MORNING BIZ NEWS

January 9, 2024 5

Poultry Producers Gear Up for International Expansion Amidst Avian Influenza Concerns

Domestic poultry producers are eyeing expanded market horizons as they set their sights on exporting chicken and eggs to South Africa and Europe. The Poultry Producers’ Association has validated this strategic move, citing the recent Avian Influenza outbreak as a significant catalyst behind this pivotal decision. Leveraging the surge in demand and potential market opportunities, producers are actively preparing to venture into these international markets.

Rand Recovers Slightly in Anticipation of Crucial U.S. Inflation Report

South Africa’s currency, the rand, exhibited a minor recovery on Monday following a sluggish start to the year. With anticipation building around a key U.S. inflation report due later in the week, the rand strengthened its position, trading at 18.62 against the dollar by late afternoon. This modest upturn, amounting to a 0.45% increase compared to its previous close, hints at positive momentum amid ongoing market dynamics.

Nigeria Initiates Sale of Major Power Utility Over Debt Woes

In a move reflecting the complexities within Nigeria’s power sector, the country’s electricity regulatory body has commenced the sale of the sixth-largest power distribution utility. This decision comes in the wake of a $130 million debt burden, surfacing less than two years after lenders assumed control of the company, unable to steer it toward profitability. The sale underscores the challenges plaguing sustainable operations within Nigeria’s power distribution domain.

German Farmers Protest Against Proposed Tax Break Reductions

German farmers voiced vehement opposition to the government’s proposed reductions in tax breaks for the agricultural sector by orchestrating furious demonstrations across the country. Using tractors, farmers staged a coordinated nationwide protest, blocking roads, particularly targeting motorway access ramps. This visible outcry underscores the widening divide between the agricultural industry and the government over proposed policy amendments.

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