10 Inside BUSINESS Thursday, December 21 2017 | NEW ERA can offer economic, social and environmental benefits for economies wrestling with ageing (dependent) populations. For Namibia to meet its Vision 2030 goal of providing a quality of life commensurate with tenets of a developed world, senior entrepreneurship presents a viable opportunity to do so. GEM is the world’s foremost study of entrepreneurship and its report spans a decade’s worth of research, citing examples from developing economies where citizens over the age of 50 have played a to their economies. According to a 2015 report by the United Nations, 5.5 percent of Namibian citizens are over the age of 60 and this is projected to increase to 7 percent by 2030 and 11 percent by 2050. The study sample comprises 1,540,397 adults aged 18 to 80 across Sub-Saharan Africa, the Middle East and North Africa, South East Asia, Latin America and the Caribbean, and the European culture countries and was collected between 2009 and 2016. JUNE Nafinu rejects closure of SME Bank The Namibia Financial Institu- the Minister of Finance Calle Schlettwein to reconsider his REZONING call for the closure of the SME could have devastating consequences on people affected and exacerbate poverty and unemployment. “This statement (calling for caused concern and confusion amongst our members and also the general public, the allow individuals to destroy the livelihoods of hundreds of an environment where there are high levels of poverty and escalating unemployment, we believe that every job counts,” said the general secretary at Overall trade for Q1 2017 declines 16.6% the Namibia Statistics Agency (NSA) indicate the country’s ter of 2017 was estimated at was attributed to exports of N,905 million and imports of N,089 million. Overall, exports fell by N,508 million, from N$21,963 mil- quarter of 2017, which is a 23 percent decline. During the same period imports decreased by N,321 million or 10.4 percent. WINDHOEK TOWN PLANNING SCHEME On behalf of the registered owner of Erf 3732, Pavlov Street No. 2, Windhoek, PLANTEK intends applying to the Windhoek Municipality for: Erf 3732, Pavlov Street No. 2, Windhoek, is currently zoned for “Residential” purposes. Erf 3732 measures 844m² in size and is currently developed. It is the intention of the owner to demolish the existing building on Erf 3732 and to rezone Erf 3732, Pavlov Street No. 2, from “Residential” to “Business” with a Bulk of 0.4 and after rezoning Erf 3732 will be consolidated with Erf Re/859 into Consolidated Erf X, for the purpose of expanding the business activities. Take notice that the locality plan of the erf lies for inspection at Windhoek Municipality, Customer Care Centre, Main Municipal 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 and with the applicant in writing within 14 days of the last publication of this notice. The last day for objections will be in quarter one of 2017 grew by N,737 million, or 611.5 percent, compared to the re- registered in the corresponding quarter a year earlier. In comparison to the previous by N,235 million (72.1 percent) from N,420 mil- quarter of 2016 was mainly attributed to a stronger decline observed in exports compared to the decline recorded in imports. JULY Brandt retires as Capricorn and Bank Windhoek chairman The Capricorn Group have Koos Brandt as chairman of and Capricorn Group on June 30, 2017. “Capricorn Group is fortunate from Mr Brandt’s wise counsel as he has agreed to remain on these boards as non-executive director. He will also continue to be the chairman of Capricorn Investment Holdings (CIH). CIH holds 40.7 percent of the shares in Capricorn Group,” said group managing director Thinus Prinsloo. Johan Swanepoel, the current - will, in terms of the board succession plan, become the chairman of these boards with effect from July 1. Swanepoel is a (CA) and was the managing partner of Coopers & Lybrand (now PricewaterhouseCoopers) before being appointed Government pumps N.5 billion into economy Treasury yesterday revealed plans to release more than N.5 billion into the Namibian economy in the coming months, through payment of outstanding invoices, in the squeeze being experienced in the country. By announcing this, the gov- minister Calle Schlettwein’s recent announcement in par- nances remain in the doldrums, hence failure to honour all debt with suppliers of services to government. The money to settle the invoices would come from the N billion loan secured through the African Development already in the government’s told journalists yesterday. A