23rd September Morning Biz News: Otjikoto Biomass Boosts Oshikoto Economy, Sasol & Eskom Explore LNG, and Global Markets Steady

Otjikoto Biomass Power Station to Inject Millions into Oshikoto Region

Namibia Power Corporation’s 40MW Otjikoto Biomass Power Station is set to provide a major economic boost to the Oshikoto region. The project is expected to inject between N$200 million and N$245 million annually, as local farmers and contractors supply wood chips to fuel the plant, reports The Brief. This investment not only strengthens the region’s economy but also supports sustainable development by utilizing biomass resources in the area.

Sasol and Eskom Team Up to Explore LNG Transition

In South Africa, Sasol and state utility Eskom have announced plans to explore the use of liquefied natural gas (LNG) as part of the country’s energy transition. Both companies are key users of coal and have faced criticism for their environmental impact. As CNBCAfrica highlights, this partnership aims to reduce carbon emissions, aligning with South Africa’s long-term sustainability goals. The shift to cleaner energy sources is seen as critical for the country’s future energy landscape.

Asian Markets Stable Amid Central Bank Anticipation

Asian stocks remained steady on Monday, as investors looked ahead to central bank meetings expected to deliver additional rate cuts. Key U.S. inflation data is also anticipated, which could further support monetary easing. Reuters reports that MSCI’s broadest Asia-Pacific index held firm after a 2.7% rise last week, with Japan’s market closed for a holiday, contributing to thin trading activity.

SEC Chair Criticizes Crypto Industry’s Legal Compliance

The chair of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has expressed concern over the global financial losses caused by non-compliant crypto companies. According to the BBC, Gensler emphasized the need for stricter enforcement of existing laws, as the cryptocurrency sector continues to pour millions into political donations ahead of the U.S. elections, hoping to influence future regulations in their favor.

Financial Indicators:

• Namibia Dollar: 17.44 to the US Dollar, 19.50 to the Euro, and 23.21 to the Pound.
• Gold: Trading at 2,621 dollars 59 cents per fine ounce.
• Brent Crude: 74.49 dollars per barrel.
• Bitcoin: 1 Bitcoin equals 1,112,143 dollars 71 cents.

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