New frontier for Indongo

July 24, 2019, 4:00 pm

≫ Next: Spurs boss hails 'icon' Son

≪ Previous: Kavhura Cup round-of-16 draw concluded

$

0

0

New frontier for IndongoFormer world champion to host Premium Boxing Series The first-ever Premium Boxing Series will be hosted from October this year to February 2020 and presents an amazing opportunity for local boxers. Former unified light welterweight world champion Julius 'Blue Machine' Indongo is extending an invitation to eight licensed boxers in Namibia to participate in the first-ever Premium Boxing Series, which will run from October to February next year.

Indongo, the president of the newly established Dowally Promotions, said the series is a uniquely conceptualised initiative that will provide a lucrative opportunity for local boxing prospects to showcase their amazing talents and enhance their brands through various touch-points.

“This first-of-its-kind for Namibia will bring together the best Namibian boxers in certain weight divisions to compete at selected venues across Namibia and be crowned as the best in their respective divisions,” Indongo said.

“A random draw out of a boxing glove will be conducted under the auspices of the Namibia Professional Boxing and Wrestling Control Board (NPBWCB) to determine which boxers contest against each other.”

The competition in a designated weight class will run as a single elimination, meaning that the winners of the first round will advance to the second stage. There will also be two semi-finals to determine who will be contending for the grand prize in the final.

Based on the fact that there won't be any consolation or repechage bouts, two bronze accolades will be awarded to the losers of the semi-final bouts. A silver accolade will be awarded to the loser of the final.

The winner of the boxing series will walk away with a whopping cash prize of N$30 000 and the Julius Indongo floating trophy.

First round winners will receive a cash remuneration of N$4 000 each, while the losers will receive N$3 000.

The semi-final winners will receive N$8 000 each, while the losers will receive N$6 000.

The loser in the final will receive a cash remuneration of N$10 000.

Participation in the series will be open to any Namibian boxer registered with NPBWCB on a voluntarily basis.

However, no boxer will be sanctioned to contend in the series while having scheduled fights with other promoters throughout the duration of the boxing tournament.

Dowally Promotions is not planning on signing any boxer to their stable at this stage.

“In the event that we find ourselves in a situation where we don't have enough Namibian boxers to compete in a preferred weight division, Dowally Promotions will at own discretion invite boxers from other SADC countries, as a first option, to declare their interest to participate,” added Indongo.

Round one of the competition will start in October 2019. The semi-finals will follow in December, with the finals slated for February 2020.

The boxing series will also be broadcast throughout the world free of charge, which provides a highly lucrative opportunity to expose the participating boxers brand and sponsors to unchartered territories, with the main focus on 80 boxing countries in which the broadcasting platform enjoys a massive audience base.

“We are looking forward to a great partnership to make the series a resounding success and pave the way for more Namibian boxers to achieve their dreams of becoming the next world champions,” Indongo added.

LIMBA MUPETAMI

---

Spurs boss hails 'icon' Son

July 24, 2019, 4:00 pm

≫ Next: Aanaskola yaanona yaakadhona ya tulwa moshiponga

≪ Previous: New frontier for Indongo

$

0

0

Spurs boss hails 'icon' Son Tottenham Hotspur manager Mauricio Pochettino heaped praise on Son Heung-min yesterday and said he regarded the South Korean superstar as Asia's answer to David Beckham.

The 27-year-old forward was undoubtedly the focus of attention for fans in Shanghai, where Spurs play Premier League rivals Manchester United in a friendly today.

Pochettino's side, beaten by Liverpool in the final of the Champions League, arrived in China from Singapore, where Son was similarly feted.

“We can see how people love Sonny in Asia, he's an icon. We joked a bit, but I compare him with David Beckham,” said Pochettino.

“But I'm not surprised and it's good to see how people love him, and how important he is to people.”

The Argentine manager, who will be expected to mount a Premier League title challenge with his side this season, praised the way that Son bounced back from a difficult first year in England.

Son joined the Londoners from Bayer Leverkusen four summers ago, but showed only flashes of his potential in his debut season and was linked with a move away from Spurs.

But he has gone on to become a key player and last season was outstanding, scoring 12 goals in 31 Premier League matches and racking up seven assists.

Pochettino praised Son's “fantastic mentality” and desire to keep improving, saying: “He is a good example for all the fans and people, not only here in Asia but in the whole world.

“His first season was tough, it was tough to adapt to England, to new football, new culture, new habits.

“But after the first season his adaptation was unbelievable and he became a very important player for us.”

The affable Son, who was mentioned by some experts as a potential player of the year in the Premier League last season, said he was proud to be a flag-bearer for Asian footballers.

He said the Spurs players, among them striker Harry Kane, “deserved” to win a trophy this season, something that has eluded them under Pochettino since he arrived at the club in 2014.

“Seeing how hard the players work, how professional we are, I am so proud of this team,” said Son.

“Until now we don't have anything; it's tough, but we are looking forward to being successful.

“I am sure we can do better than last season.”

A torrential downpour struck towards the end of an open Spurs' training session yesterday morning.

NAMPA/AFP

Aanaskola yaanona yaakadhona ya tulwa moshiponga

July 24, 2019, 4:00 pm

≫ Next: Omukiintu a hupu meponokelo lyondjambameya

≪ Previous: Spurs boss hails 'icon' Son

$

0

0

Aanaskola yaanona yaakadhona ya tulwa moshipongaEpangelo kali na iimaliwa yokutunga omihandjo Omaupyakadhi geli oshizemo shetulo miilonga lyomusindalongo omupe ongaashi aanona yaakadhona mboka ya gwile moshiponga unene sho taya kongo omahala gokuza ngoka geli popepi nooskola dhawo. Ominista yemona, Calle Schlettwein okwa holola ngashiingeyi kutya epangelo olya tala manga konkalo yoshikukuta onkene itali ka vula okutula miilonga omusindalongo ngoka omupe okuudha sho gwa kwatela mo okugwedhela ooskola oshowo okutunga omihandjo dhooskola.

Schlettwein okwa yamukula koshiyetwapo shomukonaaakoni gwelongo moshikandjo shaNathingwe, Naemi Amuthenu pethimbo lyomutumba ngoka wa ningwa nomupresidende mOmuthiya mOmaandaha.

“Aanaskola yamwe ohaya ende iinano iile opo ya ye kooskola, yamwe oya mona omahala momihandjo dhaakwashigwana omanga yamwe haya zi moombashu na otaya mono iihuna.”

Amuthenu okwa popi kutya aanona yaakadhona unene oye li moshiponga sho taya edhililwa owala kehe pamwe omolwa ompumbwe yomaha gokuza, na okwa indile opo epangelo li tunge omihandjo nenge li gwedhele omihandjo ndhoka dhi li po nale.

