| Africatime
Friday 24 March 2017
(Xinhuanet 03/24/17)
Namibian research firm IJG Securities said Friday that they expect further contractions in the construction sector in 2017 and beyond. The research firm said in a report that 2017 was off to a slow start with only 231 building plans having been approved in the first two months while 48 were completed, the lowest numbers in the last seven years. "As a leading indicator for economic activity in the country this implies that the whole economy could remain under pressure for the foreseeable future," IJG said. IJG said with government spending on infrastructure slowing and the current economic situation that makes it increasingly difficult for banks to extend credit, it is a cause for concern...
(Agence Ecofin 03/20/17)
At the Africa CEO Forum which opened this morning in Geneva, AFD Group – in partnership with the European Union – unveiled the “African Renewable Energy Scale-Up facility”, designed to boost private sector investment in on–grid and off-grid renewable energy production in Africa. In order to meet Africa’s constantly increasing energy requirements, support must be provided for mass development of the renewable energy technologies – especially solar energy – that will play such a key role over the coming years, given the recent drop in prices and the emergence of new innovative business models. The EU’s electrification funding initiative, “ElectriFI”, helps to harness and stimulate private sector investment to enhance access to renewable energy. More specifically, it focuses on poorly-served...
(Voice of America 03/18/17)
Each year, the University of Southern California hosts the African Global Economic and Development Summit, bringing delegations from Africa to meet with business leaders, government officials and others in the U.S. But this year, the African summit has no Africans. All were denied visas. Visa issues are not uncommon for people traveling from African nations. During her prior three summits, Mary Flowers saw a high percentage of her attendees unable to attain visas. "Usually we get 40 percent that get...
(The Namibian 03/17/17)
JUST HOW lavish the pay and perks of political office bearers and parastatal bosses are was definitively established to some extent this week. And the emergence of this information was always going to cause uproar, especially as the President reminded Namibians over the weekend of prevailing economic hardships, and as society continues to grapple with stubborn wage and wealth inequalities. It is against the backdrop of these inequalities that the salaries of politicians and those of state-owned enterprises' bosses have...
(The Wall Street Journal 03/15/17)
Ndalo Media founder Khanyi Dhlomo and Mara Group founder Ashish Thakkar on where the potential is and what’s blocking it How is innovation in Africa different from innovation in Silicon Valley? And how can innovation in Africa be encouraged? Dan Keeler, frontier-markets editor of The Wall Street Journal, discussed those questions with Khanyi Dhlomo, founder and chief executive of Ndalo Media, a publisher based in South Africa, and Ashish Thakkar, founder of Mara Group, a pan-African investment group with operations...
(The Namibian 03/14/17)
The Social Security Commission invested N$150 million with the SME Bank last year and The Namibian understands that they want part of it back. The Bank of Namibia took control of the SME Bank two weeks ago after alleged suspicious investments in South Africa, involving N$200 million, were uncovered. Some of the ousted SME Bank executives, who have hired lawyer Sisa Namandje to demand that the Bank of Namibia reinstate them, said there was a run on the bank, and...
(Reuters (Eng) 03/13/17)
The United Arab Emirates, one of the Middle East's largest economies, wants to expand trade ties with faster growing nations in Asia and Africa, a senior official said on Sunday. Rich Gulf Arab states are looking at ways to diversify their economies, including who they trade with, after more than two years of depressed oil prices forced a rethink of government spending. The pace of economic growth in Asian and sub-Saharan African economies has made them ideal partners, Abdullah al-Saleh,...
(The Independent 03/06/17)
Th term was coined by sceptical officials, worried about the importance given to Commonwealth trade deals ahead of Brexit negotiations. Plans by government ministers to boost trade links with African Commonwealth countries are being internally branded “empire 2.0” by sceptical officials who are worried about the importance being placed on such deals ahead of the UK’s negotiations of leaving the European Union (EU). International Trade Secretary Liam Fox is expected to promise to build better links with the whole of...
(New Era 03/03/17)
Windhoek-The Government of Japan early this week signed a food aid grant of N$ 4.7 million with Namibia in support of Namibia’s efforts to tackle food insecurity caused by the persistent droughts. Namibia has been facing persistent drought for three consecutive years in a row. Signing on behalf of Namibia, the Deputy Prime Minister (DPM) and Minister of International Relations and Cooperation Netumbo Nandi-Ndaitwah explained the severe scarcity of water caused by low rainfall in recent years has negatively affected...
(Bloomberg 03/03/17)
Polar Star Management Ltd., which runs one of the best-performing African and Middle East hedge fund over the past five years, plans to start a private-equity unit that will invest in agriculture to exploit rising demand for food. The Cape Town-based firm plans to use its own money to buy small farms and processing companies in South Africa this year, then increase efficiency through consolidation and better management, said Murray Derksen, a director at Polar Star. It aims to raise...
