23 August 2024 Moring Biz News: Major Contracts, Interest Rate Debates, Legal Settlements, and Financial Market Updates

1. Savanna Beef Secures Major Contract with GPS Food Group

Savanna Beef has landed a significant contract with global food giant GPS Food Group, ensuring a stable market for its products and enhancing its production processes. Announced by Chairperson Mecki Schneider, the agreement, signed on April 30, is set to significantly bolster the company’s growth. This partnership marks a major step forward for Savanna Beef, providing valuable support and stability as it expands its market presence.

2. Everest Wealth Calls for South African Interest Rate Cuts

Everest Wealth is urging the South African Reserve Bank to begin a series of interest rate cuts following July’s inflation rate of 4.6%. Riaan Grobler of Everest Wealth recommends four consecutive cuts totaling one percentage point by March to stimulate economic growth and consumer spending. This proposed adjustment aims to enhance economic conditions and relieve financial pressures on consumers.

3. Deutsche Bank Settles Dispute with Former Postbank Shareholders

Deutsche Bank has reached a settlement with former Postbank shareholders over claims of undervaluation from the 2010 takeover. Agreements with over 80 plaintiffs were made at 31 euros per share, with the settlements expected to use around 45% of the provisions set aside. The bank anticipates a boost to its third-quarter profit by 430 million euros as a result of these agreements.

4. U.S. 10-Year Treasury Yield Rises Amid Rate Cut Anticipations

The yield on the U.S. 10-year Treasury rose to 3.799% following dovish signals from the Federal Reserve and a downward revision in preliminary payroll data. The 2-year Treasury yield also increased slightly to 3.929%, reflecting growing expectations of an interest rate cut next month. This shift highlights market anticipation for changes in monetary policy.

Financial Indicators:

• The Namibian dollar trades at 18.04 to the US dollar, 20.04 to the Euro, and 23.60 to the Pound.
• Gold is priced at $2,484.21 per fine ounce.
• Brent crude oil stands at $76.05 per barrel.
• Bitcoin is valued at $1,091,716.90.