The Brief | ISSUE 220 | July 22 2022 www.thebrief.com.na FRIDAY 22 JULY 2022 @TheBriefLive www.thebrief.com.na MONDAY 4 APRIL 2022 @TheBriefLive The Brief | ISSUE 107. FEBRUARY 04 2022 BR I EF THE FRIDAY 04 FEBRUARY 2022 @TheBriefLive Namibians withdraw N$36.9bn from ATMs NAMCOR weighs in on Shell oil find All in a day: Zuckerberg loses R440bn, Bezos set to pocket R300bn Roads Authority, Private Bag 12030, Ausspannplatz, Windhoek, Namibia Tel: +264 61 284 7000 | Fax: +246 61 284 7655 Email: pr@ra.org.na | Web: www.ra.org.na The Roads Authority would like to celebrate and acknowledge all its staff, partners and stakeholders for the attainment of its latest honour, the PMR.africa Diamond Arrow Award 2021. This accolade was awarded for our contribution to the economic growth and development of Namibia. “Our good roads will give us a good economy, which will eradicate poverty.” Conrad M. Lutombi, RA CEO Everyone deserves a place to call home. Play your part in the shack-free namibia cause—join the Buy-A-Brick 2022 Gala Dinner Entertainment: A Night of Acapella featuring Paul Shipanga, Collective Singers, Vox Vitae and many more. Date: Wednesday, 13 April 2022 Time: 18H00 for 18H30 Venue: The Tannery Enquiries with Priscilla van Zyl at Priscilla.vanZyl@standardbank.com.na Building a Shack-Free Namibia Join the Buy-A-Brick 2022 #HowAboutNow BoN weighs cryptocurrency use, still wary of risk Osino finalises N$257m B2Gold gold property deal Buckle up, big rate hike coming in August Cabinet still to decide on fuel price relief measures extension as RFA, MVA bleed Who determines the property price of your home? The Brief | ISSUE 220 | July 22 2022 2 2022 Annual Conference of the Agricultural Economics Association of South Africa (AEASA) from 02-05 October 2022. Strand Hotel, Swakopmund Crucial Dates C abinet is yet to decide on whether to extend or remove the fuel price relief measures introduced in May, The Brief can reveal. The temporary relief measures are expected to lapse at the end of this month. “The Ministry has submitted a submission to Cabinet seeking for approval or an opinion on whether the levy amnesty can be maintained and extended for another 3 month or to reduce it further if the situation worsens,” Ministry of Mines and Energy Spokesperson, Andreas Simon, told The Brief. “We are studying the situation of the fuel volatility and whether it will go down, maintain or increase. That will then determine our stand; however, we are still waiting for the response from the Cabinet.” The Energy ministry announced a reduction in petrol prices by N$1.20 for May and diesel prices by 30 cents, while at the same time introducing temporarily reduced levies on all petroleum products, through the reduction of the NAMCOR Levy, road user charges and fuel tax by 50%, while the MVA Levy was reduced by 25%. According to Road Fund Administration (RFA) Chief Executive Officer, Ali Iipinge, Cabinet still to decide on fuel price relief measures extension as RFA, MVA bleed MAIN STORY To Page 3 Finance Minister Ipumbu Shiimi will deliver a public lecture on Economic Diversification at Rundu’s Unam Campus on the 5th of August, 2022. companies will endure extreme financial losses, which will eventually be extended to the end user (consumer) who will get a de- service even though they benefit from reduced fuel price. “The effects of such a drastic measure will mostly be felt by the motorist who will be driving on bad roads, hence the vehicle operating cost will be much higher, even though they are benefiting in terms of reduced fuel price,” said Iipinge. He said the company has lost revenue in excess of N$300 million as a result of reduced levy and will be forced to terminate maintenance contracts because there will be no more to pay these contractors. “The extension or reduction of the levies will further erode our finances and thus affect our ability to maintain roads. When that does The Brief | ISSUE 220 | July 22 2022 3 Ts Cs apply Netman PostPaid for only N Subscription Fee GB for only N Subscription Fee GB for only N Subscription Fee GB for only N Subscription Fee GB for only N Subscription Fee 6 GB for only N Subscription Fee GB Netman Capped Packages Resume usage once data is capped by purchasing or day bundles. FEEL ON TOP OF THE WORLD WITH % more data Purchase additional bundles on the MyMTC app or MTC website. *Laptops, Tablets, Routers, Mi-fi or Wingles on an equipment