26 January 2024 Business Highlights – The World’s Latest Economic Developments

By Leonard Witbeen

1. Namibia Airports Company Engages Local Leaders for Airport ExpansionThe Namibia Airports Company (NAC) is in talks with traditional authorities and local leadership in the Zambezi and Kavango East regions to secure additional land for the development of modern airports. Bisey Uirab, NAC’s CEO, highlighted that the current airports in the Zambezi and Kavango East regions are situated on land owned by the Ministry of Defence and Veterans Affairs.
2. Mr Price Shares Soar Over 10% Amid Festive Season SuccessShares of Mr Price surged by more than 10% following the company’s announcement of successfully gaining market share during the crucial festive season. The owner of brands such as Yuppie Chef and Studio 88 reported increased sales volumes after resolving issues related to the implementation of a new IT system. All stores are now equipped with backup power, contributing to the positive performance.
3. Mainstream Energy Begins Operations at Chinese-Funded Hydroelectric PlantMainstream Energy, operator of two major hydroelectric plants in Nigeria, has officially started operations at a newly established facility funded by China. Nearly a year after securing the concession, Mainstream Energy Solution Ltd revealed that its subsidiary, Penstock Energy Ltd, is overseeing the 700-megawatt plant in Zungeru, central Nigeria.
4. Oil Prices Set for Weekly Gains Despite Modest DeclineDespite a slight dip in early trading, oil prices are poised for weekly gains, driven by positive economic data from the United States and China. Brent crude futures slipped by 32 cents per barrel, and U.S. West Texas Intermediate crude fell by 41 cents. The market sentiment is supported by robust economic indicators and a drawdown in U.S. crude inventories.

Financial Indicators:

• The Namibia dollar trades at 18.88 to the US$, 20.45 to the Euro, and 23.98 to the Pound.
• Gold is trading at N$2,017.64 per fine ounce.
• Brent crude stands at N$80.04 per barrel.
• 1 Bitcoin is priced at N$756,962.81.
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