4 months ago

New Era Newspaper Tuesday November 21, 2017

  • Text
  • Namibia
  • Windhoek
  • November
  • Tendered
  • Farmers
  • African
  • Namibian
  • Regional
  • Sadc
  • Bush

12 Inside BUSINESS

12 Inside BUSINESS Tuesday, November 21 2017 | NEW ERA OPINION ive within your estive season Garth Petersen Windhoek W - Tis the time to be jolly and we tend to lose ourselves in the mer- easy to throw caution to the wind reward those close to us with some sometimes means that we tend to While it may be too late to start important to live within our means tive season, to ensure we don’t commence 2018 with overdrawn Easier said than done, so what tactical measures would make - Another approach is to draw We all know that once Christmas certain items once the sales com- Furthermore, many companies ten equates to a 13 th It is not easy to withstand however, do this with some caution year will commence positively and * Garth Petersen is Standard Bank’s head of prestige and student banking CELEBRATING GLITTERING FACETS OF LEADERSHIP Mr. Otto N. Shikongo Chief Executive Officer Debmarine Namibia Mr. Riaan Burger Chief Executive Officer Namdeb We congratulate our Chief Executive Officer Mr. Otto N. Shikongo for his appointment as Namibia’s representative on the De Beers Group Executive Committee. We further congratulate Mr. Riaan Burger on his appointment as Chief Executive Officer of Namdeb. We continue to be excited and inspired by your leadership. From the Board, Management and staff of Debmarine Namibia . Nedbank to focus second-hand market Staff Reporter Windhoek The Namibian economy is still in recovery with con- their debt and to restructure debt to ease monthly repayments until their situation It’s with this in mind that Nedbank earlier this year they are able to restructure repayment periods, to ease will increase as a result, but consumers can also restructure their home loans to shorter repayment periods when their With a similar intention we also announced a transactional N0 per month, inclusive to help Namibians save on Recently, we have been inundated with requests to look at similar opportunities repay their vehicles but also to repayment, similar options to restructure repayment periods exist and clients can speak to - up with a solution that suites In some cases people also need new vehicles, despite the With that in mind we decided, market that is not traditionally well-supported by banks: the We have relaxed our criteria hicles and extended the quali- Similar to new vehicles, sumers still require a 10% deposit on the purchase, but we allow you to pay the over 54 months just like new sentially means that you can now buy a pre-owned vehicle with the same criteria usually applicable to new vehicle We believe this may be consumers as pre-owned and combined with Nedbank valid up until 31 December

