Morning Biznews update – 22 March 2024

• With South Africa’s annual consumer price inflation increasing to 5.6% in February, exceeding economists’ expectations, and rising closer to the top of the central bank’s 3% to 6% target range, all hopes of an interest rate cut before the Monetary Policy Committee meeting in July have fallen. A number of economists are in fact now looking at September as the first opportunity for any easing of the country’s 8.25% repurchase rate.
• South African financial services firm Discovery’s CEO Adrian Gore has highlighted NHS backlogs as a “massive opportunity” for growth in the UK, where the company’s health insurance unit VitalityHealth has seen a spike in claims for privately funded primary care as clients grow impatient with waiting periods that can exceed 18 months in some cases.
• Sticking with South African firms expanding into the United Kingdom, OUTsurance expects to deploy another R1.2 billion to its Irish venture over the next six years as it continues to evolve into a fully-fledged multinational property and casualty insurer. The Centurion-based firm, whose offshore premium income now exceeds that from SA, plans to break even in Ireland in year five.
• And, The United States Department of Justice has filed a landmark civil antitrust lawsuit against the tech giant Apple, alleging that the company has stifled competition to boost its revenues and illegally monopolize the US smartphone market. The suit marks the most ambitious antitrust effort yet by President Joe Biden’s administration, which has promised to roll back corporate consolidation in sectors such as technology that critics say has made it all but impossible for smaller rivals to compete.

Taking a look at your latest financial indicators:

The Namibia dollar is trading at 18.83 to the US Dollar, 20.45 to the Euro, and 23.83 to the British Pound, while 1 Bitcoin currently costs 1,236,403 dollars and 87 cents.

Gold is trading at 2181 US Dollars 63 cents a fine ounce, while Brent Crude Oil costs 85 dollars 95 cents a barrel