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New Era Newspaper Thursday July 6 2017

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10 Inside BUSINESS

10 Inside BUSINESS Thursday, July 6 2017 | NEW ERA VACANCY Public Accountants’ and Auditors’ Board (PAAB) The PAAB is a statutory body governing the public accounting and auditing profession in the Republic of Namibia. The legal Mandate of the Board, as derived from the establishing Act, PAA Act No.51 of 1951 as amended, is to regulate Public Accountants and Auditors in Namibia. The Board has a vacancy for one (1) position: MEMBERSHIP & TRAINING OFFICER PURPOSE OF THE POSITION: Administer the PAAB’s training programme, manage training contracts and support PAAB training offices; Manage the PAAB membership database and membership related matters; Support and administer the PAAB’s Audit Development Programme (ADP). KEY PERFORMANCE AREAS: Administer the PAAB training programme for training Registered Accountants and Auditors in Namibia Liaise with Training Offices regarding accreditation and re-accreditation of training offices Assist in facilitating projects related to the development of new and improved education, training and development standards and processes as well as development of related materials and documents Schedule ADP monitoring visits, including feedback sessions Maintain and updating the ADP monitoring schedule Perform the secretariat functions for EDCOM and ADP Committees Coordinate the six-monthly reporting templates and following up on nonsubmission Assist with coordination and management of the assessment of portfolios of evidence, including panel members Create and maintain membership database Handle all membership administration and queries Communications and information sharing with members KNOWLEDGE, SKILLS & ABILITIES: Knowledge of trainee accountants’ training programme (CA and ACCA) Proficiency in creating and maintaining databases and ability to use MS Office Excellent administrative and organizing skills Excellent interpersonal skills and the ability to maintain high levels of confidentiality Excellent oral and written communications skills Ability to cope with conflict and confrontational situations Ability to meet deadlines Exercise independent initiative and judgment Knowledge of norms of courtesy and etiquette in relation with the public and co-workers QUALIFICATIONS & EXPERIENCES A degree in Accounting or Administration or equivalent; Articles completed will be an advantage Four (4) years’ experience in Accounting or administration environment with relevant training and development experience Interested? Please forward your letter of application with a detailed CV, accompanied by certified copies of academic qualification/s and identity documents for the attention of: Head of Secretariat, PAAB, PO Box 11913, Windhoek. Physical Address: 123 Robert Mugabe Ave. 3 rd floor, Auditor General Building Enquiries should be addressed to the Head of Secretariat, Mr. Zaa Nashandi, Tel 061-2858467 or The closing date is 21 July 2017. Photo: Ngaevarue Katjangua To infinity and beyond… Key stakeholders at yesterday’s Airbus Space Data Centre Stakeholder Workshop at the Namibia University of Science and Technology. NDP5 can benefit from Space Data Centre Ngaevarue Katjangua Windhoek Vice Chancellor of the Namibia University of Science and Technology (NUST) Tjama Tjivikua has said the proposed establishment of Namibia Space Data Centre (NSDC) directly supports major goals of sustainable and equitable economic growth of the National Development Plan 5 (NDP5). Tjivikua noted this in his welcoming remarks at the NUST and Airbus Space Data Centre Stakeholder workshop that is familiarising the country’s stakeholders with the objectives, applications and benefits of Earth observation satellite imagery and allied technology for Namibia. “This initiative is a step in the right direction of achieving some of our goals as set in our National Space Science Strategy and supports directly some major goals of our NDP5 of sustainable and equitable economic growth, development of human resources, ensuring a sustainable environment and promoting effective data enabled good governance”, said the NUST vice chancellor. The workshop follows an agreement between Integrated Airbus united under one brand Staff Reporter Toulouse Airbus SE on July 1 integrated - as planned - its group structure with its largest division, Commercial Aircraft. Following a reorganisation announced in September 2016, Airbus will benefit from a simpler structure that enables faster decision-making, less bureaucracy, greater collaboration and increased efficiency. The structure will also facilitate the digitalisation programme currently under implementation. The newly merged Airbus together with the two NUST and Airbus in February to collaborate in establishing a Virtual Space Data Centre, to be hosted by NUST in Windhoek, which will assist the country in monitoring and growing key elements of its economy. Tjivikua said the establishment of NSDC would encourage the development of spin-off SMEs in specialised fields of Earth observation, thereby adding economic value to the centre. “This will foster the development of high-value employment that contributes to the attainment of Namibia’s priorities and the UN Sustainable Development Goals,” he added. The key objectives of NSDC is to cater for satellite images requested from national stakeholders, and to be of benefits academic researchers, to promote SME development and capacity building in the required fields of engineering, as well as skilled end users of data. Senior lecturer in electrical and computer engineering Smita Francis highlighted the role of NUST in the establishment of NSDC, noting that the new university ought to drive, promote and facilitate development of capacity and infrastructure in space, as well as develop and promote the space industry in Namibia. divisions, Helicopters and Defence and Space, are served by fully integrated support teams in key functions, such as finance, human resources, legal, ethics and compliance, strategy & international and communications. Airbus’ executive management team is integrated under chief executive officer Tom Enders. Fabrice Brégier is now the first ever companywide COO and president of Commercial Aircraft. Dirk Hoke and Guillaume Faury continue as chief executive officers of Defence and Space and Helicopters, respectively. Harald Wilhelm remains chief financial officer, Thierry Baril chief human resources officer and John Harrison continues as general counsel. Airbus now has one single corporate headquarters in Toulouse, home to the Company’s single largest industrial site. Airbus is a global leader in aeronautics, space and related services. In 2016, it generated revenues of €67 billion and employed a workforce of around 134,000. Airbus offers a comprehensive range of passenger airliners from 100 to more than 600 seats. Airbus is also a European leader providing tanker, combat, transport and mission aircraft, as well as Europe’s number one space enterprise and the world’s second largest space business. In helicopters, Airbus provides the most efficient civil and military rotorcraft solutions worldwide.

