Banks face R60bn claim for selling defaulters’ homes too cheaply

By Prinesha Naidoo More than 200 people want courts to refuse execution orders if loans can be rescheduled. South Africa’s largest banks could be facing a R60 billion claim related to their conduct in attaching and selling the homes of defaulting debtors at prices below market value. About 100 000 homes have been repossessed by banks and sold in execution since 1994. It is estimated that 10% of these homes were sold for close to…

"Banks face R60bn claim for selling defaulters’ homes too cheaply"

Why Namibia has reduced Repo Rate & how you benefit from it

Story Highlights: Low food inflation AfDB’s N$3 billion rescue The Angolan N$5 billion plan WINDHOEK—The Monetary Policy Committee (MPC) of the Bank of Namibia has cut the Repo rate by 25 basis points to 6.75 percent, with effect from today, August 16, 2017. Deputy Central Bank Governor Ebson Uanguta says the Bank of Namibia (BON) was mindful of the lower inflation rate realized, and projected for the Namibian economy, the strong fiscal consolidation drive as…

"Why Namibia has reduced Repo Rate & how you benefit from it"

Shares galore as Letshego lists on the Stock Exchange

WINDHOEK-Letshego Holdings Namibia (LHN) is now offering its shares for sale to Namibians through a planned Initial Public Offering (IPO), enabling locals to be part of Letshego Namibia’s history of improving life. Letshego’s purpose is to provide simple, appropriate and accessible solutions to the financially under-served and excluded in a sustainable manner, including, but not limited to, Government employees. In line with this, the planned IPO will include people who are typically financially excluded, and…

"Shares galore as Letshego lists on the Stock Exchange"

Benchmark Retirement Fund passes N$2 billion in assets  

  WINDHOEK- Local pension umbrella fund, Benchmark Retirement Fund has announced its 2016 results where Principal Officer Kai Friedrich said investments held by the Fund’s members grew by N$164 million during 2016, and assets  under management of its 8,778 members, hit N$2,155 billion Of the 8,778, Friedrich said, 657 were individual members and the remaining 8121 were members under participating employer groups. The Fund also provides umbrella fund Alex van Wyk solutions to employer groups…

"Benchmark Retirement Fund passes N$2 billion in assets  "

Govt Bungles New Procurement Supplier Eligibility

By Yvonne Boois (Former Hardap Region Chief Regional Officer) WINDHOEK-As from June 2017, while reading the daily newspapers I picked up the call for the submission of company profiles for the creation of a supplier eligibility list of companies for the provision of goods and services to the different Ministries; SOE’s; Regional Councils; Municipalities; Town Councils and Village Councils. I would have think that a public announcement and sensitizing of the public on the new…

"Govt Bungles New Procurement Supplier Eligibility"

First Capital lines up SME Bank take-over

Story Highlights: Government scrambling for N$30m to pay-out staff SME Bank might reopen as early as October WINDHOEK—First Capital Namibia, a financial services company specialising in providing treasury, asset (Investment) management, consulting and lending services, has lined up a string of international investors to take over ownership of the now liquidated SME Bank. The SME Bank was liquidated a few weeks before First Capital and the Bank signed an asset-management deal, where Martin Mwinga’s institution…

"First Capital lines up SME Bank take-over"

Kandjoze runs out of C-Sixty money

  WINDHOEK—Minister of Mines and Energy Obed Kandjoze last week requested the Namib Desert Diamonds (Namdia), to return the N$50m that the Namibian government injected into the company at the formation of the project. In his letter to the board, Kandjoze cited the refusal by Namdia to pay C-Sixty, as the reason he wants the SoE to return the N$50m capitalisation, so that “government can pay C-Sixty,” directly. C-Sixty Investment’s directors are John Walenga as…

"Kandjoze runs out of C-Sixty money"

Namibia’s new foil; the President’s silence on economic turmoil

WINDHOEK—Government is at odds over the short-term N$300 million needed to recapitalise ailing Roads Contractor Company (RCC). While some Ministers want the RCC shut down as there is no money to refinance the business, TransNamib is in worse quagmire (needing N$250m), and not only are both entities operating without a substantive chief executive, both are run by the Ministry of Works and Transport. As if that is not enough, the Namibia Airports Company (NAC) has…

"Namibia’s new foil; the President’s silence on economic turmoil"

NAMSOV: LOCAL BENEFIT, LOCAL VALUE

Namsov Fishing is a majority owned Namibian company with a Board and Management structure that is 90% Namibian. This allows for all operational activities to be controlled from their offices in Walvis Bay. This key point, ensures that the business decisions and actions remain relevant to the Namibian economy and communities. “With our strategic partnerships, the Namibianization process in place and expansion of assets, we have crafted our path to success with great care.  At…

"NAMSOV: LOCAL BENEFIT, LOCAL VALUE"

Nam Trade Deficit declines 23%-NSA

Namibia’s trade deficit for the first quarter of 2017 was estimated at N$3.1 Billion, as exports fell by N$5.5 million, (from N$22 million in 2016’s first quarter to N$17 million in 2017 Q1), which represents a 23% decline. The Namibia Statistics Agency (NSA) revealed these figures which show that during the same period imports decreased by N$2.3 million (10.4%) to N$20 million in quarter one (Q1)of 2017. According to the NSA, the persistent deficits are…

"Nam Trade Deficit declines 23%-NSA"