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Namibia's cattle market posted a 2.3% growth in 2022, reaching a total of 240,463 head, marking the first annual expansion in the past three years, according to Agribank.

The Capricorn Group, has announced the appointment of Vetumbuavi Mungunda as a non-executive director of Bank Windhoek, effective 8 February 2023. 

The Construction Industries Federation of Namibia (CIF) has expressed concern over the government’s lack of support for local companies.

The African Energy Chamber (AEC) has endorsed this year's edition of the Namibia International Energy Conference, set to take place in Windhoek in April.

The Zambia Electricity Supply Corporation Limited (ZESCO) has declared an end to the long-standing issue of load shedding in the country. In a recent press conference, the Managing Director of ZESCO, Victor Mapani, expressed the good news that Zambian households and businesses will now be able to enjoy a steady supply of electricity, uninterrupted by load-shedding. 

The Environmental Investment Fund of Namibia (EIF) is set to develop water-softening systems (mini desalination plants) in 10 regions across the country.

Adidas said it might report an operating loss of €700 million (US$1.1 billion) in 2023 as it deals with fallout from the dispute with rapper and former partner Ye.

The German sneaker brand said if it had to write off all existing Yeezy inventory, it could report such a loss in 2023. It has previously flagged that its profit and revenue have been hurt by the damage from ending the lucrative line.

New chief executive officer Bjorn Gulden is looking to inject a fresh era of creativity and optimism into a brand beset by crises on several fronts. He’s conducting a strategic review aimed at “reigniting profitable growth” by next year that could cost as much as €200 million in 2023.

“The numbers speak for themselves,” Gulden said in a statement on the company website. “We are currently not performing the way we should.” 

Adidas would put its full focus on consumers along with its athletes, retail partners and employees, Gulden said. The goal is to create “brand heat”, improve products, better serve distributors and become “a great and fun place to work”, he said.

“We need to put the pieces back together again,” he said in the statement. “I am convinced that over time we will make Adidas shine again. But we need some time.”

Gulden started at Adidas in January after nearly a decade running cross-town rival Puma, where he led a turnaround that he also began by resetting profit and sales growth expectations. His main focus at Adidas will be reinvigorating the brand’s lacklustre pipeline of sneakers and apparel and winning back customers in the US, Europe and China. He will also have to figure out if Adidas can sell or repurpose Yeezy designs to customers without the brand name.

Sales will sink at a high-single-digit rate in 2023, the German company forecast late Thursday. That compares with the roughly 4 per cent growth that analysts were estimating.

The sportswear group terminated its lucrative design partnership with Ye, formerly known as Kanye West, in late October after he made a series of anti-Semitic and racist remarks.

Adidas had become heavily dependent on the Yeezy line, which it dubbed one of the most successful in the industry’s history, and it took weeks of deliberations inside the company before it finally terminated the partnership. Other retailers such as Gap Inc. moved much quicker to sever ties.

Adidas is also still facing challenges in China where demand for its shoes and clothing has fallen amid a consumer boycott and as a result of COVID restrictions.-smh

South African President Cyril Ramaphosa has created a ministry of electricity as he seeks a solution to continual power blackouts that have beleaguered the country.

Oil majors, TotalEnergies and Shell, have invested billions in their ongoing oil exploration activities off the coast of Namibia, according to a report by Evercore ISI. 

In December 2022, Shell commenced its three-well exploration campaign, with an investment of N$2.4 billion (US$124 million) for the Deepsea Bollsta, at an average daily rate of N$6 million (US$340,000). 

The contract, which has a six-month option, could extend until mid-June 2024. 

A second floater is expected to arrive offshore Namibia by mid-February 2023, with the Tungsten Explorer mobilising from the Eastern Mediterranean for a two-well appraisal programme at TotalEnergies’ Venus discovery. 

According to the investment banking advisory firm, the 225-day contract is reported to be valued at N$1.4 billion (US$79 million), with an average daily rate of N$6.2 million (US$351,000). Unexercised options could keep the seventh-generation drillship contracted until February 2026.

In the second quarter of 2023, TotalEnergies is reported to have contracted a second rig, the Deepsea Mira from Norway, for a 300-day exploration and appraisal campaign at Venus.

The N$2.4 billion (US$135 million) contract implies an average daily rate of N$7.9 million (US$450,000) for the sixth-generation semi-submersible, which likely includes reimbursement for mobilisation and reactivation.

All three floaters are expected to be operational throughout the next summer and into the fall, with options potentially keeping Namibia’s floater count at a record three units throughout the first quarter of 2024. 

According to S&P Global, there is a probable 50% probability of TotalEnergies proceeding with a development tender in mid-2024 and four possible 50% probability exploration tenders from Eco Atlantic and ExxonMobil for 2024-2025.

Exploration companies have invested over N$30 billion in the country since independence, according to the Namibia Petroleum Operators Association (NAMPOA).

The 2023 Evercore ISI E&P Spending Outlook predicts that global exploration and production spending will increase by at least 14% in 2023, decelerating from 20% growth in 2022.

 

The Ministry of Fisheries and Marine Resources has reported an increase in surveillance activities within the country's exclusive economic zone.

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