Tuesday 17 October 2017
(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 Jean David Mihamle.
(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 and sediment onto the ship to be sifted for diamonds. Diminishing returns from its mines in the arid Namib desert prompted De Beers to plot an off-shore future. A flotilla of five vessels armed with undersea suction devices have been...
(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.
(Voice of America 07/25/17)
European and African ministers are meeting in Tunisia about efforts to regulate the flow of refugees from Africa to Europe, primarily along the deadly central Mediterranean route originating in Libya. In a declaration Monday in Tunis, the capital, the ministers said they agreed on a multi-pronged approach to the crisis, including informing people about the risks of illegal migration and the possibility of voluntarily returning home, addressing why migrants leave home and beefing up actions against human traffickers. Participating in the meetings were interior ministers from Algeria, Austria, Chad, Egypt, France, Germany, Italy, Libya, Mali, Malta, Niger, Slovenia, Switzerland, Tunisia and Estonia, which currently holds the EU Council presidency. Through the first half of 2017, nearly 84,000 migrants arrived in...
(AFP (eng) 07/24/17)
Zimbabwe were bundled out of the African Nations Championship Sunday by rusty Namibia, just two weeks after being hailed as national heroes for becoming regional champions. Many of the players who beat Zambia to win the COSAFA Cup southern Africa title were in the team that beat Namibia 1-0 in Harare, but lost 5-4 on penalties. The shootout was triggered by an aggregate deadlock after Namibia won the first leg of the second round qualifier 1-0 in Windhoek last weekend. Namibia converted all five spot-kicks, but Zimbabwe goalkeeper Herbert Rusawo had his saved to cost the "Warriors" the tie. Prince Dube scored the only goal on 39 minutes at the National Sports Stadium, cancelling the first-leg advantage Namibia gained through...
(AFP (eng) 07/21/17)
On a thin strip of land at the bay of Luederitz in southern Namibia are dozens of gravestones bearing the names of each German soldier killed during a largely forgotten colonial war. Nearby is a single marble plaque anonymously marking all their fallen adversaries. Between 1904 and 1908, tens of thousands of men, women and children belonging to the Herero and Nama tribes that stood up to German rule were killed in battle, or died of starvation, cold or mistreatment in their isolated corner of southern Africa. "Shark Island" was the name given to a concentration camp in Luederitz which was used as a tool in Germany's systematic repression that is today considered by some historians as the first genocide...
(AFP (eng) 07/21/17)
The 2019 Africa Cup of Nations will expand from 16 to 24 teams and be staged in June and July, the Confederation of African Football (CAF) announced on Thursday. The tournament has traditionally been held in January and February, with the timing of the tournament a source of frustration to European clubs forced to release players in the middle of the season. The CAF executive committee confirmed the changes to the format following a two-day symposium in Rabat, although the tournament will continue to be held every two years and exclusively on African soil. The decision to increase the number of teams mirrors a similar one taken by UEFA to expand the European Championship, with 24 nations taking part at...
(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 and protracted period of policy easing. This will provide a boost to growth," said John Ashbourne, Africa analyst at Capital Economics. Ghana, which agreed a three-year fiscal discipline deal with the International Monetary Fund in exchange for aid in 2015,...
(The Guardian 07/19/17)
Don’t despair that the huge gaps between rich and poor cannot ever be bridged. As our new index shows, some countries are taking steps to reduce inequality. When you hear eye-watering statistics like the fact that eight men own the same amount of wealth as the bottom half of humanity, the first reaction is often shock and anger. For many people, this is accompanied by a feeling of despair that such huge divides cannot be bridged; that the inequality crisis we face, which keeps millions of people trapped in poverty, is simply too big for us to change. This sense of fatalism is fuelled by arguments that current levels of inequality are due to the seemingly immutable forces of globalisation...
(Xinhuanet 07/19/17)
Namibia now has an Open Defecation Free village -- Ondingwanyama in the north of the country, about 730 kilometers from capital Windhoek. All 68 households in the village have built sanitation facilities in line with Goal Number 6 of the United Nations' Sustainable Development Goals. In a statement Wednesday, the Ministry of Agriculture, Water and Forestry said there is need to strengthen political will at all levels to ensure that sanitation and hygiene are included as one of the top agendas. "Access to sanitation services is among the essential services for basic human needs and one of the targets for measuring poverty reduction worldwide," the statement said. About two years ago, UNICEF Namibia representative Micaela Marques de Sousa said more...
(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 million mobile-banking customers, giving them “a very sizeable platform on the continent,” he said. Vodacom’s purchase of the Safaricom stake from U.K. parent company Vodafone Group Plc gives the South African company access to the fast-growing M-Pesa platform, which processed...
