Morning Biz News – 13 February 2025

Namibia Dollar: 18.52 per US$, 19.25 per Euro, 23.06 per Pound
Gold: $2,900.14 per fine ounce
Brent Crude: $77 per barrel
Bitcoin: $1,808,351.76

February 13, 2025 18

Bank of Namibia Cuts Interest Rate Again
The Bank of Namibia has reduced its key interest rate for the fourth consecutive monetary policy meeting, lowering the repo rate by 25 basis points to 6.75%. The central bank cited stable inflation projections and the need to support economic growth as the primary reasons for the cut. This follows similar reductions in its last three policy decisions, signaling a continued effort to boost economic activity.

South Africa’s Manufacturing Sector Declines
South Africa’s manufacturing production recorded a 1.2% year-on-year decline in December 2024. The motor vehicle and basic iron and steel sectors were the largest contributors to the drop, reflecting ongoing challenges in the industrial sector. However, there was a bright spot, with the food and beverages division showing a 5.8% increase, indicating resilience in consumer-driven industries.

Brazil’s Petrobras Eyes African Oil Assets
Brazil’s state-owned energy giant Petrobras is looking to acquire stakes in oil assets across Angola, Namibia, and South Africa, according to CNBC Africa. The company aims to expand its reserves ahead of an anticipated production decline after 2030. Petrobras is currently in talks with major players like ExxonMobil, Shell, and TotalEnergies to secure shares in their African operations, positioning itself for long-term energy security.

Asian Markets Gain on US-Russia Talks
Asian equities climbed for the second consecutive day amid renewed optimism over US-Russia discussions on the Ukraine war, Yahoo Finance reports. Investor sentiment was further boosted by improved prospects for Chinese markets. Despite higher-than-expected US inflation, which tempered expectations for rate cuts, Japanese and Hong Kong stocks recorded gains, highlighting investor confidence in regional growth.