Namibia Unveils Bold Reform to Regain Upper-Middle-Income Status
The arid southwest African nation was downgraded by the World Bank to lower-middle-income earlier this month after its gross national income per capita fell slightly below the $4,496 threshold to maintain the higher status, amid weaker economic activity and increased population growth. The economy grew 3.7% last year from 4.4% in 2023, due to a decline in mining activity.
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Bloomberg
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Namibia to Expand Capital Markets With New Listings, Instruments
Namibia seeks to expand its capital markets by introducing new investment instruments, increasing local listings, and improving financial market infrastructure, according to a 10-year plan. The southern African nation intends to introduce five new financial instruments annually, raise the number of registered investors by 70%, and increase the value of listed assets on the Namibian Stock Exchange to 75% of gross domestic product by 2035 from 17.3%, according to its Financial Sector Transformation Strategy published on Monday.
Yahoo
an hour ago
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Minister Chartrand announces investment in events that help Yellowknife small businesses build capacity
CanNor funding of up to $150,000 for the Yellowknife Chamber of Commerce supports two capacity building events for small businesses. YELLOWKNIFE, NT, July 28, 2025 /CNW/ - Small businesses are at the heart of Northern communities and have a deep understanding of local needs and resources, enabling them to offer authentic products and services to both residents and visitors. Today, the Honourable Rebecca Chartrand, Minister of Northern and Arctic Affairs and Minister responsible for CanNor, announced an investment of up to $150,000 to the Yellowknife Chamber of Commerce. Delivered through CanNor, this funding will support two annual capacity building events for Yellowknife's business community over three years. This includes a Small Business Week each fall and a Trailblazers Symposium coinciding with International Women's Day. Vibrant small businesses enrich the lives of Northerners and contribute to a strong, united Canadian economy by keeping economic benefits within the territories. Supporting projects like this aligns with CanNor's commitment to help create dynamic economies that support prosperity an elevate Canada's North. Quotes "To build a strong Canadian economy, we need small businesses to keep innovating, not only for their local communities but for national and international markets. Our new government is supporting initiatives that strengthen small business capacity so they can continue to drive growth in our economy." - The Honourable Rebecca Chartrand, Minister of Northern and Arctic Affairs and Minister responsible for CanNor "Projects like this help entrepreneurs build capacity, find local solutions, and grow with confidence. In turn, this strengthens our local economy and helps us all choose Canada." - The Honourable Rebecca Alty, Minister of Crown-Indigenous Relations "We're grateful for CanNor's continued investment in our events, which serve as platforms for delivering capacity-building support to our local business community. With a focus on training, leadership development, and strengthening connections, our sessions are designed to meet the needs of our members. This year's programming is shaped by feedback collected through membership surveys over the past several years, ensuring we reflect the priorities of the business community we serve." - Tracy Peters, Manager of Member Relations & Program Coordinator, Yellowknife Chamber of Commerce Quick facts CanNor is investing $150,000 through the IDEANorth program. IDEANorth makes foundational investments in economic infrastructure, sector development and capacity building to help position Northerners to take advantage of Canada's innovation economy. Total project costs are $225,000, including an investment of $52,500 from the Government of the Northwest Territories, with remaining costs covered by the Yellowknife Chamber of Commerce. Associated links Canadian Northern Economic Development Agency Yellowknife Chamber of Commerce Stay connected: Follow CanNor on X, Facebook and LinkedIn. SOURCE Canadian Northern Economic Development Agency (CanNor) View original content:
News24
2 hours ago
- News24
Ireland's 'economic miracle' at risk from tariffs
The deal between the United States and the European Union may have averted a transatlantic trade war, but worries persist in Ireland, where crucial sectors are dependent on US multinationals. Attracted primarily by low corporate taxes, huge pharmaceutical firms like Pfizer, Eli Lilly, and Johnson & Johnson, and tech giants like Apple, Google, and Meta have based their European headquarters there. The US investor influx has boosted Irish tax coffers and fuelled record budget surpluses in recent years. But Trump's tariffs — a baseline rate of 15 percent on EU exports will apply across the board - present a stress test for the Irish economic model. Once one of western Europe's economic laggards, Ireland became known as the "Celtic Tiger" thanks to a remarkable turnaround in the 1990s. A model built on low corporate tax and an English-speaking workforce in an EU country proved seductive to foreign investors, particularly from the US. Their presence drove rampant economic growth and would later help Ireland rebound from the financial crash of 2008. The transition was an "Irish economic miracle," said Louis Brennan, professor of business studies at Trinity College Dublin. "Ireland has advanced in a matter of decades from being one of the poorest countries of northwestern Europe to being one of the most prosperous," he told AFP. Last year, Ireland hiked its corporate tax rate from 12.5 to 15 percent after pressure from the Organisation for Economic Co-operation and Development (OECD), but still anticipates a budget surplus of 9.7 billion euros for 2025. Ireland's "spectacular" transformation "may have been too successful because we are very dependent in many ways on American companies," says Dan O'Brien, director of the IIEA think tank in Dublin. Bad medicine Spared from the first round of Trump's tariffs, pharmaceutical companies are now being targeted by the American administration, keen to repatriate production to home soil. Earlier this month, the US president threatened a 200 percent levy on the sector. Irish Prime Minister Micheal Martin expressed mixed feelings at Sunday's 15 percent deal, welcoming that "punitively high tariffs" were avoided. But "higher tariffs than there have been" will make transatlantic trade "more expensive and more challenging," he added. The new 15 percent levy sealed will be "particularly unwelcome in Ireland," O'Brien told AFP. "The pharmaceutical industry is very large relative to the size of the economy, and in recent times around half of its exports have gone to the United States," he said. Pharma employs about 50 000 people and accounted for nearly half of Irish exports last year, reaching 100 billion euros, up by 30 percent year-on-year. "Ireland's problem is that it is uniquely integrated into the United States economy," said O'Brien. "There's no other European country like this. So Ireland is caught in the middle," he said. Large pharmaceutical companies, particularly American ones, also host certain patents in the country to reduce their tax burden, which then boosts the Irish tax take. Tariffs "risk strongly discouraging American companies from setting up their future factories in Ireland," said Brennan. The US could still decide to impose further tariffs on the sector following an ongoing probe into whether pharmaceutical imports pose a national security problem, he said. Tech firms with EU bases in Dublin who have also transferred part of their intellectual property rights will not be directly impacted by the imposition of tariffs on physical goods. The sector is also a "significant area of investment and employment for Ireland, but at least from a US perspective, it seems outside the scope of the tariffs," said Seamus Coffey, an economics professor at University College Cork. Beyond tariffs, tech could be affected if the United States decides to modify its tax regime to make it less attractive to set up in low-tax countries, said Andrew Kenningham, from Capital Economics.