plan. Available on 12, 24 or 36 months contract periods. Between May and August 2022 on first 3 Billing cycles not happen, it means motorists will be driving on bad roads,” Iipinge said. MVA CEO Rosalia Martin-Hausiku said a further extension of the reductions of its levy will be detrimental to the Fund’s capability to deliver care to its clients. “We started feeling the effects of the current 25% cuts in July and it’s translating into N$ 11 million per month as initially predicted. Further, an Operating Deficit aggregating to N$10 million will be recorded on 31 December 2022.Cash withdrawal from existing investment of $110 million inclusive payments towards the ERP system which is a critical mission, as the current system is unable to deliver business expectations,” explained the CEO as she explained the fund’s cash flow forecast if the 25% cut on fuel levy is extended to December 2022. Martin-Hausiku said the cash flow forecast was prepared based on committed costs and didn’t factor in emergency costs. Namibia’s fuel levies were reduced by the Ministry of Mines and Energy in consultation with the stakeholders in order to make fuel a bit affordable for road users as prices continue to spike due to market volatility. Road Charge User was reduced by 148 to 74 cents, fuel levy from 90 to 45 cents, NAMCOR 7.6 to 3.8 cents, thus accounting for a 50%, respectively, while MVA was reduced by 25% from 47.7 to 37.725 cents. The Brief | ISSUE 220 | July 22 2022 4 To Page 5 Buckle up, big rate hike coming in August T here is no relief in sight from rising interest rates, amid indications that the Bank of Namibia will announce a major hike come August after SA Reserve Bank Governor, Lesetja Kganyago on Thursday announced a 75-basis points hike, the biggest hike since September 2002. Namibia’s central bank generally takes a leaf from the SARB to maintain the local currency’s peg to the South African rand. The Brief | ISSUE 220 | July 22 2022 5 [OFFICIAL] Namdeb’s alluvial mining operations offer unique challenges for professionals who wish to be part of an of a world-class operation. With established open-cast, coastal and dredge mining operations as well as a variety of new technology-driven projects, Namdeb offers developmental opportunities unmatched at most other mining operations. We are thus challenging individuals who can think outside the box to join our dynamic team in contributing towards the development and implementation of new generation mining technology. Applications are invited for the following position : ❑ ORGANISATIONAL EFFECTIVENESS AND TALENT MANAGER (BAND 6) Closing Date: 02 August 2022 Comprehensive packages are negotiable and preference will be given to applicants from designated groups in terms of the Namibian Affirmative Action Act. Interested candidates should forward curriculum vitaes with supporting documents to hr.recruitment@namdeb.com The Challenge: To develop and facilitate appropriate Organizational Effectiveness, initiate and oversee various human capital interventions aimed at shaping the organizational culture in order to achieve the Company’s strategic objectives. This position is also responsible for providing expert and specialized advice to facilitate the implementation of strategic OD management initiatives including but not limited to embedding an inclusive culture and ensuring a future-fit workforce. The Ideal Applicant: • A Bachelors’ Degree in Human Resources / Behavioral Science or other related fields; • A Postgraduate Degree in Industrial Psychology or related field would be an added advantage; • At least Eight (8) years’ experience in related disciplines including experience in Training and Development of which 2 years should be at HR managerial level or related experience; • Thorough knowledge and application of MS Office Suite Packages; • Code 08 Driver’s License. Competencies: • Ability to conceptualize, proactively think and act quickly; • Interpersonal relations and communications skills at all levels; • Ability to work independently; • Planning and Organizing Skills; • Leading and Supervising Skills; • Excellent presentation and translation of information; • Good Networking skills with the ability to persuade and influence; • Results oriented and focused on meeting customer expectations; • Future and innovation focused with the ability to formulate strategy and concepts; • Monitor HR trends and lead change management