21 October 2024 Morning Biz News: October Highlights and Financial Indicators

In October, Pupkewitz Megabuild reported a significant year-on-year decline in its basket value, setting it apart among the four major hardware stores in Windhoek, as noted in The Brief survey. The store experienced a 15.25% decrease in basket value compared to October 2023, although there was a slight month-on-month increase of 0.15%.

In global economic news, Russian President Vladimir Putin announced that the BRICS group is expected to lead worldwide economic growth in the coming years, surpassing developed Western nations. Putin aims to fortify BRICS, which now includes Egypt, Ethiopia, Iran, and the UAE alongside Brazil, Russia, India, China, and South Africa, as a significant counterbalance to Western influence in global politics and trade.

Meanwhile, in Nigeria, the government is advocating for a shift from petrol to compressed natural gas (CNG) to tackle the rising petrol prices. While this initiative holds promise, it comes with potential economic challenges, including possible price increases due to heightened demand for CNG. The government must also address infrastructure, safety, and consumer readiness to ensure successful implementation.

In the cryptocurrency market, Bitcoin surged to a three-month high during early trading in Asia on Monday. Concurrently, the U.S. dollar is expected to continue its upward trajectory as the presidential election approaches. Polls indicate an increasing chance of former President Donald Trump winning the November 5 election, which is contributing to the dollar’s strength.

Financial Indicators

• Namibia Dollar: 17.56 to the US$, 19.11 to the Euro, 22.93 to the Pound
• Gold: $2,721.54 per fine ounce
• Brent Crude: $73.06 per barrel
• Bitcoin: $1,212,217.78

Stay tuned for more updates and insights into the financial landscape as these developments unfold.