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Business / Economics

Latest Financial News Highlights – 23 January 2024

todayJanuary 23, 2024 2

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China Aims to Surpass $1 Billion Trade with Namibia

China has reaffirmed its commitment to enhance trade ties with Namibia, aiming to exceed the US$1 billion trade achieved in the previous year. The focus is on fostering collaborations in vital sectors such as agriculture, aquaculture, tourism, and mining. Official statistics indicate a substantial 29% increase in bilateral trade volume between China and Namibia from January to September 2023 compared to the same period in 2022.

South Africa’s Coal Sector Faces Stranded Assets

South Africa, home to the largest proven coal reserves on the continent, is grappling with escalating risks of stranded coal assets. The sector has witnessed a significant 70% decline in coal prices since reaching a record high in 2022. A recent train collision has further disrupted supplies to the Richards Bay Coal Terminal, exacerbating challenges for freight operator Transnet.

Oil Prices Ease Amidst Global Demand Concerns

Global oil prices experienced a decline as concerns over the outlook for global demand overshadowed geopolitical tensions in the Middle East. Ongoing anxiety persists over potential supply disruptions following an attack on a Russian fuel export terminal over the weekend. The delicate balance between geopolitical issues and uncertainties in global demand influenced the easing of oil prices in the market.

Japanese Yen Nears Two-Month Low Ahead of BOJ Decision

The Japanese yen hovered close to a two-month low as market participants awaited the Bank of Japan’s policy decision. Expectations suggest the central bank will maintain its current ultra-loose monetary policy settings. Meanwhile, the U.S. dollar remained stable, while the New Zealand dollar weakened to a two-month low of $0.60625.

Latest Financial Indicators

The Namibia dollar is trading at 19.21 to the US$, 20.91 to the Euro, and 24.40 to the Pound. Gold is priced at 2,020 dollars 29 cents per fine ounce. Brent crude stands at 78.56 per barrel, and 1 Bitcoin is valued at 764,496 dollars 44 cents.

Stay Informed for Timely Financial Insights.

Written by: Leonard Witbeen

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