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Business / Economics

28 June 2024 Morning Biz News: Namibia’s Investment Strength, Rand Decline, Oil Prices Surge, and Dollar Dominance

todayJune 28, 2024 11

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As of December 31 last year, members of the Namibia Savings and Investment Association (NaSIA) managed over 75% of the country’s $252 billion in assets under management, according to a report by The Brief. This impressive feat places Namibia seventh globally in contractual saving rates, trailing only behind developed nations. The robust performance of NaSIA highlights the country’s growing emphasis on savings and investment, which are crucial for economic stability and growth.

Rand Takes a Hit Amid Political Disputes

The South African rand experienced a sharp decline on Thursday, reacting to reports of a significant disagreement between the pro-business Democratic Alliance (DA) party and President Cyril Ramaphosa over cabinet posts. By the afternoon, the rand had fallen to 18.48 against the US dollar, marking a 1.7% decrease from Wednesday’s close. This political turbulence underscores the impact of domestic political stability on currency value, influencing investor confidence and economic outlook.

Oil Prices on the Rise

Oil prices saw an increase in early Asian trading on Friday, marking the potential for a third consecutive weekly rise. This trend is driven by concerns over supply issues due to escalating geopolitical tensions and weather-related disruptions. Despite signs of weak demand, these supply-side challenges have kept prices buoyant, reflecting the intricate balance of global oil markets.

Dollar Soars Against the Yen

This morning, the dollar reached a nearly four-decade high against the yen, poised for its second straight quarterly gain. The yen fell to 161.155 per dollar, its weakest level since 1986, despite lower U.S. yields and strong consumer price data in Tokyo. This trend indicates the continuing strength of the US dollar in global markets, influenced by various economic indicators and monetary policies.

Latest Financial Indicators

  • Namibia Dollar (NAD):
    • 18.47 to the US Dollar
    • 19.77 to the Euro
    • 23.35 to the British Pound
  • Gold:
    • $2,326.29 per fine ounce
  • Brent Crude:
    • $85.25 per barrel
  • Bitcoin:
    • $1,148,865.42

These indicators provide a snapshot of the current financial environment, reflecting both global and local economic conditions. Investors and market watchers should remain vigilant of these fluctuations as they navigate the complex financial landscape.

Stay tuned for more updates on business and financial news.

Written by: Leonard Witbeen

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