3 May 2024 Morning Biz News: Business Highlights: Benguela Blue Aqua Farming Prepares for Salmon Harvest, South African Manufacturing Surges, and Exxon Mobil Sale Nears Approval”

1. Benguela Blue Aqua Farming Set to Launch Salmon Farming Operation: Benguela Blue Aqua Farming is gearing up to kickstart its salmon farming operation in the fourth quarter of 2025. The inaugural salmon harvest is anticipated to take place during the same period in 2026, as reported by The Brief. This development signals significant progress in the aquaculture industry, promising potential growth and opportunities in the coming years.
2. South African Manufacturing Activity Sees Improvement: A recent Purchasing Managers’ Index (PMI) survey revealed positive news for South African manufacturing. The survey indicated that manufacturing activity experienced an uptick in April, attributed to the absence of rolling power cuts throughout the month. The seasonally-adjusted PMI surged to 54.0 points in April from 49.2 in March, surpassing the pivotal 50-point threshold, which denotes expansion in the sector. This improvement bodes well for the country’s economic recovery efforts.
3. Exxon Mobil Asset Sale in Nigeria Nears Approval: Nigeria’s oil regulator, as reported by Reuters, announced that the long-awaited approval for the Exxon Mobil asset sale to Seplat Energy could be granted in less than two weeks. This development marks the potential conclusion of a two-year delay since the deal was initially agreed upon. The $1.28 billion sale, set in Africa’s largest oil exporter, has been awaiting regulatory approval since 2022. Once approved, it could have significant implications for the country’s oil industry and investment landscape.
4. Oil Prices Show Volatility Amid Global Economic Uncertainty: Oil prices experienced a slight increase in early trading on Friday, largely attributed to the potential continuation of output cuts by OPEC+. However, they remained on track for weekly losses due to uncertainties surrounding the U.S. economy and limited disruptions in crude supply caused by the Israel-Hamas conflict. The fluctuating oil market reflects the intricate balance between supply dynamics and geopolitical tensions, influencing global economic outlooks.

Now, let’s take a look at the latest financial indicators:

• The Namibian dollar trades at 18.56 to the US$, 19.91 to the Euro, and 23.27 to the Pound.
• Gold is currently trading at $2,301.23 per fine ounce.
• Brent crude stands at $83.44 per barrel.
• 1 Bitcoin is priced at $1,109,520.32.

These indicators provide valuable insights into currency exchange rates, commodity prices, and cryptocurrency values, offering a snapshot of the current financial landscape. Stay tuned for more updates on business and economic developments.