initiatives; • Analytical mindset and ability to apply leading edge technology; • Ability to inspire Learning and Research and; • Entrepreneurial and Business acumen. “We expect BoN to follow with a 75bps hike in August. We view this as a prudent response as falling behind the curve and catching up later might prove to be costly. This is above our expectations of a 50bps hike,” FNB Namibia Group Economist Ruusa Nandago told The Brief. She said the expected hike by BoN will impact negatively on borrowers, who will have to fork out more towards servicing their loans, while a positive development for investors, who will now earn a higher interest for their investment. “This bodes well for individuals who have savings and investment accounts as they can earn higher interest on these products. However, it bodes ill for individuals who have loans as the interest payments on these will be higher. Given the pegged exchange rate agreement with South Africa, Namibia will likely follow the interest rate decision by the SARB,” Nandago said. She added that the government will also feel the effects of the SARB hike, as it will have to allocate more revenue towards serving its debt. “Generally, a rise in interest rates both domestically and globally implies higher interest payments by governments on debt outstanding. The decision will not impact the ability to borrow per se, but rather make it more expensive and consequently interest payments will take up a higher share of revenue,” FNB Namibia Group Economist said. The SARB hike wants to cool down inflation by suppressing demand in the economy, after South Africa’s consumer inflation reached 7.4%, the highest level in 13 years. Importantly, it also needs to keep pace with sharp interest rate hikes in rich countries, particularly the US. If the US hikes rates by more than South Africa, it could destabilise the rand and capital inflows into the country. The US Federal Reserve looks set to hike its key rate by another 75 basis point rate next week, in an effort to subdue inflation. The Brief | ISSUE 220 | July 22 2022 6 www.debmarinenamibia.com www.debmarinenamibia.com First Publication Date: 23 June 2022 TENDER DBMNE0399 - ONBOARD CONDITION MONITORING AND THERMAGRAPHY OF EQUIPMENT ON THE COMPANY VESSELS SCOPE OF WORK: Debmarine Namibia is seeking for an experienced service provider to provide equipment condition monitoring services, including vibration and thermography analysis services. It will include collection, analysis and interpretation of vibration and thermography data taken on equipment installed on the Debmarine Namibia vessels. The following services and activities will be provided by the service provider: 1. Onboard data capturing for Condition Monitoring services a. Vibration analysis b. Thermography analysis 2. Analysis of data identifying issues and proposed corrective actions required. 3. Conditioning monitoring reports as per Debmarine Namibia requirements: a. Ensure all equipment information is accurate and aligned to Debmarine Namibia‘s Electronic Maintenance System (EMS) b. Condition Monitoring web-based database 4. Vessel visits 5. Site meetings and technical review of reports 6. Training on Condition Monitoring basics. Addition to the above, the service provider shall keep Debmarine Namibia informed of any new trends in the industry and recom- mend which should potentially add value to the maintenance and reliability of Debmarine Namibia assets. CLOSING DATE OF TENDER: Closing date of Tender: 22 July 2022 at 12h00 Businesses interested in providing such services are invited to obtain an electronic tender document with Reference Number DBMNE0399, Onboard Condition Monitoring and Thermography of equipment on the Company vessels. Tender documents should be requested from Tenders@debmarine.com before the date and time indicated above. ENQUIRIES: The Procurement Officer Tel: +264 61 297 8460 Email: Tenders@debmarine.com DISCLAIMER: Debmarine Namibia shall not be responsible for any costs incurred in the preparation and submission of a response to this tender and furthermore reserves the right not to extend this tender into any future tenders, negotiations and or engagements. Debmarine Namibia shall not accept submissions rendered after the closing date and time. To Page 7 Osino finalises N$257m B2Gold gold property deal C anadian gold exploration company Osino Resources Corp has completed the