29 October 2024 Morning Business News Update

1. Beef Industry Growth: The Namibian beef industry has seen remarkable growth this year, with exports reaching 17.6 million kilograms by the third quarter, marking a 66.2% increase compared to the same period in 2023. This surge is largely driven by strong demand from the European Union and consistent contributions from other key markets, as reported by The Brief from the Livestock and Livestock Products Board of Namibia.
2. Dis-Chem’s Market Entry: Dis-Chem is set to enter the South African life insurance market in the first quarter of 2025, positioning itself as a major disruptor. CEO Rui Morais stated that the company’s in-depth insights into health consumption risks, gathered from its extensive network of pharmacies and clinics, will allow it to offer competitively priced products tailored to meet customer needs.
3. Nigeria’s Currency Financing Initiative: Nigeria’s central bank has partnered with the International Finance Corporation (IFC) to enhance local currency financing for Nigerian businesses and reduce foreign exchange risks. The IFC, part of the World Bank Group, plans to increase its investment in Nigeria, aiming for over $1 billion in financing in the upcoming years, according to CNBCAfrica.
4. Volkswagen Layoffs: Volkswagen is preparing to close factories and lay off staff in Germany, as indicated by the group’s chief labour representative. This development comes amid growing concerns about competitiveness within Europe’s largest economy.

Latest Financial Indicators

• Namibia Dollar Exchange Rates:
  • 1 USD = 17.69 NAD
  • 1 EUR = 19.14 NAD
  • 1 GBP = 24.11 NAD
• Commodity Prices:
  • Gold: $2,742.22 per fine ounce
  • Brent Crude Oil: $76.05 per barrel
  • Bitcoin: $1,197,887.98