Schlettwein okwa yamukula kutya oya kundathana oshikumungu shoka na okwiinekela kutya iinima mbyoka itayi ka vula okulonga oshikando shimwe, unene sho oshilongo sha taalela onkalo yoshikukuta nompumbwe yiiyemo pethimbo lya faadhana.

Amuthenu okwa popi kutya epangelo inali ninga etokolo li li mondjila sho lya tembudha oondondo onti 10 okuza pooskola dhimwe miitopolwa yomuushayi nokutembulila oondondo ndhoka koosekundoskola dhili komakule nomagumbo dho kadhi na omihandjo.

Sho Geingob a pula omupeha gwelongo, Anna Nghipondoka a yamukule, Nghipondoka okwa holola okuuva nayi kwe kuAmuthenu ngoka aniwa oye ta nyenyeta kombinga yomusindalongo ngoka poshigongi shomupresidende.

Nghipondoka okwa popi kutya Amuthenu onga omukonaakoni gwelongo oye a li a pumbwa okukala ta yelitha omusindalongo ngoka moshigwana she ihe pehala lyaashoka oye ta nyenyeta kuGeingob.

Nghipondoka okwa popi kutya “Otwa kala tu na uupyakadhi naalongwa yetu uuna ya mana ondondo onti 12, uuna ya yi kondje yomafuta ya kiilonga elongo ndyoka olya kala aluhe tali ningilwa omapulaapulo, onga uuministeli otwa kala aluhe noshinakugwanithwa shokuyelitha naashoka osho sha etitha tu lundulule omusindalongo,” Nghipondoka a yelitha.

Kombinga yondondo onti 10 oya ningi oshitopolwa shoosekundoskola omanga ooskola odhindji dha kala noondondo onti 10 noosekundoskola owala ooshona dhi na omihandjo unene moondoolopa uuministeli owa tokola okuhogolola ooskola ooshona momikunda nokuyambulapo omusindalongo gwawo sigo okondondo onti 11, opo aanaskola yamwe ya vule okukala taya yi kooskola okuzilila momagumbo gaavali yawo.

Nghipondoka okwa popi kutya uupyakadhi omolwaashoka ooskola ooshona odhi na omihandjo omanga aanaskola oyendji na haayehe ya vulu okutaambulilwa momihandjo.

Okwa gwedha po kutya sho oskola ya tameke nuumvo, Omuprima Saara Kuugongelwa-Amadhila okwa lombwele ooskola ndhoka dhi na omihandjo opo dhi tale tango kaanaskola yondondo onti 10 oyo yapewe omihandjo.

Nghipondoka okwa popi kutya oya gandja eindilo lyawo kuuministeli wemona opo ya tale ngele otaya vulu okupewa iiyemo yokutulitha miilonga okuudha omusindalongo.

Schlettwein, ngoka naye a li oshitopolwa shosheendo shomupresidende okwa koleke kutya oya yakula eindilo okuza kuuministeli, ihe omolwa onkalo yoshikukuta ndjoka ya taalela oshilongo, iimaliwa otayi ka kala uupyakadhi.

Omuprima minista Saara Kuugongelwa-Amadhila okwa popi oshiwike sha piti pethimbo lyomutumba ngoka gwa ningilwa mOmalinda kutya epangelo inali shi pondola okugongela iimaliwa yoshikukuta mbyoka ya nuninwa poomiliyona 500.

Okwa popi kutya epangelo olye shi pondola owala okumona iimaliwa ya thika poomiliyona 300.

Omuprima okwa popi kutya aanangeshefa oshowo oshikondo shopaumwene oya gandja kepangelo omagano goshimaliwa kumwe shoomiliyona 90, shoka sha nuninwa onkalo yoshikukuta.



Omalunduluko ga ningwa momusindalongo

Elongo lyopetameko olya lundululwa nokutulwa moondondo yotango sigo ontitatu, omanga elongo lyopetameko lyopombada lya tulwa mondondo ontine sigo ontiheyali.

Elongo lyopondondo yosekundoskola yopetameko oya tulwa mondondo ontihetatu sigo ontimugoyi omanga elongo lyopombanda lya tulwa mondondo onti 10 sigo 11 moka taku shangwa ekonaakono lyuule woomvula mbali lyoNational Senior Secondary Certificate Ordinary Level (NSSCO).

Ekonaakono lyoNational Senior Secondary Certificate Higher Level (NSSCH) olya pingenwa po noAdvanced Subsidi11ary (NSSCAS) level, yuule womvula yimwe yondondo onti 12.

ILENI NANDJATO

Omukiintu a hupu meponokelo lyondjambameya

July 24, 2019, 4:00 pm

≫ Next: San buckle under hardships

≪ Previous: Aanaskola yaanona yaakadhona ya tulwa moshiponga

$

0

0

Omukiintu a hupu meponokelo lyondjambameya Omukiintu omunamimvo 29 e li metegelelo gwomomukunda Rugcuva moKavango West okuli ta ti po hwepo moshipangelo shaRundu, konima sho a hupu moshiponga, sho a ponokelwa kondjambameya.

Oshiponokela shoka osha ningwa ongula yOmaandaha momulonga gwaKavango momukunda gwawo, sho ondjambameya ya ponokele Christine Ndumba, nokumweehameka mokwaako oshowo okumuninga oshilalo mongolo. Ndumba okuli metegelelo lyoomwedhi heyali.

Sho a popi okuzilila mombete ye yuuwehame moshipangelo, Ndumba okwa hokolola kutya okwa ponokelwa kondjambameya.

“Ondali nda yi komulonga opo ndi ka tekele oshikunino shetu shoka shi li pooha dhomulonga. Konima onda yi opo ndi ka tule po omwigo gwetu gwoohi momulonga. Sho nda galukile moshikunino ondjambameya oya ponokelendje okuza konima. Oya ehamekendje mokwaako kokolumoho oshowo mongolo yokolumoho nokuya ontuku momeya,” Ndumba a popi.

Okwa popi kutya konima yoshiponokela okwa kugu opo a mone ekwatho nomusamane gwe okwe ya e mukwathele.

Omusamane gwe pamwe naanamukunda yalwe yatatu oye mu humbata nokumufala pokaklinika kopopepi hoka a tumimwa moshipangelo shepangelo moRundu.

Omupangi moshipangelo okwa popi kutya etegelelo lyaNdumba inali gumwa, sho okanona ke keli nawa naye mwene okuli monkalo ohwepo.

Ndumba okwa holola kutya ondjambameya oya kala nokweetitha uupyakadhi momukunda gwawo, mwakwatelwa okuponokela iimuna.

Olopota yopolisi moKavango West oya holola kutya, aanamukunda oya popi kutya ondjambameya ndjoka oya nika uuhwapindi onga oshizemo sheponokelo tayi ningilwa kiinamwenyo yilwe.

