Fishing scorecard coming soon

November 26, 2018, 2:00 pm

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Fishing scorecard coming soonPerformance evaluations will be done While the fisheries ministry has released the more than 5 000 companies that applied for

Within the next year the fisheries ministry will implement an annual performance evaluation to determine whether fishing rights holders will keep their quotas, have them increased, lowered, or completely scrapped.

Meanwhile, the names of the 5 176 applicants for 2018 fishing rights were made public yesterday, with the ministry intending to announce the successful right holders by the end of this year or early next year.

Although quotas for the nine categories of marine resources have not yet been set, the applications list shows that 1 852 entities applied for hake quotas, 1 663 entities applied to catch horse mackerel and 6 99 applications for monk were received.

Among the smaller applications are 155 for rock lobster quotas, 149 for line fish and 101 for large pelagic species, including tuna.

Speaking in parliament last week, fisheries minister Bernhardt Esau said since independence, fishing rights holders have “become accustomed to being allocated certain amounts of fishing quotas” which were adjusted from time to time.

This process was not aligned to measurable criteria and many existing rights holders “consider their current quota allocation levels as entitlement and hence find it difficult to accept a reduction in their quotas, especially when new rights holders are added to a particular fishery.”

The minister said this “entitlement mentality” could explain complaints made to the media by “some companies that have held rights since independence”.

Once the scorecard is introduced next year, fishing rights holders, depending on their scores, may receive enhanced quotas while others may receive little or no quota allocations, the minister explained.

Esau said a survey, which looked at the current quota system, found that many companies had not “sufficiently Namibianised their shareholding structure or invested in value addition for job creation”.

He said in light of the scorecard, “owning a fishing right will no longer imply that a company, or a person, will be automatically allocated a fishing quota annually,” unless their structure is such that it measurably benefits the country and its people.

Quotas will be allocated based on eight criteria of the scorecard and compliance with other aspects of the relevant legislation.

He said the scorecard would “give meaning to the urgent need to ensure that our fisheries benefit all Namibians, and that there is genuine empowerment of Namibians in the fisheries through ownership and ability to exercise their rights”.

The scorecard will not discourage foreign investment but instead boost genuine partnerships in the industry.

“There is an urgent need to implement similar measurable initiatives in all our renewable and non-renewable resources, so that we may give meaning to economic empowerment of Namibians, and ultimately, economic liberation,” Esau told members of parliament.

He intends to gazette regulations governing the allocation of fishing quotas within the next six months.

Old news

He said the current quota allocation is based on the Marine Resources Act but does not evaluate the performance of rights holders against measurable criteria.

He said the current quota allocation system has no mechanism to “increase Namibianisation of the fishing industry, does not have a clear reward system for job creation or investments in the sector and does not have clear mechanisms of discouraging quota trading, especially by Namibian rights holders.”

He said the implementation of the scorecard is expected to result in many benefits, such as a transparent and predictable allocation of fishing quotas, broad-based partition of previously disadvantaged Namibians, a predictable investment environment, and job creation.

Esau said intensive consultations had identified the need to balance the “legitimate objective of maximising profits on the part of the private sector and the need to maximise socioeconomic benefits on the part of government”.

JANA-MARI SMITH

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Pessimism: The joy of being bleak

November 26, 2018, 2:00 pm

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Pessimism: The joy of being bleak

Yanique Zimmer

Most of us go through our daily lives using positive discretion, socialising and trying to make a difference in someone’s day or just trying to be the best that we can be. We always try to think positively and have whole-hearted smiles, while trying to live on the brink of optimism. Most of those who have this optimistic mindset try and avoid negative aspects in life that might pull us into the ‘void’ that is pessimism. Pessimism is the tendency to see the worst in things and people or just expect that the worst will always happen. Though a pessimist is despised by most people because of his or her tendency to perhaps wear someone down and act as an anchor that keeps you, as a ship, stuck to the ‘ocean floor’ unable to move forward in the world and become the best you that you can be, it is not entirely bad. If anything, these people are just misunderstood. A person that either got hurt, frightened or just naturally ran into becoming a pessimist, can’t help but see the world for what it truly is. Their shared opinions and values might seem a bit off-putting or absolutely annoying to other individuals, but in actual fact, the beliefs, opinions and values of a pessimist add a strange and truly beautiful sense of purpose to life. Their bleak and sometimes abrupt realisation of how utterly miserable and pointless existence is, gives them a sense of confidence in terms of having their own voice and feeling free to share their thoughts with other people and the world. They show us what to expect in this hard, long or short life of ours and push us to live life to its fullest - enjoying even the smallest things that many take for granted. But even after all has been said, a pessimist, in the end, is just as human as any other living, breathing human organism on this good, green earth. Being a pessimist doesn’t necessarily mean that you are sad or completely mad at the world. It doesn’t mean that someone or something hurt you at one point of your life, either. It is a belief that isn’t used in all aspects of your day, week, month or year. It is a philosophy to most - one that helps you cope with the daily stresses and disappointments the universe constantly throws at us. It doesn’t mean that a pessimist isn’t happy; they just know that is impossible for one to go for 15 minutes while just smiling, and the constant joy and frolicking is pointless in the grand scheme of things. They are comfortable with people they have never met before, knowing that they cannot disappoint or emotionally upset them. Pessimism also helps us keep in mind that things will not always go our way. Thoughts like, “I might not get that promotion” or “this date will probably go terribly”, help keep our expectations low; this in turn gives us a sense of joy when those thoughts come true, and we have yet again escaped the cold, harsh touch of despair and disappointment. Pessimism on its own is beautiful. Yes it may, to most people, be stupid and meaningless to be seem so utterly sad and negative towards the world, but that’s okay. Pessimism, yet again, shows us that as important as feelings of positivity, happiness and pure comfort are, sadness, negativity and discomfort in certain aspects of things are just as important. It’s what makes us human and helps us differentiate between what is right and wrong, what we’re comfortable and uncomfortable with and what we would do to come slightly closer to what it means to truly live. The true joy in pessimism is the wisdom and understanding that comes with it. The wisdom of knowing what it truly means to live in a world constantly undergoing positive and negative changes and the understanding that though most of these changes might shape a better future, there is still the huge possibility that they won’t. The world was shaped by pessimists who knew and understood that in the future the world might not turn out the way they would have wanted it to. Wars happen, nations would fall, the world is slowly dying and humanity will eventually cease to exist; if anything, the whole thought and acceptance of this should have stopped them from trying to shape the world completely, but it didn’t because the thought of us stopping all that from happening gave them a sense of joy and purpose to all of it. We pessimists aren’t wrong for our beliefs and opinions, because in the end, that is all they are - opinions formed by individuals who want to make it in life and avoid obstacles that will inevitably destroy us. Don’t think of us pessimists as grim. The gap between what should be and what is can be filled with joy and laughter – a generous joy and laughter filled with the certainty that today will go wrong and tomorrow will probably be worse, until the worst possible thing finally happens, but that’s okay.

