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New Era Newspaper Monday March 26, 2018

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12 Inside BUSINESS

12 Inside BUSINESS Monday, March 26 2018 | NEW ERA Nam-Mic Financial Services Holdings donates more bursaries Staff Reporter Windhoek Seven Namibian students received bursaries from Nam-Mic Financial Services Holdings (Pty) Ltd to further their studies in the fields of mining, computer sciences and accounting and finance. The bursaries will cover the cost of tuition, textbooks, registration and examination fees and accommodation. “One hundred and seventy-eight bursary applications were received from across the country for the 2018 academic year. The selection process is always very tough as there are so many deserving students,” said Connie Pandeni, Chairperson of Nam-mic Financial Services Holdings Social Investment Fund. “Congratulations to the students who received bursaries. You have proven that hard work brings special rewards and that efforts pay off. Consider yourself fortunate; do your best and succeed. By doing that you will not let your sponsors, your parents and yourselves down,” concluded Pandeni. The 2018 bursary recipients are Diina TT Kalimba (Bachelor of Computer Science NQF:7), Namibia University of Science and Technology; Keanu L Ramothibe (Bachelor of Computer Science NQF:7), Namibia University of Science and Technology; Joseph V Kalola (Bachelor of Accounting. Chartered Accountancy), University of Namibia; Helena TM Eelu (Bachelor of Accounting. Chartered Accountancy); Namibia University of Science and Technology; Ronnie L Philander (Bachelor of Accounting. Chartered Accountancy), Namibia University of Science and Technology; Zaree-Ouua Katjipuka (Bachelor of Engineering in Mining NQF:8), Namibia University of Science and Technology; Kahare P Sikongo (Bachelor Computer Science Honours NQF:8), Namibia University of Science and Technology. Nam-Mic Financial Services Holdings Bursary Scheme has awarded bursaries to six students in 2017. “Nam-Mic Financial Services Holdings recognises that tertiary education is out of the reach of many Namibian students given the high cost thereof. These bursaries supplements government’s efforts in making tertiary education accessible to deserving students, to be able to pursue their dreams and ultimately make a meaningful contribution to the growth and development of the economy of the country,” said Walter Don, Chief Executive Officer at Nam-Mic Financial Services Holdings. The beneficiary of the mining bursary, Zaree-Ouua Katjipuka said: “Thank you very much Nam-Mic Financial Services Holdings for assisting me to pay for my studies. I am so happy and I look forward to start my university career with you. I will focus on my studies and study very hard to make Nam-Mic Financial Services Holdings and my family proud.” OPINION Make your daughter’s money smart In Namibia, 43 percent of homes are female-headed. As social roles continue to evolve, the need to empower girls with the knowledge and skills to manage their personal and household finances later in life becomes non-negotiable. By equipping girls at a young age with the knowledge to make smarter financial decisions and display positive financial behaviour, they may be better able to protect their income and assets, grow their wealth, and avoid or manage debt later in life. Furthermore, because women who earn and save may typically be better positioned to educate their own children, save for retirement, and become active consumers, it stands to reason that they have greater potential to positively contribute to the country’s GDP, reduce the strain on government to provide social grants, and play a small part in breaking the cycle of poverty. At Sanlam, we believe that financial literacy should be a focus area throughout the year; However, Women’s Month provides an added opportunity to highlight the issues, and share insights to work towards sustainable change. This Women’s Month, we provide some practical ways parents and guardians can begin to introduce basic financial concepts to their children, including their daughters and get the process started one small step at a time. Lead by example Many of the perceptions, skills and attitudes children have about money are learnt in the home. Children tend to mimic the behaviour of others, so parents need to carefully consider how their own financial behaviour and attitudes will influence their daughters. To raise financially responsible daughters, parents should themselves make financially responsible decisions and help children understand the reasons for, and against, these decisions. Help them understand the difference between a need and a want Children should be taught how to differentiate between a need and want, how to appreciate the value of money by having opportunities to ‘work’ and save. Hilaria Graig They should also learn how to make adjustments when necessary and parents play a key role in imparting this knowledge. By understanding the difference between a need and a want, they are able to better prioritise their spending in terms of which expenses need to be taken care of immediately, and which can wait until later. Allocate extra chores for extra funds Some parents may not necessarily agree with the idea of paying children for chores that they should be doing anyway, like packing away their toys or making up their bed which is understandable. However, there may be extra chores to teach them the concept of earning money in exchange for work done. If extra chores are incentivised with cash, they could learn to become more resourceful – a skill that could stand your daughters in good stead throughout life. Teach girls how to budget Once you and your daughter have a good idea of how much they earn in a week or month, help them create a budget. This is particularly relevant for girls, who are a little older. The budget should be collaboratively drawn up as a fun and exciting exercise. This can be done in a very visual and simplistic way that is easy to understand. This is where the understanding of a need and want becomes practical. Together, track this budget and where there are variations, talk to your daughter about adjustments she can make to get back on track, or how she can go about earning extra money to cover the shortfalls. Encourage her to save a portion of each allowance Help your daughter understand the importance of saving first, and spending later. Instil a habit of first setting aside an amount for a future goal, and only then taking care of immediate needs. An important lesson to teach them is that of patience, as opposed to instant gratification. When your daughter wants something she cannot afford, encourage her to save for it. Do the maths with her, and show her that by saving larger amounts, she may be able to afford the item sooner, and vice versa. There are many fun engaging ways to encourage your daughters to save money – especially by making the exercises visually driven. When they are very young, you could give them a transparent moneybox so they can see the coins accumulating. You could even stick a picture of the item they are saving for on the moneybox. As they get older, open a bank account in their name, deposit their money into the account. Introduce your daughter to Internet banking so she is able to transact online and monitor her own spending easily. Encourage her to get a head start There are many useful resources that explain the benefits of starting to invest early in life, and in particular the benefits of compound interest over time. Often we hear about the frightening statistic that 94 percent of Namibians will not be able to afford to retire comfortably. The most effective way for your daughter to work towards being part of the 6 percent that will be, is to save a suitable amount consistently over time, and to start early. Some of the most profound gifts parents can give their daughters are those of peace of mind, opportunity and confidence. With the right knowledge and skills, girls are better empowered to be self-sufficient and thrive whether or not they are on their own. *Hilaria Graig is the Marketing and Communications Manager at Sanlam Namibia