KENYA KAMBOWE

San buckle under hardships

July 24, 2019, 4:00 pm

≫ Next: Our votes bring no change - Mix residents

≪ Previous: Omukiintu a hupu meponokelo lyondjambameya

$

0

0

San buckle under hardshipsPlea for beds, blankets, food and clothes A San community at Mupapama village in Kavango East is facing terrible living conditions. Living in makeshift structures, sleeping on the ground, being exposed to all sorts of reptiles and going days without a meal are just some of the challenges endured by the San community at Mupapama village in Kavango East.

Mupapama is situated about 60 kilometres east of Rundu. The 33 San living there face terrible living conditions.

They currently survive on social grants collected by some of the elderly, as well as handouts, which are often delayed for months.

There is no electricity and no potable water. The group claim they have to travel seven kilometres to collect water from the Okavango River.

Kambembe Kampasi (86) told Namibian Sun they are faced with a number of difficulties, enmeshed with their poverty.

Kampasi said they have been living at Mupapama for the past 20 years, after moving from Omega in the Mukwe constituency, where their fellow San also live.

“As you can see, we are suffering and it has been days since we had a proper meal,” Kampasi said.

He and Masole James (79) are the oldest in the group.

They benefit from monthly grants, which their families rely on when food runs out.

Some of the children do not go to school, while some of the adults spend their days sitting around, as there are no jobs.

They told Namibian Sun they were working on farms in the region and left their employment because of non-payment issues. Ngonde Muyenga sorts through maize that was just pounded, in the hope of preparing a meal for them to eat.

Kampasi revealed they can go for months without receiving their monthly drought relief food, which is facilitated through the Office of the Prime Minister (OPM).

This makes them even more dependent on social grants.

When they first moved to the area, government handouts used to reach them on time and Good Samaritans visited them frequently and assisted where they could.

“Back in the day, we used to get attention, but now we feel neglected,” Kampasi said.

He hinted they would ask to be relocated, as life at Mupapama village is not what they expected.

The community is asking for beds, blankets, clothes, sanitary items and food.

When contacted for comment, OPM development planner for Kavango East, Hendrick Mubwina, acknowledged that delays do happen when suppliers are not paid.

“If the supplier is not paid on time, he will delay for two or three months,” Mubwina said.

When asked whether the OPM also assists the San community with household items, such as beds and other basic necessities, Mubwina said in most cases they normally just assist with food.

He said they also assist with relocation processes, which is done through the office of the regional councillor.

Mashare constituency councillor Philip Mavara said his office is aware of the situation at Mupapama.

Mavara said for years they supported those in need in the constituency, including the San community.

“I know about their situation, and it was not long back when we donated some items, which were stored in the constituency office, to them,” Mavara said.

He added that with the high poverty levels in his constituency, it is not possible to solely focus on the issues of the San community.

He said it is a matter of finding donors to assist communities in need.

“As a constituency councillor, I represent everyone and we share whatever we get with those in need, including the San community,” Mavara said.

He said his office is looking for donors to fund water projects in the constituency, including in the Mupapama area.

KENYA KAMBOWE

Our votes bring no change - Mix residents

July 24, 2019, 4:00 pm

≫ Next: Shoprite denies Nafau claims

≪ Previous: San buckle under hardships

$

0

0

Our votes bring no change - Mix residents Mix settlement inhabitants say their votes will only add to the numbers needed to win elections, while they are being given no clean water, electricity, ablution facilities, clinics and schools,

In an interview with Nampa, resentful residents of Mix, which is situated 10 kilometres north of Windhoek, said their votes bring no change, as they have not seen any since the democratic government took over the land.

The government proclaimed the previously private-owned land as the Mix settlement six years ago, where hundreds of people live. One such resident, 24-year-old Jutha Johannes said prior to elections political parties come around with campaign tactics of promises and favours, however, since the last election they still do not have basic services.

“Our kids are on the streets because there is no school and with the odd jobs parents cannot afford transport money, which is N$500 per month,” Johannes said. Another resident, 40-year-old Lonia Tuluwali, concurred, saying Mix settlement is not forgotten during the run-up to elections, as registration points are set-up and are accessible to them, but the opposite applies when it comes to developing the area.

“People are in queues registering for voters' cards, as it is their right to vote, with a sense of hope that things will change, but in most cases, they do not,” an irate Tuluwali said. Namibia will hold its seventh presidential and National Assembly elections on 27 November.

The Electoral Commission of Namibia (ECN) has set-up a two-week-long supplementary voters' registration point for Mix settlement residents to receive new voter cards or reapply for them.

Speaking to Nampa on Friday, ECN Mix settlement registration point team leader Judge Musupi said over 400 inhabitants have registered, of which only 50 were young people and the rest were mostly 50 years old and older.

“Mostly the registered wanted duplicates of cards, due to lost cards, while 50 cards were newly issued to youth members,” Musupi said.

The registration period started on 8 July and ended on 20 July.

-Nampa



Linea Dishena and Shelleygan Petersen

Shoprite denies Nafau claims

July 24, 2019, 4:00 pm

≫ Next: VAT relief for farmers

≪ Previous: Our votes bring no change - Mix residents

$

0

0

Shoprite denies Nafau claimsClaims union hands in duplicate, incorrect applications Shoprite Namibia says no trade union has a majority representation. Shoprite Namibia has denied allegations made by the Namibian Food and Allied Workers Union (Nafau) that it is not recognising its workers' right to be represented by the union.

Nafau claims that the majority of the Shoprite workers have joined it - 2 542 of the 4305 workers or 59%.

It says when the Shoprite management noticed that it had obtained majority representation, the company started to “collaborate” with other unions “allowing” them access and to meet workers at the workplace, while refusing Nafau access to the premises, as the two parties had presumably agreed at the Office of the Labour Commissioner. “It was agreed that Nafau officials, together with Shoprite shop stewards, will meet with the managers, per store, and verify the total workforce per store countrywide.

This happened after they discovered that the majority of workers have signed up with Nafau,” the union said.

It said a request for recognition was submitted in January, to which Shoprite did not respond, which Nafau says prompted it to declare a dispute with the labour commissioner in May.

Nafau said a coalition meeting was convened in June and on 5 July, where the parties verified members. It said during these meetings it was discovered that 112 union members were not recorded.

Shoprite allegedly said the 112 workers do not work for the company. Nafau said it has sent a new recognition agreement to Shoprite and expects a response by early next month.

The union has threatened to take the matter back to the labour commissioner if the company fails to respond.



Denial

Shoprite said there are currently a number of unions seeking a recognition agreement as the exclusive bargaining agent within the company, while adding that not one of these unions have obtained majority status in the bargaining unit. The Shoprite management said Nafau keeps handing in duplicate membership application forms or membership applications containing incorrect information.