*Yanique Zimmer can be contacted on theawesomecrew6@gmail.com

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The great unwind

November 26, 2018, 2:00 pm

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The great unwindAdvertorial Managing money for clients in 2018 has been exasperating, to say the least. We are in a long and painful deleveraging period … but that is the nature of cycles. - Lazarus Shigwedha, Portfolio Manager: Investec Asset Management.

Lazarus Shigwedha - The global economy is facing increasing headwinds. At its core lies the policy dichotomy around globalisation as the east, in particular China, edges ever closer to the global economic throne.

Financial markets have clearly translated these challenges in the form of increased volatility. Managing money for clients in 2018 has been exasperating, to say the least.

Factors driving volatility and uncertainly include unwinding of the quantitative stimulus (QE) in the USA and China repositioning its economy from an infrastructure, export-driven economy to a more balanced economy in which intellectual property and consumption play a greater role. By implication this translates into a greater need for imports.

Chinese president Xi Jinping’s speech at the inaugural China International Import Expo (CIIE) held earlier this month underscored the changing economic steers and dynamics that lie ahead for China. Meanwhile, the USA is going through some introspection: president Donald Trump is increasingly inward looking, seeking to stimulate the economy by bringing jobs back home and redrawing historically important trade relations.

Across emerging markets, the challenges include heightened market and currency volatility on the back of weaker currencies, particularly versus the US dollar. Countries with twin deficits in the form of trade and current accounts have suffered the most. Essentially, debt levels and the cost of funding these deficits have increased due to weaker exchange rates and increasing hard currency borrowing costs as interest rates normalise in the USA.

Closer to home, the rand and by virtue of the currency peg, the Namibian dollar, have sold off around 12% year to date. Despite the change in leadership in South Africa, which was initially welcomed by the market, reality has settled in. Change is difficult, while policy implementation takes time and sustainable results will only be visible in the mid to long term.

Namibia

In Namibia, GDP growth continues to disappoint, with growth forecasts consistently having been lowered.

The dismal local listed equities performance over the last 18 months underscores the poor performance of the local economy. Mind you, this is despite primary listed equities liquidity concerns amidst increased local asset investment requirements. Reported corporate earnings growth has declined significantly over the last 12 to 24 months, while local bank’s return on average equity have contracted by around 10%’ some banks are barely meeting their cost of capital.

Stock markets are always good indicators of the underlying economic fundamentals. We haven’t seen a lull like this in a decade.

For a relatively small economy, GDP growth of less than 1% is a clear indication of the urgent need for policy introspection. With property prices deflating as much as 30% year on year, households are feeling a balance sheet squeeze. Household real disposable incomes are at best stagnant, but a pickup in forecasted inflation towards 6% on the back of higher food and administered prices will add further pressure.

Added to that, the rising cost of debt will further negatively impact household consumption as the debt burden on household becomes increasingly unbearable. Household debt to income ratio is now around 85%, a very worrying level. The composition of household debt in Namibia has also materially shifted to higher-cost unsecured lending which costs much more to service that collateralised debt (anything between the prime lending rate and factor of 2 to 2.6x excluding admin fees and insurance).

The challenges facing the public purse have been well publicised. Thus, asking the “government to do something” is out of the question. We are in a long and painful deleveraging period – one that we have not yet experienced – but that is the nature of cycles. We need to refrain from poorly articulated policies; this is not the time for populist knee-jerk reactions regarding fiscal and monetary policy.

How should one navigate these difficult times?

Investing remains a long-term game, which means one needs to navigate both the economic peaks and troughs.

The Investec Namibia Managed Fund has a track record of well over 15 years, consistently delivering inflation-beating returns for our clients. We understand that clients need a diversified investment solution that allocates capital across assets classes, seeking the best risk- adjusted returns. We have a clear investment philosophy and an unambiguous process through which we aim to extract the best risk-adjusted returns along the risk curve for our clients.

Lazarus Shigwedha is a portfolio manager at Investec Asset Management.

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The plunder of Kavango

November 26, 2018, 2:00 pm

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The plunder of Kavango

The critical role of information sharing cannot be underestimated in our modern society, especially if we want to be a transparent nation. With the advent of the new media, citizen journalism has taken its rightful place in our society and it is encouraging and inspiring to see ordinary citizens exposing wrongdoing and corruption. Our recent exposé of the ongoing tree-felling in the Kavango regions was first publicised by ordinary citizens, who observed the continued and unchecked logging of precious indigenous trees by Chinese syndicates. Namibians have complained that there is no real beneficiation taking place, since the Chinese want the timber in raw form, thus undermining local manufacturing.

According to forestry officials, the farmer and logger decide on the price at which the tree is to be sold. Typically the price ranges between N$300 and N$450, depending on the distance the tree is found from a tar road. Sources claim that the trees are then sold at Walvis Bay to a Chinese buyer, who pays around N$12 000 per cubic metre for the timber. This means that the local farmer gets between N$180 000 to N$270 000 for selling 600 trees. The Chinese ‘investor’ gets more than N$3 million for the trees. Disappointingly government has allowed this type of looting and contamination to continue unabated, because of weak law enforcement and corruption. We cannot allow Chinese syndicates to turn our environments into deserts, just because of their insatiable demand for precious timber, leading to illegal logging. The environment ministry has also failed to intervene from the onset and its reactive attitude in stopping the large-scale felling of protected tree species is a little too late. Government agencies should be proactive at all times, and above all, we have a moral obligation to be more responsible with our environment.

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NGOs shocked by cabinet decision

November 26, 2018, 2:00 pm

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NGOs shocked by cabinet decisionDefinition of 'war veterans' must be clarified NGOs say there was no mention of war veterans in a resolution made at the recent land conference.

Local activists are demanding clarity from the government over a cabinet decision to reserve 70% of resettlement farms for veterans of the liberation struggle and their dependants from affected communities.

The rest of the beneficiaries will be drawn from the national pool of applicants.

According to Nangof, the forum for non-governmental organisations, a resolution at the recent land conference that 70% of resettlement farms should be reserved for dispossessed communities never mentioned war veterans.

“In my view someone is hiding behind something. I think our leaders are taking us for granted. At the land conference it was decided that 70% of the land will go to the people that were dispossessed of their land.

