21st August 2024 Morning Biz News: Telecom Namibia Boosts Network with N$100 Million Investment; Rand Weakens Ahead of Inflation Data

August 21, 2024 6

Telecom Namibia Invests N$100 Million to Upgrade Network

Telecom Namibia is committing between N$90 million and N$100 million to enhance network quality and expand coverage across the country. This substantial investment includes upgrading several mobile sites from 2G to 3G and 4G technology. CEO Stanley Shanapinda highlighted that these upgrades are aimed at significantly improving network performance and accessibility for users nationwide.

South African Rand Depreciates Ahead of Inflation Data

On Tuesday, the South African rand weakened, trading at 17.8625 against the US dollar, down 0.95% from the previous close. Market participants are awaiting South Africa’s July inflation data, due Wednesday, for insights into the future trajectory of interest rates. The rand’s performance is under close scrutiny as both domestic and U.S. interest rate policies remain key factors.

Nigeria on Track to Meet 2024 Tax Revenue Target

Nigeria is set to meet its 2024 tax revenue target of $12.5 billion, according to Zacch Adedeji, chief of the Federal Inland Revenue Service. The country is also pushing for legislative reforms to modernize its tax collection system, including measures to regulate cryptocurrencies.

Japan’s Exports Surge on Yen’s Decline

Japan’s exports rose by 10.3% in July, driven by the yen’s decline to a 38-year low, Bloomberg reports. The increase, led by chip parts and cars, was an acceleration from June’s 5.4% rise and closely aligned with economists’ forecast of an 11.5% increase, as reported by the Ministry of Finance.

Financial Indicators