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Business / Economics

8 July 2024 Morning Biz News: Namibia’s Agricultural Land Prices Surge 21.1%; TotalEnergies Commits to South African Gas Amid Euro Weakness and Stable Oil Prices

todayJuly 8, 2024 25

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 Namibia’s Agricultural Land Prices Surge by 21.1% in Eight Years

Namibia’s commercial agricultural land market has experienced a significant uptick, with prices soaring by 21.1% over the past eight years. According to the Namibia Statistics Agency, this surge has propelled the national index to 121.1 basis points in 2023, marking a sustained upward trajectory in land values across the country.

TotalEnergies Commits to South African Gas Investments Despite Initial Exit Plans

In a reversal of earlier decisions, TotalEnergies has reaffirmed its commitment to substantial gas discoveries off South Africa’s southern coast. The National Energy Regulator of South Africa (Nersa) confirmed the news, stating that after discussions with government and stakeholders, TotalEnergies opted to maintain its investments, signaling confidence in the region’s energy sector.

Euro Weakens Amid French Election Uncertainty

The euro has depreciated following projections of a hung parliament in France’s recent elections, driven by a robust showing from a left-wing coalition. This outcome has injected fresh uncertainty into the country’s economic outlook, influencing international markets’ assessment of Europe’s fiscal stability.

Oil Prices Stable Amid Texas Port Closures Ahead of Tropical Storm Beryl

Global oil markets remained steady amidst concerns over potential supply disruptions. Texas, home to major oil ports, shut down operations in anticipation of Tropical Storm Beryl strengthening into a hurricane and making landfall. Brent crude futures saw a slight uptick of 0.1%, with investors closely monitoring developments in energy logistics.

Financial Indicators as of Today

  • Namibia Dollar Exchange Rates:
    • USD: 18.19
    • Euro: 19.69
    • Pound Sterling: 23.31
  • Commodity Prices:
    • Gold: $2,392.24 per fine ounce
  • Oil Prices:
    • Brent Crude: $86.54 per barrel
  • Cryptocurrency:
    • Bitcoin: $998,956 per BTC

Stay tuned for more updates on global financial markets and business developments.

Written by: Leonard Witbeen

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