“That was the initial agreement or resolution that was made. The reality is that those who sat in the conference were shocked to hear later when the resolution came out that there was an addition that was made secretly somewhere else, to add the war veterans into the picture.

“The war veterans were not in the picture in the first place; they should have fallen under the 30% with other Namibians,” said Nangof chairperson Sandie Tjaronda.

Tjaronda charged that the resolution was reversed by certain individuals who wanted to serve certain interests.

“You cannot keep on bringing [in] war veterans and put a few groups of people under war veterans, neglecting the majority or people that are also Namibians and who deserve to be given attention and who are suffering,” he said.

He said the term “war veteran” must be clarified and revisited because it excludes some people, pushing them into poverty, and rewards only loyalists.

“Currently the definition of war veterans is only from 1960, the people who served under the Swapo liberation struggle. We know of people that served before in the 1800s during the German-Nama and Ovaherero battles that took place.

“What do you define those people as, are they not war veterans? Why are we concentrating on a few groups of people, giving them all perks, all over? They already getting huge perks and now we are giving them attention again,” he said.

Ida Hofmann of the Nama Genocide Technical Committee said she wants the government to explain explicitly which people qualify to be called war veterans, before any other discussion can start.

Social scientist Sima Luiperdt said this cabinet decision gave war veterans an unfair advantage over other Namibians.

“It states that 70% should be limited to war veterans from affected communities. Why limit to a specific category among affected communities? It perpetuates the entitlement syndrome of those who think they fought alone and lost alone since the formation of Swapo.

“The first mass expropriation of land through proclamation was done by Germans at the dawn of the 1900s. Does it mean descendents of veterans who resisted and paid through genocide do not matter except those veterans of Swapo?” she asked.

According to cabinet secretary George Simataa, the cabinet resolved at a meeting on 20 November 2018 that the reference to “war veterans of the liberation struggle and their dependants” should be limited to veterans from the affected land-dispossessed communities.

He said this in a statement in response to an article carried by Namibian Sun on Friday.

Attempts to get hold of Simataa yesterday were unsuccessful.

The spokesperson of the Office of the Prime Minister, Saima Shaanika, simply forwarded Simataa's statement when asked for comment.

JEMIMA BEUKES

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A leader in the making

November 26, 2018, 2:00 pm

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A leader in the makingKatjimune is an aspiring revolutionary At the age of 20, Maximalliant Katjimune has already shown leadership qualities galore.

Tunohole Mungoba

Maximilliant Katjimune is a second-year Bachelor of Arts (BA) student specialising in political science and sociology at the University of Namibia (Unam).

In addition, he is a youth activist, student leader, youth politician and Unam Radio presenter.

Katijimune is also an incoming member of the 2019 Unam Student Representative Council (SRC) and will take charge of the information and publicity portfolio. He is also currently the representative for the faculty of humanities and social sciences at Unam.

He is also the spokesperson for the Popular Democratic Movement (PDM) Youth League.

“I was born in Usakos, but was raised and bred in Windhoek, so I can say that I am a ‘Windhoeker’. I attended Namibia English Primary School in Katutura, and then went on to attend Jan Möhr Secondary School,” he said.

During his high school career, he also served as the branch chairperson of the Namibia National Students Organisation (Nanso) from 2015 to 2016.

“I served on the Nanso Khomas regional executive committee under the leadership of the unwavering Simon Amunime and the likes of Shoki Kandjimi, Oscar Shikongo and Oscar Mwandingi,” he said.

According to Katijimune, he already knew what he wanted to study from a young age.

“I had told my family that I would either study law or political science, or something else in the humanities and social sciences department. So coming from a black family, I obviously chose law as my first choice, and political science and sociology as my second,” he explained. “However, there was a complication with my first choice, so I went with political science and sociology as my second choice.”

Katijimune said he does not regret his choice, as politics was always his first love.

“I have really learned a lot and met a lot of great people through my course. Political science is about governance, democracy, public policy, public law, international relations and political theory, while sociology is more about how society operates, the development of society, public health, gender and sexuality, political sociology and human relationships and interactions,” he said.

Katijimune says he stopped playing with toys in grade 3 and switched watching CNN.

“It is for this reason that people in my family and community gave me the nickname ‘KK’, referring to politician Kazenambo Kazenambo. Apparently I had the same approach and aggression as him, and the gap tooth. Basically politics is my life, and my life is politics.”

Radio experience

Besides his love and passion for politics, Katijimune also enjoys radio. “My experience on radio has been fantastic. Radio is such a phenomenal tool, not only for communication, but also for personal growth. I was a bit shy behind the microphone when I started, but I am a pro now. So I encourage all Unam students to tune into ‘Truth be Told’ every Monday to Thursday from 18:00 to 21:00, only on 97.4 FM.”

One of his goals as SRC secretary for information and publicity is to transform Campus Vision - a monthly campus publication - as the editor.

“We would like to commercialise Campus Vision, which really puts extra pressure on my team, because we will have to reform the content to make it a commercially viable paper. Basically, at the end of my term, Campus Vision has to be the face of Unam and a reflection of student life at Unam.”

Speaking about his plans for the next five years, Katijimune said: “After I am done with my degree, I would like to be a researcher at parliament, while also continuing to actively participate in politics. I also hope to enrol for law or alternatively pursue a masters of arts in political science or political economy. As they say, the future belongs to those who live in it. I am only 20 years old, so I am taking it one step and a time and evaluating all my options.”

Quick facts about Maximalliant:

· Favourite food: Any meal that comes with meat.

· Favourite song: ‘Chelete’ by Gazza.

· Favourite hangout spot in Windhoek: Bandits in town, as it is a really good place to hang out if you are not into clubs.

· Motto he lives by: ‘Challenge the questionable’.

· Namibian he looks up to: On a personal level, his older brother Charles Katjimune and sister-in-law Cesilie Katjimune. They have impacted on his life in a momentous ways and haver defined who he is today. On a political level, it is McHenry Venaani.

· What superpower would he choose and why: The power to fly. No one has time to drive around anymore.

· The last book he has read: Classical Sociology, second edition, by Michael Kimmel.

· Winter or summer: A bit of both.

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Land purchase budget cut in half

November 26, 2018, 2:00 pm

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Land purchase budget cut in halfSlashed by more than N$96 million Despite urgent needs identified at the Second National Land Conference, the overall development budget for land reform in the current fiscal year was cut by nearly 42% during the mid-year budget review.

Jo-Maré Duddy – Nearly 52% less money is available in 2018/19 to buy farms as part of government’s land reform process.

The mid-year budget review tabled by finance minister Calle Schlettwein last month shows that money available for land purchase in the current fiscal year was cut by nearly N$96.5 million to about N$103.6 million. The budget review followed on the heels of the Second National Land Conference in the first week of October.

