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New Era Newspaper Monday February 26, 2018

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10 Inside BUSINESS

10 Inside BUSINESS Monday, February 26 2018 | NEW ERA 58 pass final Chartered Accountant qualification exams Staff Reporter Windhoek A total of 58 Namibian Chartered Accountant candidates today cleared the final hurdle to becoming fullyfledged Chartered Accountants, having equipped themselves in corporate governance, business ethics and the application of international accounting and auditing standards in the interest of and to the benefit of Namibia’s public and private sectors. President of the Institute of Chartered Accountants of Namibia (ICAN), Talita Horn, says the institute is immensely proud to announce that 58 candidates passed the Assessment of Professional Competence (APC) on 22 November 2017 – a gruelling full-day examination implemented as a real-life simulation case study reflecting the demands of the modern business world. Sixty-four candidates took the exam and 58 were successful (90 percent pass). This significantly exceeds the 51 who passed in 2016. She highlighted that 24 of the 58 successful candidates obtained their undergraduate degrees at the University of Namibia or Namibia University of Science and Technology. With a pass rate of 89 percent for these candidates, it is evident that Namibian universities can produce graduates that do succeed in their post-graduate studies 1. INVITATION FOR BID NO INVITATION FOR BID TITLE DESCRIPTION CLOSING DATE & TIME BID DOCUMENTS PRE-BID SITE MEETING BID ENQUERIES CLOSE LEVY (non-refundable) 2. INVITATION FOR BID NO INVITATION FOR BID TITLE DESCRIPTION CLOSING DATE & TIME and professional examinations. Congratulations to UNAM and NUST. Horn noted that it takes a minimum of seven years to qualify as a Chartered Accountant [CA(NAM)]. “This arduous and challenging path of qualifying, consisting of three parts, firstly formal university education up to a postgraduate level, secondly, a training contract of at least three years of professional competencybased training and thirdly a 12-month professional programme course and two sets of profession institute exams, requires talent, diligence and commitment. “In the ever-changing global and regional business environments, there are still people that perceive ‘accountants’ to be the traditional bean counters. But this is not true, the role of CAs has changed dramatically to meet the demands of the modern business world. Chartered Accountants are now recognized as capable and competent business leaders and ICAN is proud to recognise Baronise Hans, Lionel Mathews and Junius Mungunda, the managing directors of Bank Windhoek, Nedbank and Standard Bank, [respectively], as members of ICAN.” Horn added that the 2017 APC highlights ICAN efforts to continue ensuring its qualifying process reflects the development of relevant competencies which a CA(NAM) needs to have in the workplace. ONDANGWA TOWN COUNCIL INVITATION FOR BIDS (IFB) W/ONB/NDTC/032-04/2017/18 Construction of Municipal Services (Sewer Reticulation for Okangwena Area in Ondangwa Town. Bids are hereby invited through Open National Bidding (ONB) from experienced Civil Engineering Contractors for the Construction of Sewer Reticulation and Sewer Pump Station in Ondangwa Town. Monday, 19 March 2018 @ 11h00 Available as from 20th of February 2018 @ 10h00 at Ondangwa Town Council Office. Monday, 28 February 2018 @ 11H00 Monday, 12 March 2018 @ 17H00 N$ 500.00 W/ONB/NDTC/032-03/2017/18 Construction of sewer network and lifting station at extension 6 in Ondangwa Town. Bids are invited through Open National Bidding (ONB) from experienced Civil engineering contractors for the construction of a sewer network and lifting station at Extension 6 in Ondangwa. Monday, 19 March 2018 @ 11h00 Talita Horn Skills needed to drive businesses forward Nuusita Ashipala Oshakati The business community in Oshakati has urged the Namibian Chamber of Commerce and Industry (NCCI) to foresee training for the general workers saying that many lack skills to advance their businesses and subsequently grow the local economy. The business community also asked NCCI to sensitise the public, as well as institutions, to pay out invoices on time for services rendered. While the business communities are striving towards growing their empires, they claim to be held back by staff that lack vision and service recipients not honouring their dues promptly. “NCCI should introduce customer care training because most of the workers the lack vision to drive the business further,” remarked Hendrina Hango-Ndakola of Natu Pharmaceuticals. The sentiments arose from the seventh business breakfast hosted by the Oshakati Town Council. Speaking at the same event, Community Skills Development Centre (COSDEC) manager, Patrick Masiziani, concurred that workers lacked skills and urged the business community to collaborate with training institutions by providing internships and job attachments to students. “It is only through these platforms that we can nurture the labour market,” said Masiziani. Masiziani said he has noticed with grave concern that the industry, to a certain extent, is reluctant to provide internships to students forgetting that the same students will in the near future knock at their doors for jobs. The guest speaker, the President of NCCI Sven Thieme, encouraged the nation to be job creators in addressing poverty and unemployment in the country. “It is not just the responsibility of politicians to worry about these things; it’s about us taking charge of our future and generations to come by creating jobs and shaping our country’s future leaders and that of Africa too,” said Thieme. He said the current economic downturn should not be a setback to kick-start a business. He advised the business personalities that the downturn can serve as an opportunity for greater opportunity. “The fact of the matter is that there are business opportunities in all the gloom and doom. And, as a Namibian business leader, if you are not thinking about how we create jobs, then you are simply not relevant,” Thieme advised further. The Governor of Oshana Region Clemens Kashuupulwa said the event is very significant in sharing opportunities and challenges facing the town. “That is why I strongly believe that this event will accord the business people [an opportunity] to align their strategies and work out possible areas of corporation, which will result in the much-needed employment opportunities,” said Kashuupulwa. BID DOCUMENTS PRE-BID SITE MEETING BID ENQUERIES CLOSE LEVY (non-refundable) ENQUIRIES Available as from 20th of February 2018 @ 10h00 at Ondangwa Town Council Office. Friday, 2 March 2018 @ 11H00 Monday, 12 March 2018 @ 17H00 N$ 500.00 Administration: Technical: Mr Bernard Mulala Mr Petrus Shipanga Tel: +264 65 240 101 Tel: +264 65 240 101 Fax: +264 65 240 453 Fax: +264 65 240 453 DELIVERY ADDRESS: Sealed envelope clearly marked the IFB number should be delivered to: Ondangwa Town Council Secretary of Procurement Management Unit Private Bag 2032 Ondangwa, Namibia All bids must be accompanied by a Bid Security of 2% of the Contractor’s bid amount inclusive of VAT. Brainstorming… Some of the business personalities in attendance. Photo: Nuusita Ashipala