acquisition of Ondundu gold exploration property in Namibia from B2Gold for a total consideration of N$257.3 million. Under the terms of the sale agreement Osino issued 11,630,628 of its common shares to B2Gold to satisfy an aggregate consideration of N$150 million to acquire all of the issued and outstanding shares of Razorback Gold Mining Company. Razorback owns 100% of the exclusive prospecting license 3195 covering 19,969 hectares located approximately 130km northwest of Osino’s Twin Hills Gold Project in Namibia, together with all technical information and other books and records in respect thereof. The remaining N$107.5 million of the aggregate N$257 million purchase price may also be settled through more shares in lieu of cash. “We are very pleased to have closed the acquisition of the Ondundu Gold Project. B2Gold’s partnership in this process and their agreement to accept Osino shares instead of cash to purchase the Project will enable us to comfortably execute our development plans while maintaining a prudent financial The Brief | ISSUE 220 | July 22 2022 7 [OFFICIAL] Namdeb’s alluvial mining operations offer unique challenges for professionals who wish to be part of an of a world-class operation. With established open-cast, coastal and dredge mining operations as well as a variety of new technology-driven projects, Namdeb offers developmental opportunities unmatched at most other mining operations. We are thus challenging individuals who can think outside the box to join our dynamic team in contributing towards the development and implementation of new generation mining technology. Comprehensive packages are negotiable and preference will be given to applicants from designated groups in terms of the Namibian Affirmative Action Act. Interested candidates should forward curriculum vitaes with supporting documents to hr.recruitment@namdeb.com Applications are invited for the following position : ❑ BUSINESS INTELLIGENCE SPECIALIST – INFORMATION TECHNOLOGY (BAND 6) Closing Date: 26 July 2022 Preference will be given to fully vaccinated candidate meeting the requirements The Challenge: To strategically design and implement BI software and systems, including integration with databases and management of on premise and cloud-based data warehouses. This includes selecting, blueprinting, gathering requirements, designing, and rolling out BI solutions to end users. The role is also responsible for ensuring high levels of BI availability through support functions and in-depth testing. The Ideal Applicant: • Bachelor’s degree in Data Science or relevant degree in Information Technology. • At least five (5) years’ experience in Business analytical environment. • Relevant experience with tier-one applications, databases, and data ware-houses, such as Oracle, MS SQL Server, Crystal, SAP Analytics Cloud and Microsoft Power BI • Experience within the mining industry will be an added advantage. • Code 08 Driver’s License Competencies: • Results Orientated with strong collaborative skills and the ability to make an immediate and lasting organizational impact; • Develop and execute continuous improvement strategies that yield measurable business results; • Ability to build networks to collaborate around change initiatives, innovation and decision making; • Interpersonal relations and communications skills at all levels within the organization; • Ability to work independently; • Strong Analytical ability • Project Management skills; • Provide implementation support (Coaching and mentoring, advising); position in a challenging market environment,” Heye Daun, Osino’s President and CEO said. “We are on track to publish a maiden resource for Ondundu after the publication of the Twin Hills PFS and confirmatory metallurgical testwork is ongoing. Osino’s vision for Ondundu is to demonstrate a feasible mining and process route involving gravity pre- concentration at Ondundu with subsequent leaching and further processing at Twin Hills. We therefore feel confident in the additional value Ondundu brings to our portfolio and look forward to providing further updates in due course.” This comes after an amended agreed, saw the companies agreeing that the purchase price for the Ondundu gold exploration property be settled through more shares in lieu of cash. Ondundu is an advanced stage gold exploration project located 250km northwest of Windhoek. The project was first discovered in 1917 