10 October 2024 Morning Biz News: Domestic Debt Rises, South Africa’s LPG Sector Expands, and Kenya Seeks IMF Support

1. Domestic Debt Surge
   Namibia’s domestic debt has reached N$123.51 billion as of the end of September, reflecting a month-on-month increase of N$2.04 billion, according to data from The Brief. Research firm Simonis Storm reports that the growth is primarily driven by the issuance of fixed-rate bonds (GCs), which accounted for 63% of the increase, with N$1.27 billion issued in GCs.
2. South Africa’s LPG Sector Set for Growth
   South Africa’s liquefied petroleum gas (LPG) industry is on the verge of expansion, spurred by new distribution hubs, rising power prices, and a shift away from less clean energy sources like charcoal and paraffin. According to CNBCAfrica, Eskom’s planned 36% hike in electricity tariffs for the upcoming year is making LPG a more affordable alternative, leading to increased demand.
3. Kenya’s Financial Outlook with the IMF
   Kenya is poised to receive additional financial support from the International Monetary Fund (IMF) by the end of the year. The central bank governor announced on Wednesday that the country is in talks with the IMF to combine the seventh and eighth reviews of its $3.6 billion support programme. A staff-level agreement for the seventh review was reached earlier in June, indicating positive progress.
4. Berkshire Hathaway Expands Japanese Presence
   Warren Buffett’s Berkshire Hathaway Inc. recently sold a multi-tranche bond worth US$1.89 billion, which has sparked speculation about the firm increasing its investments in Japanese assets. As reported by Yahoo Finance, this bond issuance is Berkshire’s largest yen-denominated deal since 2019, featuring seven maturities from three to 30 years, most of which offered higher premiums compared to its previous yen-note sale in April.

Latest Financial Indicators

• The Namibia dollar trades at N$17.65 to the US$, N$19.31 to the Euro, and N$23.06 to the Pound.
• Gold is priced at US$2,608.02 per fine ounce.
• Brent crude oil is trading at US$77.18 per barrel.
• The current price of Bitcoin is US$1,114,882.17.

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