-year mining license after Minister of Mines and Energy Minister, Tom Alweendo revoked it. The mining company filed an urgent application with the High Court last month to challenge a decision by Alweendo, to revoke its mining license claiming the minster had no right to do so. Acting Judge Roman Maasdorp found that the minister did not have the right to revoke the mining licence. “The first respondent did not have the powers to revoke the license and was required to approach the court,” he…

27 Jun

Brothers slapped with lawsuitafter evicting uncle’s widow

info_e12wt4csNational NewsAili Iilende, Brothers slapped with lawsuitafter evicting uncle’s widow

Hertta-Maria Amutenja The Oshakati High Court will this morning hear a matter in which the Ongandjera Traditional Authority is suing City Police Head of Legal Affairs, Senior Superintendent Eliaser Iiyambo and his brother Simon Iyambo for failing to comply with an order directing them to return their late uncle’s homestead keys to his widow, who they reportedly evicted from his home. The Traditional Authority approached the High Court, seeking an order that would compel the two brothers to return the keys to their late uncle Daniel Uutoni’s homestead to his widow, Aili Iilende. Iilende, who hails from Okathitukambanda village near…