The South African cabinet approved a bail-out loan to Zimbabwe on Wednesday to save it from expulsion of the International Monetary Fund (IMF) to which it is deeply indebted. for debt arrears. According to media report in South Africa, Zimbabwe fell behind in IMF repayments some N$1,8 billion since 2001. The IMF in February gave the government six months to meet its obligations or face expulsion. According to government sources in Pretoria, the amount was not yet agreed upon, but it would be much lower than the N$ 1 billion speculated about in the media.

Zimbabwe has high inflation, high unemployment and food shortage, but last month destroyed thousands of shacks in major cities, making some 600 000 citizens homeless. South African President Thabo Mbeki recently said that South Africa might take a portion of Zimbabwe’s debt. "We don’t want Zimbabwe collapsing here next door because South Africa would inherit all the consequences", he was quoted.

The South African Reserve Bank will have its two-monthly meeting on 11 August next week to discuss whether another cut in interest rates should be done. According to Old Mutual Namibia CEO Johannes Gawaxab, another "surprise" like a downward trend for interest rates might be in the pipeline. Inflation in RSA was below 5 %, car sales had increased, consumer credit had shot upwards and the Rand had eased to the US dollar, all good signs for the economy going forward, he said during a business breakfast this week. For Namibia, similar developments had taken place, Gawaxab said, except that car sales had remained lower than south of the Orange River. Investment funds had generally scored a whopping 35% return on average during the past 6 months, Gawaxab told business representatives. Now it was time to invest in offshore funds he said.

The University of Namibia has announced it suspended a fourth employee at the end of last week. Mr Jerry Tobias, who was also involved with Namangol Investments until November 2004, is suspected of having mishandling some funds of UNAM. Until his suspension, Tobias was the director of the Centre for Public Service Training, where hundreds of government officials have over the years undergone training. "A preliminary audit by an external auditing firm, authorised by the Vice-Chancellor in early June, has produced sufficient evidence to warrant a suspension", according to Edwin Tjiramba, UNAM spokesperson.

Tobias was part of Namangol Investments, belonging to Nico Josea, who was jailed last week during court hearings on Avid Investments, which had "lost" N$ 30 million between South Africa, London, Uruguay, Virgin Islands and Texas, USA.

A visiting Swiss expert told some 60 managing directors that integrity, skills, and analysis made successful directors of company boards, Prof. Martin Hilb of the St Gallen University said holistic monitoring of companies from the perspective of shareholders, customers, employees and the public was among others the duty of board members. He also noted that integrity could not be "learned or developed". One could hardly change a mafioso into an integer board member, Hilb said.

Prime Minister Nahas Angula attended the one-day seminar. In his opening speech, he lamented that greed and a monopolistic approach seemed to prevail in some parastatals. The seminar was organised by the Bank of Namibia through its board member Dr Rainer Ritter, who had studied at St Gallen University

Complaints from residents about noisy rock festivals and other events taking place at sport clubs have caused the Windhoek municipality to draft a policy and guidelines for the future. Earlier this year it had urged Windhoek residents to forward suggestions to minimise noise, blocked parking, alcohol abuse, bad behaviour and littering around sport clubs and stadiums. Such events require permission from the City.

However, only one proposal was received so far, according to Liz Sibindi, public relations officer of the municipality.

The City of Windhoek again requests the public to send proposals to its offices either per fax to 061-290 22057 or e-mail to els@windhoekcc.org.