01 August 2024 Morning Biz News: Telecom Namibia Launches Equiano Cable; Rand Strengthens; Fed Holds Rates; Samsung Sees Record Growth

August 1, 2024 29

Telecom Namibia Activates Equiano Cable: Boosting ICT in the Region

Telecom Namibia has officially activated its capacity on the Equiano subsea cable, marking a significant milestone for the country’s ICT sector. The Equiano cable, commissioned by Google, establishes Namibia as a key player in regional information and communication technology. It connects Namibia to Europe via Portugal and links to other parts of Africa through Cape Town and Johannesburg, enhancing the nation’s digital connectivity and positioning it as a crucial hub for technological advancement.

South Africa’s Rand Strengthens Ahead of Fed Decision

South Africa’s rand saw an increase on Wednesday, trading at 18.19 against the dollar, up over 0.7% from its previous close. Investors are keenly observing the U.S. Federal Reserve’s upcoming policy decision, which could impact future interest rate trends. The strengthening rand reflects market anticipation and confidence in South Africa’s economic stability amid global financial uncertainties.

Federal Reserve Holds Interest Rates Steady

In a recent two-day meeting, the U.S. Federal Reserve decided to keep interest rates unchanged but hinted at a potential cut in September. The Fed’s statement emphasized that inflation is approaching its 2% target, though additional efforts are needed to achieve this goal. The decision reflects a cautious yet optimistic approach towards managing the U.S. economy and addressing inflationary pressures.

Samsung Electronics Reports Record Growth

Samsung Electronics has announced its fastest growth since 2010, with operating profits reaching $7.5 billion for the second quarter. This represents an astonishing 1,462.29% increase from the previous year. The surge in profits is attributed to rising memory chip prices and robust demand for generative AI technologies. Additionally, strong sales of OLED panels contributed to a 23.4% rise in overall sales, showcasing Samsung’s dominance in the technology sector.

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