5 months ago

New Era Newspaper Monday October 30, 2017

  • Text
  • Extension
  • Windhoek
  • Namibia
  • October
  • Ministry
  • Kuli
  • Indongo
  • Namibian
  • Walvis
  • Gipf

10 Inside BUSINESS

10 Inside BUSINESS Monday, October 30 2017 | NEW ERA Indongo Toyota opens two more branches Staff Reporter Windhoek Last week proved an eventful one for Indongo Toyota, with two more dealerships in Otjiwarongo and Ongwediva respective- With existing dealerships in Walvis Bay, Windhoek and Okahandja, this The first grand opening took place on Wednesday evening in performed extensive upgrades and class showroom, workshop and who resides on a farm just outside well-known faces to attend the Growth… At the Indongo Toyota Ongwediva launch (from left) Hans Steinkopf (dealer principal at Indongo Toyota in Windhoek), Silvanus Kathindi (chairperson of the Indongo Toyota Board), Calvyn Hamman (senior vice-president, Toyota South Africa), Dr Frans Aupa Indongo (founding father of Frans Indongo Group), Tati Kamule (dealer principal Indongo Toyota Ongwediva branch), Beatha Indongo and Kobus van Graan (CEO of Frans Indongo Group). daughter, Maria Magdalena Indon- “It gives me particular pleasure to invest further in Otjiwarongo, the ing the past two decades,” she read is my deepest wish to demonstrate to prove that continuous wealth and employment can continue and will The Governor of the Otjozondjupa Region, Otto Ipinge, delivered the very delighted to witness the rolling out of the very popular national This is another demonstration of essary to stimulate local economic The governor highlighted that the opening of the Indongo Toyota - - warongo suggests ‘Pleasant Place,’ It is indeed our wish that Indongo Toyota Otjiwarongo will enjoy last- sincerely for considering our region On the Thursday evening, the festivities moved further north, as - workshop and parts outlet opened year and has already secured a track record of unsurpassed excellence and client satisfaction over the past The senior vice-president of man, expressed his sincere pleasure the opening of the Toyota dealership in the north, serving the people of the in automotive dealerships around Ongwediva as a top world-class the management of the dealership to ensure that the dealership is developed VACANCY SENIOR MANAGER: FINANCE THE INCUMBENT WILL REPORT DIRECTLY TO THE EXECUTIVE MANAGER: FINANCE Duty Station: Otjiwarongo Key Performance Areas: Requirements: CENORED P.O. Box 560, Otjiwarongo NB: Only short listed candidates will be contacted and no documents will be returned Closing date: 03 November 2017 @ 16h30. Link-up… Following the media launch of the 2017 Arandis Investment Conference and Uranium Festival, a gala dinner was held on Saturday night. Present at the gala dinner were the Mayor of Windhoek Muesee Kazapua, Minister of Information and Communication Technology, Tjekero Tweya, and Mayor of Arandis, Risto Kapendah. Under the theme, the ‘Hot-spot for Renewable Energy and IT Solutions’ the conference will focus on what Arandis can offer in terms of becoming a centre for renewable energy and ICT initiatives. The uranium mines, while mining companies are dependent on energy and ICT services. The upcoming conference will offer networking for potential investors. peaceful demonstration - staged a peaceful demonstration on - - grading report and its recommendations from a human resources con- recommendations are never implement- fees to lawyers unnecessarily on petty “The centre does not have a salary struc- administration alone,” said the unionist, adding that an employee joining the centre today is paid the same salary as those who

