Sunday 20 August 2017
(Bloomberg 08/16/17)
Namibia’s central bank reduced its key rate for the first time since 2012 as consumer prices rose at the slowest pace in almost two years last month and the economy contracts. The Monetary Policy Committee reduced the repo rate by 25 basis points to 6.75 percent, Bank of Namibia Deputy Governor Ebson Uanguta told reporters Wednesday in capital, Windhoek. Inflation in the southwest African nation, the world’s biggest producer of marine diamonds, was 5.4 percent in July, the weakest since January last year after food-price growth eased as the country recovers from a regional drought.
(Reuters (Eng) 08/16/17)
Namibia's central bank cut its benchmark lending rate by 25 basis points to 6.75 percent on Wednesday, citing the need to support economic growth and maintain the one-to-one link between the Namibian dollar and the South Africa rand. Namibia's economy slipped into recession in the first quarter of 2017, shrinking by 2.7 percent in the quarter following a 1.4 percent contraction in the last quarter of 2016.
(Xinhuanet 08/14/17)
Namibia's President Hage Geingob has said Moody's should not have based its latest rating on the forthcoming ruling Swapo Party elective congress and the national elections scheduled for 2019. Geingob said this when he addressed a closed door Swapo central committee meeting Saturday in Windhoek. Swapo will hold its elective congress in December and already some members are jostling for positions. Moody's downgraded Namibia's credit rating from Baa3- to Ba1 but maintained the negative outlook on Friday. The rating agency...
(Xinhuanet 08/09/17)
The United States Trade Representative (USTR) on Wednesday affirmed the commitment of his country to Africa and saw "great potential to grow and deepen trade relationship." Robert E. Lighthizer expressed this in opening speech of the ministerial plenary as part of the 16th Forum of the Africa Growth and Opportunity Act (AGOA), on Wednesday here in Togolese capital Lome. "The United States is committed to Africa. We see great potential to grow and deepen our trade relationship, with the goal...
(Xinhuanet 08/03/17)
Standard Bank Namibia, one of the southern African country's oldest banking institutions, says its relationship with Chinese companies and business people has grown from strength to strength. The relationship started in earnest in Feb. 2015 when the Industrial and Commercial Bank of China Limited (ICBC) acquired shares in Standard Bank's London-based Global Markets business. The acquisition allowed both ICBC and Standard Bank to create a platform to serve the growing demands of Chinese clients for global commodities, fixed income, currency and equities products while continuing as a distribution platform for African risk. This union also allows for the Chinese community to transact in renminbi
(Xinhuanet 08/03/17)
Namibia's Statistics Agency (NSA) and the central bank, in collaboration with FinMark Trust of South Africa, will conduct the 4th Namibia Financial Inclusion Survey (NFIS), to collect information on financial needs, access to financial service preferences and financial behaviors of the Namibians. The agency's Statistician General, Alex Shimuafeni on Thursday said the survey will be conducted to show how equal and accessible financial services and products are to all members of society including the vulnerable members such as women, youth...
(Xinhuanet 08/03/17)
Trade between China and Africa reached 85.3 billion U.S. dollars in H1, surging 19 percent year on year as the two sides strengthened cooperation in a wide range of areas, official data showed Thursday. The data reversed the negative growth trend since 2015, according to Gao Feng, spokesperson with the Ministry of Commerce. During January-June, Chinese imports from Africa, including minerals, agricultural products and fruits, amounted to 38.4 billion U.S. dollars, jumping 46 percent from the same period last year,...
(Bloomberg 08/02/17)
Julien Ochala can’t live without his morning cup of Joe. But not just any coffee will do. For the past five years, the 37-year-old physiology lecturer at King’s College London has visited the same store every week to grab a pack of his beloved Kenyan brew. And he’s not put off by the cost: at 37 pounds a kilogram ($22 a pound), it’s more than double a similar supermarket product. "I take Kenyan coffee every morning," said Ochala, who buys...
(The Namibian 08/01/17)
President Hage Geingob yesterday said the state of the economy is actually better than what is currently being portrayed in the public domain. Speaking at a press conference at State House yesterday, Geingob said the underpinning fundamentals of the economy are stronger today than they were a year ago. In December 2016, Namibia slipped into a 'technical' recession, as growth figures showed that the economy contracted by 1% between October and December. A recession is a period of temporary economic...
(New Era 08/01/17)
Windhoek-Constructors can breathe a sigh of relief as all unpaid government invoices, amounting to more than N$3 billion will be settled by the end of August. President Hage Geingob made the announcement at a media briefing at State House yesterday, where he said government deeply regrets the accumulation of unsettled invoices that came about because of weak revenue collection during the economic slowdown. “We have realised that one key factor fueling discontent and opinion is the occurrence of unsettled invoices...
