2 months ago

New Era Newspaper Thursday February 8, 2018

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  • Namibia
  • February
  • Windhoek
  • Namibian
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  • African
  • Procurement
  • Kuna
  • Tender
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10 Inside BUSINESS

10 Inside BUSINESS Thursday, February 8 2018 | NEW ERA BoN warns against distribution of images of Namibian currency Fight for working hours Flexibility… Photo: Nampa/AFP Farming General Loans WINDHOEK The Bank of Namibia (BoN) has warned against the display of images and videos of Namibian currency on social media and other platforms. In a media statement on Tuesday, the BoN’s deputy director for corporate communication, Kazembire Zemburuka, said it is illegal and therefore punishable by law. Such acts are in contravention of Section 25 of the Bank of Namibia Act, 1997 (Act No. 15 of 1997), as amended, which prohibits the copying, depiction, replication or the simulation of any part or the whole of the visual image, contents or appearance of Namibian currency. He said this extends to illustrations, paintings, pictures, graphics, physical objects, electronic images, and cinematography and through the use of any material or print or electronic media, such as the internet. The bank, therefore, urged members of the public that have illegally reproduced images of the Namibian currency and displayed them on social media, electronic or print media, to delete the images from their accounts within seven working days of the issuing of the statement. Failure to adhere to this request will leave the bank with no choice but to take appropriate action against the offenders as prescribed by the law, Zemburuka said. “The law stipulates that any person who contravenes the relevant provisions of the Act shall be guilty of an offence and shall be liable on conviction to a imprisonment for a period not exceeding imprisonment,” he noted. Zemburuka also reminded the public that the BoN is the sole institution mandated by the Act to produce and issue Namibian currency. “It thus remains the primary objective of the bank to protect and ensure the stability, image and integrity of the national currency so as to maintain public Nampa De Beers may follow its resumption of exploration for diamonds in South Africa’s Northern Cape by looking in the longer term at opportunities in countries like Zimbabwe and the Democratic Republic of Congo. “I’m excited about what I’m seeing in Zimbabwe,” said Phillip Barton, chief African unit. “If we get licenses, we would have a further look.” For now, the company is keeping its focus on seeking deposits in South licenses in Northern Cape province. Barton said it wants to extend searches to Free State, North West and Limpopo, billion Venetia project. The company countries such as Zimbabwe and Congo when the time is right, he said. “We have Venetia mine that’s literally border,” Barton said on the sidelines of South Africa’s annual Mining Indaba conference in Cape Town. “Why would it be just on the one side?” In addition, De Beers would consider seeking exploration licenses in Congo if the legal situation improves, as well Namibia. “The progress made in prospective countries like Zimbabwe and the DRC is encouraging,” Barton said in a separate statement. “Our focus in De Beers remains on those countries where South Africa, Namibia and Botswana.” - Bloomberg Education NOW... • Up to 60 months repayment • Fastest turn-around times • Lowest interest rate Medical Expenses Give your future Something to smile about Our Micro Loan offers Government employees up to N0 000, repayable over 12, 24, 36, 48 or even 60 months. At Nam-mic Financial Solutions, we have created a micro loan product designed to assist with your immediate needs, and give you financial independence as soon as possible. Contact us today on (061) 388 000, or your regional branch, for more information on our Micro Loan products, and let’s get you the freedom you deserve. Financed by - BW Finance (Pty) Ltd | Terms & Conditions apply. Small Business Rio Tinto pays record dividend after 90% annual SYDNEY Rio Tinto rewarded shareholders Wednesday with a record dividend as the mining giant reported a bumper annual strengthened. slumped and the growth in Chinese demand slowed. a result of resilient prices during the year coupled with a robust operational performance and a focus on mine to market productivity,” chief executive strong position had allowed it to “invest and consistently deliver superior cash returns to shareholders”. the previous period and broadly matching analysts’ expectations. The bulk of underlying earnings came from its main commodity, iron ore, at share buyback. of the results, alongside a rising market. Rio said improving prices in all its commodities increased underlying in divestments last year, including the sale of most of its Australian coal assets - Nampa/AFP