Monday, October 30 2017 | NEW ERA Inside BUSINESS 11 We are facing tough times, says Gigaba CAPE TOWN South African Finance Minister Malusi Gigaba conceded on Thursday that the country was facing tougher times ahead as its economic growth outlook was bleak. committees on finance and appropriations following his maiden medium-term budget policy statement, Gigaba reiterated his message that the country needed a new growth path while maintaining the ceiling on non-interest expenditure. “What the statement we presented yesterday [Wednesday] is trying to say is that times are tough, but we have to be tougher than them,” Gigaba said. “We have to take ourselves out of the current situation because if things do not change South Africa revised down its economic growth projections in the foreseeable future from 1.3 percent as tabled at the time of the budget to 0.7 percent for 2017, only reaching 1.9 percent in 2020. Over the three-year spending period ahead, consolidated expenditure will grow by an annual average of 7.3 percent, from R1.6 trillion in 2017/18 to R1.9 trillion in 2020/21. Debt-service costs as an expenditure category grows the fastest at 11 percent. The contingency reserve would be cut down to R16 billion over help offset revenue shortfalls. National Treasury projected a revenue shortfall of R50.8 billion this financial year. Gigaba said additional spending commitments may emerge from policy processes underway, including fee-free higher education, National Health Insurance (NHI), defense review, early childhood development, land reform, and large infrastructure developments. But he said some of the most worrying government expenditure included the increasing wage bill and the hole dug by failing state-owned companies. “Several state-owned companies persistently demonstrate procurement practices, weak corporate governance and fail- obligations. [Also], a new civil service wage agreement in which salary and without headcount reductions, would render the current achieve,” Gigaba said. “To anchor a sustainable budget, structural increases in expenditure must be matched by structural increases in revenue. The expenditure ceiling can be adjusted to accommodate new spending priorities when a permanent source of revenue is found to offset the increased spending. For example, government is considering proposals to ment to the medical tax credit.” Democratic Alliance spokesperson for finance David Maynier said Gigaba was deferring the most important aspects of the budget to an unknown future date with the hope that President Jacob Zuma would not be president of the country gress in December, saying that permanent sources of revenue should be found soon. – ANA Kuwait telecoms fall over Sudan, Iraq KUWAIT CITY Kuwaiti telecoms giant Zain on Sunday reported a drop in to currency exchange losses in in the third quarter fell seven percent to 40 million dinars (2 million) from 43 million dinars (2 million) in the same period last year, Zain said in a statement. months of 2017 was 122 million dinars (2.6 million), down 1.6 percent from 124 million dinars (9.2 million) in the same period last year. The fall in profits was mainly attributed to negative developments in its Zain units in Iraq and Sudan. Zain said some million of quarter stemmed from its unit in Sudan, which has seen a steep devaluation of the local currency. operates one of the most active units, also had a negative impact Its Saudi Arabian arm, Zain Saudi, however posted a net row -- after more than 10 years in the red. During the third quarter, Zain sold its treasury stocks, about 10 percent of total shares, to Omantel, in which the Omani government has a majority stake, for 6 million. Consolidated revenues in billion, down 8.0 percent from .7 billion a year ago. remained stable at 45.3 million. Zain is the largest mobile phone operator in Kuwait but also has operations in Bahrain, Iraq, Jordan, Lebanon, Saudi Arabia and Sudan and manages a unit in Morocco. The Kuwaiti government holds a stake of almost 25 percent in the company, which is one of three mobile operators in the Gulf emirate, alongside National Telecommunications Co. (Wataniya) and Kuwait Telecommunications Co. (VIVA). - Nampa/AFP Software giant SAP comes clean on dubious practices in SA CAPE TOWN Software giant SAP on Thursday said it had voluntarily disclosed its breach of the US Foreign Corrupt Practices Act in relation to allegations its South African operation paid kickbacks to a Guptalinked company. In a statement on its website, SAP said it has initiated disciplinary procedures against three employees. Adaire Fox-Martin, member of the Execu- business in Middle and Eastern Europe (MEE), Europe, the Middle East, and Africa (EMEA), and Greater China, said: “As a global company with a commitment to integrity and compliance, the past three months have been humbling for us. “The allegations of wrongdoing in our South African business have had a profound impact on our employees, customers and partners, and on the South African public” and we apologize wholeheartedly for this.” The admission allegedly relates to paying a bribe to a Gupta-linked company to secure a lucrative contract with state owned enterprises (SOEs). SAP sad it has “initiated disciplinary procedures against three employees and made significant changes to its global sales deal processes”. - Nampa/ANA MARKET OVERVIEW Change Latest 3 months 0.00% 7.03% 6 months 0.08% 7.54% CGP CAPRICORN INVESTMENT GROUP L 1813 0.00% 9 months 0.17% 7.83% NBS NAMIBIA BREWERIES LTD 3750 0.00% 12 months 0.23% 8.13% BVN BIDVEST NAMIBIA LTD 785 0.00% Change Latest FNB FNB NAMIBIA HOLDINGS LTD 4663 0.00% GC18 (R204 : 7.49%) 0.09% 8.40% ORY ORYX PROPERTIES LTD 2064 0.00% GC21 (R208 : 8.16%) 0.14% 8.98% NAM NAMIBIAN ASSET MANAGEMENT LT 72 0.00% GC24 (R186 : 9.26%) 0.12% 10.48% NHL NICTUS NAMIBIA 189 0.00% GC27 (R186 : 9.26%) 0.12% 10.87% BMN BANNERMAN RESOURCES LTD 36 0.00% GC30 (R2030 : 9.77%) 0.06% 11.44% DYL DEEP YELLOW LTD 233 4.95% GC32 (R213 : 9.87%) 0.06% 11.58% SILP STIMULUS INVESTMENT LTD-PREF 12129 0.00% GC35 (R209 : 10.09%) 0.03% 11.52% FSY FORSYS METALS CORP 132 1.54% GC37 (R2033 : 9.98%) 0.07% 11.98% TUC TRUSTCO GROUP HOLDINGS LTD 460 0.00% %Change Latest B2G B2GOLD CORP 3465 0.61% Gold -0.23% $ 1,274.64 Platinum -0.19% $ 922.34 Copper 0.00% $ 7,010.00 Brent Crude -0.26% $ 58.04 %Change Latest NSX (Delayed) -0.88% 1151.55 JSE All Share 0.81% 58,593.07 SP500 -0.47% 2,557.15 FTSE 100 0.29% 7,468.85 Hangseng -0.36% 28,202.38 DAX 0.65% 13,037.02 %Change Latest Financials -1.36% 15,240.21 Resources 2.74% 37,529.14 Industrials 0.90% 81,078.51 %Change Latest N$/US dollar 0.69% 14.1504 N$/Pound 0.03% 18.6413 N$/Euro -0.16% 16.5741 US dollar/ Euro -0.85% 1.1713 Latest Previous Namibia Inflation (Sep 17) 5.6 5.4 Bank Prime 10.50 10.50 BoN Repo Rate 6.75 6.75

New Era

New Era Newspaper Vol 22 No 167