Monday, February 26 2018| NEW ERA Inside BUSINESS 11 DA petitions against VAT increase SOSHANGUVE The 2018 national budget unveiled by Finance Minister Malusi Gigaba in parliament this week is “undoubtedly one of the most anti-poor budgets we have ever seen “and it amounts to an assault on the poor and the jobless”, Democratic Alliance leader Mmusi Maimane said on Saturday. Speaking at a DA rally in Soshanguve, north of Pretoria in Gauteng to launch a petition against the VAT increase, Maimane said instead of cutting the fat and waste in government – unnecessary spending and bloated departments and focusing on growth, the African National Congress chose to cut spending on services to poor people, including funding for housing, education, policing, and local and provincial government. “The raising of VAT by one percentage point in effect means that we will all be paying 7.14 percent more tax on everyday goods and services. This, combined with a significant fuel levy increase, will make food and transport more expensive. It will now be more expensive to be unemployed in South Africa. Life will get harder for the most vulnerable in society over the coming months,” Maimane said. “As I have said, I will offer President [Cyril] Ramaphosa my support when he takes action that will benefit the country. However, raising VAT and transport levies will not benefit the country, it will do the very opposite – and it will hit the poor and the jobless the hardest. “The ANC cannot steal public money and then expect us, the people, to pay for it. South Africans are law abiding. We pay our taxes faithfully, and we deserve better than this. We will not take this lying down,” Maimane said. Therefore, the DA called on all South Africans to join the fight against increased taxes for the poor and working class. The DA would oppose and fight the VAT increase and the transport levy increases on all fronts. “We will not support a regressive and anti-poor policy by the ANC, and will today [Saturday] be launching a national petition to say ‘no’ to VAT and transport levies,” he said. The DA’s budget plan had spelled out the options for spending cuts and selling off certain entities that would free up R112 billion. That meant tax increases were not necessary. But the ANC chose otherwise. The budget was “big government bullying ordinary South Africans into paying for its misdeeds. The ANC cannot make the poor pay for their looting of public money”. The DA would in due course table its petition in parliament, Maimane said. - Nampa/ ANA Ramaphosa must commit to payment plan to pay business suppliers, says DA CAPE TOWN It is unacceptable that at a time when unemployment is at an all-time high and small businesses are struggling to stay afloat due to an underperforming economy, the government is failing to pay these businesses within the 30-day window period, the Democratic Alliance said yesterday. “One of the tests for President Cyril Ramaphosa’s first 100 days in office will be to ensure that more than 100,000 unpaid invoices worth over R7.7 billion, much of it to small businesses, is paid out as a matter of urgency,” DA spokesman Toby Chance said. The DA would write to both Small Business Development Minister, Lindiwe Zulu, and Ramaphosa asking that they commit to a small business suppliers payment plan to clear the arrears currently due to hardworking men and women in the small business sector, he said. In his oral reply to Members of Parliament on