Financial restructuring strengthens NAMCOR’s performance

Financial restructuring strengthens NAMCOR’s performance

The National Petroleum Corporation of Namibia has given an update on its efforts to become a leading energy company. According to Paulo Coelho, Manager of Marketing, Communications, and Public Relations, Namcor is focusing on financial restructuring, improving operations, and accountability to strengthen its performance.

October 2, 2024 48

Business / Economics

Namib Mills responds to allegations following tragic incident in South Africa

Namib Mills has issued a statement regarding the tragic deaths of three children in Mdantsane, Eastern Cape, South Africa, after consuming home-cooked porridge. The company emphasized that there is no evidence linking their Top Score Instant Porridge to the incident. As a precaution, the product has been temporarily withdrawn from markets in South Africa, Namibia, Zambia, and Lesotho while an independent investigation is conducted. In response to the situation, the […]

October 2, 2024 27

Business / Economics

FNB Namibia expects inflation to reach 4.7% in September

FNB Namibia expects headline inflation to increase to 4.7% year-on-year in September from 4.4% in August, mainly driven by rising food and non-alcoholic beverage prices because of the ongoing drought, while transport costs continue to decline. Core inflation is expected to slightly decrease from 3.8% in August to 3.7% in September. FNB Namibia economist Helena Mboti, explains.

October 2, 2024 47

Business / Economics

Trade deficit reaches N$3.6 billion in August 2024

The Namibia Statistics Agency has reported a trade balance deficit of N$3.6 billion in August 2024 which is an increase from N$2.1 billion in July and a decrease from N$4.9 billion in August 2023. Exports were adjusted upward by N$7 million, while imports decreased by N$1 million, mainly due to higher export values of fish and precious stones, according to Namibia Statistics Agency spokesperson Mirjam Shihepo.

October 2, 2024 32

Business / Economics

FNB Namibia expects inflation to reach 4.7% in September

FNB Namibia expects headline inflation to increase to 4.7% year-on-year in September from 4.4% in August, mainly driven by rising food and non-alcoholic beverage prices because of the ongoing drought, while transport costs continue to decline. Core inflation is expected to slightly decrease from 3.8% in August to 3.7% in September. This small drop suggests that, even though overall inflation might temporarily rise, inflationary pressures in the economy are gradually […]

October 2, 2024 37

Business / Economics

Trade Deficit Narrows to N$3.6 Billion in August

In August, trade balance recorded a deficit of N$3.6 billion, an improvement from the N$4.9 billion deficit in August 2023 but higher than the N$2.1 billion deficit in July 2024. Exports saw an upward revision, increasing by N$7 million, while imports were adjusted downwards by N$1 million. The rise in export values was primarily driven by increased sales of fish and precious stones. Namibia Statistics Agency spokesperson, Mirjam Shihepo.

October 2, 2024 22

Business / Economics

2 October 2024 Morning Biz News: Namibia’s Business Landscape: Awards, Financial Highlights, and Global Trends

Namibia Investment Promotion Board Recognized in Global Awards The Namibia Investment Promotion and Development Board has been named runner-up in the 2024 World Trade Promotion Organisation Awards, organized by the International Trade Centre. The board received this honor in the category of "Best Initiative to Ensure that Trade is Inclusive and Sustainable" for its Know2Grow High Potential Pool Programme. This innovative program is designed to assist small businesses in competing […]

October 2, 2024 23

Business / Economics

Bank of Namibia Governor Announces Instant Payments in 2025

Governor Johannes !Gawaxab of the Bank of Namibia delivered a public lecture at the University of Namibia titled "Modernising Namibia’s Financial Landscape for a Prosperous Future." He outlined the introduction of fast payments, or instant payments, allowing real-time fund transfers 24/7, set to launch in September 2025. The regulator's, Josefina Oskar .

October 2, 2024 49

Business / Economics

GIPF Announces Tax Relief Refunds for Pensioners and Beneficiaries

The Government Institutions Pension Fund has confirmed that tax-paying pensioners, as well as spousal and child beneficiaries, will receive their tax relief refunds on 28 November. This is in line with the provisions of the Income Tax Amendment Act, ensuring that eligible recipients benefit from the updated tax regulations.. General Manager, Marketing and Stakeholder Engagement at the GIPF: Edwin Tjiramba

October 2, 2024 78