Views
4 months ago

New Era Newspaper Friday February 9, 2018

  • Text
  • February
  • Namibia
  • Windhoek
  • Geingob
  • Regional
  • Namibian
  • Ministry
  • Technical
  • Economic
  • Directs

18 Inside BUSINESS

18 Inside BUSINESS Friday, February 9 2018| NEW ERA Likukela wants government to abandon HPP and NDP5 WINDHOEK Government should abandon the Harambee Prosperity Plan (HPP) and the Fifth National Development Plan (NDP5) and come up with a plan to rescue Namibia’s teetering economy, Mally Likukela, managing director of Twilight Capital Consulting said. Responding to questions on how Namibia can forge ahead in the midst of economic turbulence, on Tuesday, the economist argued that the HPP and NDP5 were crafted under assumptions that the economy would survive the recession. “The assumptions under which these plans were crafted have pursue them will lead to more debt accumulation than the country can sustain,” said Likukela. According to him, both plans are expansionary and expenditureoriented. “Since we don’t have money of our own, we have to borrow to sustain them. Right now the government does most of these plans,” Likukela reasoned, advising the government to instead come up with a “rescue plan”. “If we pursue NDP5 or Harambee, it will be like ignoring the fact that we are in a crisis and it’s business as usual,” he said. As widely reported, the government has tightened the noose on the state purse by instituting austerity measures. Chiefly, Likukela pointed to the barring of politicians and civil servants from undertaking foreign business travel; the freezing of capital projects [budget cuts] and lack of tenders as government interventions that have negatively impacted economic growth. “Putting brakes on capital projects has led to a complete collapse of the construction industry. With it, a number of companies were brought down to a close and job losses,” he said. Likukela said austerity measures are not bad at all, but when they are undertaken, special care must be given depth of the measures. Government has maintained that its expenditure and is not broke as reported. Finance Minister Calle Schlettwein recently rubbished claims of the country being broke, saying the country is in a better position compared to the same time last year. - Nampa LONDON European stock markets slid on Thursday as volatility continued to dominate global equities trading. Major Asian stock markets mostly rose after Wall Street ended down. Around 1030 GMT, London’s benchmark FTSE 100 index dropped 0.6 percent with investors eyeing the Bank of England, which is Thursday set to keep its main interest rate at 0.5 percent and also publish its latest UK In the eurozone, Frankfurt’s DAX 30 slumped 1.0 percent and the Paris CAC 40 lost 0.7 percent compared with the closing levels on Wednesday. “It’s probably stretching things a bit to say that markets are waiting with bated breath to see what the Bank of England has in store, but European equities resume slide given the recent market turmoil central bankers retain their position as the ‘go-to’ people for opinions on whether more volatility is likely,” said Chris Beauchamp, chief market analyst at IG trading group. A number of major companies meanwhile published results on Thursday. Shares in Compass rallied 4.5 percent to 1,502 pence after the British caterer gave a rosy outlook. In Paris trading, Publicis surged 5.2 percent to 58.64 euros after the French advertising giant rebounded Shares in Societe Generale meanwhile jumped 3.9 percent to 46 euros on a lower-than-expected After slumping in the region of 2.5 percent on Tuesday, Europe’s leading stock markets ended Wednesday’s sessions with gains of between around 1.5 and 2.0 percent. After a long run of almost uninterrupted gains for world equity markets fuelled by cheap money and optimism about the economy, traders are having to navigate turbulent waters as central banks -- led by the Federal Reserve -- look to lift borrowing costs. Last Friday’s strong US jobs and wage growth data, coupled with rising yields on bonds brought an end to the record-setting global rally, sending Wall Street spiralling down before slamming world markets this week. Asia took the biggest hit on Tuesday, with Hong Kong and