Not only was the overall development budget of land reform slashed by nearly N$151.8 million, but the ministry’s total operational expenses were also curtailed by N$1.9 million.

The N$200 million originally allocated for land purchases in the main development budget tabled in March was supposed to buy 75 000 hectares to enable the resettlement of 45 beneficiaries.

The budget for the ongoing resettlement sub-programme was cut by about 60%, with just over N$3 million remaining for 2018/19. This budget provides for the procurement of seeds, diesel and fertilisers, as well the repair of crop field fences.

Also included in this budget are: the construction of pit latrine and water networks in Ohangwena, de-bushing to increase the ploughing area at Neu Sommerau near Kombat, as well as training.

Unscathed

In contrast, the budgets for the construction of ministerial regional offices in Katima Mulilo, Outapi and Rundu were left untouched. A total of N$22 million is earmarked for these buildings this year.

The budget for the improvement of offices and houses of assigned officers in the regions also escaped unscathed and N$1 million in total will be spent in this regard.

In his mid-year budget review speech, Schlettwein said key budgetary priorities for 2019/20 to 2021/22 include “providing resources to give effect to the implementation of the land reform programme and meeting priority resolutions and urgent needs identified” at the land conference.

According to mid-year review budget documents, the development budget for land reform in 2019/20 will be nearly N$287.1 million – the same as stipulated in the main budget earlier this year. The budget for 2020/21 also shows no increase.

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China poised for uranium monopoly

November 26, 2018, 2:00 pm

≫ Next: Axe falls on Swapo councillors

≪ Previous: Land purchase budget cut in half

China poised for uranium monopolyMineworkers' union left in the dark Chinese state-owned enterprises will dominate Namibia's uranium-mining sector if Rio Tinto's sale of the Rössing mine goes through.

With the anticipated acquisition of 68.62% shareholding in Rössing Uranium Limited by China National Uranium Corporation Limited (CNUC), Chinese state-owned companies will dominate Namibia's uranium-mining sector.

If this acquisition goes through, Chinese state-owned companies will own the majority shareholding in the biggest uranium mines in the country, which are the Husab mine, Rössing, Langer Heinrich and Trekkopje.

The China General Nuclear Power Corporation (CGN) and China-Africa Development Fund hold the majority shares in Husab. CNNC, of which CNUC is a subsidiary, holds 25% shares in Langer Heinrich.

The Erongo regional coordinator of the Mineworkers Union of Namibia (MUN), George Ampweya, yesterday said the union was shocked to hear about the planned acquisition, as the Rössing management had not engaged it at any point.

“This development was done in isolation. The company has continuously created the impression that the sale would not go through.

“We have only heard about this through the media. We do not know what ramifications there will be for the Rössing workers. We hope this will be a fair and equitable process; we hope it will be done in a professional manner,” Ampweya said.

He said the MUN's Arandis branch hoped to engage with the Rössing management regarding the future of the workers.

The minister of mines and energy, Tom Alweendo, had not responded to questions by the time of going to press.

The deal

CNUC is a subsidiary of the China National Nuclear Corporation (CNNC), a state-owned entity that has been in talks with Rio Tinto over the Rössing acquisition.

Rio Tinto yesterday announced that CNUC will buy its shares for US$106.5 million (about N$1.5 billion at the current exchange rate).

According to the announcement CNUC will pay an initial US$6.5 million (about N$90 million) in cash and a contingency payment of up to US$100 million (N$1.4 billion) after the sales agreement has been finalised.

The contingency payment is linked to uranium spot prices at Rössing's net income during the next seven years.

Rio Tinto will also receive a cash payment if CNUC sells the Zelda 20 Mineral deposit during a restricted period following completion.

The transaction is subject to certain conditions, including a merger approval by the Namibian Competition Commission.

Rio Tinto stated that subject to these conditions being met, the transaction was expected to be completed in the first half of 2019.

The competition commission had not responded to questions before going to press.

Rio Tinto's chief executive officer, Jean-Sébastian Jacques, said the sale followed an extensive period during which the company considered how to move forward and strengthen its core activities across the globe.

“Rio Tinto has a long history in Namibia and I would like to thank the many people across Rio Tinto and the communities in which we operate who have contributed to the success of Rössing.

“I wish them continued success under the new ownership. Rio Tinto will work closely with CNUC to ensure a smooth transition and ongoing sustainable operation at Rössing,” Jacques said.

CATHERINE SASMAN

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Axe falls on Swapo councillors

November 26, 2018, 2:00 pm

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Axe falls on Swapo councillors

Swapo has resolved to recall all six of its councillors serving on the Oshakati town council for failing to toe the party line.

The councillors defied Swapo secretary-general Sophia Shaningwa, who had wanted specific changes to be effected during the annual office-bearers' elections.

Swapo specifically wanted former mayor Onesimus Shilunga to chair the powerful management committee and to replace the long-serving Gabriel Kamwanka.

However, the councillors opted to elect former mayor Katrina Shimbulu as management committee chairperson ahead of Shilunga, who became an ordinary member of the committee. Angelus Iiyambo was retained as mayor, while Ndamononghenda Hamunjela and Louise Shivolo all became members of the management committee.

PDM councillor Linus Tobias and Kamwanka were confirmed as the two ordinary councillors. Shaningwa last week instructed the regional leadership to recall the councillors for defying her order.

Shaningwa confirmed the recall yesterday, but declined to comment further.

Oshana Swapo coordinator Samuel Nelongo said the party would soon name its new representatives on the Oshakati council.

“Yes, the news is true but the councillors were only recalled while the party is considering to put things in order and as soon as we have everything finalised, we will announce,” Nelongo said.

Nelongo said the letter to recall the councillors was sent to him on Friday but he could not get hold of all the councillors to inform them of their fate.

He said the candidates next in line on the party list would replace the ousted councillors.

Namibian Sun understands Shimbulu's nomination as management committee chair was not seconded, as is the norm. However, the proceedings continued and her election was endorsed.

Namibian Sun understands that Swapo's Rundu town councillors are also facing being recalled for defying Shaningwa.

The councillors boycotted last week's office-bearer election because of uncertainty over whether mayor Verna Sinimbo would accompany her husband to India, where he is to serve as ambassador.

Yesterday Gabriel Sinimbo was confirmed as Namibia's ambassador to India. As a result of the boycott, the election of office-bearers at Rundu was called off indefinitely, while the disgruntled councillors indicated that they would defy Shaningwa's instruction that the council leadership should remain as is.

KENYA KAMBOWE

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African matter to be resolved

November 27, 2018, 2:00 pm

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African matter to be resolved//Hoebeb speaks about fraud case MTC Namibia Premier League's Young African FC will know their fate in the premier league next month.