team has been gathered at the pooled from other ministries, to pay attention to the outstanding invoices so that they are AUGUST DBN extends N8 million farm mibia (DBN) has announced details of its involvement in N8 million was extended to develop the N0 million wind farm, which is now nearing completion. The facility will be owned by a conglomerate of shareholders under InnoSun (95 percent) and Lüderitz Town Council (5 percent). Empowerment vestments owns a 30 percent share in InnoSun. two InnoSun projects – Om- photovoltaic plant to operate as an independent power producer (IPP) under a power purchase agreement (PPA) with NamPower, and Osona finance for five photovoltaic plants, with Ombepo wind farm bringing the total number of renewable energy energy now stands at N1 million. The facilities will of renewable energy when all are operational. Simataa breaks silence on SME Bank Former board chairperson under an order of liquidation, George Simataa, yesterday said he and fellow directors versial N0 million investment, which he says was never sanctioned by his board. The so-called investment, brought to his attention by Ipumbu Shiimi in September 2016, was made with entities and fear is mounting the money would never be retrieved. Simataa said when he got wind of the controversial investment, he immediately followed up the matter by demanding board minutes approving such transactions. Management could not produce such minutes and Simataa then approached his predecessor chairman, Frans was not aware of the investment. Simataa’s board, together with and two other executives, was mibia, leading to a protracted battle in the High Court. SEPTEMBER Ministries accountable for SOE boards – Thieme Ministries should be held fully accountable for the boards of directors they appoint to stateowned enterprises (SOEs), as the boards are ultimately responsible for the performance of these entities. This is according to the executive chairman of Ohlthaver and List Group of Companies Sven Thieme, who serves on numerous boards in the country, most notably as the chairman of parastatals such Club Resort and Casino casting Corporation, as well as Mobipay. He is also the president of the Namibia Chamber of Commerce and Industry. During an exclusive interview with New Era, Thieme, who was instrumental in the turnaround impressive feat was achieved. Letshego Namibia’s IPO already raising millions amid strong appetite for shares Offers to buy shares in Letshego Namibia continue to be received ahead of the close of the offer period on September 22. Millions have already been raised in this historic Initial Product Offering (IPO), with people across Namibia showing incredible appetite to invest in Letshego Namibia shares. Letshego Namibia’s story is about empowerment, via the solutions it provides, and now 20 percent of the company’s shares for sale to the Namibian public. OCTOBER be ring-fenced for priority projects Government has engaged the public and private sectors to establish an Infrastructure Fund at the Development erational by the end of this month. The Fund will be ring- and future priority economic infrastructure projects. Ring-fencing funds means setting aside money for a GIPF invests Nbn through unlisted investments since 2010 To date, the Government Institutions Pension Fund (GIPF) has invested over N billion in the local economy through its unlisted investment policy since it appointed the first round of fund managers in 2010. tion has greatly impacted and developed the local unlisted of property, private equity, debt and infrastructure,” said David Nuyoma, GIPF CEO, during the Fund’s annual Thursday. During his welcoming re- of the notable investments for the Fund was the acquisition of a 25 percent interest in Capricorn Investment Group at a cost of over N billion during March 2017. NOVEMBER Property for sale: from a seller’s to a buyer’s market upper income segment alone), the country’s residential prop- notable drop in price growth, Leading FNB analyst Josephat Nambashu says “housing demand is faltering” and when eventually do sell, “98 percent price”. According to the latest FNB Housing Index, mortgage advances have consequently decelerated. Nambashu expects property prices to decelerate even further. “Based on our estimates, property price growth should decelerate to 6 percent in 2017 as a whole and improve to 7.8 percent during of mild economic recovery.” Stimulus announces N million dividend payout The board of directors of Stimulus Investments Limited have announced that they have approved to pay out N.8 