12 July 2024 Morning Biz News: Financial News Digest: City of Windhoek’s Strong Performance, Rand’s Rise, Central Bank Actions, and Global Market Indicators

 

1. City of Windhoek Reports Strong Financial Performance

The City of Windhoek has announced robust financial results for the 2022/2023 fiscal year, with a reported turnover of approximately N$5 billion. This revenue surge is attributed to key municipal services including water, electricity, rates and taxes, sewer discharge, and waste removal. Matyayi, emphasizing the critical role of these services, highlighted their contribution to fulfilling the council’s mandate.

2. South African Rand Rises Amid U.S. Inflation Speculations

On Thursday, the South African rand continued its upward trajectory following a surprising drop in U.S. inflation last month. This development has fueled speculation that the Federal Reserve might opt to lower interest rates in September. By late afternoon, the rand was trading at 18 against the dollar, marking a 0.6% increase from its previous close.

3. Central Bank of Nigeria Addresses Inflation Concerns

The Central Bank of Nigeria (CBN) has reiterated its commitment to addressing double-digit inflation through necessary measures. The CBN governor expressed optimism that these efforts will alleviate price pressures and potentially lead to a reduction in interest rates in the near future, as reported by Reuters.

4. Yen Fluctuates Amid Investor Uncertainty

Investor uncertainty gripped the yen on Friday following suspected intervention by Tokyo to stabilize the currency post a lower-than-expected U.S. inflation report. Reuters noted significant attention on the yen’s movements amidst rising Asian stock markets, driven by growing expectations of a Federal Reserve interest rate cut in September.

Latest Financial Indicators

• Currency Exchange Rates:
  • Namibia Dollar: 18 to the US$
  • Namibia Dollar: 19.56 to the Euro
  • Namibia Dollar: 23.24 to the Pound
• Commodities:
  • Gold: $2,414.34 per fine ounce
  • Brent Crude Oil: $85.08 per barrel
• Cryptocurrency:
  • Bitcoin: $1,025,617.83 per BTC

These indicators reflect the current economic landscape, showcasing significant movements in currencies and commodities. Stay tuned for more updates on global markets and financial developments.