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Namibia: Africa’s largest fishing firm risks loosing rights.

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Africa’s largest fishing company Oceana Group faces a battle to hold onto its fishing rights in Namibia after the southern African country said listed firms would no longer be awarded quotas.

Bidvest Namibia, which is listed on Namibia’s stock exchange, could also lose its local fishing rights after the policy shift outlined in a government document reviewed by Reuters on Wednesday.



Oceana, which is listed on South African and Namibian exchanges and also operates in Angola and the United States, said it hoped its investments in Namibia would be safe as they were structured to include local shareholders.

Bidvest Namibia’s Chief Executive Officer Sebby Kankondi did not respond to a request for comment.

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Fishing is the third-biggest contributor to Namibia’s gross domestic product, after mining and agriculture. It contributes around N$10 billion ($783 million) in foreign-currency earnings annually.

Namibia’s Fisheries Minister Bernhard Esau said the government wanted to bar listed firms from applying for fishing rights because it could not easily monitor whether they were owned by Namibian citizens, as required by law.

“Ownership and hence citizenship in a company listed on a stock exchange changes by the hour, hence this legal requirement cannot be met by listed companies,” Esau said in the government document seen by .

Zaida Adams, an investor relations executive at Oceana, said the company’s Namibian partners would apply for fishing rights and that therefore the government’s new approach was not a major risk. Bidvest Namibia had already announced plans to exit fishing locally after the government cut its quota three years ago.

The government has set July 31 as the deadline for applications for fishing rights.

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REUTERS

Business

Absa became the new competitor on the Ethiopia market.

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Absa Bank Of South Africa’s  has become the Latest Multinational Corporation to show Interest in Organizing the Ethiopia market.

Ethiopia has since Prevented Foreign Ownership in Economic Sectors that Includes Banking but Abiy Ahmed has began to take fast Action on the issue since he came to power in April.



Jason Quinn, the bank’s chief financial officer, told reporters that Absa was investigating on how and where to enter in a number of populating market, including Nigeria and Angola.

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Am Entrance made into the Ethiopia market of 100 million People, would be part of a Scheme made by Absa after it break from Britain’s Barclays in 2017.

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Ethiopia has plans to liberalise state-owned companies including Ethiopian Airlines, Ethio Telecom, Ethiopian Shipping & Logistics Services Enterprise, and Ethiopian Electric Power, in order to attract foreign direct investment and stimulate growth.

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Motherland News

Black box of the Ethiopian Airline Crash recovered.

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The United Nations described the Sunday crash of the Ethiopia airline as disastrous saying it has cost them a great loss.



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Michael Moller, director-general of the U.N. European head garters said this was the worst loss suffered in years in Geneva in a statement where 150 people where gathered.

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Investigators in Ethiopia have recovered the black box from the ill-fated Ethiopian airline this Sunday.

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