Business

SME’s revival loan scheme was relaunched

The Bank of Namibia and the Ministry of Finance are teaming up to revive the country's economy and put Namibians back to work with their SME Economic Recovery scheme. Governor Johannes !Gawaxab emphasized the importance of SMEs, as they make up 90% of businesses and over 50% of employment globally, even more so in developing economies like Namibia. With around 71k MSMEs providing jobs and income to 160k citizens, accounting for 1/3 of the workforce and 12% of GDP, the SME sector is crucial to Namibia's success.

However, 40% of companies face a critical constraint - limited access to financial products and services. The SME Financing Strategy was launched to address this and provide funding to qualifying SMEs, with the Bank of Namibia contributing N$80 million to the scheme and providing relief to commercial banks, resulting in N$1 billion worth of loans. The SME loan scheme has been repackaged to address post-Covid challenges, with revised qualifying criteria, reduced lending rates, and the option for SMEs with tax liabilities to participate with a payment agreement with Namra. The scheme, with participating banks like Bank Windhoek, FNB, Nedbank, and Standard Bank, had N$500 million made available for loan but only N$6.4 million has been utilized so far. Time to rev up those engines, SMEs!

MTC kicked off its entrepreneur training scheme under the MTC 4-life project

50 lucky Namibians got the chance to upgrade their skills and become bosses of their own microbusinesses thanks to MTC's N$2.6 million 4-Life project. From photography to barbering, catering to sewing, these young entrepreneurs will receive two weeks of intensive training and a toolkit, plus a generous N$5,000 start-up fund. And the best part? Field experts will be there to give them a hand with their business growth and expansion. It's a dream come true for these 50 trainees, and who knows, they may even give the barbering industry a much-needed makeover with the only female trainee leading the way!

Natis raised its service charges

Natis, the go-to destination for all your roadworthy needs, has revved up its fees starting June 1st, 2023. Want to stand out with a personalized license plate? Buckle up, it'll cost N$2,000. And if you ever misplace it, a duplicate will set you back N$240. Don't forget, transfers are N$80.

Got your heart set on a specific license number? That'll be N$600, please. If you're transferring it to your own vehicle, the fee is N$80. But if you're passing it along to another lucky driver, the price goes up to N$600.

Annual renewals for your personalized plate? N$280, of course. Need a chassis or engine number? That'll be N$80. And if you ever lose your document or token, a duplicate is just N$30.

Confirming information is N$50 per item, and getting a learner's license (including the test) will set you back N$45, with the actual license costing N$50. Full license applications will cost N$160 and professional authorization is N$110. A driving license of any code will be N$200, and a duplicate license is also N$200. Temporary driving licenses are N$50, and roadworthiness certifications (including the test) will cost N$150, with the certificate coming in at N$4,100. Operator identity notification is N$40, and a duplicate operator card will cost N$30.

So hit the road and show off your shiny new license, but don't forget to fill up the wallet first!

Engen and Vivo Energy merge to form a company spanning 27 countries in Africa

Engen and Vivo Energy are joining forces to create one of Africa's largest energy distribution companies. With a combined network of over 3,900 service stations and 2 billion liters of storage capacity across 27 African nations, this merger promises to be a game-changer in the industry. If approved by regulators, the deal will see PETRONAS sell its 74% share in Engen to Vivo Energy. The Phembani Group, PETRONAS's African partner, will remain invested as a 21% shareholder in the South African business. This move also benefits Engen employees through a 5% employee share ownership program. The newly formed company will be well positioned to take advantage of Engen's strong brand equity, extensive supply chain capability, and unparalleled customer service. This merger is a significant commitment to the South African market and a step forward in the growth of both companies as they strive to become a Pan-African energy leader.

Technology

Google’s Bard AI bot mistake wipes $100bn off shares

Google's new AI chatbot, Bard, got off to a rocky start as it gave an incorrect answer in a promotional video, causing investors to lose $100 billion in the value of Alphabet, Google's parent company. The error led to investors fearing that Microsoft, which is deploying a ChatGPT-powered Bing search engine, will damage Google's business.

The blunder happened when Bard was asked about new discoveries from the James Webb Space Telescope, and the chatbot responded by suggesting it had taken the first picture of a planet outside our solar system. Astrophysicists and scientists quickly pointed out the error on social media, causing further embarrassment for Google.

In response, Google emphasized the importance of a thorough testing process and said that Bard will undergo a combination of external feedback and internal testing before being released to the public. Google's presentation in Paris on Wednesday, which didn't include details on the integration of Bard into its core search function, also fueled concerns about the company's ability to compete with Microsoft in the AI arena.

In conclusion, Bard's debut may have been a bit bumpy, but with a rigorous testing process and the help of Google's trusted testers, we hope to see the chatbot soar to new heights and make more accurate responses in the future. Until then, it's safe to say that Bard still has some learning to do.

Microsoft’s AI-Powered Bing challenges Google search

Microsoft has stepped up its search game by unveiling a new and improved Bing, infused with the latest AI technology. The company calls Bing an "AI-powered co-pilot for the web," delivering search results that are smarter and more personalized. Bing also features a new chat window for shopping advice, trivia games, and travel tips. The AI technology is also built into Microsoft's Edge browser, making it easier for you to summarize PDFs and create LinkedIn posts. But don't worry, Microsoft won't be taking over the driver's seat just yet. It bills Bing as a "co-pilot," not a pilot, meaning it's just a helpful suggestion, not the final word. And if Bing's answers don't make the cut, you can always give it a thumbs-down. Who knows, maybe Bing will even make search a little less boring.

Personal Development

Engineer, physician, and astronaut Mae Jemison on thinking for yourself:

"Never be limited by other people's limited imaginations. If you adopt their attitudes, then the possibility won't exist because you'll have already shut it out... You can hear other people's wisdom, but you've got to re-evaluate the world for yourself."

Source: Annual Biomedical Research Conference for Minority Students, November 2009