30 August 2024 Morning Biz News: Letshego Namibia Upgraded, South Africa Inflation Falls, Global Shares Rise, and Major Entertainment Merger Approved

GCR Ratings Upgrades Letshego Namibia’s Long-Term Issuer Ratings

GCR Ratings has upgraded Letshego Namibia’s long-term issuer ratings to A+(NA), citing the successful listing of a N$322 million social bond on the Namibian Stock Exchange. According to The Brief, the bond proceeds will bolster financial inclusion in crucial sectors such as housing, healthcare, and education. The outlook for Letshego Namibia is now Stable.

South Africa’s Producer Inflation Declines

South Africa’s producer inflation fell to 4.2% year-on-year in July, down from 4.6% in June, as reported by CNBCAfrica. On a month-on-month basis, the Producer Price Index showed a slight improvement at -0.2% in July, compared to -0.3% in June, reflecting a modest stabilization in inflationary pressures.

Global Shares and Oil Prices Rebound

Global shares saw an uptick on Thursday with major Wall Street indexes rising: the Dow Jones Industrial Average increased by 0.64%, the S&P 500 gained 0.72%, and the Nasdaq Composite climbed 1.07%, according to Reuters. Oil prices also rebounded from previous losses, supported by disruptions in Libyan oil supply, despite some investor disappointment over Nvidia’s earnings results.

India Approves Major Entertainment Merger

India’s competition watchdog has provisionally approved an $8.5 billion merger between Disney and Reliance Industries, reports BBC. With Reliance holding the majority stake, the merger will create the largest entertainment entity in India, poised to challenge established players like Sony, Netflix, and Amazon.

Financial Indicators

• USD/NAD: 17.75
• EUR/NAD: 19.68
• GBP/NAD: 23.39
• Bitcoin: 1,051,202.55 NAD
• Gold: $2,521.56 per ounce
• Brent Crude Oil: $78.65 per barrel