and has a long history of mining and exploration. First gold was noted in the area in 1917 by European explorers and between 1922 and 1964 approximately 20 000oz of gold were recovered by small scale miners on various mining claims in what is now known as the Ondundu Main Zone. More than 55 000m of Reverse Circulation (RC) and diamond drilling has historically been completed on the project, including approximately 36 000m of diamond and RC drilling completed by B2Gold between 2015 and 2020.Osino has a large ground position of approximately 6 700km2 located within Namibia’s prospective Damara sedimentary mineral belt, mostly in proximity to and along strike of the producing Navachab and Otjikoto gold mines. The company is actively exploring a range of gold prospects and targets along the belt by utilizing a portfolio approach geared towards discovery, targeting gold mineralization that fits the broad orogenic gold model.B2Gold has invested N$161.2 million (US$10 million) in exploration expenditure between 2015 and 2021, according to the deal announcement. B2Gold owns and operates the Otjikoto Mine, currently the largest gold producer in the country, which it acquired through a merger with Auryx Gold Corp. in December 2011. The Brief | ISSUE 220 | July 22 2022 8 To Page 9 Who determines the property price of your home? PROPERTY Justina Hamupembe O ne of the most important elements of selling your property is getting the listing price right. Price too low, and you lose out on profits. Price too high, and the property may not sell. Putting a price tag on your property can be tricky if you do not understand how the location, size, floor plan, and amenities may affect the price. It is therefore important to do a comparative market analysis and ensure that the property is not over or under- priced. Currently, in Namibia, we operate on a willing seller willing buyer principle. Meaning that one may ideally sell their property for whichever amount they want. However, most buyers purchase property through bank financing. And the bank will rarely grant a home loan approval above the valuation price of the property you want to buy. That is why it is important to have a valuation performed by a qualified valuator. Sometimes market value amounts may differ from one valuator to another. This is because the definition of market value describes “market value as the estimated amount for which a property should exchange”. Valuations are therefore not an exact science, and the person`s qualifications, experience, and access to information may influence the valuation outcome. Employing an experienced valuator with a proven track record will assist in safeguarding the customer against poor quality valuations.Below are some of the variables that experienced bank valuators look at to ensure that there is sufficient security in place for the bonds extended to customers. • Location • Ingress and egress • The placement of the improvements on the erf • The size of the improvements • Accommodation offered The Brief | ISSUE 220 | July 22 2022 9 • Flow of the home • Size of the stand • Municipal requirements • Zoning • Approved building plans • Condition and age of the improvement and finishes. Whether you are selling or buying, the above are some factors you should consider when putting your house on the market or looking for something to purchase.An experienced real estate agent can provide some direction on the price to get a quick sale, but ultimately, the final decision lies with the financer (the bank). A tip for existing homeowners who want to maintain a good property valuation is always addressing issues such as cracks, dampness, and roof leaks. Not only to enhance the property value but also to ensure further damage to the improvements is contained. And of course, curb appeal should also be considered, which, although not affecting value directly, will improve the property’s marketability. For enquiries Text,Call or email #yourhomegirl Justina Hamupembe Cell: +264812726001 Email. justina@chili.com.na The Brief | ISSUE 220 | July 22 2022 10 To Page 11 Uganda, Botswana and Ghana are the world’s top 3 economies with the most female entrepreneurs mtc.com.na • MTC30-22-O: REQUEST FOR PROPOSAL FOR THE PROVISION OF CUL TURAL REVIEW ASSESSMENT FOR MOBILE TELECOMMUNICATIONS LIMITED (MTC). BRIEFING MEETING: Thursday, 07 th July @ 10h00 VENUE: Microsoft Teams, the link will be on MTC’s