The Young African fraud case will be sorted in the first weeks of December, league administrator Tovey //Hoebeb says.

The club is facing a possible fine or suspension from the league after they used a player with false documents during the 2017/18 season.

The club was suspended early in November but the suspension was lifted in the same week.

“I can confirm that the matter will be resolved in the early weeks of December. “I believe it is important that the matter is finalised before more matches are played by the team,”

//Hoebeb says. The fraud was exposed when Young Chiefs, who were relegated to the first division last season, complained to the NPL that Young African had registered Musekwa as Albert Mujikirera with a fake Zimbabwean passport. Young African so far has only three points from their last three matches, which all ended in draws.

Otjiwarongo outfit Mighty Gunners are leading the league table with a 100% record in three matches. Gunners are followed by Black Africa on six points, with Eleven Arrows in third position with five points. League champions African Stars are in 11th place after winning one match and a defeat. The premier league continues today with a match between Tigers and Black Africa at the Sam Nujoma Stadium at 20:00. Black Africa began the season well while Tigers are yet to show the form they had two seasons ago. Tura Magic and Citizens will battle it out at the Sam Nujoma Stadium tomorrow. Young African will host Julinho Sporting at the Legare Stadium in Gobabis on Friday at 20:00. Blue Waters will host Tigers at the Vineta Stadium on 1 December at 16:00, while Life Fighters will play Young Brazilians at the Mokati Stadium in Otjiwarongo on Saturday at 15:00.

Mighty Gunners will close the premier league season with a match against Orlando Pirates at the Mokati Stadium.

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Judo Namibia on development drive

November 27, 2018, 2:00 pm

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Judo Namibia on development drive

The Namibia Judo Federation (NJF) and International Judo Federation (IJF) are on a drive to develop the sport in Namibia following the donation of over 500 judo mats and 250 judo suits to five primary schools in Namibia.

The schools are Cimbebasia, Orban, Mandume, Deutsche Höhere Privatschule and the School for the Visually Impaired, all in Windhoek.

Speaking at the handover of the equipment here on Monday, Cornelius Matthyser, a judo coach who facilitated the donation from IJF, said they hoped to reach over 3 200 primary school children.

“The project will start running in January and our aim is to have a primary schools' league in the Khomas Region. We will then select a team of 50 students in each school who will compete against each other,” Matthyser said.

If the project is a success they will take it to other regions, with the aim of spreading it across the 14 regions in the near future.

Matthyser added that judo can help children develop their concentration and enjoy a healthy lifestyle.

His words were echoed by the director of education for the Khomas Region, Gerard Vries, who said that was in line with the ministry's motto of 'healthy mind, healthy body and healthy spirit'.

“We selected these schools because they have resources like a hall and storage facilities for such equipment. We are also in talks with the Japanese Judo Federation and government to build a hall and storage facilities at the Havana Primary School,” said Vries.

He said this envisaged hall would be used as a meeting place, exam venue and also for income-generating activities.

Chalo Chainda, the marketing executive at the Namibia Sports Commission, said that was part of the commission's. vision.

“Development is a priority for us. When we see this happening we are very0 excited as we see it as implementation by the federations who are making sport accessible to the people,” he said, adding that they would launch their strategic plan soon. Judo was first introduced in Namibia by Sensei Kurt Block in the early 1990s. Since then Namibian judoka have been regularly participating in the Africa Union Sport Council Region 5 Games (previously known as the Zone VI Championships), South African Open as well as other international championships.

NAMPA

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Annual boxing bonanza this weekend

November 27, 2018, 2:00 pm

≫ Next: Springbok World Cup squad taking shape

≪ Previous: Judo Namibia on development drive

Annual boxing bonanza this weekend

Namibia's elite boxers will step into the ring to exchange blows over the weekend.

The MTC Nestor Sunshine Boxing Academy will stage its annual MTC Sunshine Regional Cup in Windhoek from 28 November to 1 December.

The event forms part of the boxing academy's development programme aimed at grooming amateur boxers and preparing them in their journey to becoming professional.

The annual event was hosted at Otjiwarongo in the Otjozondjupa Region last year and is now moving back to Windhoek, where it had been hosted for seven years before that.

Boxing promoter Nestor Tobias says the MTC Sunshine Regional Cup is an important programme in the development structures.

During the tournament, over 150 amateur boxers from all 14 regions of Namibia are brought together to compete for the best spot in their weight classes. “We must take the lead in developing talent for the future, not just for the MTC Sunshine Boxing Academy, but for Namibia as well in terms of preparation for continental championships. Boxing is doing well in Namibia because we take development at grassroots level very seriously and we should not stop now so that we have talent in the next ten years,” Tobias said. The president of the Khomas Boxing Federation, Jason Naule, urged all regional boxers, as well as those from the Namibian Defence Force and Namibian Police Force, to take part in the event.

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Springbok World Cup squad taking shape

November 27, 2018, 2:00 pm

≫ Next: Ooyene yomavi oye na uuthemba wu thike pamwe

≪ Previous: Annual boxing bonanza this weekend

Springbok World Cup squad taking shapeSouth Africa prepares early The South African rugby team has already started preparing for action in the 2019 Rugby World Cup.

Although the Springboks ended the 2018 season with a disappointing defeat to Wales, there is no doubt that coach Rassie Erasmus would have already formulated a very clear idea of his World Cup squad.

It was quite revealing to see that no less than eight players failed to receive any game time on the recently concluded end-of-year tour, with Erasmus prioritising a desire to continue building momentum.

One of the real positives from the November internationals was the progression of Embrose Papier, who now looks certain to head to the World Cup as the back-up scrumhalf to Faf de Klerk.

Handre Pollard will in all likelihood head to the global showpiece as the first-choice flyhalf, with Elton Jantjies providing cover.

Damian de Allende seems to be the frontrunner to retain the number-12 jersey, but the outside centre berth does appear to still be up for grabs, with little to choose between Lukhanyo Am and Jesse Kriel, although both should travel to Japan.

The back three of Aphiwe Dyantyi, S'bu Nkosi and Willie le Roux look to have cemented their positions, although Cheslin Kolbe is providing some competition for a right-wing berth after impressing through each opportunity he has received this year.

When one looks at the pack, props Beast Mtawarira, Steven Kitshoff, Frans Malherbe and Vincent Koch look set to crack the nod for World Cup selection, while Wilco Louw, Trevor Nyakane and Thomas du Toit also remain in the running.

Malcolm Marx is the unequivocal first-choice selection at hooker, while Bongi Mbonambi impressed on the end-of-year tour, and will provide back-up in all probability.