Thursday, February 8 2018 | NEW ERA Inside BUSINESS 11 ECB urges banks to clean up before next crisis Daniele Nouy, Chair of the Supervisory Board at the European Central bank. Photo: Nampa/AFP FRANKFURT Eurozone banks have made cial crisis, but must do more to put their houses in order during economic good times, European Central Bank (ECB) watchdogs said yesterday. “Certain banks must do more. In particular, they must clean up their balance sheets,” chief ECB supervisor Daniele Nouy told reporters in Frankfurt. Top of the watchdogs’ list is a 760-billion-euro (0 billion) mass of bad loans that was still weighing on banks’ balance sheets in the third quarter of by 200 billion over two years. So-called non-performing loans (NPLs) - on which borrowers have failed to keep up with repayments - “drag down could be put to more productive use, and they keep banks from Nouy said. “Banks should use the good times to reduce NPLs... once a downturn sets in, it will become much harder,” she added. For its part, the ECB will lay out more clearly how it expects banks to set aside cash to cover the risks of future bad loans in an update to its guidance. With the banking sector more robust, plans to establish a eurozone-wide deposit insurance scheme known as EDIS could advance “a step further”, Nouy continued. The European Commission in Brussels is keen to push forward with the scheme, but governments and lenders in wealthier, more stable countries like Germany and the Netherlands fear they will end up on the hook for upsets in nations like Italy or Greece with higher debt levels. Meanwhile, the ECB’s deputy banking supervision chief Sabine Lautenschlaeger warned that banks “must continue to prepare for any outcome, including a hard Brexit” if talks between London and Brussels on Britain’s departure from the EU fail to reach an agreement. Uncertainty still looms large over whether London-based lenders will retain their privileged access to EU markets after Britain leaves next year. Eight have already submitted applications for a Eurozone banking license while four oth- their activities in the euro area,” Lautenschlaeger said. Any remaining banks must present their plans at the very latest by June, she added. “We won’t tolerate any empty shells,” Lautenschlaeger said, reiterating supervisors’ longstanding insistence that “banks cal capabilities in areas such as pricing, trading, hedging and risk management” if they move onto the Continent. - NAMPA/AFP REZONING NOTICE: Please note that URBAN GREEN TOWN AND REGIONAL PLANNING CONSULTANTS, on behalf of the owner of Erf 181, No. 38, Gamsa Street, Kleine Kuppe intends to apply to the Windhoek City Council for the: Kuppe from ‘residential’ with a density of 1:500m² to ‘residential’ with a density of 1:350; and Erf 181, No. 38, Kleine Kuppe is situated along Gamsa Street. The erf is 1,070m² in extent and zoned ‘residential’ with a density of 1 dwelling unit per 500m². The proposed zoning will enable the owner to utilise the erf for purpose of three main dwellings to be registered in a sectional title development. Access to both properties will remain to be obtained from Gamsa Street. Parking will be provided in accordance with the requirements of the Windhoek Town Planning Scheme. Note that the locality plan of the erf is available for inspection on the Town Planning Notice Board at the Customer Care Centre, Main Windhoek or available from the applicant. Further take note that any person objecting to the proposed use of land set out above may lodge such objection, together with the grounds therefore, with the Windhoek City Council and with the applicant in writing within 14 days after the appearance of 22 February 2018). Urban Green Town PO Box 11929 Klein Windhoek Contact details: 061 – 300 820 Email: MARKET OVERVIEW Change Latest 3 months 0.00% 7.13% 6 months 0.00% 7.60% CGP CAPRICORN INVESTMENT GROUP L 1807 0.00% 9 months 0.00% 7.73% NBS NAMIBIA BREWERIES LTD 4000 0.00% 12 months -0.02% 7.98% BVN BIDVEST NAMIBIA LTD 785 0.00% Change Latest FNB FNB NAMIBIA HOLDINGS LTD 4658 0.00% GC18 (R204 : 7.02%) -0.04% 7.93% ORY ORYX PROPERTIES LTD 2059 -0.05% GC21 (R208 : 7.27%) -0.05% 8.09% NAM NAMIBIAN ASSET MANAGEMENT LT 68 0.00% GC24 (R186 : 8.4%) -0.05% 9.62% NHL NICTUS NAMIBIA 189 0.00% GC27 (R186 : 8.4%) -0.05% 10.01% BMN BANNERMAN RESOURCES LTD 38 -2.56% GC30 (R2030 : 8.9%) -0.06% 10.57% DYL DEEP YELLOW LTD 235 -6.75% GC32 (R213 : 8.99%) -0.05% 10.70% SILP STIMULUS INVESTMENT LTD-PREF 12129 0.00% GC35 (R209 : 9.29%) -0.04% 10.72% FSY FORSYS METALS CORP 124 3.33% GC37 (R2033 : 9.11%) -0.06% 11.11% TUC TRUSTCO GROUP HOLDINGS LTD 900 0.00% %Change Latest B2G B2GOLD CORP 3365 -6.27% Gold 0.29% $ 1,327.94 Platinum -0.50% $ 985.81 Copper 0.00% $ 7,076.00 Brent Crude -0.43% $ 66.90 %Change Latest NSX (Delayed) 1.32% 1330.87 JSE All Share 0.36% 56,582.00 SP500 1.74% 2,695.14 FTSE 100 0.86% 7,202.72 Hangseng -0.89% 30,323.20 DAX 0.63% 12,470.55 %Change Latest Financials 3.55% 17,380.28 Resources -1.74% 35,717.06 Industrials -0.36% 73,758.89 %Change Latest N$/US dollar 0.38% 11.9641 N$/Pound -0.06% 16.6137 N$/Euro 0.12% 14.7687 US dollar/ Euro -0.27% 1.2344 Latest Previous Namibia Inflation (Dec 17) 5.2 5.2 Bank Prime 10.50 10.50 BoN Repo Rate 6.75 6.75

New Era

New Era Newspaper Vol 22 No 167