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New Era Newspaper 30/06/2017

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18 Inside BUSINESS

18 Inside BUSINESS Friday, June 30 2017 | NEW ERA Namibia has never been downgraded: Steytler WINDHOEK The economic advisor to President Hage Geingob, John Steytler, said Namibia has never been downgraded by credit rating agencies. Speaking during a meeting at State House on Thursday, Steytler said just last week Fitch Ratings credit rating Namibia’s credit rating status as BBB- (satisfactory at the moment). “This means that we are currently the only African country with an investment grade rating, and I think that is something to be very proud of,” he told the governors of all 14 regions. The gathering was a consultative meeting between the governors, Geingob, some members of parliament and presidential advisors. Steytler also updated the governors on the current economic status of the country, saying some expenditure has grown at high levels resulting in shocks, Change Latest 3 months 0.01% 7.33% 6 months -0.01% 7.81% 9 months 0.00% 7.98% 12 months 0.01% 8.18% Change Latest GC17 (R203 : 7.42%) 0.01% 8.09% GC18 (R204 : 7.51%) 0.02% 8.42% GC21 (R208 : 7.7%) 0.04% 8.52% GC24 (R186 : 8.7%) 0.04% 9.92% GC27 (R186 : 8.7%) 0.04% 10.31% GC30 (R2030 : 9.26%) 0.03% 10.93% GC32 (R213 : 9.35%) 0.04% 11.06% GC35 (R209 : 9.63%) 0.04% 11.06% MARKET OVERVIEW %Change Latest Gold -0.43% $ 1,243.95 Platinum -0.34% $ 917.83 Copper 0.00% $ 5,881.00 Brent Crude 0.62% $ 47.26 %Change Latest NSX (Delayed) 0.58% 1018.22 JSE All Share -0.83% 51,170.34 SP500 0.88% 2,440.69 FTSE 100 -0.39% 7,359.31 Hangseng 1.10% 25,965.42 DAX -1.23% 12,491.38 %Change Latest Financials -0.85% 14,429.68 Resources -0.05% 30,086.93 Industrials -1.32% 69,726.68 %Change Latest N$/US dollar 0.43% 12.9909 N$/Pound 0.89% 16.8667 N$/Euro 0.76% 14.8310 US dollar/ Euro 0.33% 1.1416 Latest Previous Namibia Inflation (May 17) 6.3 6.7 Bank Prime 10.75 10.75 BoN Repo Rate 7.00 7.00 and expenditure arrest had to be made. He said the country is now at a level where the economy is starting to stabilise. “We are seeing some slight signs of recovery but it is going to be a slow growth,” he explained. Growth projection for 2017 will be less than three percent, according to Steytler, but it is a positive growth compared to last year when the growth was even weaker. decline and is much more stable than last year. “Commodity prices have declined slightly, so I think this year we could start to gradually get out of the economic downturn that we have seen,” he said. 8.2 percent in January 2017 to 6.7 percent in April the same year. The decline in the percent at the end of 2017. – Nampa 130 125 120 115 110 105 100 12/31/2013 3/31/2014 6/30/2014 9/30/2014 Presidential economic advisor John Steytler 12/31/2014 3/31/2015 6/30/2015 9/30/2015 12/31/2015 3/31/2016 6/30/2016 9/30/2016 12/31/2016 3/31/2017 Spain’s dockers end strike after deal with employers MADRID Spain’s dock workers on Thursday called off a nationwide strike to protest at an EU-triggered reform in the sector after reaching a deal with employers that protects jobs but lowers salaries. Some 6,000 dockers have staged work stoppages for 48-hour periods since June 5 to protest against a decree passed in May by Spain’s conservative government that deregulates the hiring of dock workers. Under the previous system, domestic or foreign companies could only hire workers to load and unload ships in Spain from specific, already-established organisations that provide person- The new decree allows companies to contract workers wherever they want – which employers argue will increase the competitiveness of Spanish ports. Unions argued the reform threatened the jobs. A meeting in Madrid between labour unions and industry association Anesco “resulted in an agreement between the parties”, the two sides said in a joint statement. pledged to protect the jobs of “100 percent of the workers” who load and unload ships at Spanish ports, the statement added. In exchange for keeping their jobs the unions accepted a reduction in the wages of the dockers of “up to 10 percent”, Israel Ruiz of the UGT Estiba union told AFP. This union member also said that in reality, the agreement does not cover all workers as some industry association. According to his estimate, the agreement actually only covers about 70% of all Spanish dockers. The strike caused losses of around 12 million euros (.6 million) per day, according to the government. Shipping companies were forced to re-route their cargo to avoid the dockers strike in Spain, opting for Portugal or Morocco instead. Over 60 percent of Spain’s exports pass through its main ports, particularly in the food and auto sectors, which are key engines for growth. - Nampa/AFP

Friday, 30 June 2017 entertainment Cuisine on page 24 entertainment NOW! Ready, steday - Go for Miss Namibia Page: 21 Miss Namibia Finalist The coastal town of Swakopmund wouldn’t be the same without its frolicking week of ‘Kuska Carnival’ activities, which this year celebrated its 32nd year winding up with the popular street procession on Saturday morning. Donna Collins reports. ‘KusKa’ marches to the Beat of the Navy BaNd Continues on page 2

New Era

New Era Newspaper Vol 22 No 167