million as interim dividend payment to all preference share shareholders. The dividend payout follows the disposal of its shares in Joe’s Beerhouse Properties. Stimulus acquired majority shareholding in Joe’s Beerhouse in March 2007 and subsequently sold the operations in June 2012, while retaining the property. The new owners of the business continued trading as Joe’s Beerhouse, while renting the property from Stimulus. for strategic reasons and we believe that the disposal of the property is perfectly timed to serve the best interests of both parties,” said Josephat Mwatotele, Stimulus director, adding that Stimulus exceeded its returns expectation over the investment-holding period. DECEMBER African aviation industry expected to make US0 million loss in 2018 - to rise to over US billion in 2018, up from US.5 billion of 2017, African carriers are losses of up to US0 million in 2018. According to the International Air Transport Association (IATA), African air carriers already suffered a collective net loss of US0 million in 2017. Public enterprises minister, Leon Jooste, recently said that while he does not expect Air Namibia term, he does expect the na- reduce losses, and to gradually balance sheet, within an acceptable time. Media Day here yesterday, Alexandre de Juniac, IATA’s director general and CEO, noted that stronger forecasted economic growth in Africa is expected to support demand growth of eight percent in 2018, slightly outpacing the announced capacity expansion of 7.5 percent.
Thursday, December 21 2017 | NEW ERA Inside BUSINESS 11 NAMAs spend 80% of budget on local suppliers Nedbank offers Cashout option at Pick n Pay outlets Staff Reporter Windhoek In an effort to offer customers greater convenience, Nedbank Namibia has introduced an innovative service called “Cashout”. The service allows for immediate access to cash at till point at all Pick n Pay outlets countrywide, when shop purchases are effected through a Poin-of-Sale (POS) device. Besides saving a trip to an ATM, the “Cashout” service is a secure, userfriendly and an instant option, which makes shopping and withdrawing cash one-stop service for Nedbank cardholders. To qualify for this unique service offering, clients have to make at least one purchase at Pick n Pay, as the option to receive cash back is built into the checkout process - when cardholders swipe or dip their card at an electronic cash register. Nedbank is committed to offering its clients relevant, cost-effective solutions that will suit their everchanging fast-paced lifestyles. Leveraging mobile banking technology and building on existing networks, Nedbank will increase accessibility to its clients through this offering. According to Nedbank Manager for Card Operations, Ryno Snyman, it was important for the bank to explore secure card spending options for its valued clients, protecting them from potential card fraud. “As you can imagine this is another step in bringing convenience to our clients by increasing their access to cash withdrawals significantly throughout the country. This is another way we are looking at breaking down traditional boundaries between people and banking, by bringing a service close to them which is more convenient, and aiding our own efforts to make branchless banking possible,” says Snyman. Pick n Pay stores throughout Windhoek are activated for this function, while outlets in the rest of the county will be activated in due course. The “Cashout” function is currently limited to Nedbank Namibia account holders, who transact with their green Nedbank debit cards. The green Card is usually issued forvsavings accounts in particular, but also serves as an interim solution for current account clients waiting for the issuing of their embossed Gold card. Currently, developments are well underway to include Gold cards with further roll-out of the “Cashout” functionality. Today globally, the ‘Cashout’ function is a common practice at grocery stores, service stations, pharmacies and many other retail outlets. Staff Reporter Windhoek Organisers of the Namibian Annual Music Awards (NAMAs) spend 37 percent of the N.2 million budget on local logistics, which includes venue hire, hospitality, travel and accommodation, security and other local aspects, spent on local suppliers alone, 90 percent of them small and medium enterprises (SMEs). This is followed by the technical budget of the event, which includes staging, equipment, lights, audiovisual equipment and the entire look and feel of the event from concept to execution, at 28 percent. Technical consultancy