Morning Biz News – 20 February 2025

Toyota Leads Vehicle Market in January
Toyota has maintained its dominance in Namibia’s vehicle market, recording 555 new vehicle sales in January 2025. According to Simonis Storm Junior Economist Almandro Jansen, Toyota accounted for a significant portion of total sales, with 306 light commercial vehicles, 242 passenger vehicles—including popular models like the Corolla Cross and Fortuner—and several medium commercial units. The brand’s strong performance reinforces its leadership in both passenger and commercial segments, solidifying its position as the preferred choice for Namibian consumers.

South Africa’s Citrus Industry Suffers R5.2 Billion Losses Due to Logistics Inefficiencies
A recent study by the Bureau for Food and Agricultural Policy has revealed that inefficiencies in South Africa’s logistics system cost the citrus industry a staggering R5.2 billion during the 2024 season. The report highlights slow port operations, deteriorating infrastructure, and shipping delays as the primary challenges hampering the industry’s growth and export capacity. These setbacks threaten jobs and revenue in one of South Africa’s key agricultural sectors, with industry stakeholders calling for urgent intervention to improve logistical efficiency and competitiveness.

Barrick Gold Reaches Agreement with Mali to Resolve Mining Dispute
Canadian mining giant Barrick Gold has successfully reached a new agreement with the Malian government, resolving a nearly two-year-long dispute over its mining assets. According to Reuters, the deal has been signed by Barrick and now awaits formal approval from Mali’s government. This resolution paves the way for improved investor confidence in Mali’s mining sector, which plays a crucial role in the country’s economy.

China Holds Lending Rates Steady Amid Economic Pressures
China has opted to keep its benchmark lending rates unchanged, signaling a cautious approach to monetary stimulus as it prioritizes financial and currency stability. Yahoo Finance reports that authorities face challenges from a weakening yuan, shrinking bank margins, and renewed trade tensions with the U.S. under the new Trump administration. The decision underscores China’s focus on maintaining economic balance while navigating global uncertainties.

Financial Indicators:

• Exchange Rates:
  • Namibia Dollar (NAD) to US Dollar: 18.54
  • Namibia Dollar to Euro: 19.32
  • Namibia Dollar to Pound: 23.33
• Commodities:
  • Gold: $2,935.93 per fine ounce
  • Brent Crude: $75.84 per barrel
  • Bitcoin: $1,794,944.52

Stay tuned for more financial updates and market insights.