27 September 2024 Morning Biz News: Hospitality, Job Losses, Global Markets, and Financial Indicators

1. Weddings Boost Hospitality Occupancy in Northern Namibia Weddings and related events had a positive impact on hospitality occupancy in northern Namibia during August 2024. Despite this boost, the national occupancy rate dropped to 63% from 68.9% in August 2023, according to a report from Simonis Storm Securities researcher Almandro Jansen, cited by The Brief. The occupancy rate remains a critical measure of activity within Namibia’s hospitality sector.

2. South Africa Sees Job Losses Despite Q2 Gains South Africa experienced a net loss of 144,000 jobs between June 2023 and June 2024, despite a gain of 42,000 jobs in the second quarter of 2024, bringing total formal non-agricultural employment to 10.7 million. The community services sector led job creation, while sectors like manufacturing, mining, and construction faced significant job losses. Average monthly earnings in South Africa increased by 4.8% year-on-year.

3. U.S. Dollar Volatile Amid Economic Data; Swiss Franc Strengthens The U.S. dollar experienced volatility in trading, fluctuating amid mixed U.S. economic data that indicated overall economic strength. Meanwhile, the Swiss franc rose following a 25 basis point interest rate cut by the Swiss central bank. The dollar started to recover after U.S. weekly jobless claims dropped to 218,000, below expectations of 225,000.

4. Thailand Symposium Calls for RCEP Utilization A symposium in Thailand, attended by 40 experts and representatives from China and Southeast Asian countries, called for better utilization of the Regional Comprehensive Economic Partnership (RCEP) to build a high-level regional market. The discussion aimed to develop strategies for leveraging this large trade agreement to boost regional economic growth.

Latest Financial Indicators

• Namibian Dollar: 17.19 to the US$, 19.21 to the Euro, 23.05 to the Pound.
• Gold: Trading at 2,672 dollars 67 cents per fine ounce.
• Brent Crude: 73.46 dollars per barrel.
• Bitcoin: 1 Bitcoin equals 1,123,328 dollars 13 cents.