Business

IN ITS latest batch of loans, the Development Bank of Namibia (DBN) has helped a long-serving employee of a carpet-making business, Karakul Weaving CC, to acquire the Close Corporation where he worked for 20 years.

Moses Helao started as cleaner in 1991 at Karakulia Weavers CC and progressed to becoming a sales executive at the company. The CC is involved in the making of carpets from Karakul wool and the previous owner, Dirk Herhroldt, who bought the company in 2006 decided to close last year. Read more about From being a cleaner to owning the business

SMEs ARE to benefit from a huge injection of loan capital amounting to about N$100 million after an agreement was signed between First National Bank (FNB) and the French Development Agency (FDA).

The ARIZ SME Guarantee Facility Agreement between FNB Namibia and the State-owned development bank AFD seals a ‘holistic smart partnership’. The arrangement is set to benefit the Small and Medium Enterprise (SME) sector in Namibia. The AFD through this agreement offers a guarantee facility of about N$100 million – both for start-ups and business expansion purposes. Read more about Guarantee facility offers millions for Namibian SME’s

The price of copper was down after Goldman Sachs warned that commodities prices will see significant declines in the short term, as well as on a warning from Japan’s finance minister that his country could end up taking a larger hit than first believed from damage caused by the earthquake and tsunami that hit northern Japan last month. Read more about Prices for copper, other metals decline

GLOBAL equity markets responded very well last year, a scenario that will see about US$600 billion of liquidity injected into the market by the end of June this year, says Investec Portfolio Manager for Balanced Fund, Chris Freund. Read more about Japan’s earthquake boosts global equity markets

Johannesburg -Employment rose 5.6% last month as gains were recorded in all sectors, occupations and types of employment, according to the Adcorp employment index. Read more about SA employment recovery still modest

Ellis and Partners Legal Practitioners is now named Ellis Shilengudwa Incorporated after Anna Shilenguwa and Jaco Jacobs joined the legal firm.

Dr Libertine Amathila above attended the occasion and officially launched the renamed venture. Read more about MAKING CHANGES

Johannesburg - Absa and Barclays, which controls the Johannesburg-based bank, have started selling insurance in Botswana as they plan to co-operate more closely to expand in other African countries. Read more about Absa, Barclays start African co-operation in Botswana

PARIS - At least two women have been detained in France while wearing Islamic veils across their faces, after a law banning the garment in public came into force. Read more about Anger at veil ban across France

Gerry Anderson, the Financial Services Board (FSB) deputy executive in charge of market conduct and consumer education, says prospective investors should not fall for any sales talk, especially promises of a listing on a stock exchange in the near future. Read more about Resist get-rich-quick selling tactics

The newly established National Consumer Commission will launch crack-down investigations into three major consumer-driven industries, for which complaints received so far suggest that consumer abuse is rife.

The sectors that the commission will initially target are information and communications technology (ICT); manufacturing and retail; and health care and pharmaceuticals. The commission has also established a memorandum of understanding with the Competition Commission to revisit and investigate consumer aspects of its work on bank fees and bread pricefixing. Read more about Commission will crack down on three consumer industries