Morning Breaking Business News: Global Economic Highlights

By Leonard Witbeen | January 10, 2024

Namibia Revenue Agency Launches Second Time Release Study

In a strategic move to enhance trade efficiency, the Namibia Revenue Agency  has revealed plans for the second Namibia Time Release Study at the Trans Kalahari Border Post. Scheduled from January 15 to January 25, the study aims to provide a comprehensive assessment of the real-time duration for the release and clearance of goods. It includes meticulous measurements from the arrival of goods until their physical release, promising valuable insights into optimizing trade processes.

Vopak Consortium Secures 25-Year Deal for LNG Terminal in Port of Richards Bay

South Africa takes a significant step towards boosting its gas consumption by selecting the Vopak consortium as the preferred bidder for a 25-year deal to develop and operate a liquefied natural gas  terminal at the Port of Richards Bay. Vopak, a renowned Dutch company with global operations in terminals and storage facilities, partnered with Transnet Pipelines during the competitive bidding round. This move aligns with South Africa’s commitment to advancing its industrialized economy.

Nigeria’s Central Bank Takes Decisive Action Against Non-Compliant Lenders

On Wednesday, Nigeria’s Central Bank made a bold move by dismissing the boards and management of three lenders – Union Bank, Keystone Bank, and Polaris Bank. The decision was attributed to non-compliance with banking regulations and corporate governance failures. Notably, each of these affected lenders had previously come under government control. Central Bank Governor Olayemi Cardoso emphasized the necessity of this action as the sector prepares for an expected regulatory-induced capital hike. The governor asserts that this step is crucial to supporting Nigeria’s economic growth ambitions.

SEC Approves First U.S.-Listed ETFs Tracking Bitcoin

In a groundbreaking development for the cryptocurrency industry, the U.S. Securities and Exchange Commission (SEC) granted approval on Wednesday for the first U.S.-listed exchange-traded funds (ETFs) tracking Bitcoin. The approval encompasses 11 applications, featuring well-known entities such as BlackRock, Ark Investments/21Shares, Fidelity, Invesco, and VanEck. Despite warnings from some officials and investor advocates about potential risks, this move marks a significant milestone for the world’s largest cryptocurrency.

Financial Indicators at a Glance

Currency Exchange Rates:

• Namibia Dollar: 18.72 to the US$, 20.53 to the Euro, 23.83 to the Pound.

Commodity Prices:

• Gold: N$2,023.38 per fine ounce.
• Brent Crude: N$77.59 per barrel.

Cryptocurrency:

• Bitcoin: N$868,176.41.

Presented by Leonard Witbeen