Monday, March 26 2018 | NEW ERA Inside BUSINESS 13 Olivia Solon San Francisco Revelations about the depths of Facebook’s failure to protect our data have finally pulled back the curtain, observers say. “Dumb f*&^ks”, that’s how Mark Zuckerberg described users of Facebook for trusting him with their personal data back in 2004. If the last week is anything to go by, he was right. Since the Observer reported that the personal data of about 50 million Americans had been harvested from Facebook and improperly shared with the political consultancy Cambridge Analytica, it has become increasingly apparent that the social network has been far more lax with its data sharing practices than many users realised. As the scandal unfurled over the last seven days, Facebook’s lacklustre response has highlighted a fundamental challenge for the company: how can it condemn the practice on which its business model depends? “This is the story we have been waiting for so people will pay attention not just to Facebook but the entire surveillance economy,” said Siva Vaidhyanathan, a professor of media studies at the University of Virginia. Since Zuckerberg’s “dumb f&*%ks” comment, Facebook has gone to great lengths to convince members of the public that it’s all about “connecting people” and “building a global community”. This pseudo-uplifting marketing speak is much easier for employees and users to stomach than the mission of “guzzling personal data so we can micro-target you with advertising”. In the wake of the revelations that Cambridge Analytica misappropriated data collected by Dr Aleksandr Kogan under the guise of academic research, Facebook has scrambled to blame these rogue third parties for “platform abuse”. “The entire company is outraged we were deceived,” it said in a statement on Tuesday. However, in highlighting the apparent deceit, the company has been forced to shine a light on its A grand illusion: seven days that shattered Facebook’s facade Misplaced trust…“Dumb f*&^ks,” that’s how Mark Zuckerberg described users of Facebook for trusting him with their personal data back in 2004. underlying business model and years of careless data sharing practices. Sure, the data changed hands between the researcher and Cambridge Analytica in apparent violation of Kogan’s agreement with Facebook, but everything else was above board. The amount of data Cambridge Analytica got hold of and used to deliver targeted advertising based on personality types – including activities, interests, check-ins, location, photos, religion, politics, relationship details – was not unusual in the slightest. This was a feature, not a bug. There are thousands of other developers, including the makers of the dating app Tinder, games such as FarmVille, as well as consultants to Barack Obama’s 2012 presidential campaign, who slurped huge quantities of data about users and their friends – all thanks to Facebook’s overly permissive “Graph API”, the interface through which third parties could interact with Facebook’s platform. Facebook opened up in order to attract app developers to join Facebook’s ecosystem at a time when the company was playing catch-up in shifting its business from desktops to smartphones. It was a symbiotic relationship that was critical to Facebook’s growth. “They wanted to push as much of the conversation, ad revenue and digital activity as possible and made it extremely friendly to