In the second row, Eben Etzebeth and RG Snyman are set to serve as options at number 4, while Franco Mostert has earned first rights to the number 5 jersey. Pieter-Steph du Toit does provides valuable second-row cover, but has cemented his place at blindside flank through a host of outstanding performances in 2018.

As Bok captain, Siya Kolisi has settled at open side flank and is an obvious World Cup pick, with Duane Vermeulen set to be the first-choice number 8.

There are just four Tests to go before the World Cup, and while the likely starting line-up looks to have taken shape, there are still some positions up for grabs in the wider 31-man group.

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Ooyene yomavi oye na uuthemba wu thike pamwe

November 27, 2018, 2:00 pm

≫ Next: Ongopolo yaNamibia ya yi momake gAaChina

≪ Previous: Springbok World Cup squad taking shape

Ooyene yomavi oye na uuthemba wu thike pamwe

JANA-MARI SMITH

Omukiintu gwomoshitopolwa shaZambezi okwa sindanapo oshipotha mOmpangu yoPombandeelela moshilongo moka a li a ningi eindilo kombinga yuuthemba wuumwene wevi lye ndyoka a mono papango yuumwene wevi lyopamuthigululwakalo.

Pethimbo a gandja etokolo moshipotha shoka, Omupeha Omupanguli Omukuluntu mOmpangu yoPombandeelela mOshilongo, Petrus Damaseb okwa popi kutya sho epangelo lyaNamibia, Elelo lyondoolopa yaKatima Mulilo oshowo pamwe nayakwawo yahamano mboka ye li aayamukuli moshipotha shoka, sho inaya kutha ombinga moompata nepulakeno lyoshipotha shoka otashi ulike omukundu omunene kombinga yiikumungu yuuyuki.

Okwa popi kutya mboka oya tokola okukala inaya kutha ombinga moshipotha shoka omolwa okwaahenako na sha.

Willem Odendaal gwoLegal Assistance Centre, ngoka a kalelepo Agnes Kashela, okwa popi kutya etokolo ndyoka olya ningwa mOmpangu yoPombandeelela mOshilongo olya dhengele pevi omatokolo haga ningwa mOmpangu yoPombanda na olya gandja uuthemba wa faathana kaantu mboka ye na uumwene wevi wiikolelela koompango dhonale dhopamuthigululwakalo naamboka ye na uumwene wevi kwiikolelela koompango dhongashiingeyi.

Odendaal okwa popi kutya ekotampango nali kale tali gandja uuthemba wu thike pamwe kAaNamibia ayehe kutya omuntu oku li pevi lyopamuthigululwakalo lyaayehe nenge pevi lyopangeshefa, na ngele ope na oofuto tadhi gandjwa nadhi gandjwe kwiikwatelelwa kontopolwa onti 16 yEkotampango lyaNamibia.

Kashela okwa ka konga ekwatho kompangu yoSupreme Court konima shoHigh Court ya ningi etokolo moshipotha moka ta pataneke elelo lyondoolopa yaKatima Mulilo lya hiilitha po ehala lye nokonima olya tokola okulanditha po ehala ndyoka, omanga inali gandja iifuta yasha kumwene gwehala.

Okwa popi kutya okwa dhigulula ehala ndyoka pamuthigululwakalo okuza kuhe.

He okwa li a pewa oshitopolwa shevi ndyoka kelelo lyoMafwe Traditional Authority momvula yo 1985.

Konima sho oshilongo sha manguluka omavi agehe gaayehe oga ningi gepangelo nomomvula yo 1995 iitopolwa yimwe po yomavi ngoka oya pewa ondoolopa yaKatima Mulilo.

Pethimbo ndyoka, he yaKashela okwa li natango momwenyo na okwa tsikile okulala pehala ndyoka sigo osho a mana oondjenda momvula yo 2001.

Kashela okwa popi kutya elelo lyondoolopa ndoka olya kutha po evi lye nokuli hiilitha po koohandimwe naanangeshefa yamwe, nelelo olyiiyambapaleke okuza miifuta yohiila ndjoka.

Okwa pula opo ompangu yi vule okuninga etokolo ye a futwe iimaliwa mbyoka ya futwa onga ohiila muule woomvula ndatu ya thika pooN$720 000 kwa gwedhwa omwaalu gwondando moka evi tali landithwa, ompangu yopombanda oya li ya tindi eindilo ndyoka.

Damaseb kwiikwalekele etokolo ndyoka lya ningwa kompangu yopombanda kutya Kashela ke na uuthemba okumona iifuta yasha okuza kelelo lyondoolopa ndjoka, omolwa evi ndyoka lya tulwa momake gelelo lyondoolopa.

Damaseb okwiikaleke etokolo kutya evi ndyoka oli li evi lyaayehe ndyoka li li momake gepangelo, ta popi kutya elelo olya li ya pula opo li fute Kashela, ihe okwa tindi ta pula opo a futwe omwaalu guli pombanda

Okwa tsikile kutya omukiintu ngoka okwa kutha ko uumwene wevi ndyoka pamulandu gwomondjila, konima sho he a hulitha, pamilandu noompangu dhopamuthigululwakalo.

Metokolo lye Damaseb okwa popi kutya uumwene wevi kwiikwatelelwa koompangu dhopamauthigululwakalo nawu simanekwe naantu naya ihumbatelwe nuuthemba wafaathana naamboka woompango dhoshinanena.

Okwa gandja etokolo oombinga dhoka dhi tsakanene muule womasiku 10 opo ya vule okutsa kumwe ko ku kundathanwe woo egandjo lyiifuta kumwene gwevi ndyoka.

Oshikumungu shoka osha ukithwa natango kOmpangu yoPombanda, naDamaseb otaka ulika omupanguli ngoka taka ungaunga noshikumungu shoka, opo shi manithwe unene tuu kombinga yiifuta .

Oonakupatanekwa moshipotha shoka, oyo taya futu iifuta yopaveta yaKashela.

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Ongopolo yaNamibia ya yi momake gAaChina

November 27, 2018, 2:00 pm

≫ Next: Homelessness a humanitarian crisis

≪ Previous: Ooyene yomavi oye na uuthemba wu thike pamwe

Ongopolo yaNamibia ya yi momake gAaChina Omahangano gaChina ngashiingeyi otaga kwatako oshikondo shokumina ongopolo moNamibia ngele ehangano lyaRio Tinto olya landitha po omina yaRössing kAaChina.