Thursday, July 6 2017 | NEW ERA Inside BUSINESS 11 Hollard completes Regent deal The Hollard Insurance Group has completed its R1.8bn acquisition of the Regent Insurance Group from Imperial Holdings, following Financial Services Board approval of the South African leg of the transaction, and Competition Tribunal approval in April. The conclusion of the South African portion of the deal comes after Hollard International Holdings’ successful acquisition of the Regent Group’s non-South African interests in Botswana, Zambia and Lesotho for an upfront consideration of R697m in January 2017. “Acquiring Regent is an important milestone for Hollard, given our objectives of increasing our African footprint and building scale in our South African business. The deal expands our life distribution capability and significantly enhances our presence and capability in the commercial vehicle space,” said Nic Kohler, CEO of Hollard Insurance Group. Kohler notes that the integration of the two businesses will strengthen Hollard’s position in South Africa and result in a consolidated operation that employs more than 3,600 people and generates more than R20bn per year in premium income. The earlier acquisition of Regent’s non-South African interests has already supported Hollard’s international growth, which now contributes more than 25% of the Group’s profits and is enjoying growth of almost 30% per annum. “Hollard is actively pursuing opportunities in sub-Saharan Africa and other markets where we see potential for growth,” said Kohler. “This expansion has been enabled by a strong skills base, infrastructure and balance sheet, as well as a partnership approach that places a premium on matching cultures.” Hollard originally announced its intention to acquire the Regent Group from Imperial in September 2015, subject to regulatory approvals. Following a lengthy competition authority approval process, the transaction was restructured to exclude Regent’s Motor Value Added Products and Services business, which will now be retained by the Imperial Group. – eWallet bulk sends increases to N,000 Staff Reporter Windhoek Lorraine Keis FNB Namibia has announced that the limit on eWallet bulk on online banking for business has been increased from N,000 to N,000. Lorraine Keis, cellphone banking branch controller, FNB Digital Banking, explains: “The bulk send option was aimed at catering to the needs of business clients; providing them with an alternate payment channel for recipients that didn’t have access to an account. We had, however, realized that the N,000.00 payment limit further set a restriction to the client using the option provided – thus the need to increase the limit.” FNB Namibia says it knows that the innovative culture is an important contributor to the success of FNB customers. “We provide accessible and affordable transactional banking and also update and upgrade these product offerings based on the needs of our customers. This has ensured consistent customer satisfaction, which we know is key to our overall success. Increasing the bulk eWallet limit is testament again to our commitment to customer service and highlights our brand promise.” The bank continues to encourage customers to send it their innovative ideas and requests and to let FNB Namibia know where electronic options can be enhanced. “This feedback is taken seriously by the bank and where viable a solution for all will be found,” the bank says. The importance of KYC The process that banks use to identify and verify the identity of customers is known as ‘Know Your Customer’ (KYC). The objective of KYC is to enable banks to know and understand their customers and transactions better and help them manage their risks effectively. For example, banks obtain certain information from customers and verify it against documentation e.g. a client’s name, surname and ID number. KYC