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New Era Newspaper Thursday March 8, 2018

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10 Inside BUSINESS

10 Inside BUSINESS Thursday, March 8 2018 | NEW ERA Recently there has been huge media attention and discussion on tion. Furthermore, there has been Namibian nation at large. Air Namibia, is the national is the only entity that can decide national airline. Until then, Air - - - - as human beings. With limited time Air Namibia’s contribution to - - bution to the Namibian economy, tourism. We realise at this moment Air addressing this issue. Air Namibia’s - - - debts. It should be noted that this - ing years and our contribution to - - - - gent rules and regulation industry, being one - ther granted to the United States through its code share agreements. - this end, Air Namibia remains an - *Paul Nakawa is Air Namibia’s Manager: Corporate Communications O - - ances and an increasing address long-term struc- ENVIRONMENTAL IMPACT ASSESSMENT NOTICE TO ALL INTERESTED AND AFFECTED PARTIES FOR PROSOPED CONSTRUCTION AND OPERATION OF E.J FILLING STATION IN OMAFO, HELAO NAFIDI TOWN, OHANGWENA REGION Notice is hereby served to inform all potentially Interested and/or Affected Parties that an application will be made to the Environmental Commissioner in terms of Environmental Management Act (No. 7 of 2007) and the Environmental Assessment Regulations (2012) for the following intended activity:- Proponent: E.J Trading CC Project Name & Description: Construction and operation of E.J Trading Filling Station Project Location: Environmental Consultant: Nam Geo-Enviro Solutions (NGS) We invite all Interested and Affected Parties (I&APs) to register with this study, submit your name and contact details with any issues, comments and/or opinions to Nam Geo-Enviro Solutions by 23 March 2017 Contact: Ms. Ruth Mutyavaviri Nam Geo-Enviro Solutions Tel: +264 61 402 246, Fax: 088 6554084, E-Mail: - in the coming years. titled “SA ratings scru- the Namibian economy - - ing one’s health indicators. - sight into the rating agency’s - - grade territory. Institutional Strength, Fiscal - including the International - - Settlements. Some indica- - national statistical sources. nomic Strength and Institutional Strength combine into a construct designated - - - - - - ness, national income, and mining a country’s resilience - - - - - - Institutional Strength and - gression model, to determine - - to our Fiscal Strength and - - - to remain so in the com- currency denominated share MOODY'S on page 11