The company vehemently denied Nafau's claim that it was not allowed on its premises. “Shoprite acknowledges and is fully aware of the freedom of association that an employee is entitled to when it comes to being a member of a registered trade union. “Shoprite never prohibited and/or prevented any employee to be a member of a registered trade union.

Equally so, Shoprite has never prohibited and/or prevented any registered trade union from recruiting our employees as their members on company premises,” Shoprite said in a statement. The company said Nafau's request made on 30 January for recognition and to be the exclusive bargaining agent was rejected because the union does not represent the majority of the workers. It said Nafau's dispute lodged with the labour commissioner on 13 May was withdrawn in a letter signed by Nafau general secretary John Penda, who said the reason for the withdrawal was due to a “technicality”.



CATHERINE SASMAN

VAT relief for farmers

July 24, 2019, 4:00 pm

≫ Next: Cold snap continues today

≪ Previous: Shoprite denies Nafau claims

$

0

0

VAT relief for farmers Government has offered some respite to drought-hit farmers by granting value-added tax (VAT) relief to those who import goods, until the drought state of the emergency is lifted.

Feed not subject to import VAT include roughage, as well as energy and protein concentrates.

These include lucerne, teff grass or other wheat straw, oats straw/hay, maize hay, sorghum hay, and silage.

The VAT-exempted energy and protein concentrates include cotton oil cake, sunflower oil cake, maize chop, wheat bran, soya oil cake, full-fat soya, maize meal, whole maize kernels, molasses, wheat, barley, oats, sunflower hulls, whole cotton seed and maize bran.

Finance minister Calle Schlettwein said the tax exemption only applies to individual farmers or producers - both communal and commercial - in all regions of the country, who directly import goods for own use and not for the purpose of reselling.

Retailers and other entities that import these goods do not qualify for the tax exemption, Schlettwein said.

The exemption also does not apply to any capital goods imported.

To qualify for the exemption, farmers and producers must provide proof of registration at the Meat Board of Namibia or any other legally recognised registration.

The importer must notify the finance ministry at least three days before the goods reach the point of entry, to enable timeous customs' clearance.

The relief took effect on Tuesday and automatically lapses when the drought state of emergency ceases.



STAFF REPORTER

---

Cold snap continues today

July 24, 2019, 4:00 pm

≫ Next: Khorixas shaken by earthquake

≪ Previous: VAT relief for farmers

$

0

0

Cold snap continues today Most Namibians are advised to remain wrapped up warmly today, especially in the southern parts, as the cold front enveloping the country from the southern tip of the continent continues to lower temperatures close to freezing point in many areas.

“The intense cold front will cause rain and strong winds in the Western Cape and the Northern Cape (of South Africa) and in the southern regions of Namibia,” chief forecaster at the Namibia Meteorological Service (NMS), Odillo Kgobetsi, confirmed yesterday.

He added that apart from the south, where very cold weather will lead to a significant drop in temperatures this morning, the central and eastern regions will also be grappling with cold temperatures.

However, although freezing temperatures will continue today, Kgobetsi added that “general warming is expected from Thursday onwards”.

Today's lower temperatures are expected to range between two and five degrees Celsius.

Daytime temperatures in the south are expected to reach between 12 to 16 degrees Celsius, while temperatures will range between 18 to 23 degrees Celsius in the central and eastern regions.

In the northern regions, daytime temperatures are expected to range between 25 and 31 degrees Celsius.

Yesterday, South African-based Land Water, which regularly disseminates weather system information to the public, advised that in the neighbouring country, “rain in the south will slow down to temporary bursts in places, interspersed with episodes of sunshine and rain, as the cold front system moves”.

Land Water announced the centre of the cold front is slowly moving east, before it is expected to turn southeast at a later stage.

“It will push cold in stronger, with snow already in places during the afternoon, but especially overnight.”

Thunderstorms were also expected to occur yesterday into the night, as a result of the cold front system.

Weather expert Mike Berridge from South Africa reported yesterday that the unstable frontal system has now developed into a “fully developed mid-latitude cyclone”, which has led to heavy rains in parts of the Cape, strong winds and a “”very cold zone”, which is expected to bring snow to the mountains and high grounds of the south and south-western parts of the Cape.

He said next it is expected the “cyclone system will move out into the Indian Ocean tomorrow (Wednesday) and will be replaced with a strong high pressure ridge… in the Atlantic Ocean”.

“This will cause the fronts to collapse as very dry cold air from the west invades the system. This will result in strong overnight frosts in the eastern interior (including south Gauteng) on Wednesday to Thursday.”

JANA-MARI SMITH

Khorixas shaken by earthquake

July 24, 2019, 4:00 pm

≫ Next: Mega projects coming

≪ Previous: Cold snap continues today

$

0

0

Khorixas shaken by earthquake A shallow earthquake at a depth of less than 10 kilometres, with a local magnitude of 4.1 on the Richter scale, was recorded 44 kilometres from Khorixas on Tuesday.

This comes barely a month after another earthquake was recorded in the early hours of 26 June in the surroundings of Omaruru, which shook the Waldfrieden Roman Catholic mission to its core.

The mines and energy ministry said the Khorixas earthquake was recorded at all ten seismic stations of the Namibian Seismology Network, namely Windhoek, Tsumeb, Kamanjab, Opuwo, Katima Mulilo, Gobabis, Karibib, Aus, Ariamsvlei and Rundu.

Geological Survey of Namibia sent out a team yesterday to assess and gather information on the earthquake from the affected communities.

Gloria Simubali, deputy executive director of Geological Survey of Namibia, advised that people, if indoors, should try to get out in the open, stand near doorframes or seek refuge under a table when they feel an earthquake.

“If you are outdoors, find a clear spot away from buildings, trees and power lines. Stay and face away from windows. Watch out for falling objects,” Simubali advised.

According to the ministry, Namibia has a low frequency of earthquakes, which are usually “low intensity events”.

Staff Reporter

Mega projects coming

July 24, 2019, 4:00 pm

≫ Next: The cancer of corruption

≪ Previous: Khorixas shaken by earthquake

$

0

0

Mega projects comingNamPower eyes more power stations The power parastatal is planning to spend big on a range of projects that will boost the country's electricity supply and network. NamPower is planning multi-billion-dollar investments in power transmission and the generation of electricity over the next four years, which are outlined in its recently approved strategic plan.

The parastatal's managing director Simson Haulofu, who was speaking at a stakeholder engagement this week, gave the assurance that the construction of power lines would be completed within the next five years.

This will include investments in a new Auas-Gerus 400 kilovolt (kV) line, the Auas-Kokerboom 400 kV line, as well as the Obib-Oranjemund kV line situated in South Africa.

The investments in NamPower's transmission capacity will ensure improved network reliability, increased load supply capacity and an increased capacity to wheel electricity and generate additional income, Haulofu explained.

