1 October 2024 Morning Biz News: Investment Reluctance, Amazon’s New Initiative, and Market Updates

Namibia Dollar: 17.27 NAD to 1 USD; 19.23 NAD to 1 EUR; 23.10 NAD to 1 GBP
Gold: $2,632.77 per fine ounce
Brent Crude Oil: $71.98 per barrel
Bitcoin: $1,094,728.88

October 1, 2024 7

A recent report from the 2023 Old Mutual Financial Services Monitor highlights a concerning trend among Namibians regarding investment habits. A significant portion of the population is hesitant to invest, with 37% unwilling to take on any investment risks. This reluctance is particularly pronounced among younger consumers, indicating a potential barrier to wealth accumulation and economic growth.

In positive business news, Amazon has launched ‘Shop Mzansi,’ a new platform showcasing over 160 local South African brands. This initiative aims to support small businesses by offering a variety of products across different categories. Robert Koen, Amazon’s managing director for sub-Saharan Africa, emphasized that the platform is designed to help local entrepreneurs access global markets, thereby boosting their visibility and sales.

Meanwhile, in the foreign exchange market, Kenya’s shilling has remained stable, trading at 128.50/129.50 to the dollar, as tea export inflows have balanced the demand from month-end importers. Traders report that recent central bank dollar-buying activities have limited the shilling’s potential gains, reflecting ongoing challenges in the currency market.

In the oil sector, prices remained stable on Tuesday as concerns about potential disruptions to Middle Eastern exports due to escalating conflicts are balanced by expectations of increased supply amid sluggish global demand growth. This stability is crucial for economies reliant on oil revenues.