Tokyo among the worst affected but others also felt the pinch. Most of the region’s markets fell further into the red on Wednesday. On Thursday however, Tokyo ended 1.1 percent higher while Hong Kong was up 0.4 percent, having fallen about eight percent over the On the downside, Shanghai tumbled 1.4 percent despite data showing Chinese imports smashed expectations and exports were supported by strong global demand. Overnight in New York, Wall Street’s three main indices also fell. Expectations the Fed will hike interest rates more than the three times expected this year have meanwhile lent support to the dollar in recent days. Gains have been capped however, with the euro winning support from the European Central Bank appearing close to winding in its crisis-era stimulus, while the pound is being supported by hopes for a positive outcome for Britain’s exit from the EU. Elsewhere, oil prices extended Wednesday’s sharp sell-off on concerns about increasing US production, offsetting an output cap by OPEC and Russia. A stronger greenback also put a dampener on the dollar-priced oil market. Bitcoin continued its recovery, trading up at ,366.84 from ,104.80 on Wednesday. - Nampa/AFP MARKET OVERVIEW Change Latest 3 months 0.00% 7.13% 6 months -0.01% 7.59% CGP CAPRICORN INVESTMENT GROUP L 1802 -0.28% 9 months -0.02% 7.72% NBS NAMIBIA BREWERIES LTD 4000 0.00% 12 months 0.01% 7.98% BVN BIDVEST NAMIBIA LTD 785 0.00% Change Latest FNB FNB NAMIBIA HOLDINGS LTD 4658 0.00% GC18 (R204 : 7.04%) 0.03% 7.95% ORY ORYX PROPERTIES LTD 2060 0.05% GC21 (R208 : 7.32%) 0.05% 8.14% NAM NAMIBIAN ASSET MANAGEMENT LT 69 0.00% GC24 (R186 : 8.44%) 0.04% 9.66% NHL NICTUS NAMIBIA 189 0.00% GC27 (R186 : 8.44%) 0.04% 10.05% BMN BANNERMAN RESOURCES LTD 38 0.00% GC30 (R2030 : 8.94%) 0.04% 10.61% DYL DEEP YELLOW LTD 235 0.00% GC32 (R213 : 9.02%) 0.04% 10.73% SILP STIMULUS INVESTMENT LTD-PREF 12129 0.00% GC35 (R209 : 9.33%) 0.04% 10.76% FSY FORSYS METALS CORP 115 -7.26% GC37 (R2033 : 9.14%) 0.03% 11.14% TUC TRUSTCO GROUP HOLDINGS LTD 910 0.00% %Change Latest B2G B2GOLD CORP 3354 -0.33% Gold -0.62% $ 1,310.27 Platinum -0.79% $ 972.88 Copper 0.00% $ 6,880.00 Brent Crude -1.15% $ 64.73 %Change Latest NSX (Delayed) -0.19% 1339.97 JSE All Share -0.39% 56,664.03 SP500 -0.50% 2,681.66 FTSE 100 -0.78% 7,222.56 Hangseng 0.42% 30,451.27 DAX -1.35% 12,420.99 %Change Latest Financials 0.18% 17,553.64 Resources -2.17% 35,057.57 Industrials -0.31% 73,889.98 %Change Latest N$/US dollar 0.33% 12.1099 N$/Pound 1.02% 16.9267 N$/Euro 0.12% 14.8195 US dollar/ Euro -0.21% 1.2238 Latest Previous Namibia Inflation (Dec 17) 5.2 5.2 Bank Prime 10.50 10.50 BoN Repo Rate 6.75 6.75 NOTICE Take notice that PLAN AFRICA CONSULTING CC, TOWN AND REGIONAL PLANNERS, on behalf of the owner intends applying to the Municipality of Keetmanshoop for the: REZONING OF ERF 268 TSEIBLAAGTE, EXTENSION 1 FROM ‘RESIDENTIAL’ WITH A DENSITY OF 1:450 TO ‘BUSINESS’ WITH A BULK OF 1.0 Erf 268 is 805 m² in extent. The proposed zoning will allow the owner to erect a 805m² on the respective erf. Further take notice that the plan of the Erf lies for inspection on the town planning notice board at the Keetmanshoop Municipality, No. 37 Hampie Plichta Avenue, Keetmanshoop Further take notice that any person objecting to the proposed use of the land as set out above may lodge such objection together with the grounds thereof, with the City Council and with Applicant in writing within 14 days of the last publication of this 02 March , 2018). Plan Africa Consulting CC Town and Regional Planners P.O.Box 4114 Windhoek Tel: (061) 212096 Fax: 088614626 / (061) 213051

Friday, February 9 2018 entertainment entertainment XIX April brand introduces new fanny-packs NOW! Ten African Wedding Traditions Disc jockeys, the new local entertainment craze Disc Jockeys (DJs are the new trend in entertainment locally. Specialising in creating unique and personalised vibes in nightclubs, wedding receptions, school dances and corporate events, the DJs are currently taking over the entertainment industry bringing a unique brand of entertainment to every event. Pinehas Nakaziko speaks to some local DJs who making their marks on the dj circuit. Story on page 20

New Era

New Era Newspaper Vol 22 No 167

Kundana

Kundana