Latest Developments in Business and Finance – The Morning Update

January 15, 2024 5

NamWater’s Ambitious Desalination and Power Plant Project Advances: Namibia Water Corporation Ltd (NamWater) has successfully concluded the Environmental and Social Impact Assessment (ESIA) for its expansive desalination and power plant initiative along the central coast. With an estimated investment of N$4.2 billion, the project aims to address critical water and power needs. The final ESIA report has been prepared following a thorough public review process from September 22 to October 23, 2023, with an extension until December 6, 2023.
South Africa’s Rand Strengthens Against Dollar: On Friday, South Africa’s rand showed resilience against the dollar after unexpected data from the U.S. revealed a drop in producer prices for December. This development raised expectations of an early rate cut by the Federal Reserve. The rand traded at 18.6050 against the dollar by late afternoon, marking a 0.3% increase from its previous close.
Dangote Oil Refinery Commences Operations: Nigeria’s Dangote oil refinery, touted as Africa’s largest, has commenced the production of diesel and aviation fuel. The refinery, located on the outskirts of Lagos, has faced construction delays but is now operational after an investment of $20 billion by Aliko Dangote, the continent’s wealthiest individual.
Bank of England’s Rate Hold and BofA Global Research Forecast: BofA Global Research adjusted its forecast, anticipating that the Bank of England will maintain its bank rate at 5.25% until August 2024, as opposed to the previous forecast of February 2025. The research suggests subsequent rate cuts of 25 basis points per quarter. The UK is expected to be the last major central bank to initiate the cutting cycle, moving at a slower pace compared to the European Central Bank.

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