(New Era 08/01/17)
Oshikango-Angolan business people have taken advantage of high poultry prices in Namibia by smuggling boxes of frozen chicken via Oshikango border post that they sell here cheaply. Some of the chickens are sold to Namibians at Okatwitwi informal market in Namibia, where business is booming. In addition to the chicken sales, there is also an ongoing sale of contraband products, including cheap alcohol and spirits. A box of 20 kg of chicken from Angola sells for N$250 compared to a...
(Bloomberg 08/01/17)
British American Tobacco Plc faces a formal probe by the U.K.’s Serious Fraud Office following reports that the maker of Dunhill cigarettes bribed African government officials to influence tobacco legislation. BAT said Tuesday it is running its own investigations, via external legal advisers, into allegations of misconduct and is cooperating with the U.K. prosecutor. A BBC report two years ago said BAT had a lobbyist arrange bribes totaling $26,000 for three public officials in Rwanda, Burundi and the Comoros Islands...
(Reuters (Eng) 07/28/17)
Barclays reported a 1.2 billion pound ($1.57 billion)attributable first half loss on Friday after taking a 2.5 billion pound hit from the sale of its Africa business and calling an end to its restructuring. The British bank said it had made a 1.4 billion pound loss on the sale of 33 percent of Barclays Africa Group, and took a further 1.1 billion pound impairment charge on the sale. Barclays in June cut its stake in Barclays Africa Group to 15...
(The Namibia Economist 07/27/17)
Having worked for a different bank for four years with no career advancements, Inokee Joseph made a bold moved recently and joined the blue family, which welcomed him with open arms. The new addition to Standard Bank's fold is a Namibia University of Science and Technology (NUST) graduate, who has a Diploma in Accounting and Finance and is now employed as a bank teller in Rundu. "I worked at another bank for 4 years with no career advancements. I then decided I wanted to work for a company that would
(AfricaNews 07/27/17)
At a time when Africa is going through a difficult situation, the blue economy is emerging as a stepping stone to relaunch the continent in the right economic direction. But this type of economy is seriously threatened by “predators” who do not hesitate to plunder resources. The “cancer of illegal fishing” costs Africa about $ 1.6 million annually based on Economic Commission for Africa’s estimates. This and more on this week’s edition segment on Business on the Morning Call with...
(AFP (eng) 07/26/17)
A vast mechanical monster rises from the Atlantic Ocean off the coast of Namibia, leaving a huge swell in its wake as seawater pours off its surface. The 285-tonne giant, dubbed "the butcher" by its operators, is diamond miner De Beers' hi-tech tool to collect the precious stones. After several hours of maintenance, the deep-sea vacuum is lowered again into the water on steel cables from the Mafuta vessel. It dredges the ocean bed, sucking thousands of tonnes of silt...
(New Era 07/26/17)
Angola has promised to honour its outstanding N$2.6 billion financial obligations to Namibia in a 2015 currency conversion agreement that saw Angola unable to pay over on time the billions owed to Namibia. The governor of Angola's central bank, Banco Naçional de Angola (BNA), Valter Filipe da Silva, promised President Hage Geingob that despite the ongoing economic challenges facing his country, Angola would continue to honour its repayment schedule. Accordimg to Bank of Namibia deputy governor Ebson Uanguta, BoN received about US$51 million (approximately N$661 million) from the BNA last week.
(Reuters (Eng) 07/20/17)
JOHANNESBURG (Reuters) - Africa's major central banks are entering an easing cycle as they try to stimulate growth after months of drought, austerity drives and confidence issues across the continent, a Reuters poll found on Thursday. Much of southern and eastern Africa is still recovering after an El Niño-related drought wilted crops last year. Poor business confidence in South Africa and foreign exchange restrictions in Nigeria have also hampered growth. "We expect that African monetary policy is entering a widespread...
(Bloomberg 07/19/17)
Vodacom Group Ltd. sees the expansion of mobile-banking services into new markets in sub-Saharan Africa as a top priority following a shareholder vote to rubber stamp its purchase of a 35 percent stake in Safaricom Ltd., Kenya’s biggest company. “We will use Safaricom to enter other markets where neither Vodacom nor Safaricom are,” Chief Executive Officer Shameel Joosub said in an interview at the wireless carrier’s annual general meeting in Johannesburg on Tuesday. The two businesses have a combined 30...
(Xinhuanet 07/17/17)
The Namibia Financial Institutions Union (Nafinu) said Sunday it will sue the SME Bank directors for causing job losses. The SME Bank is currently under liquidation after the Windhoek High Court ruled Tuesday last week that the institution was insolvent. There were more than 200 workers at the bank owned by the Namibian government and its Zimbabwean partners. The ruling came after the SME Bank management failed to recover about 200 million Namibian dollars (15 million U.S. dollars) invested with South African financial institutions in 2016.

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