Among the investments is the construction of three high-voltage power lines, as well as the construction of the Omburu solar power plant, the Anixas II power station, the Otjikoto biomass power plant and a wind farm in the vicinity of Lüderitz.

“The Omburu tender is ready. The Central Procurement Board must advertise and we move. On the Otjikoto plant, we have done quite a lot. 40 megawatts (MW) is planned on 44 hectares of land. The International Finance Corporation (IFC) audit is being finalised and the fuel supply agreement has been developed and is waiting for board approval,” he said.

Haulofu conceded that studies on the power potential of its planned wind farm still had to be done, while adding that land still had to be sourced.

“The site is not yet approved. The testing of wind data still needs to be done,” he said.

Haulofu also backed the planned specifications around the biomass plant. Worries were raised about the size of the plan and a suggestion by a member of the public was made to construct a 10MW plant first and upscale further down the line.

“We did an extensive study and looked at various capacities. This is a project where we believe there will be a lot of spin-offs. The biomass we have is quite huge, there is really no fear… studies have been done,” he said.

Haulofu expressed confidence in NamPower's ability to support the projects financially.

“All these projects will be done on NamPower's balance sheet. The balance sheet speaks to close to N$15 billion,” he said.

OGONE TLHAGE

The cancer of corruption

July 24, 2019, 4:00 pm

≫ Next: Katrina's fall from grace

≪ Previous: Mega projects coming

$

0

0

The cancer of corruption Namibians have every right to feel aggrieved and express concern over the high levels of corruption, service delivery failures and land problems prevalent in our country.

In the last couple of weeks, the media has been at the forefront of highlighting alleged corrupt practices, especially at local authority level. Officials from the City of Windhoek and Omuthiya and Gobabis town councils were among the local authorities fingered in recent reports.

At Omuthiya, Swapo councillors serving on the town council are accused of corruptly obtaining plots for themselves, as well as their friends and acquaintances. Some councillors are also accused of dishing out jobs to unqualified relatives, while in the capital, the Anti-Corruption Commission (ACC) has confirmed it is investigating certain officials implicated in corrupt activities, such as dubious land deals. At Gobabis, irregular salary increases of top managers' remains a hot potato to this day.

While it is true that each case must be assessed on its merits, corruption of any kind and at any level should not be tolerated. Service delivery at local authority level matters. However, many of our proclaimed towns and village councils are still struggling to deliver on housing, water, electricity, sewerage, sanitation and refuse removal, among other challenges.

Corruption at town councils and municipalities has also compromised service delivery in a big way.

This has subsequently led to land protests, among others, signifying the evidence of service delivery failures at municipal level. Indeed, it is corruption that also fuels social unrest and service delivery protests. Leaders at both regional and local authority level have an important role to play, including addressing the needs of residents in a transparent and equitable manner.

Every effort must be made to halt corruption at the gate.

It must start with those in leadership positions. It is therefore our sincere hope that there will be a renewed drive by the powers that be to rid society of the cancer of corruption, self-enrichment and other irregularities.

Katrina's fall from grace

July 24, 2019, 4:00 pm

≫ Next: Apartheid marriage law to bite the dust

≪ Previous: The cancer of corruption

$

0

0

Katrina's fall from graceState wants jail term for ex-minister The former education minister has pleaded for a fine of N$35 000, while the State argued that no special treatment should be shown. Katrina Hanse-Himarwa's lawyer has pleaded for a fine instead of time behind bars for the former education minister, arguing that she deeply regrets her actions and has already paid a steep price for her crime. This, Sisa Namandje argued, includes vast public scrutiny, in addition to a stiff lawyer's bill and a significant N$300 000 annual pay cut.

However, the State has come out strongly against the court showing any leniency and has asked for direct imprisonment. Arguing in mitigation of sentence yesterday, Namandje told Judge Christie Liebenberg his client wanted to put on record that she “unreservedly expresses remorse and regret and asks for forgiveness”.

Namandje asked the High Court to be objective when considering sentencing, and to show mercy and compassion, despite the public demand for revenge. He added that despite public appearances, and the former education minister's “strong and lively personality”, she was aware of the seriousness of the offence and has expressed regret and remorse.

Liebenberg convicted the 52-year-old former Hardap governor on a charge of corruptly using an office or position to obtain gratification just over two weeks ago, on 8 July.

This was in relation to her time as governor, when she instructed that two beneficiaries of a Mass Housing project at Mariental be replaced by two of her relatives.

Namandje asked the court not to impose a custodial sentence, and instead impose a fine of N$35 000, and if necessary, a suspended sentence as an additional deterrent.

Namandje argued that even before sentencing, Hanse-Himarwa has, as a high-profile public figure, whose political career was in full swing, experienced a “fall from grace”.

He underlined this was a first-time conviction and she deserves, in respect of her “resignation from her ministerial position, her age and other mitigating circumstances” to be given a second chance in life.

He further argued her conviction “came at an advanced age”, after more than three decades in the public service sector.

He further urged the court not to “sacrifice the accused on the altar of retribution and deterrence”, in response to the public outcry following her conviction. Namandje argued that a harsh sentence would cause his client “the gravest economic and physiological harm” to her “dignity, person and feelings”.



Costly price

Namandje put on record that Hanse-Himarwa's annual income took a battering when she stepped down as minister, dropping from over a N$1 million to “just above N$690 000” as an ordinary member of parliament.

Further, her legal bill totalled N$1.4 million, of which she still owed more than N$800 000, due on 1 August.

“The legal bill is a massive financial burden on her shoulders. This is again part of the pain and suffering arising out of her commission of the offence,” he said.

Namandje further urged the court to take into consideration that the “victims” of Hanse-Himarwa's crime were not wronged in the long run. “There was no complete denial of an important part of their lives. There was simply a delay of a month or two,” Namandje argued.

He further pointed out that apart from supporting several children, two of whom are unemployed, and two grandchildren, Hanse-Himarwa is responsible for the care of her elderly and sickly mother. Her husband is also struggling with his health, the court was told.

Moreover, Namandje argued that despite strong societal demands and “vengeance-laden expectations, in regard to sentencing offenders, particularly in this first-ever criminal case involving a cabinet minister”, the court should remain objective.

“We submit the accused should not be harshly sentenced, simply for the purpose of warning others.”



'Watering down'

Deputy prosecutor-general Ed Marondedze accused Namandje of “watering down” the seriousness of the offence committed by Hanse-Himarwa. He argued the offence was committed “because she was in power”.

Marondedze said the directive was a “deliberate and conscious decision and not a sudden temptation”. He further dismissed Hanse-Himarwa's regret and remorse, while referring to interviews she gave after her conviction.

