20 August 2024 Morning Biz News: Namibia’s Trade Imbalance with Brazil, MTN Group’s Losses, NNPC’s Profit Surge, and Currency Market Updates

Namibian Dollar: 17.70 to the US$
Euro: 19.62
British Pound: 22.99
Gold: $2,504.48 per fine ounce
Brent Crude Oil: $79.68 per barrel
Bitcoin: $1,072,832.19

August 20, 2024 19

Namibia’s Trade Imbalance with Brazil

Namibia imported goods worth N$789 million from Brazil in 2023, predominantly poultry meat and raw sugar, according to recent data from the Namibia Chamber of Commerce and Industry (NCCI). In contrast, Namibia’s exports to Brazil amounted to only N$13 million, indicating a substantial trade imbalance. NCCI Vice President Patty Karuaihe-Martin emphasized the stark disparity in trade figures, which highlights the need for more balanced trade relations between the two countries.

MTN Group Reports Half-Year Loss

MTN Group has reported a significant half-year loss of 9 billion rand, a turnaround from a 8.3 billion rand profit last year. The loss is largely attributed to the devaluation of the Nigerian naira and operational difficulties in Sudan. Despite these challenges, the company’s service revenue grew by 12.1% in constant currency terms, although it dropped 20.8% overall.

NNPC’s Profit Surge

Nigeria’s state oil firm, NNPC, has announced a 28% increase in annual net profit, reaching 3.297 trillion naira. The company also declared a dividend of 2.1 trillion naira. NNPC Chief Financial Officer Umar Ajiya highlighted the firm’s improved productivity and financial performance, despite facing operational hurdles.

Currency Market Update

The U.S. dollar remained near a seven-month low on Tuesday as traders anticipated potential interest rate cuts by the Federal Reserve next month. This weakness in the dollar led to the euro reaching its highest level this year and the British pound approaching a one-month peak. The emerging markets currency index also hit a record high. Market participants are awaiting comments from Federal Reserve Chair Jerome Powell on Friday.