is an important aspect developed globally to combat identity theft, financial fraud, money laundering and terrorist financing. It is extremely important that banks perform a KYC on customers for the following reasons: To positively identify who the client is in order to prevent conducting transactions with a fraudster, which in turn protects both the client and the bank; to obtain valuable information in order to understand client needs and what products to offer them; in order to comply with banking obligations in terms of the Financial Intelligence Act (FIA) to identify and verify customers; and to allow banks to risk-profile customers and accordingly manage money laundering and terrorist financing risks. Apart from KYC being a regulatory requirement with which banks have to comply as per the FIA regulations, it is also very important as it helps banks understand their customers and their financial dealings. “The key aspect about banking is that one must investigate the money trail to see where it starts and where it ends. Once the money trail is established, it is easy to track down the culprits and this is fundamentally why banks should have accurate, reliable and updated KYC norms in place for all customers,” said Baronice Hans, chairperson of the Bankers Association of Namibia (BAN). KYC obligations came into effect in 2009 MARKET OVERVIEW when the 2007 FIA was promulgated. The Rules Based 2007 FIA has since been replaced with the newer 2012 FIA, which is risk based. Performing KYC not only allows banks to comply with FIA, but also to manage money laundering and terrorist financing risk by identifying potential higher risk customers. From a credit perspective KYC plays an imperative role when assessing an application “as we want to evade the likelihood of falling victim of illegal activities perpetrated by a customer(s).” “KYC is one of the regulations set in place under FIA that obliges Nedbank to take full responsibility to collect as much information as possible from the client in order to strengthen their relationship with the bank. KYC is an indispensable part of our banking operations, whether it relates to opening an account or for the advancement of loans to ensure that the services are not misused,” Hans says. Money Market Change Latest Selected NSX Stock 3 months -0.01% 7.34% Symbol Stock Name Spot % Move 6 months 0.01% 7.84% CGP CAPRICORN INVESTMENT GROUP 1800 8.25% 9 months -0.01% 8.01% NBS NAMIBIA BREWERIES LTD 3330 0.00% 12 months -0.03% 8.22% BVN BIDVEST NAMIBIA LTD 786 0.00% Bonds Change Latest FNB FNB NAMIBIA HOLDINGS LTD 4710 -0.02% GC17 (R203 : 7.42%) 0.04% 8.09% ORY ORYX PROPERTIES LTD 2072 0.00% GC18 (R204 : 7.55%) 0.05% 8.46% NAM NAMIBIAN ASSET MANAGEMENT 72 0.00% GC21 (R208 : 7.82%) 0.06% 8.64% NHL NICTUS NAMIBIA 200 0.00% GC24 (R186 : 8.84%) 0.07% 10.06% BMN BANNERMAN RESOURCES LTD 29 -3.33% GC27 (R186 : 8.84%) 0.07% 10.45% DYL DEEP YELLOW LTD 280 -8.50% GC30 (R2030 : 9.36%) 0.07% 11.03% SILP STIMULUS INVESTMENT LTD-PREF 12129 0.00% GC32 (R213 : 9.44%) 0.07% 11.15% FSY FORSYS METALS CORP 137 4.58% GC35 (R209 : 9.68%) 0.05% 11.11% TUC TRUSTCO GROUP HOLDINGS LTD 460 0.00% Commodities %Change Latest B2G B2GOLD CORP 3609 -2.56% Gold -0.04% $ 1,222.95 Platinum -0.81% $ 906.23 Copper 0.00% $ 5,892.00 Brent Crude -3.39% $ 47.58 Main Indices %Change Latest NSX (Delayed) -0.20% 1032.14 JSE All Share 0.84% 52,483.90 SP500 0.00% 2,429.01 FTSE 100 0.09% 7,363.58 Hangseng 0.52% 25,521.97 DAX 0.15% 12,456.32 JSE Sectors %Change Latest Financials -0.12% 14,642.50 Resources 1.24% 31,724.16 Industrials 1.14% 71,193.80 Forex %Change Latest N$/US dollar 1.51% 13.3978 N$/Pound 1.66% 17.3281 N$/Euro 1.46% 15.1920 US dollar/ Euro -0.06% 1.1339 Namibia Monthly Data Latest Previous Namibia Inflation (May 17) 6.3 6.7 Bank Prime 10.75 10.75 BoN Repo Rate 7.00 7.00 5-Jul-17

New Era

New Era Newspaper Vol 22 No 167