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Business / Economics

10 June 2024 Morning Biz News: Business News Highlights: Namibia’s Ocean as Economic Pillar, Volkswagen’s Power Supply Challenges, Oil Price Decline, and Euro’s Reaction to Macron’s Election Call

todayJune 10, 2024 11

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Namibia’s Ocean: A Vital Economic Resource

President Nangolo Mbumba has underscored the significance of Namibia’s ocean, describing it as a crucial economic resource for the country. Annually, the ocean generates N$10 billion and contributes 5% to Namibia’s GDP. According to The Brief, Mbumba emphasized that this vital asset supports thousands of jobs and ensures food security but is under significant threat from climate change and human activities. The president called for concerted efforts to protect and sustainably manage this indispensable resource.

Volkswagen’s Expansion Plans Hindered by Power Supply Issues in South Africa

Volkswagen’s expansion plans in South Africa are being curtailed by ongoing uncertainty about power supply. As reported by News24, the German carmaker’s top executive in South Africa highlighted that despite a recent two-month respite from the power cuts that have plagued the country since 2008, there are still no long-term solutions offered to car manufacturers. This persistent issue continues to impact the automotive industry’s growth and operational stability.

Oil Prices Dip Amid Stronger Dollar

Oil prices fell for the second consecutive session on Monday, driven lower by a stronger dollar. The decline comes as expectations for interest rate cuts were deferred following robust U.S. jobs data released on Friday. The stronger dollar makes oil more expensive for holders of other currencies, thereby reducing demand and applying downward pressure on prices.

Euro Declines After Macron Calls Shock Election

The euro experienced a decline on Monday after French President Emmanuel Macron called a surprise election following a significant defeat to the far-right in the European Union vote. Concurrently, the dollar remained steady ahead of the Federal Reserve meeting scheduled for later in the week, as investors awaited potential monetary policy adjustments.

Latest Financial Indicators

  • Namibia Dollar (NAD):
    • 18.87 to the US$
    • 20.36 to the Euro
    • 24.01 to the Pound
  • Gold: 2,294.08 USD per fine ounce
  • Brent Crude: 79.62 USD per barrel
  • Bitcoin: 1,312,539.92 NAD

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Written by: Leonard Witbeen

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