insert_link Business / Economics 23 July 2024 Morning Biz News: Galp’s N$2.1 Billion Investment in Namibia Highlights Busy Financial Week; Rand Steady, Oil Prices Drop, and SAP Surpasses Revenue Expectations Galp Energia's Major Investment in Namibia Galp Energia has invested approximately N$2.1 billion in upstream projects in Namibia during the first half of 2024, according to The Brief. The total investment by the group amounted to €564 million, with €389 million allocated specifically to upstream activities. In the second quarter of 2024, capital expenditure reached €241 million, with Namibia accounting for about one-third of the upstream investments, reflecting Galp's 80% […] todayJuly 23, 2024 12
insert_link Business / Economics 22 July 2024 Morning Biz News: Green Hydrogen Boosts Jobs in Namibia; Rand Weakens, Oil Prices Rise in Global Markets Green Hydrogen Sector Sparks Job Creation in Namibia Green hydrogen pilot projects in Namibia's Central Valley are making significant strides, creating over 200 jobs and awarding nearly N$170 million in contracts to local small and medium-sized enterprises, according to The Brief. Eline van der Linden, Head of Impact and ESG for the Namibia Green Hydrogen Programme, emphasized that these developments are crucial for advancing the green hydrogen sector. Each job […] todayJuly 22, 2024 18
insert_link Business / Economics 19 July 2024 Morning Biz News: Financial News Roundup: Meatco’s Turnaround Concerns, South African Repo Rate Unchanged, Naira Depreciates, and Dollar Steady Amid Fed Speculation 1. Meat Corporation Turnaround Strategy Under Scrutiny Finance and Public Enterprises Minister Iipumbu Shiimi has voiced concerns over the Meat Corporation's (Meatco) turnaround strategy, according to The Brief. Despite the government injecting N$1 billion in subsidies over the past three years, Shiimi is dissatisfied with the company's lack of substantial progress. The effectiveness of the turnaround plan remains a key issue, with expectations for better performance and return on investment […] todayJuly 19, 2024 14
insert_link Business / Economics 18 July 2024 Morning Biz News Biz News Roundup: Key Financial Developments Building Approvals Surge in Windhoek The City of Windhoek has approved 928 building plans in the first half of 2024, valued at N$921.9 million, as reported by The Brief. This represents a 1.4% increase in the number of plans and a substantial 30.0% increase in their value compared to the same period in 2023. However, IJG Securities highlighted a 16.3% decrease in the number of approvals and a marginal 0.1% […] todayJuly 18, 2024 15
insert_link Business / Economics 17 July 2024 Morning Biz News: “Namibia Economic Update: Kelp Blue License Secured, Rand Strengthens Amid Global Market Dynamics” In recent developments impacting Namibia's economic landscape, several key indicators and business activities have emerged, reflecting both local and international market trends. Kelp Blue Namibia, led by Managing Director Fabian Shaanika, has secured a significant 15-year commercial license for cultivating Giant Kelp across a sprawling 6,400-hectare offshore site. This milestone not only promises substantial business expansion for Kelp Blue but also underscores its role in enhancing carbon sequestration efforts. On […] todayJuly 17, 2024 15
insert_link Business / Economics 16 July 2024 Morning Biz News: Business Update: Tourism Surges, Rand Weakens, Inflation Soars, and Oil Faces Pressure 1. Tourism Sector Sees Remarkable Growth in 2023 Namibia's tourism industry experienced a substantial surge in 2023, with international visitor arrivals reaching approximately 864 thousand, marking an impressive 87.4% increase from the previous year's 461,027 arrivals. Minister Pohamba Shifeta of the Environment, Forestry, and Tourism ministry unveiled these statistics in the Annual Tourist Statistical Report for 2023. This growth underscores Namibia's attractiveness as a key destination in the region, reflecting […] todayJuly 16, 2024 12
insert_link Business / Economics 15 July 2024 Morning Biz News: Business News Headlines: Namibia-South Africa Green Hydrogen Pipeline Feasibility Study Initiated, Rand Strengthens Amidst U.S. Inflation Data, Political Uncertainty Impacts Markets, Oil Prices Decline 1. Namibia-South Africa Green Hydrogen Pipeline Feasibility Study The Ministry of Mines and Energy in Namibia has allocated N$5 million for a feasibility study on a cross-border green hydrogen pipeline connecting Namibia and South Africa. Initiated under Namibia's Green Hydrogen Programme, this study follows a recent Memorandum of Understanding signed between the two nations at the World Hydrogen Summit in May 2024. This ambitious project aims to leverage hydrogen […] todayJuly 15, 2024 18
insert_link Business / Economics 4-11 July 2024 Weekly Economics Wrap: Insights from Namibia, South Africa, Africa, and Beyond Namibia's Commercial Agricultural Land Prices Surge Recent data from the Namibia Statistics Agency reveals a notable surge in the prices of commercial agricultural land across the country. Over the past eight years, prices have risen by 21.1%, culminating in a national index of 121.1 basis points in 2023. This upward trend underscores sustained growth in the agricultural sector, reflecting robust investor confidence and potential implications for the broader economy. […] todayJuly 11, 2024 5
insert_link Business / Economics 9 July 2024 Afternoon Biz News: Economic Update: Aquaculture Project Cleared, Rand Stable Amid Global Market Uncertainty Blue Ridge Aquaculture Africa (Pty)’s Aquaculture Project: Blue Ridge Aquaculture Africa (Pty)’s local associate has received Environmental Clearance for a 25-hectare aquaculture project near Henties Bay. The project will use Recirculating Aquaculture Systems for Tilapia farming and is expected to cost under N$1.4 billion. South African Rand Stability: The South African rand remained stable, trading at 18.13 against the dollar. Market focus is on the Federal Reserve chair's testimony […] todayJuly 9, 2024 13