Tuesday, November 21 2017 | NEW ERA Inside BUSINESS 13 Euro sinks in Asia amidst German uncertainty HONG KONG The euro faced fresh pressure in Asian trade on Monday after German Chancellor Angela Merkel failed to form a government at the weekend, fuelling uncertainty in Europe’s biggest economy. Several Asian stock markets tracked a sell-off on Wall Street, where all three main and fears that US lawmakers would struggle to pass Donald Trump’s tax-cut plans. While the House of Representatives approved its version of the reform legislation and a key Senate panel cleared a different version, the Republicans’ wafer-thin majority in the Senate mean upper chamber. Treasury Secretary Steven Mnuchin desk by Christmas, but observers said that time frame would be tough given the tight margins and some senators’ concerns over some of the measures. Hopes for market-friendly tax cuts as well as for major infrastructure spending and deregulation helped fuel a surge in global equities this year. The losses in New York continued in Asia on Monday but some markets managed to bounce back in the afternoon. Tokyo ended down 0.6 percent, while Sydney shed 0.2 percent and Seoul lost 0.3 percent. “Liquidity is exceptionally thin and could exaggerate moves. But this knee-jerk reaction does look a bit overdone as Merkel can still establish a minority government with either the FDP or Green Party.” – However, Hong Kong rose 0.2 percent, marking a fourth straight gain, while Singapore was up 0.1 percent. Shanghai added 0.3 percent as traders brushed off early worries about a crackdown on the wealth management industry, which will regulate almost trillion in assets, as part of a drive to address a huge debt mountain. Jakarta hit another record high, rising 0.6 percent. On currency markets the euro fell after Merkel’s attempts to form a new government collapsed – plunging Germany into a crisis that could see it hold fresh elections. The leader of the pro-business FDP, Christian Lindner, walked out of talks, saying there was no “basis of trust” to forge a government with Merkel’s conservative alliance the CDU-CSU and the environmentalist Greens. There are fears the country could be gripped by months of paralysis with a lame-duck government, while Merkel’s political future has also been called into question. “The news is negative for the euro but its longer-term implications are not clear yet,” Mansoor Mohi-uddin, head of currency strategy in Singapore at NatWest Markets, told Bloomberg News. However, while the euro has taken a trading at OANDA, said he doubted the sell-off would be sustained. “Liquidity is exceptionally thin and could exaggerate moves. But this kneejerk reaction does look a bit overdone as Merkel can still establish a minority government with either the FDP or Green Party,” he said. Oil prices were mixed but both main contracts managed to hold on to Friday’s surge. That came after Saudi Arabia’s energy minister Khaled al-Faleh said he remained committed to an OPEC deal to limit production. In early European trade Frankfurt fell 0.5 percent, London shed 0.3 percent and Paris dropped 0.2 percent. – Nampa/AFP SA launches commercial solar insurance JOHANNESBURG and Synthesis said on Monday they had solar savings insurance to protect companies from risks associated with adverse weather and system failure. using rooftop solar energy faced the risk of their panels being damaged by hail or developing a system fault, among other hazards. All Power Systems and Synthesis Power Holdings had partnered with a global reinsurer to develop a unique solar savings insurance product to underwrite savings guarantees for companies, CEO Jay Naidoo said. “With All Power, we install solar rooftop systems for commercial clients who want to own their own sustainable electricity supplies,” Naidoo said. “With Synthesis, we offer a complete from the client, and since Synthesis effectively owns these projects, we agree a guaranteed monthly fee for electricity, with zero risk.” Synthesis is a partnership between All Power Systems, an energy service company, and Fusion Energy, a clean energy concern based in Stellenbosch. – Nampa/ANA Nigeria’s economy grows 1.4 percent in Q3 LAGOS Nigeria’s economy continued its recovery from recession, rising 1.4 percent in the third quarter of showed Monday. The National Bureau of Statistics (NBS) said it was the second quarter of consecutive growth since the country emerged from recession. “This growth is 3.74 percentage points higher than the rate recorded in the corresponding quarter of 2016 (-2.34 percent) and higher by 0.68 percentage points from the rate recorded in the preceding quarter (of 2017),” it said. The agency said daily oil production rose in the third quarter, averaging 2.03 million barrels per day (bpd), compared to 1.87 million bpd in the preceding quarter. “Real growth of the oil sector was 25.89 percent (year-on-year) in Q3 2017. This represents an increase of 48.92 percent relative to rate recorded in the corresponding quarter of 2016,” it said. Oil-rich Nigeria depends on the sector for 70 percent of government revenues and 90 percent of export earnings. than two decades in August 2016 after a sustained fall in global oil prices and militant attacks in the Niger delta. The government in Abuja has been trying to reduce the country’s reliance on oil but the NBS said the non-oil sector only grew 0.76 percent in the quarter. “This is lower by -0.79 percentage points compared to the rate recorded same quarter, 2016 and -1.20 percentage points lower than in the second quarter of 2017,” it said. President Muhammadu Buhari early this month presented a record 8.6 trillion naira ( billion, 20.8 billion euros) budget aimed at supporting economic recovery in 2018. The government is targeting growth of 3.5 percent next year, with an estimated oil output of 2.3 million barrels per day as opposed to a projected 2.2 million bpd in 2017. – Nampa/AFP MARKET OVERVIEW Change Latest 3 months 0.00% 7.08% 6 months 0.00% 7.66% CGP CAPRICORN INVESTMENT GROUP L 1810 0.00% 9 months 0.00% 7.93% NBS NAMIBIA BREWERIES LTD 3752 0.00% 12 months 0.00% 8.26% BVN BIDVEST NAMIBIA LTD 785 0.00% Change Latest FNB FNB NAMIBIA HOLDINGS LTD 4670 0.00% GC18 (R204 : 7.74%) 0.03% 8.65% ORY ORYX PROPERTIES LTD 2060 0.00% GC21 (R208 : 8.32%) 0.03% 9.14% NAM NAMIBIAN ASSET MANAGEMENT LT 72 0.00% GC24 (R186 : 9.36%) 0.03% 10.58% NHL NICTUS NAMIBIA 189 0.00% GC27 (R186 : 9.36%) 0.03% 10.97% BMN BANNERMAN RESOURCES LTD 57 16.33% GC30 (R2030 : 9.85%) 0.02% 11.52% DYL DEEP YELLOW LTD 318 16.48% GC32 (R213 : 9.93%) 0.02% 11.64% SILP STIMULUS INVESTMENT LTD-PREF 12129 0.00% GC35 (R209 : 10.16%) 0.03% 11.59% FSY FORSYS METALS CORP 170 18.06% GC37 (R2033 : 10.04%) 0.02% 12.04% TUC TRUSTCO GROUP HOLDINGS LTD 539 0.00% %Change Latest B2G B2GOLD CORP 3850 0.68% Gold -0.09% $ 1,291.23 Platinum -0.91% $ 943.24 Copper 0.00% $ 6,777.00 Brent Crude -0.45% $ 62.04 %Change Latest NSX (Delayed) -0.02% 1184.11 JSE All Share 0.55% 60,457.84 SP500 -0.26% 2,578.85 FTSE 100 0.19% 7,394.44 Hangseng 0.21% 29,260.31 DAX 0.28% 13,029.52 %Change Latest Financials -0.44% 15,810.69 Resources -0.49% 37,117.25 Industrials 1.48% 85,825.08 %Change Latest N$/US dollar 0.30% 14.0399 N$/Pound 0.58% 18.5925 N$/Euro 0.28% 16.5334 US dollar/ Euro -0.12% 1.1776 Latest Previous Namibia Inflation (Oct 17) 5.2 5.6 Bank Prime 10.50 10.50 BoN Repo Rate 6.75 6.75

New Era

New Era Newspaper Vol 22 No 167