fees to Rockstar4000 take up 21 percent of the total budget. NAMAs executive member, Tim Ekandjo, revealed these pleased with the overwhelming response exceeding 800 entries for the 2018 event. “These are our technical consultants on the project that together with the organisers render their expertise on the design and concept of the entire event. We recruit the technical consultants via an open and transparent tender process after every three years. This tender was run twice in our seven only three companies tendered, two being South African and one Namibian and then three years ago Top notch… The Namibian Annual Music Awards is one of the best-delivered national music awards ceremony in Africa. Photo: Contributed only two South African companies tendered,” said Ekandjo. The last budget item is the prize monies, which takes up 14 percent of total budget, and these monies goes directly to the artists in terms of prize money. “On this score, we can proudly lead Africa when it comes to paying artists competitive prize monies. From the N.2 million NAMAs budget, N.4 million is sponsored by MTC. Other sponsors such as Huawei, Tafel Lager, Standard Bank, National Arts Council of Namibia, Air Namibia, J&P Group of Companies, NDTC, Powerplay, Namibia Film Commission, Nascam and NWR [Namibia Wildlife Resorts] contribute N.8 million while NBC contributes over N million in broadcasting expenses not only to advertise but also televise the event live. We are extremely proud of this project, and MTC and MARKET OVERVIEW NBC and all other sponsors will continue to ensure that we deliver world class and memorable events in the best interest of our artist,” says Ekandjo. In statement released yesterday, Ekandjo described the NAMAs as being a Namibian success story and after seven years of the event, he the best-delivered national award ceremonies in Africa. Ekandjo says the secret to the event’s success is its excellent governance structure that allows independent bodies to work on the event. “Both the vetting committee and the panel of judges are independent individuals, who are experts in their own right, therefore, applying only their expertise. The reason why most awards ceremonies lose credibility is because sponsors get involved in the vetting and judging process, which compromises their credibility,” Ekandjo explained. Another factor Ekandjo says the NAMAs can be extremely proud of is the fact that the event is 100 percent funded by Namibians, and more than 80 percent of its total budget is spent on local Namibian suppliers. “This is something we can be extremely proud of. We have always maintained that this is a national event and that is why we invite multiple sponsors, and it is important that Namibians terms of direct spend and the other opportunities it creates for other industries like food and hospitality, fashion and local SMEs,” said Ekandjo. He added that the NAMAs has always been transparent with its budget and would, before every event, publicly announce the total sponsorship combined from all sponsors, which he feels says a lot about the values of openness and transparency. Change Latest 3 months 0.00% 7.14% 6 months -0.01% 7.70% CGP CAPRICORN INVESTMENT GROUP L 1800 0.00% 9 months -0.08% 7.85% NBS NAMIBIA BREWERIES LTD 3901 0.00% 12 months -0.10% 8.12% BVN BIDVEST NAMIBIA LTD 784 0.00% Change Latest FNB FNB NAMIBIA HOLDINGS LTD 4664 0.00% GC18 (R204 : 7.25%) -0.01% 8.16% ORY ORYX PROPERTIES LTD 2059 0.00% GC21 (R208 : 7.68%) -0.06% 8.50% NAM NAMIBIAN ASSET MANAGEMENT LT 72 0.00% GC24 (R186 : 8.63%) -0.03% 9.85% NHL NICTUS NAMIBIA 189 0.00% GC27 (R186 : 8.63%) -0.03% 10.24% BMN BANNERMAN RESOURCES LTD 54 -3.57% GC30 (R2030 : 9.19%) 0.03% 10.86% DYL DEEP YELLOW LTD 318 -1.55% GC32 (R213 : 9.24%) 0.03% 10.95% SILP STIMULUS INVESTMENT LTD-PREF 12129 0.00% GC35 (R209 : 9.45%) 0.04% 10.88% FSY FORSYS METALS CORP 173 2.37% GC37 (R2033 : 9.35%) 0.03% 11.35% TUC TRUSTCO GROUP HOLDINGS LTD 800 0.00% %Change Latest B2G B2GOLD CORP 3614 0.08% Gold 0.35% $ 1,266.10 Platinum 0.71% $ 920.60 Copper 0.00% $ 6,942.00 Brent Crude -0.27% $ 63.80 %Change Latest NSX (Delayed) -0.02% 1296.43 JSE All Share 0.09% 58,219.94 SP500 -0.32% 2,681.47 FTSE 100 -0.19% 7,530.04 Hangseng -0.07% 29,234.09 DAX -0.27% 13,180.59 %Change Latest Financials -1.35% 17,680.45 Resources 1.62% 35,266.12 Industrials 0.23% 77,120.30 %Change Latest N$/US dollar 0.08% 12.7174 N$/Pound 0.15% 17.0355 N$/Euro 0.14% 15.0655 US dollar/ Euro 0.05% 1.1846 Latest Previous Namibia Inflation (Nov 17) 5.2 5.2 Bank Prime 10.50 10.50 BoN Repo Rate 6.75 6.75