website CLOSING DATE: 15 th JULY, 2022 by 14H30 Terms of References are available at: www.mtc.com.na/procurement/tenders MTC hereby invites companies to participate in the following procurement opportunity: PROCUREMENT NOTICE Expect more. BUSINESS RECOVERY LOANS 5.925% interest (fixed) over 36 months or less. Find out more at www.dbn.com.na/recovery Non-interactive T he 2021 Mastercard Index of Women Entrepreneurs (MIWE) has, for the third consecutive year, ranked Botswana (38.5%), Uganda (38.4%) and Ghana (37.2%) as the countries with the most women business owners globally. The Index’s benchmark indicator is calculated as a percentage of total business owners. This is the fifth edition of the MIWE, which puts the spotlight on the significant socio-economic contribution of women entrepreneurs around the world, including Africa, and provides insights on the factors driving and inhibiting their advancement. In many African countries, women’s advancement is hampered by less supportive entrepreneurial conditions, a lack of funding, less opportunities for higher-level education, as well as structural barriers. Botswana, however, scores in the top 15 economies globally in terms of advancement outcomes for women, particularly as far as performance by income is concerned, out-performing high-income and developed economies such as Canada, the United States, New The Brief | ISSUE 220 | July 22 2022 11 [OFFICIAL] ENQUIRY NO. E131-ND-2022 THE PROVISION OF INFRASTRUCTURE MAINTENANCE SERVICES 1. SCOPE OF WORKS Namdeb Diamond Corporation (Pty) Ltd hereby invites reputable and suitably qualified service providers to submit their proposals for the provision of Infrastructure Maintenance Services at its operations in Southern Coastal Mines, situated approximately 100km north of Oranjemund. The scope of services shall primarily consist of maintenance, repair, replacement and installation services, including but not limited to the following disciplines: 1. Civil Services - Building Maintenance; 2. Carpentry; 3. Mechanical Services; and 4. Plumbing, including Fitting & Turning. 2. TENDER ENQUIRY DOCUMENTS Interested parties may contact Renee Strauss, at the below listed details to obtain a copy of the enquiry documents: Email: renee.strauss@namdeb.com Tel.: +264 (63) 238 502 3. COMPULSORY VIRTUAL SITE INSPECTION A compulsory virtual technical site inspection (as further detailed in the tender enquiry) shall be conducted on Tuesday, 26 th July 2022 via the Microsoft TEAMS online communication platform. Only Tenderers that attended the compulsory virtual site inspection shall be eligible to participate in the tender process. 4. CLOSING DATE Tender proposals must be submitted via e-mail to tender@namdeb.com. The closing date and time is 14h00 on Monday, 1st August 2022. Zealand, Switzerland and Australia. Botswana also scores highly in MIWE 2021’s ‘women’s labour force participation rates’, ranking 13th globally. According to the report, Nigeria, alongside Angola and Ghana, ranked first globally in the Women’s Entrepreneurship Activity Rate in MasterCard Index of Women Entrepreneurs (MIWE) 2021. Nigeria also ranked second globally for the number of ‘women professional and technical workers’ at 59.1 per cent, while Angola ranked second globally in hiring intentions with 16.4 per cent of adults planning to employ six or more people in the next. Despite the challenges presented by the pandemic and economic downturn, Mastercard’s research indicates that women entrepreneurs in Africa are resilient and adaptable, particularly those in low and middle-income economies, often surpassing men in terms of entrepreneurial activity. Ebehijie Momoh, Country Manager and Area Business Head for West Africa at MasterCard, congratulated the African countries for their entrepreneurial and SME activities efforts. He added that “women in Botswana, Uganda, Ghana, Nigeria and Angola stand out as excellent examples of women’s determination to provide for themselves and their families, despite facing financial, regulatory and technical challenges. In these economies, women are able to leverage on opportunities in their respective environments to be business owners, leaders and professional or technical workers.” As part of Mastercard’s commitment to creating a world where women entrepreneurs are equally represented and supported, the company made a global commitment to connect 25 million women entrepreneurs to the digital economy by 2025. Not only will empowering women’s entrepreneurship act as a catalyst for growth and innovation, but it will raise up the communities around successful women and fuel a global recovery that is more equitable and sustainable for everyone.