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Author: Musa Carter

UK trade minister meets government and private sector for smooth transition to new trade agreements between Namibia and the United Kingdom

British businessman turned politician, Lord Mark Ian Price, the United Kingdom’s Minister of State at the Department for International Trade flew into Windhoek on Thursday morning for a carousel of meetings with government officials, private companies and trade organisations. He departed back to South Africa the same evening. On Thursday morning Lord Price met the Minister of Industrialisation, Trade and SME Development, Hon Immanuel Ngatjizeko (left), the Prime Minister, the Right Hon Saara Kuugongelwa-Amadhila (centre left) and the Deputy Minister of International Relations and Cooperation, Hon Peya Mushelenga (right). Later in the day, he had meetings with representatives of...

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Exploration at Tumas 3 encounters high uranium mineralisation

Deep Yellow, an Australian uranium exploration company this week said its first drilling campaign conducted under the direction of the new management team has produced a highly successful overall result. According to Deep Yellow Managing Director, John Borshoff in a statement, more than 70% of the 400 holes drilled (averaging 26m in depth) over the Tumas 3 target zone encountered mineralisation higher than the 100 ppm eU3O8 over 1 metre cut-off tested on a methodical 100m x 100m drill spacing. “This work has identified a significant mineralised zone at Tumas 3. This is not only expected to add to...

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Provisional liquidators manage affairs of sinking SME Bank until final court order

There is no way back for the sinking SME Bank as two provisional liquidators, Ian Mclaren and David Bruni have been appointed by the Master of the High Court to manage the affairs of the bank in the interim until a final order is issued. Depositors of SME Bank discovered with a surprise on Tuesday morning that the small business bank has stopped operating and all transactions arrested until further notice. Several disturbed SME Bank clients called the Economist to find out what possible recourse is available to get their funds released from SME Bank accounts. Also on Tuesday...

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Navigating through noise in global commodities markets

FNB Senior Economist, Namene Kalili brought his considerable insights to a local audience last week at a Global Markets seminar hosted by RMB Namibia. The seminar, drawing on the contributions of a number of experts, focused on the position of Namibian commodities in the face of global change. Isaah Mhlanga, an economist from RMB SA joined Kalili to provide the audience with an economic overview themed, Navigating through the Noise, Economic Overview. Ettienne van Wyk, RMB’s Head of Commodities Trading provided a presentation on Structural Changes in Commodities. In a panel discussion moderated by former FNB economist, Daniel Motinga,...

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Moody’s downgrades SA’s biggest banks – outlook negative

Credit ratings agency, Moody’s Investors Service has downgraded the five largest South African banks on Monday from Baa2 to Baa3. In a statement released on 12 June 2017, Moody’s said it has downgraded the long-term local and foreign currency deposit ratings of Standard Bank, FirstRand, Absa, Nedbank and Investec, following the earlier sovereign rating’s downgrade to Baa3. “The rating agency has also downgraded Standard Bank Group Limited’s long-term local- and foreign-currency issuer ratings to Ba1 from Baa3, and affirmed all banks’ national scale ratings.” Moody’s stated. “This rating action concludes the review initiated on 4 April 2017, and follows...

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Legal teeth for Water Regulator to determine price of bulk water

Another regulatory body joined the extensive fray of government agencies this week when on Thursday 01 June, the Minister of Agriculture, Water and Forestry, Hon John Mutorwa inaugurated the new Water Regulator. The Water Regulator comprising five individuals, is instituted under the authority of the Water Resources Management Act (11 of 2013), Section 12, but its main functions are executed under Section 7 of the NamWater Act of 1997. The minister described, in broad terms the new regulator’s mandate as falling under NamWater’s legal obligation to “determine and levy, in consultation with the minister, tariffs on a full cost-recovery...

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Chicago telecoms show opens new avenues for Paratus Telecom team

The two head honchos of Paratus Telecom, Barney Harmse and Colwyn van Rensburg (seated centre left and right) took a team to Chicago earlier this month for the International Telecoms Week (ITW), a leading North American platform for the promotion of telecommunications companies worldwide. With nearly 7000 visitors from 140 countries across the globe, ITW was described by the Paratus team upon their return as a huge success. “The attention the Paratus exhibition and team received, was overwhelming” they said. “Paratus Telecom attracted a massive global interest at this year’s event where the world’s telecoms leaders once again gathered”...

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Silvester inspects Namibian artifacts in German museums

The curator of Namibian artifacts at the Linden Museum in Stuttgart wore a face mask to protect the items from degradation when she displayed them to Dr Jeremy Silvester of the Museums Association of Namibia during a recent academic trip to three German museums. Dr Silvester visited the Linden Museum in Stuttgart, the German History Museum in Berlin and the German Ethographic Museum, also in Berlin. His 10-day visit in April followed an invitation from the German Federal Foreign Office. The three German museums house extensive collections of artifacts from Namibia. The programme was organized by the Goethe Institute...

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