Caught! Sanlam denied SA marketing deal

  Sanlam Namibia has been given exactly a month to stop writing policies that involve a South African competitor, in a deal that would have divided the country’s insurance industry where competitors had agreed not to compete for certain customers in certain areas. The Namibian Competition Commission (NaCC) has rejected an application for exemption in an insurance marketing deal that included, Sanlam Namibia and a South African insurance company, the Professional Provident Society (PPS) Insurance…

"Caught! Sanlam denied SA marketing deal"

Namibia to make white-owned businesses sell 25% stake to blacks

WINDHOEK – President Hage Geingob has said Namibia will make it mandatory for white-owned businesses to sell a 25% stake to blacks, calling the country one of the most unequal in the world. A draft bill on the Namibia Economic Empowerment Framework (NEEF) was expected to be tabled before his cabinet soon, Geingob said in a speech on Wednesday. Whites make up only about 6% of Namibia’s population of 2.4 million, but overwhelmingly dominate business…

"Namibia to make white-owned businesses sell 25% stake to blacks"

Top Bank weighs Namibia tax reforms vs. Investment promotion

Standard Bank’s Tax Manager Chanelle Isaaks. Standard Bank’s Head of Tax Adeline Beukes.   In his 2017 Budget Speech, the Minister of Finance Calle Schlettwein indicated a proposition of delving into certain tax exemptions and deductions, which will be curbed following a “stakeholder consultation” process. The reason for this being that these provisions granted decrease the effective tax rate significantly when utilized. Standard Bank supports and appreciates the proposed stakeholder consultation process which shows a…

"Top Bank weighs Namibia tax reforms vs. Investment promotion"

Pointbreak, EBank acquisition approved

All regulatory requirements for FNB Namibia Holdings to acquire 100% of Pointbreak and EBank, have been met successfully and approval for the deal has been granted by Namfisa, Bank of Namibia, Competition Commission and SARB. The transaction will therefore be effected at the end of March 2017. Pointbreak, a Namibian financial services group, provides investment management and wealth management services to the private, corporate and institutional markets, managing in excess of N$8.5 billion of third…

"Pointbreak, EBank acquisition approved"

Standard Bank records N$540m profit

In its recent annual report, Standard Bank Namibia recorded a 3% increase in profits from the previous financial year, with profits over the year amounting to N$540 million. In a year characterized by fiscal stagnation, Standard Bank has rated its financial results as satisfactory. “Standard Bank generated profits for the year amounting to N$540 million and representing a growth of 3% above the prior year. The current year results are satisfactory in the current macro-economic…

"Standard Bank records N$540m profit"

Namibia to spend $67m servicing foreign debts

WINDHOEK—The Namibian government will spend about US$67 million this year to service its foreign debt, that now stand at US$2.04 billion, which it owed to Germany, China and other international lenders. Finance Minister Calle Schlettwein this week said that 65 per­cent of the total foreign debt is owed to international issued bonds or the Eurobond, while the 30 percent is accrued from bilateral agreements with China and Germany. He said 10 percent was extended to…

"Namibia to spend $67m servicing foreign debts"

FNB to discontinue safe custody

  In alignment with the bank’s increased focus on core services such as investments, insurance, transacting and lending, FNB Namibia has advised that the bank will discontinue its safe custody services. “The bank regularly evaluates the array of services it offers and has subsequently taken the decision to discontinue safe custody boxes from our regular service offering,” Tracy Eagles, Chief Marketing Officer of FNB Namibia Holdings said. All customers of the bank that have items…

"FNB to discontinue safe custody"

Inside Namibia’s silo mentality

According to a Survey contacted by Mr Daniel Kavishe of FNB, the FNB/Fenate Travel Index recorded growth of 3,4% in 3Q15. However, “the tourism sector continues to face deep seated challenges due to: poor customer service from inexperienced and uninspired employees; lack of readily available capital for investment; the high costs of operations”. Assigning some weightings to the sector challenges, the highest weight of 0.38 was allocated to the staff issue. Using Hotels and Restaurants…

"Inside Namibia’s silo mentality"

Budget: Economy gradually adjusting

2.5% growth projected Finance Minister Calle Schlettwein this afternoon tabled the 2017/18 National Budget, a largely successful attempt to align expenditure to revenue, while admitting the economy is now ‘emerging from a perfect storm.’ Economic growth has slowed in 2016 to an estimated 1.3 percent, owing to the impact of the commodity price crash, a slowing global economy and low growth in large neighbouring economies. This while, internally, Namibia has had to deal with a…

"Budget: Economy gradually adjusting"

The paradox of fiscal stimulus in recession

A Budget Overview by Capricon Asset Management By Claudia Boamah, Economic Analyst (Capricorn Asset Management) According to the October 2016 Medium Term Economic Framework (MTEF) the main agenda of the 2017/18 Budget can be summarised as pro-growth fiscal consolidation. This objective might seem like a paradox because in times of recession, it is rather fiscal stimulus and not tightening that is required to revive the economy. Consequently, greater emphasis will likely be placed on priority…

"The paradox of fiscal stimulus in recession"