He accused her of showing contempt towards the court's decision to convict her. “In this case there was no remorse. There is no remorse at all.”

He referred to a Namibian Sun article titled 'I have deep pockets', in which Hanse-Himarwa said she has the ability to pay her legal fees.

Marondedze also said Hanse-Himarwa was not pushed to resign and was not fired as education minister.

He also questioned what the nation would say, if the court gave Hanse-Himarwa a lenient sentence.

“They will lose respect in the criminal justice system. If she was really contrite… my feeling is she should have relinquished her National Assembly post to show she is sorry. The National Assembly is where our laws are made, including the law of which she was convicted (sic).”

Marondedze argued further that her actions do not show she is contrite.

“She should play open cards,” he said, while saying there was evidence that Hanse-Himarwa was involved in two fishing companies.

“How much does she make from those fishing companies? The loss of salary of her ministry position is just a drop in the ocean.

She has other sources of income.”



Eyes and ears of govt

Marondedze said further that at the time of the offence, Hanse-Himarwa, as Hardap governor, “was the eyes and ears of government”, while adding this corruption had happened at very high level.

He said what she did tarnished the image of government and the head of state. “She was entrusted and had powers thrust upon her to represent government,” Marondedze added, before saying Hanse-Himarwa had betrayed the trust of the appointing authority.

He said as governor, she was there to serve the people, and was aware her office required transparency and accountability.

Marondedze thus added the State was asking for a sentence “that fits the crime she committed and is convicted off” - a sentence that was fair to society.

“The court should not be influenced by the status of this person. She is a political icon. No doubt. But our law knows no class distinction of offender of any crime,” Marondedze argued. “No special treatment.”

The court has set the sentencing for July 31.



JANA-MARI SMITH

Apartheid marriage law to bite the dust

July 24, 2019, 4:00 pm

≫ Next: UK car sector accelerates towards electric future

≪ Previous: Katrina's fall from grace

$

0

0

Apartheid marriage law to bite the dust Plans are at an advanced stage to have the infamous Native Administration Proclamation 15 of 1928 reviewed.

This is according to Inge Zaamwani-Kamwi, the presidential advisor on constitutional affairs and private sector interface, who was speaking during a town hall meeting at Omuthiya.

Under this law, all marriages contracted in the northern communal areas (NCA) are automatically out of community of property and the government would like to change this, after it was raised as a critical concern during President Hage Geingob's previous town hall meetings in 2015.

Zaamwani-Kamwi said this law will be reviewed to give people the right to make use of the marital property regime of their choice.

“Currently all marriages contracted north of the veterinary cordon fence (VCF), or Red Line, are automatically out of community of property. After the 2015 town hall meetings we listened to your concerns and we decided to have the law reviewed to give all Namibians an equal chance to marry in or out of community of property,” said Zaamwani-Kamwi.

“For those who have already married, the new law will have an 'amnesty period' for couples affected by the Native Administration Proclamation.

They will be given an opportunity to change and this will be done through their district magistrates' courts.”

During the amnesty period, spouses may jointly approach a magistrate to change or clarify their marital property regime.

The magistrate will be able to issue a new marriage certificate that indicates the marital property system the couple has chosen. This opportunity will only apply to people who were affected by the Native Administration Proclamation

After the 2015 town hall meetings, the presidency consulted the Law Reform Development Commission (LRDC) and it was agreed to replace the infamous 'Red Line law' with a new matrimonial regime. The Red Line law effectively creates a default marital regime for citizens married north of the VCF, which is different to the rest of the country, which sees marriages being in community of property if there is no antenuptial contract.

Reihold Nabot said they welcome the idea of changing this law, because in the past people from the north, who wanted to marry in community of property, had to travel to Tsumeb to wed officially.

“It was such a long and costly exercise for one to marry in community of property. One had to travel to Tsumeb if you want to marry in community of property and for those who could not afford such an exercise, they were left with no other opportunity but to marry out of community of property,” said Nabot. Historic evidence suggests that the reasoning behind this law was the concern that 'native' men who entered into civil marriages in these areas were likely to be parties to customary unions at the same time.

So if the civil marriage was out of community of property, this kept the husband's property separate, so that some of it could go to the customary wife or wives.



ILENI NANDJATO

UK car sector accelerates towards electric future

July 24, 2019, 4:00 pm

≫ Next: Company news in brief

≪ Previous: Apartheid marriage law to bite the dust

$

0

0

UK car sector accelerates towards electric futureBrands picking up speed In Europe as a whole, the number of electric car models, including hybrids, is set to triple by 2021. Roland Jackson and Louis Torres Tailfer - Britain's auto industry, seeking to swerve Brexit obstacles, is accelerating toward electrification as consumers shun high-polluting diesels, driven by rapid advances in technology and greener government policy.

Four famous car brands born in Britain but now foreign-owned - German-held Bentley and Mini, Indian-backed Jaguar Land Rover, and Chinese-controlled Lotus - have each this month outlined plans for purely electric models to sit alongside their petrol vehicles.

All-electric cars, which need to be charged from the mains, and hybrids, which combine electrics with petrol or gasoline engines, are gaining in popularity as more consumers turn away from the pollution-spewing internal combustion engine.

"You need to be into electrification," Lotus Cars chief executive Phil Popham told AFP in an interview after unveiling the firm's first all-electric sports car Evija - pronounced "E-vi-ya" - which the company will start making next year.

Lotus, 51% owned by Chinese auto giant Geely, plans an initial sale of only 130 of the supercars, which will each cost about £1.7 million (US$2.1 million).

"Electrification is absolutely part of our future," said Popham. "In the not-too-distant future, all of our cars will offer electrification."

Lotus' plant in Hethel, eastern England, will see a £100-million investment over the next five years as it ramps up its sports car range with financial firepower and technical knowhow from Geely, which bought its majority stake two years ago.

Etika Automotive of Malaysia holds the remaining 49% of Lotus.

Popham said the removal of large components, like the internal combustion engine and gearbox, will see the so-called hypercar Evija have an electric motor on each wheel.

It will reach 0-60 miles per hour in three seconds and have a top speed of 200 mph. Fully-charged however, it will be able to drive a distance of only 250 miles (400 kilometres).

Premium market

In the more affordable premium market, Jaguar Land Rover, owned by India's Tata Motors, is planning a range of electric vehicles at its central England factory -- starting with the next-generation Jaguar XJ luxury saloon model.

"The future of mobility is electric," said JLR chief executive Ralf Speth, whose company introduced its first electric vehicle I-PACE last year.

Elsewhere, BMW-division Mini recently launched plans for its first all-electric Mini Cooper at its factory in Cowley, southern England.

"We'll be able to really react to demand from customers as we go forward because Mini electric [cars] go down exactly the same production line as the traditional combustion engine product," David George, director of Mini UK, told AFP on a visit to the facility.

