25 September Morning Biz News: Global Markets Surge Amid China’s Stimulus, While Namibia’s Economic Growth Slows to 3.5% in Q2

1. Namibia’s Economic Growth: The economy expanded by 3.5% year-on-year in Q2 2024, a slowdown from the 4.3% recorded in Q1 and slightly lower than the 3.6% growth in Q2 2023. This marks 13 consecutive quarters of growth since the Q1 2021 contraction. For Q2, nominal GDP reached N$59.5 billion, with real GDP standing at N$39.1 billion.
2. Safaricom Raises $116.73 Million: Kenya’s largest telecom operator, Safaricom, raised $116.73 million through the second tranche of a sustainability-linked loan from local banks. This follows a similar amount raised last year. Safaricom is partly owned by South Africa’s Vodacom and Britain’s Vodafone.
3. Nigeria’s Central Bank Hikes Rates: Nigeria’s central bank raised its benchmark interest rate by 50 basis points to 27.25%, despite analysts predicting no change. Governor Olayemi Cardoso stated that this move aims to curb inflation, as the country grapples with its worst cost-of-living crisis in decades.
4. Global Stock Market Surge: World stocks hit record highs following China’s announcement of stimulus measures. People’s Bank of China Governor Pan Gongsheng unveiled plans to lower borrowing costs, inject funds into the economy, and ease mortgage burdens, boosting both Asian and European stock markets, as well as commodity prices.

Financial Indicators:

• Namibia Dollar: 17.28 to the US$, 19.32 to the Euro, and 23.19 to the Pound.
• Gold: $2,659.38 per fine ounce.
• Brent Crude: $73.90 per barrel.
• Bitcoin: N$1,118,142 per Bitcoin.