Ø Omaipulo kombinga yonakuyiwa yaaniilonga

CATHERINE SASMAN

Otaku ningwa oompangela dhopangeshefa opo oopresenda dhi li po 68.62 dhuumwene womina yaRössing Uranium Limited dhi landwepo kehangano lyoChina National Uranium Corporation Limited (CNUC), nokweetitha omahangano gaChina ga kwateko oshikondo shemino lyongopolo moshilongo.

Ngele oompangela dhoka odha tulwa miilonga, nena omahangano gaChina otaga kwatako uumwene wiipambuliko oyindji moomina oonene moshilongo ngaashi momina yaHusab, Rössing, Langer Heinrich oshowo Trekkopje.

Ehangano lyoChina General Nuclear Power Corporation (CGN) oshowo China-Africa Development Fund ogo ooyene yiipambuliko oyindji momina yaHusab.

CNNC, moka CNUC e li oshitayi oku na mo uumwene woopresenda 25 momina yaLanger Heinrich.

Omukwatakanithi gwopashitopolwa shErongo mehangano lyoMineworkers Union of Namibia (MUN), George Ampweya, okwa popi kutya ehangano lyawo olya kumwa noonkondo mokuuva onkundana ndjoka molwaashoka elelo lyomina yaRössing inali ya tseyithila kombinga yoompangela ndhoka dhokulanditha po omina.

Okwa popi kutya oya uvu owala kombinga yoompangela ndhoka miikundnaeki na kaye shi kutya omonkalo yini tamu ka thigwa aaniilonga yaRössing na oye na einekelo kutya elanditho ndyoka otali ka ningwa pauyuuki nomomukalo gu li nawa.

Okwa popi kutya oshitayi shoMUN moArandis oshi na einekelo okuya moonkundathana nelelo lyaRössing kombinga yonakuyiwa yaaniilonga momina ndjoka.

Ominista yOomina nIikwankondo, Tom Alweendo, ina yamukula komapulo ngoka a ningilwa omanga onkundana ndjika inayi nyanyangithwa.

CNUC oku li oshitopolwa shoChina National Nuclear Corporation (CNNC), ehangano ndyoka lya kala moonkundathana nehangano lyaRio Tinto kombinga yelandepo lyomina yaRössing.

Rio Tinto okwa tseyitha mOmaandaha kutya CNUC ota landa po iipambuliko ye momina ndjoka koshimaliwa sha thika pobiliyona 1.5.

Patseyitho ndyoka lya ningwa CNUC otaka futa tango oshimaliwa shoomiliyona 90 koomuma, noshimaliwa shoobiliyona 1.4 otashi futwa uuna etsokumwe lyelanditho ndyoka lya shainwa.

Ondando yelanditho lyiipambuliko mbyoka olya ningwa patengeneko lyondando yongopolo momina ndjoka, muule woomvula heyali dhi li komeho.

Elanditho ndyoka otali tegelele manga omilandu dhimwe mo mwakwatelwa ezimino okuza koNamibian Competition Commission.

Rio Tinto okwa tsikile kutya ngele omilandu ndhoka odha yi miilonga nena elanditho ndyoka okwa tegelelwa li ningwe metata lyotango lyomvula yo 2019.

Namibian Competition Commission ina yamukula komapulo ngoka a ningilwa.

Omunambelewa omukuluntu gwoRio Tinto, Jean-Sébastian Jacques, okwa popi kutya elanditho ndyoka otali landula oonkundathana dha ningwa uule wethimbo ele moka ehangano lya tala woo nkene li na okupula komeho nokunkondopeka iilonga yawo menenevi, na ota pandula aakuthimbinga ayehe naamboka ya longele kumwe nayo pethimbo y longele momina ndjoka.

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Homelessness a humanitarian crisis

November 27, 2018, 2:00 pm

≫ Next: War declared on plastic bags

≪ Previous: Ongopolo yaNamibia ya yi momake gAaChina

Homelessness a humanitarian crisisGeingob says we cannot stand idly by In partnership with Huawei, MTC has donated N$10 million for low-cost housing to the Shack Dwellers Federation.

President Hage Geingob believes that the situation in informal settlements is a humanitarian crisis and said that there is no other way of looking at it.

He said this on Monday evening when MTC and Huawei announced a N$10-million donation to the Namibia Shack Dwellers Federation for building 250 low-cost houses throughout the country. The president said the government cannot give up on the fight until every Namibian has a home where they can feel safe.

“With so many challenges and dangers confronting shack dwellers, life is difficult and undignified. Shack fires, unstable family lives and lack of electricity are just some of the challenges they face on a daily basis.

“These are Namibians with real problems and who lack the basic necessities. These are our brothers and sisters. We cannot stand by idly while they suffer.

“We can no longer be part of a society which turns a blind eye to the agony of others. If we witness social injustice and choose to do nothing about it, we are part of the problem and not the solution,” said the president.

The donation was announced by MTC executive Tim Ekandjo at gala dinner celebrating ten years of partnership between MTC and Chinese electronics manufacturer Huawei on Monday evening.

“It is earnestly disheartening that after so many years of independence, we are still denying our people access to basic fundamental human rights by inflating and charging unreasonable exorbitant prices for houses,” Ekandjo said. He added that a house is not a privilege but a societal necessity for ensuring people's safety.

According got him the proceeds of MTC's 081Every1Fest promotion were also handed over to the Shack Dwellers Federation.

JEMIMA BEUKES

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War declared on plastic bags

November 27, 2018, 2:00 pm

≫ Next: Nedbank unveils Desert Dash Deal

≪ Previous: Homelessness a humanitarian crisis

War declared on plastic bags

The environment ministry will step up efforts to enforce the ban on plastic bags in national parks in the coming months.

Environment minister Pohamba Shifeta has urged tourists and the general public to comply with the new regulations or face the wrath of the law.

Shifeta was speaking at the announcement of the plastic ban at Daan Viljoen National Park last week.

He said Government Gazette No. 6285 of April 2017 amended the regulations of the Nature Conservation Ordinance of 1975 with the insertion of a new provision that no person may enter a game park or nature reserve with a plastic bag.

The amendment makes provision for exceptions for certain types of plastic bags. These are bags designed for the disposal of waste, for agricultural purposes, for sampling or analyses, and transparent, resealable bags. Also exempt is sealed plastic packaging that forms an integral part of goods for sale.

“A person who contravenes this ban is liable to a fine not exceeding N$500, or to imprisonment not exceeding six months, or to both such a fine and such imprisonment,” said Shifeta.

He called on all tour operators, tourism associations and the Namibia Tourism Board to convey this message to tourists.

Shifeta said Namibia Wildlife Resorts (NWR) must stop offering plastic bags to customers in protected areas and offer alternatives.

According to Shifeta the ministry is in developing signage that will be placed at the entrances to all protected areas.