-businessinsider The Brief | ISSUE 220 | July 22 2022 12 To Page 13 www.nampower.com.na | NOTICE NAMPOWER STAKEHOLDER PERCEPTION SURVEY NamPower has commissioned Business Intelligence Africa (BIA) in association with Fisher Consulting to conduct an external Stakeholder Perception Survey on its behalf. The company would like to gauge the opinions of its varied stakeholders regarding its operations, service delivery, corporate image and the effectiveness with which the company is pursuing its mandate and vision. Feedback from the survey will assist NamPower to assess the current levels of satisfaction of its various stakeholder groups and aid it in devising suitable strategies aimed at meeting stakeholder needs. BIA will contact stakeholders for interviews, either telephonically or on a face- to-face basis. Stakeholders are assured that their opinions and responses will be treated as confi dential, with only the aggregated results of the research being reported back to NamPower. NamPower would therefore like to urge all its stakeholders to participate actively in the survey. The survey will run during August and September 2022. Should you have any questions, please feel free to contact the Corporate Communication Section at register@nampower.com.na or +264 (0) 61 205 4111. NamPower ‘Awful’ snap sales wipe US$47bn from social media stocks U S social-media giants shed nearly $47 billion in market value in extended trading Thursday, as disappointing revenue from Snap Inc. raised concerns about the outlook for online advertising. The Snapchat parent plummeted 27% in the after-hours session. Facebook parent Meta Platforms Inc. and Pinterest Inc dropped more than 4% each, while Google owner Alphabet Inc. and Twitter Inc. also slipped The Brief | ISSUE 220 | July 22 2022 13 ‘‘ Repo rate Repurchase rate: Rate at which the private (sector) banks borrow namibian dollars from the Bank of Namibia Prime overdraft rate (predominant rate) Benchmark rate at which private banks lend out to the public. NAD per US Dollar Weighted average of the banks’ daily rates at approximately 10:30 am. Weights are based on the banks’ foreign exchange transactions. NAD per British Pound Weighted average of the banks’ daily rates at approximately 10:30 am. Weights are based on the banks’ foreign exchange transactions. NAD per Euro Weighted average of the banks’ daily rates at approximately 10:30 am. Weights are based on the banks’ foreign exchange transactions. EXCHANGE RATE INTEREST RATE Repo 4.75 Prime 8.50 N$ / $ 17,0582 22 Jul 2022 N$ / £ 20,4048 22 Jul 2022 N$ / € 17,3842 22 Jul 2022 N$ / AOA 0,0395 22 Jul 2022 The losses mark the second major sector selloff sparked by Snap in two months, as its results become a barometer for investors trying to decipher how economic uncertainty has impacted ad spending. There are growing signs that tech companies are preparing for a recession with some pulling back on hiring, while Meta has lost about half of its value this year after disappointing revenue forecasts. “The earnings optimism may come to a pause for now,” said Tina Teng, a markets analyst at CMC Markets Plc. in Auckland. “Snap’s miss on earnings expectations indicates the severe challenges facing its tech peers, typically on social platforms such as Meta Platforms.” Snap — which saw $6 billion in market cap erased after hours on Thursday — didn’t issue financial guidance for the third quarter, except to say that revenue so far in the period is about flat compared with last year. Management also reiterated it plans a “substantially reduced rate of hiring,” Snap’s miss on earnings expectations indicates the severe challenges facing its tech peers, typically on social platforms such as Meta Platforms. echoing plans by Apple Inc. and others. Vital Knowledge called the results from Snap and hard-disk-drive maker Seagate Technology Holdings Plc “awful” and “ugly.” Already battered tech stocks may face more pressure as earnings season ramps up next week. “With more and more mega-cap tech companies planning to slow hiring and downgrade their growth expectations, the economic outlook is certainly not in good shape,” CMC’s Teng said.