Page 713 – News Stand

17 Apr

Geingob participates in Green Hydrogen project discussions

info_e12wt4csNational NewsGeingob participates in Green Hydrogen project discussions

Niël Terblanché New developments in the future of Green Hydrogen projects and how they would benefit residents of the Karas Region have been discussed at the grassroots level by the Namibian Head of State President Hage Geingob, who travelled to Lüderitz over the weekend to participate in open discussions with the residents of the Karas Region on the establishment of future projects during the Green Hydrogen Stakeholder Consultation meeting. The capital projects are underpinned by the second evolution of the Harambee Prosperity Plan. “Eventually, we will have Green Hydrogen as well as crude oil projects that have to be built.…

17 Apr

Sale of vehicles increased in March

info_e12wt4csNational News

Martin Endala Last month, vehicle sales recorded the highest number of units sold since July 2017, where 1 280 units were sold, compared to 1 226 units in March 2023. Vehicle sales were primarily driven by the usual, with passenger and light commercial vehicles accounting for 94.2 percent of total units sold in March. However, medium-commercial vehicles recorded the largest annual increase in March, followed by extra-heavy commercial and light commercial. This is according to Simonis Storm’s recent report, which highlighted that sales have increased by 28.8 percent year to date. The 2023 first quarter has so far been the…

17 Apr

Unions soon to approach employers amidst hiking inflation

info_e12wt4csNational NewsUnions soon to approach employers amidst hiking inflation

Martin Endjala With the prevalent high inflation, workers unions are now contemplating approaching employers for wage negotiations for their members. This is in light of the repo rate, expected to be at 25 basis points. This week, the Bank of Namibia will pronounce itself on the matter. According to a report by Simonis Storm issued last Friday, the Bank of Namibia is expected to hike the repo rate by 25 basis points each in their 19 April and 14 June 2023 meetings, translating to a repo rate of 7.5 percent by mid-2023. The Windhoek Observer has, in the meantime spoken…

17 Apr

Nandi-Ndaitwah ready to claim two-thirds majority in parliament

info_e12wt4csMainNandi-Ndaitwah ready to claim two-thirds majority in parliament, Netumbo Nandi-Ndaitwah

Hertta-Maria Amutenja Vice-President of the Swapo Party, Netumbo Nandi-Ndaitwah expressed optimism that the party would triumph and regain its two-thirds majority in parliament, after the 2024 Presidential and National Elections. Nandi-Ndaitwah made this statement during the opening of the SWAPO Party Elder’s Council central committee meeting. Her statement was read on her behalf by Swapo Secretary General Sophia Shaningwa. “As your Presidential candidate I am ready, come 2024 elections I am ready and committed to working with all of you to make Namibia the best place for Namibians and for all to live in. I believe we all want the…

14 Apr

B2Gold set to retrench workers…as mine closes

info_e12wt4csObserver Money

Niël Terblanché The poor production of gold because of a limited mineral resource has caused the B2Gold to commence with a phased mine closure at its Otjikoto Mine near Otavi which will, unfortunately, affect a majority of mining and office staff. In a memo distributed by the top management of the company, the mine has been experiencing some uncertainty about the future of the Otjikoto Mine for several months already. “Despite our best efforts, B2Gold Namibia must commence with a phased mine closure process which will affect the mine site and Windhoek office staff,” Eric Barnard, the General Manager of…

14 Apr

Resizing civil service has political landmines

info_e12wt4csObserver Money

President Hage Geingob has in recent months raised the issue of cutting the size of the bloated civil service. Statistics from the Public Service Commission show that Namibia has 71 000 civil servants but the number increases to 107 000, with the inclusion of members of the Namibian police and other security wings. The civil service has increased by 10 000, ten years ago to the current 71 000. An Economist at Simonis Storm Securities, Theo Klein believes the issue is a sensitive one politically, given that a lot of public servants are also SWAPO voters, according to local political…

14 Apr

Queen Mary increases coastal tourism fortunes

info_e12wt4csObserver Money

With the Covid-19 pandemic all but over, the port of Walvis Bay can be expected to receive more visits by passenger vessels this year. The port’s container terminal offers a dedicated cruise-vessel berth, facilitating an expansion of the cruise tourism market. The Namibian Ports Authority (Namport) estimates that approximately 21 cruise liners visit Namibia each year. Namport expects to receive six passenger vessels between now and May before the cruise season ends in November. This week, the Queen Mary 2 cruise liner docked at Walvis Bay, bringing with it 2000 guests. The vessel is on its way to the Canary…

14 Apr

IMF needs $4.7 billion to close the loan resource gap

info_e12wt4csObserver Money

The International Monetary Fund wants to close the subsidy gap to low income countries by providing pledges of US$1.6 billion and a second one worth $4.7 billion to close the loan resource gap. “Remember, each US$1 of subsidy mobilizes US$5 of zero interest loans, and that is what countries rely on for us to be able to support them,” Managing Director, Kristalina Georgieva said. She said this during the opening of a high-level roundtable discussion on low-income countries’ challenges and concessional financing in Washington this week. “We have to work together to close this gap and I have no doubt…

14 Apr

Deposit Guarantee Fund stood at N$16.2 million in 2022

info_e12wt4csObserver Money

The market value of the Deposit Guarantee Fund stood at N$16.2 million in 2022, representing a significant increase from N$10.3 million the year before, Head of the Namibia Deposit Guarantee Authority, Florette Nakusera revealed this week. The high returns for 2022 are attributed primarily to N$5.2 million received in premiums, as well as interest earnings of N$790 963 during 2022. The Authority was established in terms of the Deposit Guarantee Act, with the main objective of providing depositors, particularly small depositors, with the required safety net and protection. The Authority is mandated to manage a deposit guarantee scheme that provides…

14 Apr

Ndeunyema will remain interim MD at Namcor

info_e12wt4csFeatured, Observer Money

Niël Terblanché Shiwana Ndeunyema will remain as the Acting Managing Director of the National Petroleum Corporation of Namibia while the board continues negotiations with Lionel Matthews, who was supposed to take over this week. According to a statement issued by Namcor, Ndeunyema, the company’s Business Strategy Executive, will continue to oversee the day-to-day operations of the company while acting as Managing Director. In the statement, Namcor also confirmed that Lionel Matthews and the board are still in discussions regarding this assignment because no formal offer has been extended to him yet. “Namcor understands the importance of keeping its stakeholders and…