He said the increasing numbers of tourists and the increasing amounts of waste being generated pose a threat to the ecology of protected areas.

“We therefore believe that the health and image of these most important areas for biodiversity and tourism will be enhanced through this ban.

According to him Namibia is coming closer to reaching its goal of banning all plastic bags.

He said the ministry was still working on introducing a levy on plastic shopping bags and on banning the importation of plastic bags from other countries.

ELLANIE SMIT

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Nedbank unveils Desert Dash Deal

November 27, 2018, 2:00 pm

≫ Next: Company news in brief

≪ Previous: War declared on plastic bags

Nedbank unveils Desert Dash DealDrive your dream Toyota this holiday season In celebration of one of the world’s most epic mountain-bike races, Nedbank Namibia is offering a special ‘Nedbank Desert Dash Deal’ for those who prefer motorised transport. Amanda von Wielligh, head of vehicle finance at Nedbank Namibia -"This unique offering is accessible to Namibians across the country and we look forward to seeing our clients drive away in their dream cars with huge smiles on their faces." Nedbank Namibia has joined forces with Indongo Toyota to provide Namibians with a deal that will make their car wishes come true.

Just in time for the holiday season, the Nedbank Desert Dash Deal gives any individual the opportunity to own their own set of wheels before 2018 ends.

With a 90-day payment delay, customers can buy now and pay their first instalment at the end of January or February 2019.

The offer is based on a 25% balloon payment, with Nedbank customers receiving prime rate and non-clients 11% interest.

“My team members are experts in vehicle financing, and we are ready to serve you. This unique offering is accessible to Namibians across the country and we look forward to seeing our clients drive away in their dream cars with huge smiles on their faces,"said Amanda von Wielligh, head of vehicle finance at Nedbank Namibia.

The deal has been sealed with Indongo Toyota, a leading automotive retailer with a strong footprint across Namibia. The Indongo Group has branches in Windhoek, Walvis Bay, Okahandja, Otjiwarongo and Ongwediva.

“Nedbank is proud to collaborate with a local company, as it is Namibian owned and operated, falling under the auspices of the Frans Indongo Group,” Von Wielligh said.

For those driving to the coast or to the north for the festive season, the Nedbank Desert Dash Deal can make the trip even more memorable in a new car.

Nedbank branches countrywide are ready and waiting to provide support and information. The following individuals can be contacted: Benelda Limon in Windhoek +264 61 295 2502; DJ Lewin in the North at +264 65 235 411; and Randy Swartbooy at the Coast +264 64 414311. For more information Amanda von Wielligh is also available at +264 81142 0623.

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Company news in brief

November 27, 2018, 2:00 pm

≫ Next: Female farmer scoops National Weaner Champion, again

≪ Previous: Nedbank unveils Desert Dash Deal

Company news in brief

Telkom Kenya gets loan from EIB

Telkom Kenya, the country's third biggest operator, has secured a loan worth US$40 million from the European Investment Bank (EIB), as it tries to gain market share by expanding its mobile and data services.

Telkom will use the funds from the EIB, the European Union’s not-for-profit long term investment arm, to improve and expand its network, the company and the bank said.

The operator, which is the smallest in Kenya behind Safaricom and Bharti Airtel's Kenyan unit, has been focusing on data to try to win customers.

Telkom, 60%-owned by London-based Helios Investment with the rest held by the government, had 4.1 million users, about 9% of the market, as of July 2018.

Safaricom, the dominant operator with nearly 70% of the market, cut its internet connection prices last month in response to Telkom's aggressive positioning. – Nampa/Reuters

Thomas Cook cuts profit forecast

Thomas Cook cut its forecast for full-year underlying operating profit for the second time in two months yesterday and suspended its dividend after the hot British summer deterred holidaymakers from going abroad.

The British company warned in September that a heatwave in northern Europe had hit demand in the most profitable part of the summer season and hurt winter trading, forcing it then to cut its profit outlook by 13%.

Bringing forward its results by two days, the company said yesterday it now expected to report a figure of 250 million pounds (US$320 million), down 58 million pounds on the previous year and below the target of 280 million pounds it set in September.

Part of the hit came from 28 million pounds worth of legacy and non-recurring charges, due to transformation and disruption costs, and unpaid historic hotel bills.

"After a good start to the year, we experienced a larger-than-anticipated decline in gross margin following the prolonged period of hot weather in our key summer trading period," chief executive Peter Fankhauser said. – Nampa/Reuters

Microsoft's stock market value catches up with Apple

Just four months after Apple Inc breached the US$1 trillion mark, the iPhone maker has lost its lead as Wall Street's most valuable company and is on the verge of being replaced by Microsoft Corp.

Apple shares fell 1.77% in extended trade Monday after US President Donald Trump told The Wall Street Journal that tariffs could be placed on laptops and mobile phones imported from China.

The loss wiped out the 1.35% gain during the official trading session and put Apple's stock market value at US$814 billion.

Microsoft shares dipped 0.35% after-hours to US$106.10, putting its market capitalisation also at US$814 billion.

Technology shares have been punished in recent months on investor worries about rising interest rates and fallout from the trade conflict between the United States and China. – Nampa/Reuters

Global wage growth slumps to lowest in decade

Global wage grew by 1.8% in 2017, down from 2.4% in 2016 and the slowest rate since the global financial crisis in 2008, the International Labour Organisation said in its two-yearly Global Wage Report on Monday.

"What is now widely recognised is that slow wage growth has become an obstacle to achieving sustainable economic growth," ILO director-general Guy Ryder wrote in the report.

In the past 20 years, average real wages have almost tripled in emerging and developing G20 countries, but they have risen by only 9% in advanced G20 countries, the ILO said.

Aramco eyes bigger market share in Africa, Asia

Saudi Aramco will expand its market share in Asia despite likely OPEC limits on output next year, and is eyeing deals in China and Africa as it aims to become a global leader in chemicals, the head of the world’s top oil producer said on Monday.

Amin Nasser, chief executive of the state oil giant, told Reuters that his company would abide by any OPEC agreement to cut crude production in 2019, less than two weeks before the exporter group meets to decide output policy.

But he added that he still sees growth opportunities in Asia - identifying China, India, Malaysia and Indonesia - and will push ahead with refining ventures to guarantee new outlets for Aramco’s crude.

Aramco said last week it would sign five crude oil supply agreements with Chinese customers, taking its supply to China to a record-high 1.67 million barrels per day (bpd) in 2019.

OPEC meets in Vienna on Dec. 6, amid expectations that Saudi Arabia will push for a production cut of up to 1.4 million bpd by the producer club and its allies to prop up sagging oil prices. – Nampa/Reuters

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