News

Bank of Namibia caps mortgages for second homes

WINDHOEK—Home buyers in Namibia will have to put down larger deposits for second and subsequent properties, the central bank said this week as it aims to rein in speculative buying. Property prices in fast-growing cities such as the capital Windhoek and tourist town Swakopmund have risen sharply in recent years as demand outstrips supply in the southern African nation. Home loan applicants will be required to pay a sliding percentage of the purchase price or…

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"Bank of Namibia caps mortgages for second homes"

Former US President visiting Namibia

WINDHOEK—While George W. Bush is condemned by many people across the world because of his foreign policy legacy, especially the Iraq War, his work in Africa continues to have a lasting effect, hence a special schedule with Namibian First Lady, Monica Geingos. Former President George W. Bush and former first lady Laura Bush are scheduled to visit Africa in a trip that will highlight their work to improve the lives of women there. The Dallas-based…

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"Former US President visiting Namibia"

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…

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"Namibia to spend $67m servicing foreign debts"

GIPF Buys 25% Bank Windhoek Stake For N$2 Billion

  Acquires shares for Bank Windhoek and Capricorn Investment Group  By Chival Mubonenwa WINDHOEK—The largest institutional investor in Namibia, the Government Institutions Pension Fund (GIPF) has acquired a 25% of the Capricorn Investment Group Limited, formerly Bank Windhoek Holdings Ltd. Although the transaction is still subject to the necessary regulatory approvals, the deal sees GIPF acquiring a 15.5% interest in the Group from the Capricorn Investment Holdings, and a further shareholding of 9.5% from Namibia…

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"GIPF Buys 25% Bank Windhoek Stake For N$2 Billion"

Inside the Belly of the SME Bank Beast

“Corruption is a manifestation of human greed. Those who make themselves guilty of corruption will be shown to the public. Most of us want no corruption, but there are those rotten apples. Corruption must be rooted out at all levels, and rooting it out in the initial phases will save everyone a lot of trouble,”— (Dr Hage Geingob 2016) Windhoek— The holder of the shares in the SME Bank on behalf of the Namibia Government…

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"Inside the Belly of the SME Bank Beast"

TRANSNAMIB DITCHES CHINA

New African railways ride on Chinese loans, as Namibia goes for quality locomotives. The Namibian government has bought six modern locomotives to the tune of N$300 million for TransNamib. The national railway carrier, finally ditching a long relationship with Chinese suppliers. The modern and fuel efficient locomotives, which are described as the best on the market, were acquired from General Electric, an American company based in Brazil. According to the acting chief executive officer of TransNamib, Mbahupu…

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"TRANSNAMIB DITCHES CHINA"

Knight Piesold’s Gert Cloete takes stock

Dr. Gert Cloete is a Specialist Hydraulics, Hydrology, and Dam Safety Engineer at Knight Piésold’s Windhoek office. He is a civil engineer with a doctorate in risk based dam safety from the University of Stellenbosh. He also obtained his B.Eng. and M.Sc.Eng. at the University of Stellenbosch with research in aspects of hydraulics. 1. Q. What have been your key highlights for 2016? A. My highlights include our appointment to investigate the condition of the…

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"Knight Piesold’s Gert Cloete takes stock"

Tips to financial independence

  By Surihe Gaomas-Guchu Standard Bank PR and Communications Manager What is financial independence and what are the responsibilities that come with it? That is question one needs to ask when financial responsibility beckons and independence rests only with you. It appears that many people talk about becoming financially independent one day, but few really understand what this means. Some of us may have a mental image of ourselves going on a shopping spree, or…

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"Tips to financial independence"

Can Govt’s N$62 billion expenditure stimulate growth?

If half that figure is personnel cost.   By Tjivi Mbuende (Standard Bank Namibia Head of Public Sector)   Introduction WINDHOEK—2016 was a challenging year for the local economy as commodity prices declined significantly and the severe drought had significant implications. It is against this backdrop that the recently tabled national budget for the 2017/2018 financial year was submitted with two main objectives. Primarily to reduce the underlying fiscal deficit by reining in high debt levels…

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"Can Govt’s N$62 billion expenditure stimulate growth?"

Namibia: Independent but not yet mature

Windhoek—Visitors to “the land of wide open spaces”, as Namibia is successfully promoted to tourists, will be impressed by what they see. Besides the beauty of the nature and abundant wildlife, the urban face of inner cities appeals to foreigners who treasure security and comfort amid the wilderness. Namibia contributes a positive image to Africa. It ranks among the continent’s top five in governance and other performance related surveys. But beyond the surface of the…

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"Namibia: Independent but not yet mature"