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New Era Newspaper Thursday April 12, 2018

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8 Thursday, April 12 2018 | NEW ERA Photos: Emmency Nuukala and Nuusita Ashipala Some parents feel it is too dark in the morning when their children head to school. Havana resident Tate Sacky escorts his son and daughter to get a taxi to school. Livestock have enough water as attested by this rural scene at Oshiku shaLaban village outside Oshakati. A group of street kids seen begging at a street corner. Street kids begging in and around the city has become more frequent and worrisome. Former vice-president Dr Nicky Iyambo and his wife Johanna arrive for the State of the Nation Address. Members of parliament share a light moment before the reading of the State of the Nation Address by President Hage Geingob yesterday.

NEW ERA Picking up the Pieces: What’s Next for Zimbabwe’s Economy? Page 10 INSIDE BUSINESS This news is your business Deloitte launches Best Company to Work For survey Staff Reporter Windhoek Deloitte Namibia yesterday launched its 2018 Best Company to Work For survey that has been running for over a decade. The survey, for which applications close on May 31 and which has to be completed by August 24, has recently been enhanced after an extensive redesign process and employee satisfaction investigation with the objective to provide strategic output insights for increased organisational effectiveness. In 2017 Deloitte Namibia adopted the redesigned survey in which a total of 18 companies participated. Namibia has recorded a total of 42 companies participating. As a strong brand among human resources practitioners the survey remains a reputable source of comparable data for companies and the awards ceremony remains an important date on the annual events calendar. The Best Company to Work For survey measures employee experiences and incorporates smart analytics coupled with best practice research methodologies to deliver a diagnostic tool for organisations to measure year-on-year attributes that and attraction to an organisation. Excelling companies within the survey qualify for either gold or platinum achievement seals. According to Deloitte Namibia’s Senior Manager in Human Capital, Priscilla Husselmann, the reengineered survey now provides comprehensive insights with more dynamic reporting available on the Deloitte Best Company Survey Portal, which allows participants to take immediate responsive action. The key objectives of the survey enable organisations to identify what attracts and motivates individuals within the workplace and overall productivity and engagement levels. BoN leaves repo rate unchanged at 6.75% Staff Reporter Windhoek Consumers can breathe a sigh of relief as the repo rate has been left unchanged at 6.75 percent by the Bank of Namibia’s Monetary Policy Committee in an effort to support economic growth. Although a reduction in the repo rate would have signalled some minimal relief for consumers, the MPC noted that the decision to leave the rate unchanged was taken to safeguard the level of foreign reserves in view of the decline in SACU revenue and various risks related to the future developments in foreign reserves. The repo rate is the rate at which commercial banks borrow from the central bank and therefore directly affects interest rates charged for borrowing and investing. of international reserves stood at N.1 billion, representing a decline of N.1 billion since the end of December 2017. “At this level, the stock of international reserves is projected to cover 3.8 months of imports of goods and services. Although reserves between the Namibia Dollar and the South African Rand, it is relatively low compared to Namibia’s peers in the region,” said BoN Governor Iipumbu Shiimi yesterday at the announcement at the central bank. Shiimi also noted that the domestic economy contracted slightly in 2017 while sector credit extension (PSCE) slowed. “The domestic economy contracted by 0.8 percent in 2017, compared to a positive growth rate of 0.7 percent in 2016. The contraction in 2017 is due to declines in the construction as well as wholesale and retail trade sectors, coupled with slower growth in the manufacturing, electricity and water, transport and communication as well as the public sectors. Other key sectors such as mining and agriculture, however, improved over the same period. Going forward, the domestic economy is projected to start a gradual recovery with an expected growth rate of 1.4 percent in 2018,” Shiimi stated. - BoN Governor Iipumbu Shiimi to 8.0 percent in the previous year. The fall rose on average during the same period, mainly on account of higher international oil moderated to 3.5 percent during February 2018, from 3.6 percent in January. Going around 4 percent in 2018. Annual growth in PSCE slowed during the corresponding period in 2017. The average annual growth rate of PSCE stood at 5.3 percent for the six months up to February 2018, lower than the 7.2 percent recorded during the preceding six months. The slower growth in PSCE is due to reduced growth in credit advanced to both the household and corporate sectors, especially in the form of mortgage and instalment credit. Since the last MPC meeting, the growth in PSCE rose moderately to 5.7 percent at the end of February 2018, from 5.1 percent in December 2017 as reported in the previous MPC statement. “The government budget delivered in March 2018 provided for further narrowing of GDP in 2018/19. The MPC welcomed the could have a positive impact on the level of foreign reserves going forward,” said Shiimi. Meanwhile, global growth improved during the fourth quarter of 2017 compared to the third quarter, and is projected to continue improving in 2018. Monetary policy stances in key economies have generally remained of 2018. Global economic activity is estimated to have expanded in the last quarter of 2017, compared to the previous quarter, mainly on the back of robust consumer spending forward, the global economy is projected to grow by 3.9 percent in 2018, on account of marginally higher growth in emerging market and developing economies (EMDEs).

New Era

New Era Newspaper Vol 22 No 167