13 August 2024 Morning Biz News: Carbon Sequestration Potential, New Air Routes, Oil Price Movements, and Financial Indicators

Perivoli Rangeland Institute Highlights Carbon Sequestration Potential

The Perivoli Rangeland Institute has emphasized Namibia’s significant potential for carbon sequestration projects. However, challenges such as high costs, transparency issues, and concerns over greenwashing hinder progress. Researcher Daisy Nielsen stresses the need for better regulatory frameworks and greater community involvement to unlock these opportunities and enhance Namibia’s environmental impact.

Air Botswana to Launch New Routes to Windhoek

Air Botswana is expanding its services with new flights connecting Maun, Gaborone, Kasane, and Windhoek starting in October 2024. According to Air Botswana CEO Lulu Rasebotsa, these routes will operate three times weekly from each city. The new flights aim to improve connectivity between Botswana and Namibia, offering enhanced travel options for both business and leisure travelers.

Oil Prices Drop After Five-Day Gain

Oil prices declined on Tuesday, breaking a five-day streak of gains. The shift in focus to demand concerns, influenced by OPEC’s revised 2024 demand forecast due to weaker expectations from China, contributed to the dip. Brent crude futures fell by 41 cents to $81.89 per barrel, while U.S. West Texas Intermediate crude decreased by 43 cents to $79.63 per barrel.

Dollar Steady Amidst Economic Data Awaited

The U.S. dollar remained steady on Tuesday as investors awaited economic data to assess the likelihood of significant rate cuts. The greenback traded at 147.17 yen, down from a recent high of 148.23 yen. The euro was at $1.09, nearing resistance levels, and the dollar index held at 103.08.

Financial Indicators Update

• Namibian Dollar: 18.26 to the US$, 19.95 to the Euro, 23.30 to the Pound
• Gold: $2,471.86 per fine ounce
• Brent Crude: $79.66 per barrel
• Bitcoin: $1,088,331.19

Stay tuned for more updates on business and financial news.