(AFP (eng) 07/18/17)
The International Olympic Committee (IOC) said Tuesday it was cooperating with French authorities investigating graft allegations against former world champion sprinter Frankie Fredericks. Namibia's Fredericks, an IOC member since 2012, stepped down in March as head of the committee evaluating bids to host the 2024 Olympics after corruption allegations were reported in the French media. Since then the chief IOC ethics official Paquerette Girard Zapelli "has been monitoring the situation closely and cooperating with the French judiciary authorities", the IOC said in a statement.
(Reuters (Eng) 07/18/17)
Three years after he risked his life crossing the Mediterranean Sea from Libya to Italy on a small boat crammed with migrants, 22-year-old Sow Muhammed can hardly believe his luck. The former street hawker from Guinea now works as a caterer in Venice, rents his own apartment, and sends money back home regularly to his mother and siblings in the West African nation. "I am happy I came to Europe, and my family is also happy," he told the Thomson Reuters Foundation as he packed up leftovers at a training event for people who work with refugees, where he had served a menu which included traditional African dishes. "I talk to my family frequently, ask them their needs, and help...
(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.
(Xinhuanet 07/17/17)
Africa is making progress towards the establishment of a trade zone by Oct. 30 that will cover approximately half of the continent's member states. The Common Market for the Eastern and Southern Africa (COMESA) Director of Trade and Customs, Francis Mangeni, said in a commentary published in the Star Newspaper on Monday that so far 19 of the 26 countries involved have signed the agreement. "Three outstanding annexes had meant the tripartite agreement was not complete and this was advanced by some countries as the reason they could not sign or ratify the agreement. However their adoption represented a milestone in the negotiation, as it removed the last obstacle to signing and ratifying the agreement," Mangeni said. The tripartite free...
(AFP (eng) 07/17/17)
In-form Zimbabwe surrendered a nine-year unbeaten record in African Nations Championship (CHAN) qualifying when losing 1-0 to rusty Namibia in Windhoek Sunday. Since debuting in qualifiers for the biennial competition, Zimbabwe had won 11 matches and drawn five with their first victims being Namibia. But the four-time competitors in the finals now face a fight for survival at the National Sports Stadium in Harare next Sunday against rivals who have never played at the 16-nation tournament. Hendrik Somaeb scored the only goal early in the second half at a stadium named afer Sam Nujoma, a former revolutionary and the first ruler of the southern African state. It was a remarkable achievement by the "Brave Warriors" given that there has been...
(APA 07/14/17)
The Inspector General of Namibian Police, Sebastian Ndeitunga, has said the police investigation into the case of former executives of the defunct SME Bank, concerning the disappearance of N$200 million is akin to organised crime. The state-owned New Era newspaper quoted Ndeitunga in its Thursday edition as saying evidence gathered by the police in Namibia and South Africa, in the SME Bank investment saga, points to a “high possibility of organised crime”. He said the police investigation concerns possible fraud, theft and contravention of Namibia’s Prevention of Organised Crime Act. The police have been investigating the bank after the Bank of Namibia, the country’s central bank, referred the case to the commercial crime investigation division. This was after the central...
(APA 07/14/17)
Newspapers in Namibia on Friday zoomed conspiracy to weaken the national carrier - Air Namibia, the President silence on rampant abuse by public funds by government officials and the disbanding of SME Bank, which send 208 employees into the streets. Img : Namibia: Press zooms on national carrier, alleged mismanagement of public funds The Namibian said Air Namibia is aggrieved about being kept in the dark over the recent sale of four Embraer ERJ 135 (37-seater) planes leased for its domestic and regional operations - from a HOP Airline, a subsidiary of Air France to a Namibian private aviation company. The paper said Air Namibia learned this week that the planes it has been leasing since 2011, have been sold...
(Xinhuanet 07/14/17)
The Namibia Chamber of Commerce and Industry on Friday called on the government to help businesses access their funds held up in the SME Bank that is undergoing a liquidation process. The Windhoek High Court gave a provisional liquidation order for the SME Bank Wednesday after the Bank of Namibia had argued that the bank was insolvent. The NCCI further called for alternative funding of start-ups and SMEs through the Development Bank of Namibia during and after the winding up of the SME Bank. In February, the Bank of Namibia took over the management of the SME Bank, which was owned by the Namibian government, Zimbabwe's Metbank and Zimbabwean businessman Enock Kamushinda. Efforts by the Bank of Namibia governor Ipumbu...

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