Select Page

Author: Intern

GIPF acquires 25% stake in Capricorn Group

The Government Institutions Pension Fund (GIPF) made a successful bid to acquire a 25% interest in the issued ordinary shares of Capricorn Investment Group. The transaction was facilitated by Capricorn Investment Holdings Limited (CIH) and the transaction is still subject to the necessary regulatory approvals and conditions precedent that are normal for a transaction of this nature. A further announcement will be made once the transaction becomes unconditional. In terms of the agreement, GIPF will acquire a 15.5% interest in Capricorn Group from CIH, and a further shareholding of 9.5% from Namibia Strategic Investments, at a negotiated total consideration...

Read More

Goscor enters cleaning market through Elso Holdings

Rene Rusch (left), the CEO of Elso Holdings, a local manufacturer and distributor of cleaning products, signed a deal late in 2016 with leading South African supplier, Goscor Cleaning Equipment for the latter’s extensive range of specialised cleaning equipment and material. On the right is Goscor’s General Manager for Africa, Rondhir Haripersad. As of January this year, Elso Holdings is the official Namibian distributor of Goscor’s vast range of industrial applications. Goscor, part of the Industrial Services Holdings, is the regional representative for a myriad of international brand names. Its appointment of a Namibian agent is part of the...

Read More

Who will be the next millionaire?

A lucky local citizen will be a million dollars richer, when Standard Bank announces the overall winner for its Million Dollar Mania Competition. So far the top 10 finalists have been identified through a random draw and are in the process of being contacted for final vetting. The final draw, which will be broadcast live on NBC, on 12 April, said Adv. Sigrid Tjijorokisa, acting Head of...

Read More

Namibia Dairies Development Programme rewards farmers

Five local farmers each received three cows (heifers) and a fridge from Namibia Dairies in the presence of Hardap Regional Governor, Sophia Isaak who officiated and delivered the keynote address at the official hand-over ceremony which took place at Namib Dairies !Aimab Superfarm in Mariental last week. The farmers were rewarded as part of its Farmers Development Programme aimed at diversifying the local farming community. Following a strict selection process since the introduction of the development programme, with the objective of introducing local farmers to, and expanding dairy farming in the country, farmers were assigned to an induction course...

Read More

Faster high-speed network lands at the coast

Telecom Namibia announced the completion of the first phase of a time-division duplex long-term evolution (TD-LTE) high-speed wireless network rollout with China’s global provider of TD-LTE broadband solutions Huawei Technologies. Managing Director Theo Klein said Huawei’s end-to-end 4G solution has been deployed at the coastal towns, where the rollout began, as part of the first phase. This will modernise the enterprise network and enable data speeds that support media streaming and high-bandwidth business applications As a leading supplier of voice, text, data and video solutions in the country, Telecom Namibia first deployed a nationwide WiMAX 802.16d network in 2007....

Read More

Agriculture Ministry to observe World Water Day in Windhoek

The Ministry of Agriculture, Water and Forestry (MAWF) will observe World Water Day and World Wetlands Day under the jointly theme “Healthy wetlands and innovative water and wastewater management for enhanced livelihoods” on 22 and 23 March in Windhoek. World Water and Wetlands Day is an annual event aimed to create awareness on the vital roles healthy wetlands play in reducing the impacts of natural disasters such as floods, droughts and cyclones on communities, as well as helping to build resilience by maintaining healthy wetlands. The commemoration of World Water Day is also aimed to denounce the perception that...

Read More

Competition Commission gets new boss

The Board of Commissioners, Management and Staff on Thursday announced the appointment of Mr Vitalis Ndalikokule as the new Chief Executive Officer and Secretary to the Namibian Competition Commission (NaCC), effective 02 March 2017. Mr Ndalikokule has been acting in this capacity since July 2016. He joined the Commission in May 2010 as a Director for Mergers and Acquisitions Directorate and has overseen over 463 cases in the past seven years. He holds a Masters Degree in Economic Law (LLM Economics) from the University of Namibia and a Postgraduate Diploma in Economics for Competition Law from Kings College London....

Read More

Smaller trade deficit in 2016 than in 2015

The Namibia Statistics Agency (NSA) released the Annual Trade Flow for the year 2016 as well as the quarterly trade statistics report for the fourth quarter of 2016 this week showing that on an annual basis the country registered a trade deficit of N$29.8 billion, a decline of 24.7% compared to 2015. According to the NSA, the recent decline in the deficit is due to stronger growth in export revenue than the growth in import expenditure. The agency said during 2016, merchandise exports increased to N$70.6 billion compared to N$58.6 billion in 2015. The exports increase is 20.9%. “The increase was mainly due to high export value of diamonds, copper ores, vessels, fish, and copper cathodes. The expenditure on imports rose to N$100.8 billion in 2016, from N$98.2 billion recorded in 2015 representing a 2.5% growth,” the NSA said adding that the N$2.5 billion growth in imports is attributed to high domestic demand for mineral fuels and oils, vehicles, boilers, diamonds and vessel. According to the NSA, Namibia’s major export markets in 2016 were Switzerland (N$13.3 billion), South Africa (N$11.4 billion), Botswana (N$10 billion),  Zambia (N$4.4 billion) and the Exporting Processing Zone (N$4.4 billion). “These markets combined absorbed 61.3% of Namibia’s total exports during the period under review,” the NSA noted. On the other hand, Namibia’s major source of imports were South Africa (N$59.1 billion), Botswana (N$6.7 billion), Zambia (N$4.0...

Read More