In Europe as a whole, the number of electric car models, including hybrids, is set to triple by 2021, according to Brussels-based environmental lobby group Transport & Environment.

A total 214 models will be available for purchase by 2021, up from 60 in late 2018, T&E said.

Growing trend

"There is a growing trend for consumers to be looking for more environmentally conscious and efficient products and technologies," Bentley chief executive Adrian Hallmark told AFP.

He was speaking in July after the Volkswagen-owned luxury carmaker detailed its futuristic all-electric self-driving concept, the EXP 100 GT, at its facility in central England.

When Nissan unveiled its first mass-market electric car hatchback Leaf nine years ago, the Japanese carmaker described it as a "game-changer" for Britain's biggest car plant in Sunderland, northeastern England.

Since then, more and more carmakers have sped up plans for more environmentally-friendly products - and also electrify their current offerings.

However, Cardiff University economics professor and auto specialist Peter Wells lamented the fact that many automakers were merely replicating electric versions of pre-existing models - rather than optimising how they deploy cutting-edge technology.

"The mindset is that the industry should simply replicate the existing petrol/diesel product ranges, only in hybrid and electric," said Wells.

"In my view this strategy can still result in less than optimised vehicle designs," he noted. – Nampa/AFP

---

Company news in brief

July 24, 2019, 4:00 pm

≫ Next: EU threatens duties on 35 bn euro in US goods

≪ Previous: UK car sector accelerates towards electric future

$

0

0

Company news in brief SA court blocks Zambian plan to sell Vedanta

South Africa's High Court on Tuesday has ordered the Zambian government to halt the sale of Vedanta Resources's majority-owned Konkola Copper Mines (KCM) until a final decision is made through arbitration.

Vedanta has been locked in a dispute with the Zambian government since May when Lusaka appointed a liquidator to run KCM, which is 20% owned by Zambia's state mining company ZCCM and the rest by Vedanta. Zambia accused KCM of breaching the terms of its licence.

Mumbai-listed Vedanta denies that KCM has broken the terms of its licence and says it will defend its assets in the southern African country.

South African High Court Judge Leicester Adams said on Tuesday in a ruling seen as a big win for Vedanta that wind-up proceedings must be immediately withdrawn until a final decision is made following arbitration.

Zambia's mines minister Richard Musukwa said the government had advised its attorneys in South Africa to appeal the judgment and that foreign judgments were not enforceable in Zambia until they were registered in local courts. – Nampa/Reuters

Visa earnings beat on higher customer spending

Visa Inc beat analysts' estimates for quarterly earnings on Tuesday, as a robust economy encouraged customers to spend more and boosted fees for the world's largest payment processor.

Total payments volume rose 8.7% to US$2.23 trillion, on a constant dollar basis, with the United States - its largest market - accounting for about 8.8% of the total.

Payments volume represents the dollar amount of purchases made with cards carrying Visa's branding. The number of transactions processed rose 11.7% to US$35.43 billion.

Net income rose to US$3.10 billion, or US$1.37 per Class A share, in the quarter ended June 30 from US$2.33 billion, or US$1 per Class A share, a year earlier.

On an adjusted basis, Visa earned US$1.37 per share, while analysts expected a profit of US$1.32 per share, according to Refinitiv data.

Net revenue rose 11.5% to US$5.84 billion, while analysts had expected US$5.70 billion. – Nampa/Reuters

ArcelorMittal's Ukraine mill says it will lose US$1 mlm

ArcelorMittal's Ukrainian steel mill will lose $1 million this month after a key piece of steelmaking equipment was seized following a security service investigation, the plant's acting head Oleksandr Ivanov said on Tuesday.

The probe into Ukraine's largest private foreign investor is seen as an early test for the presidency of Volodymyr Zelenskiy, who has promised to make the country more business friendly.

The Ukrainian security service said earlier it had discovered a source of radiation exceeding safe levels in a new piece of equipment at the plant during a search last week, and had banned the company from using it.

Ivanov said radiation at the facility was within permitted levels but that the equipment had been seized by the authorities. The company said it may sue officials over the investigation.

"Discouraging news from Ukraine's top investor that has invested over US$9 billion in Ukraine. Investors will be concerned about selective justice," said Andy Hunder, the President of the American Chamber of Commerce (ACC) in Ukraine, on Sunday. – Nampa/Reuters

Coca-Cola's coffee and zero sugar soda mix lifts 2019 goals

Coca-Cola Co beat second-quarter earnings expectations and raised its organic revenue forecast for the full year thanks to higher sales of its zero-sugar sodas, soft drinks with new flavours and ready-to-drink coffees.

Shares in the Atlanta-based company rose nearly 6% in Tuesday morning trading to hit US$54.10, a record high.

In the second quarter, a 4% volume growth in traditional Coca-Cola and its zero-sugar version helped net revenue rise 6.1% to US$10 billion, a touch above analysts' estimates.

Organic revenue, a keenly watched metric that gives sales growth excluding acquisitions and currency fluctuations, rose 6%.

Excluding one-time items, Coca Cola earned 63 US cents per share, 2 US cents above Wall Street's estimates, according IBES data from Refinitiv.

Nicholas Hyett, an analyst at Hargreaves Lansdown said the combination of global reach and a willingness to back new products were the key to the company's success. – Nampa/Reuters

Harley-Davidson cuts 2019 shipments forecast

Harley-Davidson Inc on Tuesday trimmed the forecast for shipments of its motorcycles in 2019 after worldwide sales in the second quarter slumped, hurt by higher tariff costs as well as weak demand in the United States.

Operating margin in the motorcycles segment, or how much profit the company makes per dollar of sales after accounting for production costs, was also revised down.

The Milwaukee, Wisconsin-based company now expects to ship about 212 000 to 217 000 bikes in 2019. This compares with the company's original estimate of 217 000 to 222 000 bikes for the year.

Operating margin as a percent of motorcycle revenue is projected to be about 6% to 7% this year, lower than the 8.0% to 9.0% estimated earlier.

Harley's challenges in the United States, which accounts for more than half of the company's sales, are well documented - core customers are growing older and outreach efforts to attract new and young riders have yet to show results. – Nampa/Reuters

EU threatens duties on 35 bn euro in US goods

July 24, 2019, 4:00 pm

≫ Next: Eskom gets R59bn in bailouts

≪ Previous: Company news in brief

$

0

0

EU threatens duties on 35 bn euro in US goodsCars remain thorny issue US president Donald Trump is still considering imposing punishing duties on automobile imports from the EU on national security grounds. The very notion that European cars can be a national security threat to the US is of course absurd. - Cecilia Malmstrom, Trade commissioner: EU Brussels - The EU is ready to hit the United States with extra tariffs on goods worth 35 billion euro if Washington slaps duties on its cars, its trade chief said Tuesday.