(Xinhuanet 02/23/17)
The Hospitality Association of Namibia said Thursday that 2016 will go down in history as one of the most successful and positive tourism years for the country. According to a statement the association sent out, tourism accommodation properties recorded nearly 60 percent occupancy across the country and throughout the year. Lodges, tented lodges and guest houses seem to be the most popular accommodation facilities throughout Namibia, but hotels fared almost equally well, the statement said. Although the submissions are not...
(Xinhuanet 02/22/17)
Africa Energy Indaba, the continent's premier energy event, kicked off in Johannesburg on Monday with the aim of finding solutions to the continent's energy future. The three-day conference is being attended by the governments' representatives, business and funders. The meeting seeks to unleash the continent's potential by coming up with an energy mix to develop Africa. Dr. Garth Strachan, Deputy Director General and Head of Gas Industrialization Unit in South Africa's Department of Trade and Industry said the recent discoveries...
(AFP (eng) 02/15/17)
Sub-Saharan Africa, where more than a half billion people live without electricity, trails the world in government policies that promote sustainable energy, according to a new World Bank report Wednesday. Much of the rest of the world, however, has made strides toward making energy broadly available, developing renewable power sources and increasing efficiency, the inaugural Regulatory Indicators for Sustainable Energy report said. In a survey of 111 countries, the World Bank found that through 2015 nearly 80 percent had begun...
(Xinhuanet 02/10/17)
Namibian government's decision to close off the Walvis Bay Production Area for mussel harvesting after mussel samples from the production area were confirmed for diarrheic shellfish poison, has brought mussels sector trade in the area to a halt. According to traders, the once thriving mussels business was much slower. Peter Schneider, Manager of Kuiseb Marine Farming who runs a mussels business said that operations have come to a standstill. Kuiseb Marine Farming had to close doors for operations for three...
(Standard Digital 02/09/17)
Hundreds of business and political personalities yesterday attended a German-African economic summit in Nairobi, where German Minister for Economic Cooperation and Development Gerd Mueller talked about his “Marshall Plan” for Africa. The plan is “with Africa, not for Africa,” Mueller (pictured) said, stressing that it would be based on cooperation between equals rather than the principles of traditional development aid. The plan, which Mueller presented to the German parliament’s development committee on Wednesday, is based on fair trade conditions, investment...
(Xinhuanet 02/07/17)
Namibia's national airline Air Namibia (SW) and Turkish Airlines (TK) have inked a codeshare agreement that will be effective as from Mar. 1, covering routes between Turkey and Namibia. Selma Neshiko, Digital Corporate Communications Officer at Air Namibia on Tuesday said, the signing ceremony took place at Turkish Airlines' Headquarters in Istanbul on Monday. According to Neshiko, the new codeshare agreement is bound to broaden the commercial partnership between two companies and their respective countries, at the same time, passengers...
(Bloomberg 02/06/17)
Prem Watsa’s Fairfax Financial Holdings Ltd. is expected to raise about $500 million for its new African investment fund, attracting less than its original goal as investor interest in the region proved weaker than anticipated, according to people familiar with the matter. The Toronto-based insurer sought to raise as much as $1 billion at $10 a share for Fairfax Africa Holdings Corp. in an initial public offering on the Toronto Stock Exchange, according to a regulatory filing in December. Fairfax...
(Xinhuanet 02/01/17)
Namibian Minister of Finance Calle Schlettwein Tuesday threatened tax defaulters with asset seizures and freezing of bank accounts, when he addressed ministry staff in the capital Windhoek. Schletttwein said defaulters who do not take advantage of the recently announced incentive program for payment of outstanding taxes, will have their assets forfeited to the State and their bank accounts frozen. Namibia, which is currently battling unprecedented economic challenges since Independence from South Africa in 1990, which has resulted in Government introducing austerity measures since October, is owed 19 billion Namibia dollars (about 1.4 billion U. S. Dollars) in tax arrears including interest and penalties.
(Xinhuanet 01/28/17)
The African Union (AU) has been endeavoring to ensure robust, resilient and long-lasting economic transformation of Africa through promotion of infrastructure and energy development on the continent, noted Elham Mahmood Ibrahim, AU Commissioner for Infrastructure and Energy. Speaking at a press conference Friday ahead of the 28th AU leaders' summit here, the commissioner said the pan-African bloc has scored achievements in its flagship projects and programs on the development of energy, transport as well as in the information and communication...
(Bloomberg 01/27/17)
Barclays Africa Group Ltd. was targeted by protesters who entered one of its branches on Thursday and demanded the bank pay back money from a bailout provided to a company it bought before the end of apartheid. Demonstrators linked to the youth league of South Africa’s ruling African National Congress gathered outside the branch in Durban on South Africa’s east coast, Johannesburg-based Barclays Africa said in an e-mailed response to questions. Police ensured customers and staff were protected during the...

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