31 July 2024 Morning Biz News: Ohlthaver & List Completes Full Acquisition of Broll Namibia; Rand and Yen Show Market Movements; Oil Prices Rebound Slightly

Ohlthaver & List Acquires Full Ownership of Broll Namibia

Windhoek, Namibia – The Ohlthaver & List (O&L) Group has solidified its position in the property services sector by acquiring the remaining 49.9% of shares in Broll Namibia from the Broll Property Group (Pty). The deal, which took effect on 1 July 2024, makes O&L the sole shareholder of Broll Namibia. This strategic acquisition underscores O&L’s commitment to expanding its footprint in the property management and services industry, according to The Brief.

Rand Strengthens as Markets Await Fed Decision

Johannesburg, South Africa – The South African rand showed resilience on Tuesday, strengthening to 18.35 against the US dollar by 1526 GMT. This 0.5% gain followed a period of weakness against the stronger greenback. Market participants are closely watching the outcome of the U.S. Federal Reserve meeting scheduled for Wednesday, which is anticipated to offer insights into potential rate cut timelines.

Yen Holds Near 2.5-Month High Amid BOJ Policy Expectations

Tokyo, Japan – The Japanese yen remained near a 2.5-month high on Wednesday as investors anticipated a pivotal policy decision from the Bank of Japan (BOJ). Expectations are high for the BOJ to outline plans for tapering its substantial bond purchases and potentially raise interest rates. The day’s economic calendar also includes crucial data releases such as China’s PMI, Australian consumer prices, and inflation figures from France and the euro zone, with the Federal Reserve’s policy decision expected to be a key focus.

Oil Futures Recover Partially Amid Geopolitical Tensions

New York, USA – Oil futures showed signs of recovery on Wednesday, rebounding from seven-week lows as geopolitical tensions escalated following Israel’s response to a Hezbollah attack. Despite this partial recovery, oil prices continue to face pressure due to persistent concerns about demand in China, as reported by Reuters.

Latest Financial Indicators

• Namibian Dollar: 18.31 to the US Dollar, 19.80 to the Euro, 23.50 to the Pound
• Gold: $2,409.96 per fine ounce
• Brent Crude: $79.78 per barrel
• Bitcoin: $1,211,645.70

Stay tuned to our website for more updates on these and other financial developments.