Positive week in local mine activity

As oil drilling started off the west coast last week, more positive news emerged this week about rare earth minerals being found in the North.

It was a positive week for a number of Namibian mining companies, with a series of developments that augurs well for the sector. Read more about Positive week in local mine activity

Telecom posts record revenues

Last year was Telecom Namibia’s most successful year to date, the national telecommunications operator announced this week.

According to the company’s audited financial results for 2012, Telecom realised revenues of N$1,2 billion for the financial year, which in its case ended in September. Read more about Telecom posts record revenues

Close to n$50 million in notes written off


The Bank of Namibia (BoN) withdrew from circulation and shredded a total of 49,1 million in banknotes last year, after these were found to no longer be fit for use. Read more about Close to n$50 million in notes written off

Eurozone unemployment reaches record high


Eurozone unemployment reached a record high of 12% in February, with more than 19 million people on the dole as the debt crisis continued to sap the economy, official data showed this week. Read more about Eurozone unemployment reaches record high

Economist warns of radical climate change

The author of an influential 2006 study on climate change warned on Tuesday that the world could be headed toward global warming even more catastrophic than expected.

Nicholas Stern, the British former chief economist for the World Bank, said that both emissions of greenhouse gas and the effects of climate change were taking place faster than he forecast seven years ago.

Without changes to emission trends, the planet has roughly a 50% chance that temperatures will soar to five degrees Celsius above the pre-industrial average in a century, he said. Read more about Economist warns of radical climate change

BRICS alliance promises new dawn for Africa - !Gawaxab

The expansion of the bloc into a formalised partnership promises a new dawn filled with refreshing alternatives to the old world order, a local business executive says.

Fresh from the recently concluded fifth BRICS summit in Durban last week, Old Mutual Managing Director Johannes !Gawaxab commended a number of decisions reached - describing the coalition as a timely voice during a period when established global institutions appear reluctant to reform.

Comprised and deriving its name from those of Brazil, Russia, India, China and South Africa, the BRICS block of emerging economies presently account for 15% of global trade, 25% of the world’s GDP, and approximately 40% of the world’s population. Read more about BRICS alliance promises new dawn for Africa - !Gawaxab

More fake money in 2012


The number of counterfeit notes that circulated across the country last year almost doubled from the 2011 figure. Read more about More fake money in 2012

BP administrator wants lawsuit dismissed


The administrator of BP’s settlement with thousands of people and businesses who sued over the 2010 Gulf of Mexico oil spill urged a federal judge on Monday to end the company’s lawsuit over how he determines damages claims.

BP last month urged United States (US) District Judge Carl Barbier in New Orleans to issue an emergency order to stop court-appointed administrator Patrick Juneau from paying out “absurd” amounts based on inflated or fictitious claims. Read more about BP administrator wants lawsuit dismissed

Egypt seeks help as credit crunch bites

The North African country has hit breaking point in its ability to pay for imports of oil, wheat and other basic commodities - forcing it to call in diplomatic and other favours.

Two years after ousting Hosni Mubarak, new Islamist leaders are struggling to win a credit line from the International Monetary Fund (IMF), as they try to manage the hopes of 84 million people with a depreciating currency and an economy hooked on State subsidies - but starved of tourism revenues since the political upheavals began.

Fuel shortages, tighter security at petrol stations and scuffles in the streets are becoming common in Egyptian towns as State importers struggle to meet the demand for diesel and gasoline. Read more about Egypt seeks help as credit crunch bites

Schlettwein calls for foreign direct investment

The finance minister said the country needed to add value to its natural resources through developing its processing and manufacturing abilities.

Trade and Industry Minister Calle Schlettwein has called for foreign direct investment (FDI) that would help boost Namibia’s production capacity through the introduction of appropriate production technologies and technical know-how. Read more about Schlettwein calls for foreign direct investment


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