President Nangolo Mbumba calls for action at Summit of the Future

President Nangolo Mbumba calls for action at Summit of the Future

President Nangolo Mbumba, speaking at the Summit of the Future, said it represents a timely and pressing call to choose a path toward peace, prosperity, and sustainable development. In his opening address at the summit, which Namibia is co-facilitating with Germany, President Mbumba urged UN member states to pool their resources and tackle global crises directly. Meanwhile, African countries are struggling with crippling debt burdens, spending more on […]

September 24, 2024 49

Business / Economics

South Africa’s central bank cuts interest rates

South African Reserve Bank Governor Lesetja Kganyago has announced that the Monetary Policy Committee has decided to reduce the country's repo rate by 25 basis points to 8%. The announcement comes a day after SA’s inflation was reported at 4.4-percent in August, lower than the Reserve Bank's target of 4.5-percent. It is expected that the rate will also be lowered at the bank's next meeting in November.

September 19, 2024 26

Business / Economics

Namibia Statistics Agency records slow economic activity in Q2

The Namibia Statistics Agency has released the official GDP figures for the second quarter of 2024, covering economic activity from April to June. The economy grew slowly, with secondary industries showing only 1.5 percent growth compared to 7.1 percent in the same quarter of 2023. This slow growth was evident in the "Electricity and Water" sector, which grew by 4.1 percent, and the Manufacturing sector, which grew by just 0.6 […]

September 19, 2024 29

Environment

World Meteorological Organization warns of 3°C global warming risk

Amid renewed warnings from leading climate scientists that global warming could reach 3 degrees Celsius above pre-industrial levels this century, the head of the UN World Meteorological Organization insisted on Wednesday that new technology and AI offer the opportunity to implement the drastic action needed to resist the existential crisis. WMO Chief, Celeste Saulo.

September 19, 2024 23

Namibia

President Nangolo Mbumba in New York ahead of Summit of the Future

President Nangolo Mbumba has arrived in New York to participate in the upcoming Summit of the Future, which Namibia is co-facilitating alongside Germany. This summit coincides with the 79th session of the United Nations General Assembly, with the high-level segment set to commence on Sunday. The Ministry of International Relations and Cooperation's Executive Director, Penda Naanda, said that Namibia has been actively involved in facilitating negotiations on the "Pact for […]

September 19, 2024 19

World

More wireless devices, and walkie-talkies explode in Lebanon

A series of deadly attacks have rocked Lebanon, with walkie-talkie bombs claiming at least 20 lives and injuring 450 in a recent assault targeting Hezbollah. This follows a day of violence involving pager blasts that resulted in 12 deaths, including children, and left thousands injured nationwide. In response to the escalating conflict, the Israeli Air Force conducted strikes on Hezbollah infrastructure in six locations. These military actions came shortly after […]

September 19, 2024 13

Namibia

Windhoek approves 5-year electrification plan

The Windhoek Municipal Council has approved a five-year plan to bring electricity to 4,000 homes in informal settlements. The project, which started on Wednesday, is part of the City’s effort to improve living conditions in these areas. It includes providing power to 249 households and installing street lights, along with medium- and low-voltage networks. Here’s the Minister of Urban and Rural Development, Erastus Uutoni.

September 19, 2024 22

Business / Economics

Bank of Namibia symposium highlights agriculture’s growth potential

The Bank of Namibia concluded its 25th Annual Symposium in Windhoek today, focusing on the theme, "Global Value Chains for Inclusive Development: How Can Namibia Position Its Agriculture Sector?" The event brought together experts and stakeholders to discuss strategies for strengthening Namibia's agricultural sector to drive inclusive growth. BoN Governor Johannes !Gawaxab, in his address, highlighted the critical role of agriculture in Namibia's economic development. He referenced a recent World […]

September 19, 2024 47

Business / Economics

SA’s inflation sinks below reserve bank target

South Africa’s consumer inflation has dipped below the SA Reserve Bank's key target of 4.5%, cooling to 4.4% in August from 4.6% in July. News24 reports that this should seal the deal for an interest rate cut on Thursday. Economists expect a 25 basis-point cut following a meeting of the MPC on Thursday. Another cut of the same size is expected in November.

September 18, 2024 13