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    Omanyano ovanhu koikundaneki yomalungula kashili paveta, Commisiner Sakaria takunghilile Veronika Haulenga

Business / Economics

11 April 2024 Morning Biz News: Biz Update: Key Developments in Namibia, South Africa, China, and Global Markets

todayApril 11, 2024 31

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1. Namibia-China Trade Surges: Namibia’s trade relations with China have surged, marking a significant milestone with bilateral trade volumes surpassing N$24 billion in 2023. China solidifies its position as Namibia’s second-largest trading partner, experiencing a notable 16.5% year-on-year growth in trade volume.

2. Sibanye Stillwater’s Financing Strategy: South African company Sibanye Stillwater unveils plans to potentially raise around $500 million through prepayment arrangements, including metals streaming. This strategic move aims to fortify its cash reserves, despite the company’s optimism regarding improving metal prices and market conditions.

3. Goldman Sachs Revises China’s Growth Forecast: Goldman Sachs adjusts its forecasts for China’s year-on-year economic growth for Q1 and the full year of 2024, citing the country’s robust manufacturing sector. The investment bank projects a 5.0% year-on-year GDP growth for China this year, up from the 4.8% forecasted in November last year.

4. Dollar Strength and Yen Struggles: The dollar maintains its strength following hotter-than-expected U.S. inflation data, dispelling lingering expectations of a rate-cutting cycle by the Federal Reserve in June. Meanwhile, the yen continues to face challenges, reaching levels last seen in the mid-1990s.

Financial Indicators:

  • Namibian Dollar:
    • USD: 18.78
    • Euro: 20.17
    • Pound: 23.54
  • Gold: $2,332.53 per fine ounce
  • Brent Crude: $89.42 per barrel
  • Bitcoin: $1,327,033.47

These developments underscore the dynamic nature of global markets and the interconnectedness of economies, offering valuable insights for investors and stakeholders alike.

Written by: Leonard Witbeen

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