25 July 2024 Morning Biz News: NamWater and Husab Mine’s N$3 Billion Desalination Project Nears Financial Closure; Shein Expands with Johannesburg Pop-Up; Eni Sells Nigerian Oil Unit to Oando; Currency and Commodity Markets Update

NamWater and Husab Mine Set for Major Coastal Desalination Project

NamWater and Husab Mine are poised to achieve financial closure for their ambitious N$3 billion coastal desalination project by year-end, according to The Brief. NamWater CEO Abraham Nehemia confirmed that Husab Mine will cover the construction costs, sparing NamWater the task of independently securing the full N$2.5 to N$3 billion required for the project.

Shein Expands with New Pop-Up Store in Johannesburg

Fast-fashion retailer Shein is expanding its global footprint with a new pop-up store set to open in Johannesburg, South Africa, this August. This move is part of Shein’s broader expansion strategy, driven by a surge in online shopping during the COVID-19 pandemic. The pop-up store aims to enhance Shein’s visibility and reach in the South African market.

Eni’s Nigerian Oil Unit Sale Gets Green Light

Eni has received formal approval from the Nigerian Upstream Petroleum Regulatory Commission to proceed with the sale of its unit, Nigerian Agip Oil Company (NAOC), to Oando. The deal, announced by Eni, will see Nigeria’s leading energy company, Oando, acquire NAOC. The unit focuses on onshore oil and gas exploration and production, as well as power generation.

Currency and Commodity Updates

• Namibian Dollar: Trades at 18.38 to the US$, 19.93 to the Euro, and 23.72 to the Pound.
• Gold: Currently trading at USD 2,398.77 per fine ounce.
• Brent Crude: Priced at USD 81.01 per barrel.
• Bitcoin: Valued at USD 1,183,755.63.

Global Financial Indicators

The yen has gained support from the unwinding of carry trades and safe-haven bids ahead of next week’s Bank of Japan policy meeting. Meanwhile, the Australian and New Zealand dollars face challenges due to weak commodity prices. The euro has weakened following a disappointing purchasing managers’ index reading, while the dollar remains steady as markets await upcoming U.S. growth figures.

Stay tuned for more updates and insights into the ever-evolving world of finance.