the state-ofthe-nation address (Sona) debate, Ramaphosa said, “This is something that I want to see addressed as I visit government departments because the culture of late payment has gone on for far too long and has caused far too much damage, particularly to emerging black businesses.” Finance Minister Malusi Gigaba made a similar commitment during his budget speech when he said government departments and institutions that did not pay suppliers on time would MARKET OVERVIEW be charged with financial misconduct. The DA welcomed these commitments with cautious optimism, because previous promises made by government to pay small business owners what was due to them had not been met. Responses to parliamentary questions submitted by the DA indicated that some of the major culprits in the nonpayment of business suppliers to government included: - transport department: Passenger Rail Agency of South Africa - R1.12 billion; - public works department: property management and trading entity - R1.06 billion; - water and sanitation department - R968 million; - Transnet - R788 million; and - Denel - R688 million. “It is not acceptable that at a time when unemployment is at an all-time high and small businesses are struggling to stay afloat due to an underperforming economy the government fails to pay these businesses within the 30-day window period,” Chance said. It would be impossible for government to achieve its stated aim that 90 percent of all new jobs be created by small businesses by 2030 if their cash flow was disrupted due to non-payment by departments who sent them from pillar to post with contempt. “The DA looks forward to a concrete small business suppliers payment plan from the president’s office that would end the grief that small business owners have endured for years without recourse,” Chance said. - Nampa/ANA Money Market Change Latest Selected NSX Stock 3 months 0.00% 7.13% Symbol Stock Name Spot % Move 6 months -0.02% 7.54% CGP CAPRICORN INVESTMENT GROUP L 1802 0.00% 9 months -0.02% 7.63% NBS NAMIBIA BREWERIES LTD 4499 0.00% 12 months -0.05% 7.84% BVN BIDVEST NAMIBIA LTD 784 0.00% Bonds Change Latest FNB FNB NAMIBIA HOLDINGS LTD 4660 0.00% GC18 (R204 : 6.7%) 0.00% 7.61% ORY ORYX PROPERTIES LTD 2040 0.00% GC21 (R208 : 6.91%) 0.00% 7.73% NAM NAMIBIAN ASSET MANAGEMENT LT 69 0.00% GC24 (R186 : 8.03%) 0.05% 9.25% NHL NICTUS NAMIBIA 189 0.00% GC27 (R186 : 8.03%) 0.05% 9.64% BMN BANNERMAN RESOURCES LTD 39 0.00% GC30 (R2030 : 8.46%) 0.06% 10.13% DYL DEEP YELLOW LTD 264 12.34% GC32 (R213 : 8.54%) 0.06% 10.25% SILP STIMULUS INVESTMENT LTD-PREF 12129 0.00% GC35 (R209 : 8.79%) 0.03% 10.22% FSY FORSYS METALS CORP 105 -0.94% GC37 (R2033 : 8.67%) 0.06% 10.67% TUC TRUSTCO GROUP HOLDINGS LTD 900 0.00% Commodities %Change Latest B2G B2GOLD CORP 3352 0.18% Gold -0.15% $ 1,322.69 Platinum -0.42% $ 986.51 Copper 0.00% $ 7,119.00 Brent Crude 0.18% $ 65.04 Main Indices %Change Latest NSX (Delayed) -0.81% 1421.89 JSE All Share -1.38% 57,798.86 SP500 -0.55% 2,701.33 FTSE 100 -0.89% 7,216.90 Hangseng -1.48% 30,965.68 DAX -0.67% 12,386.98 JSE Sectors %Change Latest Financials -1.36% 18,231.70 Resources -1.22% 35,006.80 Industrials -1.64% 75,894.11 Forex %Change Latest N$/US dollar 0.29% 11.6969 N$/Pound -0.12% 16.2169 N$/Euro 0.30% 14.3696 US dollar/ Euro 0.02% 1.2286 Namibia Monthly Data Latest Previous Namibia Inflation (Jan 18) 3.6 5.2 Bank Prime 10.50 10.50 BoN Repo Rate 6.75 6.75 22-Feb-18

New Era

New Era Newspaper Vol 22 No 167