15 October 2024 Morning Biz News: Trustco Expands Stake, JPMorgan Enters Kenya, and Nvidia Stock Soars Amid AI Boom

1. Trustco Group Expands Stake in Legal Shield Holdings Trustco Group Holdings is set to increase its ownership in Legal Shield Holdings to 91.35%, following a N$468 million deal expected to close by December 31. This acquisition will encompass key assets, including Trustco Insurance, Trustco Life, and a substantial real estate portfolio, with developments like Elisenheim Lifestyle Estate and Lafrenz Industrial Park being part of the deal.
2. JPMorgan Chase Approved for Kenya Expansion Kenya’s central bank has approved JPMorgan Chase’s request to open a representative office in the country. As reported by CNBCAfrica, these offices will act as marketing and liaison hubs for foreign banks, strengthening Kenya’s financial sector while promoting trade and investment.
3. DRC Cancels Oil Licensing Round The Democratic Republic of Congo has called off its licensing round for 27 oil blocks, originally launched in 2022 to explore oil and gas potential. According to Reuters, the hydrocarbons ministry cited late submissions, irregular offers, and a lack of competition as reasons for the cancellation.
4. Nvidia Stock Nears Record High Nvidia’s stock is on track to hit a record high, driven by investor enthusiasm for the artificial intelligence boom. On Monday, Yahoo Finance reported a more than 3% rise in Nvidia shares, pushing them above $138. The company’s previous record closing price was $135.58 in June.

Latest Financial Indicators:

• Namibia Dollar: 17.58 to the US Dollar, 19.17 to the Euro, and 22.96 to the Pound.
• Gold: $2,652.53 per fine ounce.
• Brent Crude: $79.04 per barrel.
• Bitcoin: $1,153,849.66.

Stay tuned for more business updates!