Business / Economics Archives - Page 55 of 184

B2Gold announces share buyback programme

B2Gold has announced changes to its shareholder returns strategy to enhance financial flexibility as it progresses through an organic growth phase. The company is focused on key projects, including the anticipated commencement of gold production at Fekola Regional in Mali, the completion of construction of the Goose Mine in Nunavut, Canada, the advancement of the Antelope deposit at the Otjikoto Mine in Namibia, and the conduct of de-risking activities for […]

14 January, 2025

Africa

Barrick Gold to Halt Mali Operations After Government Seizes Millions in Gold

Barrick Gold announced it will suspend mining operations in Mali after the government seized three metric tons of gold from the Loulo-Gounkoto complex, valued at $245 million. Reuters says the gold was reportedly flown out by helicopter over the weekend. In a letter to the government, Barrick stated it is now compelled to temporarily shut down the mines.

14 January, 2025

Business / Economics

South Africa’s R15-Billion Westown Development Boosts Jobs

South Africa’s R15-billion Westown project near Durban is praised by Public Works Minister Dean Macpherson as a model for economic recovery. Macpherson emphasized the need for similar initiatives nationwide to stimulate growth, create jobs, and improve infrastructure. The development has already created 1,000 construction jobs and is expected to provide 8,500 permanent positions.

14 January, 2025

Business / Economics

Four Entities Granted Provisional Licensing by Bank of Namibia

The Bank of Namibia has granted provisional licences to Finatic Technologies, United PayPoint, Mindex Virtual Asset Exchange, and Landifa Bitcoin Trade under the 2023 Payment System and Virtual Asset Acts. BoN's Kazembire Zemburuka indicated in a press release that full licensing depends on meeting compliance conditions within six months. Stakeholder Engagement Officer, Strategic Communications and International Relations officer at the regulator Sonia Namadiko expands:

14 January, 2025

Business / Economics

Shell’s challenges may reflect wider issues for oil drilling companies

Shell used the Deepsea Bollsta rig, formerly known as West Bollsta for its drilling campaign in Namibia's Orange Basin; Source: Odfjell Drilling Energy lawyer Shakwa Nyambe has cautioned that the challenges Shell is facing in the Orange and Walvis Basins may soon affect other oil drilling companies operating in these regions. His remarks follow the UK-headquartered energy giant's recent write-down of US$400 million in the Orange Basin. Speaking to […]

13 January, 2025

Business / Economics

Rental Market Sees Surge, Led by Two-Bedroom Units

The average rental price in Namibia reached N$7,348 on a 12-month rolling basis, with two-bedroom units driving market growth, according to recent data as reported by The Brief. In the second quarter of 2024, rentals for two-bedroom properties saw a notable 14.7% increase, up from 11.6% in the first quarter, representing the highest growth among all categories. FNB Namibia’s Rent Price Index attributes this rise to changing tenant preferences […]

10 January, 2025

Business / Economics

10 January 2025 Morning Biz News Update: Growth in Milk Production, Trade Relations, and Economic Challenges

Milk Production Surges Namibia’s milk production saw a notable increase in the third quarter, reaching 4.2 million litres, which marks a 7.5% year-on-year growth and an 11% rise compared to the previous quarter. According to the Bank of Namibia, the growth is attributed to the rise in the number of milk-producing cows and technological advancements that have improved production efficiency, reinforcing the positive outlook for the local dairy industry. […]

10 January, 2025

Business / Economics

World Bank Unveils Strategy to Boost Namibia’s Growth and Equity

The World Bank has introduced its 2025-2029 strategy to support Namibia's economic growth and address inequality. This comprehensive plan emphasizes job creation and enhanced access to quality public services, aligning with the country’s Vision 2030 and the Second Harambee Prosperity Plan for 2020-2025. The World Bank’s board of directors discussed the framework in a recent meeting, reaffirming its commitment to Namibia’s sustainable development.

10 January, 2025

Business / Economics

02-09 January 2025 Weekly Economics Wrap

In Namibia, the stock market reported a total trade value of N$13.4 million year-to-date, with 269,245 shares traded across 24 deals as of January 3. The financials sector dominated, contributing over N$8.8 million in value across 15 deals. Meanwhile, Chinese Foreign Minister Wang Yi announced multibillion-dollar investments in Namibia, including nuclear power, minerals processing, and housing for the police force. China's N$ 94 billion investment in Swakop Uranium is Africa's […]

9 January, 2025