The warning by EU trade commissioner Cecilia Malmstrom came as she said a plan by Europe and United States to reach a limited trade deal was at a standstill.

Malmstrom's stark statement to newly elected MEPs in Brussels was a reminder that transatlantic tensions remained high despite Washington's trade war with China dominating attention.

"We will not accept any managed trade, quotas or voluntary export restraints and, if there were to be tariffs, we would have a rebalancing list," Malmstrom told a committee meeting in European Parliament.

"It is already basically prepared worth 35 billion euro (US$39 billion). I hope we don't have to use that one," she said.

US president Donald Trump is still considering imposing punishing duties on automobile imports on national security grounds - a justification that Malmstrom said was wildly unfounded.

"We welcome the decision by the US not to impose yet duties on cars and car parts," she said.

"But of course the very notion that European cars can be a national security threat to the US is of course absurd," she added.

Truce

The comments were made almost a year to the day after European Commission chief Jean-Claude Juncker and Trump thrashed out a trade truce in the White House.

This followed a bitter round of tit-for-tat tariffs, that remain in place, after the US sparked the row by imposing tariffs on steel and aluminium from Europe.

Negotiating a limited trade deal was the heart of the truce, but Malmstrom said the US was unwilling to move forward with talks.

"The United States are not ready to start them if agriculture is not included which is a red line for us," she said.

"So for the moment nothing happens here," she said. – Nampa/AFP

Eskom gets R59bn in bailouts

July 24, 2019, 4:00 pm

≫ Next: Global trade growth slowest since 2012

≪ Previous: EU threatens duties on 35 bn euro in US goods

$

0

0

Eskom gets R59bn in bailouts Johannesburg - South Africa announced Tuesday a R59 billion (US$4.2 billion) bailout for the debt-laden Eskom power supplier, with the finance minister admitting the emergency funding would sting taxpayers.

The state-owned utility, which generates 90% of the nation's energy, has debts of US$30 billion, and its potential collapse is seen as the biggest threat to Africa's most developed economy.

Finance minister Tito Mboweni told lawmakers in Cape Town that Eskom would get R26 billion this financial year and R33 billion in 2020/21 to try to enable it to remain solvent.

The bailout comes just five months after an even bigger cash injection was announced over the next three years for the ailing company.

"The fiscal support we are announcing today will come at a significant cost to the fiscus [government] and to South African taxpayers," Mboweni said.

"Without major changes to Eskom's business model, the company will not be financially sustainable and may not be able to ensure security of electricity supply."

Eskom has been damaged by years of mismanagement and over-spending.

It imposed a period of rotational power rationing in February, plunging offices, factories and homes into darkness for long hours and sparking public anger at the ANC government.

President Cyril Ramaphosa warned last month that Eskom faced potential collapse but that it could not be allowed to fail. – Nampa/AFP

Global trade growth slowest since 2012

July 24, 2019, 4:00 pm

≫ Next: Namdeb’s profitability drops three years in a row

≪ Previous: Eskom gets R59bn in bailouts

$

0

0

Global trade growth slowest since 2012Tensions dampens consumers, investors The IMF doesn’t see signs of a recession, but says "significant downside risks" exists for global growth going forward. When investment slows in China it shows on the global radar screen. - Gian Maria Milesi-Ferretti, Deputy director: IMF Research Dave Sherwood - Global trade expanded by just 0.5% in the first quarter of 2019, marking the slowest year-on-year pace of growth since 2012 amid signs a more significant slowdown is possible, International Monetary Fund officials said on Tuesday.

The IMF lowered its forecast for global growth this year and next, warning that more US-China tariffs, auto tariffs or a disorderly Brexit could further slow growth, weaken investment and disrupt supply chains.

IMF chief economist Gita Gopinath told reporters in Santiago, Chile, the global lender did not see signs of a recession, but did see "significant downside risks" for global growth going forward, including escalating trade wars.

Gian Maria Milesi-Ferretti, deputy director of the IMF's research department, told Reuters in an interview sluggish trade was due to several factors, including uncertainty caused by the US-China trade war, weaker investment and cyclical weakness in the automotive and technology sectors.

"The end of 2018 was quite weak," Milesi-Ferretti said. "You have a combination of factors at play here, some of which are of a temporary nature and some of which may be a sign of a more significant slowdown."

Milesi-Ferretti said trade was mainly driven by investment goods, and investment activity had been weak in Latin America, Europe and, importantly, China, which was facing a sizeable slowdown in domestic demand.

"When investment slows in China it shows on the global radar screen," he said.

Tech, cars

Global trade had also been hit by a down cycle in trade in goods and components associated with the production of tech products such as iPhones and other electronics.

"That cycle had provided a big boost to global trade in late 2017, but it has turned and it has been quite weak recently and that shows in the trade numbers, particularly in Asia," Milesi-Ferretti said.

Reduced demand for cars and disruptions to car production in Germany were another factor behind sluggish trade, he added.

"When you have an increase in uncertainty ... the first thing that consumers do is cut purchases of durables and wait for the situation to clarify," Milesi-Ferretti said.

He said tariffs imposed by the United States and China also affected investment plans, further dampening the outlook.

US president Donald Trump has threatened to impose tariffs on the remaining US$300 billion of Chinese imports still free of them, and to raise tariffs on European and Japanese auto imports to 25%. The moves have triggered retaliatory measures.

Confidence

Concerns about the tariffs means "firms may think twice before setting up production facilities overseas, before expanding production, because they want to know what the global environment is going to look like," Milesi-Ferretti said.

He said it was unclear how quickly economies would recover once tariffs were lifted because it would depend on whether people felt a more durable resolution had been found.

The IMF economist also cited growing anecdotal evidence about a structural shift in global supply chains triggered by the current trade tensions around the globe.

"These are not things that happen overnight. You don't change the structure of your supply chain overnight," he said. "But this is something that may well happen."

He said spreading production globally had helped boost efficiency and productivity, but the current situation also revealed that such systems were vulnerable. – Nampa/Reuters

Namdeb’s profitability drops three years in a row

July 25, 2019, 7:12 am

≫ Next: Levelling up

≪ Previous: Global trade growth slowest since 2012

$

0

0

Namdeb’s profitability drops three years in a row Namdeb Holdings reported an underlying EBITDA of US$80 million for the six months ended 30 June 2019.
This is about 11% of US$10 million less than the same half-year in 2018. In the first six months of 2017, Namdeb’s underlying EBITDA was US$105 million.
EBITDA – earnings before interest, tax, depreciation and amortisation – is used as a benchmark of a company’s operating performance or profitability.
Interim results released by Anglo American this morning show Namdeb contributed about 15.4% to De Beers’ overall underlying EBITDA of US$518 million in the past half-year.
Read the full report tomorrow in Market Watch.