app developers,” said Jeff Hauser, of the Center for Economic and Policy Research. “Now they are complaining that the developers abused them. They wanted that. They were encouraging it. They may now regret it but they knowingly unleashed the forces that have led to this lack of trust and loss of privacy.” The terms were updated in April 2014 to restrict the data new developers could get hold of, including people’s friends’ MARKET OVERVIEW data, but only after four years of access to the Facebook firehose. Companies that plugged in before April 2014 had another year before access was restricted. “There are all sorts of companies that are in possession of terabytes of information from before 2015,” said Hauser. “Facebook’s practices don’t bear up to close, informed scrutiny nearly as well as they look from the 30,000ft view, which is how people had been viewing Facebook previously.” For too long consumers have thought about privacy on Facebook in terms of whether their ex-boyfriends or bosses could see their photos. However, as we fiddle around with our profile privacy settings, the real intrusions have been taking place elsewhere. “In this sense, Facebook’s ‘privacy settings’ are a grand illusion. Control over post-sharing – people we share to – should really be called ‘publicity settings’,” explains Jonathan Albright, the research director at the Tow Center for Digital Journalism at Columbia University. “Likewise, control over passive sharing – the information people [including third party apps] can take from us – should be called ‘privacy settings’.” Essentially Facebook gives us privacy “busywork” to make us think we have control, FACEBOOK to page 14 Money Market Change Latest Selected NSX Stock 3 months 0.00% 7.13% Symbol Stock Name Spot % Move 6 months 0.00% 7.53% CGP CAPRICORN INVESTMENT GROUP L 1791 0.00% 9 months -0.01% 7.62% NBS NAMIBIA BREWERIES LTD 4496 0.00% 12 months -0.02% 7.85% BVN BIDVEST NAMIBIA LTD 779 0.00% Bonds Change Latest FNB FNB NAMIBIA HOLDINGS LTD 4646 0.00% GC18 (R204 : 6.49%) -0.01% 7.40% ORY ORYX PROPERTIES LTD 2039 0.00% GC21 (R208 : 6.95%) -0.03% 7.77% NAM NAMIBIAN ASSET MANAGEMENT LT 69 0.00% GC24 (R186 : 7.98%) -0.03% 9.20% NHL NICTUS NAMIBIA 180 0.00% GC27 (R186 : 7.98%) -0.03% 9.59% BMN BANNERMAN RESOURCES LTD 37 2.78% GC30 (R2030 : 8.39%) -0.03% 10.06% DYL DEEP YELLOW LTD 232 -2.52% GC32 (R213 : 8.46%) -0.03% 10.17% SILP STIMULUS INVESTMENT LTD-PREF 12129 0.00% GC35 (R209 : 8.71%) -0.04% 10.14% FSY FORSYS METALS CORP 91 -5.21% GC37 (R2033 : 8.57%) -0.04% 10.57% TUC TRUSTCO GROUP HOLDINGS LTD 885 0.00% Commodities %Change Latest B2G B2GOLD CORP 3205 -2.44% Gold 1.26% $ 1,345.80 Platinum 1.02% $ 958.45 Copper 0.00% $ 6,695.00 Brent Crude 0.82% $ 68.97 Main Indices %Change Latest NSX (Delayed) -0.62% 1398.25 JSE All Share -1.35% 56,454.53 SP500 -2.52% 2,643.69 FTSE 100 -0.49% 6,918.43 Hangseng -2.45% 30,309.29 DAX -1.47% 11,921.78 JSE Sectors %Change Latest Financials -1.06% 17,806.58 Resources -1.39% 34,133.34 Industrials -1.50% 74,311.68 Forex %Change Latest N$/US dollar -0.78% 11.7593 N$/Pound -0.53% 16.6167 N$/Euro -0.48% 14.5096 US dollar/ Euro 0.30% 1.2339 Namibia Monthly Data Latest Previous Namibia Inflation (Feb 18) 3.5 3.6 Bank Prime 10.50 10.50 BoN Repo Rate 6.75 6.75 23-Mar-18

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New Era Newspaper Vol 22 No 167

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