BUSINESS NEWS IN BRIEF

Namfisa&#039;s Louis Potgieter joins global accounting working groupThe Namibia Financial Services Supervisory Authority (NAMFISA) this week announced the appointment of its senior financial anaylist, Louis Potgieter, to the International Association of Insurance Supervisors (IAIS) Accounting and Auditing Working Group (AAWG).The AAWG is tasked with monitoring developments in international accounting, auditing, financial reporting, valuation standards and the public disclosures made by insurers. Additionally, the AAWG is responsible for developing and maintaining the IAIS’s high-level, principles-based supervisory materials related to accounting, auditing, valuation for solvency purposes, and reporting to supervisors. By joining this group, Potgieter will be at the forefront of these developments and also contribute to the creation of supervisory materials designed to ensure the financial stability and resilience of the global insurance sector.In extending congratulations to Potgieter for this achievement, NAMFISA reaffirms its dedication to fostering initiatives that encourage international collaboration, harmonization, and the enhancement of the regulatory environment for the benefit of policyholders and insurers.-MARKET WATCH- O&L Leisure, employees ink wage agreement O&L Leisure, a subsidiary of the Ohlthaver & List (O&L) Group recently announced the conclusion of its wage negotiations. The newly established agreement, effective from 1 July 2024,underscores the company’s unwavering commitment to its employees and the Namibian community.According to O&L, the newly established wage agreement, effective from 1 July 2024, showcases our unwavering dedication to its employees and underscores our vision of positioning O&L Leisure as a top global employer. Sven Thieme, Acting Managing Director of O&L Leisure, expressed his gratitude to all parties involved in the negotiations. "This agreement exemplifies our unwavering commitment to our employees and our shared vision for 2029. We believe that by being authentic and responsible in our approach to employee rewards, we are not only securing the future of our business but also empowering our employees to bring their best selves to work every day."The Workers Council representative, Gerhard Siyemo also welcomed the outcome of the negotiations. "This agreement represents a significant achievement for our members. It reflects the company’s recognition of the hard work and dedication of the employees, and we believe it will have a positive impact on their well-being and motivation as we continue to work together towards shared success."-MARKET WATCH- Nedbank celebrates 10-years of Kapana bliss On 24 August, the Ongwediva Annual Trade Fair will host the grand finale of the 2024 Kapana Cook-off competition, a thrilling event that marks a decade of celebrating Namibia&#039;s finest kapana-grilling talents.From fiery flavours to tantalising aromas, this year’s finale promises more than just a battle between Namibia’s finest. It will be a vibrant celebration marking a decade of culinary excellence and entrepreneurial spirit. What began as a modest local gathering to celebrate the opening of Nedbank Namibia&#039;s new branch in Ongwediva in 2014 has evolved into a leading platform for Namibia’s top kapana-cooking talents. The competition now stands as a cornerstone of Nedbank Namibia’s commitment to supporting the informal market and small and medium enterprises (SMEs), with the bank having invested an impressive N$5.9 million since its inception.This exhilarating finale, where 12 grill masters from across the country will battle for the top prize – a state-of-the-art mobile kitchen worth N$130 000, a N$10 000 cash prize in a Nedbank bank account,an SME training programme from Agra ProVision worth N$6 000, and a N$5 000 Bakpro vetkoek voucher – caps off a 2-month journey that has seen the Kapana Cook-off ignite culinary passionsnationwide.Beyond the grand prize, the competition offers additional rewards. The first runner-up will receive N$7 000 and a N$3 000 Bakpro vetkoek voucher, while the second runner-up will take home N$5 000 and a N$2 000 Bakpro vetkoek voucher.-MARKET WATCH- Buy Standard Bank shares, IJG recommends Stock broking firm IJG has recommended potential investors buy into commercial lender, Standard Bank Namibia, arguing that it has strong capital ratios and an ability to drive expansion. This follows the broker&#039;s initial impression into the bank, following the recent release of its results. "Standard Bank Namibia is well-positioned to maintain its growth trajectory, with continued focus on optimising funding costs and expanding its interest-earning assets. The bank’s strong capital ratios and improving cost-to-income ratio suggest resilience and efficiency, while the increase in current account deposits will likely support further margin expansion. However, slow domestic credit growth and declining interest rates pose shorter term challenges," IJG said. The lender was on course to deliver a strong performances, IJG said. We anticipate that Standard Bank Namibia will continue to navigate these dynamics carefully, balancing growth with prudent risk management in the second half of 2024. Using a panel of standard valuation techniques, a cost of equity of 15.5% and a long-term sustainable return on equity of 15%, we derive a target price of N$c983. Coupled with an expected final dividend of 44 cents per share, we derive a potential total return of 23.8%. Based on this, we view the current share price as undervalued and retain our buy recommendation on Standard Bank Namibia. -MARKET WATCH- Why Qatar Airways made a move on SA&#039;s AirlinkQatar Airways&#039; move to buy 25% stake in Airlink - the maximum stake it can own under SA laws - is the latest evidence of the strong move of Middle Eastern airlines into Africa aviation.Asset manager Coronation and the Sishen Iron Ore Company Community Development Trust each own a third of the SA company. Foster&#039;s family holds about 23%, while 10% is owned by the family of Barrie Webb, who co-founded Airlink with Foster.Airlink CEO Rodger Foster says all the local airline&#039;s shareholders are diluting their stakes proportionally to allow for the 25% investment by Qatar Airways.He said that the 25% equity and voting rights that will now be controlled by a foreign investor make up the maximum share allowed under South African law for locally domiciled aviation companies, under their interpretation of the legislation.Qatar Airways, which is owned by the Qatari government, was only founded as an airline in 1993, two years before Airlink was officially launched in 1995. Since then, it has won the Skytrax Best Airline award a record eight times, including in 2024, and now flies to over 170 destinations. Qatar Airways Group CEO Badr Mohammed Al-Meer told News24 that Africa is integral to the future of the business. "Qatar Airways cannot cover all of Africa. The idea of having this partnership with Airlink is basically to cover as many destinations where Qatar Airways cannot operate to, where we can make sure that we will be able to make those passengers or those travellers come fly on Qatar Airways through Airlink. "Airlink will be the airline that will be the partner that will bring passengers from those parts of the continent that we don&#039;t fly to," he said.-FIN24- Sasol to withhold year-end dividendSasol has opted to withhold its year-end dividend after its net debt of $4.1 billion (R73 billion) and tough market conditions prompted its board to change its policy regarding shareholder payouts. The group reported that headline earnings fell 66% to R11.5 billion in the year to end-June, when it was hit by huge impairments, resulting in a loss before interest and tax of about R27 billion, from a profit of R21 billion in the prior year. Its dividend policy used to be a payout of between 36% to 40% of core headline earnings per share, but the group said the "disconnect" between headline earnings and cash flow generation, as well as its debt, necessitated a revision to the company&#039;s approach to dividends. The new revised policy is based on 30% of free cash flow — provided that net debt is below $4 billion on a sustained basis. Its net debt of $4.1 billion for the past year (up from $3.8 billion in the previous year) resulted in no final dividend being declared for 2024. For the full year, Sasol shareholders received a dividend of R2 per share – down from R10. Sasol slumped about 6.5% lower on Tuesday and has about halved in the past year.-FIN24-

BUSINESS NEWS IN BRIEF

Kommentaar

Republikein 2025-06-17

Meld asseblief aan om kommentaar te lewer

BUSINESS NEWS IN BRIEF

Kommentaar

Republikein 2025-06-17

Meld asseblief aan om kommentaar te lewer

MELD AAN

Advertensie