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Business / Economics

9 July 2024 Afternoon Biz News: Economic Update: Aquaculture Project Cleared, Rand Stable Amid Global Market Uncertainty

todayJuly 9, 2024 9

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  1. Blue Ridge Aquaculture Africa (Pty)’s Aquaculture Project: Blue Ridge Aquaculture Africa (Pty)’s local associate has received Environmental Clearance for a 25-hectare aquaculture project near Henties Bay. The project will use Recirculating Aquaculture Systems for Tilapia farming and is expected to cost under N$1.4 billion.
  2. South African Rand Stability: The South African rand remained stable, trading at 18.13 against the dollar. Market focus is on the Federal Reserve chair’s testimony and U.S. June inflation data for hints on future interest rates.
  3. Global Market Trends: Global shares showed mixed results as investors awaited Federal Reserve Chair Jerome Powell’s stance on potential rate cuts, influenced by recent U.S. labor market data. Euro STOXX 600 and euro zone blue chip stocks saw slight declines.
  4. Currency and Commodity Prices:
    • Namibia Dollar (NAD) exchange rates:
      • USD: 18.08
      • EUR: 19.56
      • GBP: 23.15
    • Commodity prices:
      • Gold: $2,359.99 per ounce
      • Brent crude oil: $85.75 per barrel
    • Cryptocurrency:
      • Bitcoin: $1,041,979.18

These updates provide a snapshot of current economic indicators and market movements affecting both regional and global financial landscapes.

Written by: Leonard Witbeen

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