Thursday, March 8 2018 | NEW ERA Inside BUSINESS 11 MOODY'S From page 10 Although in the past, this was primarily comprised of bilateral and multilateral borrowings, the share of this type of loans has fallen since the government began issuances on the Eurobond market in 2011 and 2015. The stock of Eurobond debt accounted for 68.6% of total external government debt in 2015, in contrast to 100% of combined bilateral and multilateral foreign currency debt in 2010. The key components under factor 3 are government revenue, government debt and GDP. Therefore, to improve our score on factor 3: we need to either sustainably increase government revenue, reduce government debt or accelerate GDP growth. It stands to reason that, in the near to medium term, of these three variable the one we could easily control is government debt, by either bulleting debt or establishing enforceable mechanisms to prevent further unauthorized expenditure. SUSCEPTIBILITY TO EVENT RISK Breakdown of Factor 4: The analysis comprises four areas of event risk: Political Risk, Government Liquidity Risk, Banking Sector Risk and External Vulnerability Risk. Generally speaking, the Susceptibility to Event Risk gauges the probability of the event by its severity in terms of its impact on Namibia’s creditworthiness. The aggregation of the four rating sub-factors of event risk uses a maximum function as the materialization of even one of these risks can lead to a severe deterioration of Na- factor 4 the emphasis is on things we should not do in order to avoid further downgrade. In the near to medium term we should avoid deterioration in government’s liquidity position and our external vulnerability. CROSS CUTTING MEASURES In order to ensure sustainability, over the medium to long term we must resolve the structural economic issues plaguing our economy, by putting emphasis on policies such as Growth-At-Home, monetizing non-core government assets and introducing select SOEs to private funding mechanisms. The imperative of monetizing or introducing market funding mechanisms to state assets is in that it will enable government to bullet some of the public debt and driven nature of private capital. We need to classify the SOEs into the following three categories; Core, Strategic and Non-Core. The strategic a sustainable manner. On the other hand, the none core assets render themselves the most appropriate for PPP via partial commercialization. By their very nature, solutions to economic structural issues are medium to long term exercises but we should however not delay commencing to execute them, a journey of a thousand miles starts with one step. In keeping with that, at NEB, we have started an exercise which is intended to decode the thinking of rating agencies so as to enable us to correctly keep track of our economy’s health indicators. Through this exercise we determined the weights of the four factors used by Moody’s to rate Sovereign Bonds and arrived at a rating of Ba1. *This article was compiled by the Namibia Equity Brokers Research team comprised of Alfred Kamupingene, Ngoni Bopoto and Elvis Katuuo. Namibia to establish National Productivity Organisation Edgar Brandt Windhoek Namibia is to establish a National Productivity Organisation. This was revealed on Monday by Minister of Labour, Industrial Relations and Employment Creation, Erkki Nghimtina, when he of- resources development training course focussing on development of advanced productivity practitioners. “Namibia embraces the promotion of productivity as a catalyst for economic development and the upliftment of the standard of living of her citizens. In line with the SADC declaration and our national development plans such as Vision 2030, NDP5 and Harambee Prosperity Plan, Namibia is in the process of setting up a National Productivity Organisation,” Nghimtina stated. He further noted that this new training course will assist national productivity organisations (NPOs) and their associates, in capacity building and productivity practitioners and trainers. Productivity growth is a fundamental factor that enables a country to increase its wealth through an optimum utilisation of available resources (human resources, technology, and energy) to produce quality goods and services. Productivity can also play a critical role in fast-tracking economic growth and social development in Africa. Sustained productivity growth can be achieved through active participation, collaboration and commitment of all key stakeholders in enhancing productivity levels in all sectors of the economy. The training session was of- behalf of Prime Minister Saara Kuugongelwa-Amadhila while Nghimtina’s welcoming remarks were delivered by his deputy minister, Tommy Nambahu. “As you might be well aware, MARKET OVERVIEW as a mindset that embraces the value of ‘doing what I do today better than I what did yesterday and even better tomorrow’. It is better ways of doing things with less or with the same resources for better and quality results. The importance of improving productivity cannot be underestimated, as this (improved productivity) can lead to economic growth, employment creation, job opportunities and job security, and moreover, improves the standard of living,” said Nghimtina. The new training course is in line with the Productivity Agenda for Africa which is aimed at “increasing the productivity levels of all African countries by mobilising all relevant stakeholders at national and regional level and on the continent, to work together in promoting a productivity culture amongst the people, as well as increasing value-addition and Africa’s competitiveness”. In collaboration with Pan African Productivity Association (PAPA), the Japanese Government, through the Asian Productivity Organisation (APO) have organised a series of training courses for productivity practitioners at both the basic and advanced levels for NPO staff, training more than 190 individuals since 2007. “This effort built up a pool of productivity practitioners, which is an important initiative in the development of a productivity ate the critical mass of activists required to lead the productivity movement in Africa. Therefore, continuous effort with broader coverage of deeper exposure to productivity skills and knowledge is imperative,” Nghimtina noted. Change Latest 3 months 0.00% 7.13% 6 months 0.00% 7.54% CGP CAPRICORN INVESTMENT GROUP L 1797 0.00% 9 months -0.03% 7.61% NBS NAMIBIA BREWERIES LTD 4500 0.00% 12 months -0.01% 7.88% BVN BIDVEST NAMIBIA LTD 779 0.00% Change Latest FNB FNB NAMIBIA HOLDINGS LTD 4655 0.00% GC18 (R204 : 6.52%) 0.03% 7.43% ORY ORYX PROPERTIES LTD 2040 0.00% GC21 (R208 : 7.06%) 0.05% 7.88% NAM NAMIBIAN ASSET MANAGEMENT LT 69 0.00% GC24 (R186 : 8.15%) 0.05% 9.37% NHL NICTUS NAMIBIA 189 0.00% GC27 (R186 : 8.15%) 0.05% 9.76% BMN BANNERMAN RESOURCES LTD 38 0.00% GC30 (R2030 : 8.59%) 0.05% 10.26% DYL DEEP YELLOW LTD 244 2.52% GC32 (R213 : 8.68%) 0.05% 10.39% SILP STIMULUS INVESTMENT LTD-PREF 12129 0.00% GC35 (R209 : 8.96%) 0.05% 10.39% FSY FORSYS METALS CORP 104 4.00% GC37 (R2033 : 8.8%) 0.05% 10.80% TUC TRUSTCO GROUP HOLDINGS LTD 900 0.00% %Change Latest B2G B2GOLD CORP 3512 1.50% Gold -0.30% $ 1,330.54 Platinum -1.11% $ 958.54 Copper 0.00% $ 7,004.00 Brent Crude -0.66% $ 64.98 %Change Latest NSX (Delayed) -1.33% 1441.03 JSE All Share -1.14% 58,565.22 SP500 0.26% 2,728.12 FTSE 100 -0.02% 7,145.63 Hangseng -1.03% 30,196.92 DAX -0.08% 12,103.61 %Change Latest Financials -1.48% 18,568.01 Resources -2.13% 35,005.32 Industrials -0.75% 77,409.11 %Change Latest N$/US dollar 1.06% 11.8980 N$/Pound 0.77% 16.4856 N$/Euro 1.05% 14.7594 US dollar/ Euro 0.01% 1.2405 Latest Previous Namibia Inflation (Jan 18) 3.6 5.2 Bank Prime 10.50 10.50 BoN Repo Rate 6.75 6.75

New Era

New Era Newspaper Vol 22 No 167