05 March Morning Biz News: Payroll Deduction Agreement, Budget Talks, Economic Diversification, and Bitcoin Trends

1. Swakop Uranium and NAMITVEST Forge New Payroll Deduction Agreement
   A new payroll deduction agreement between Swakop Uranium and NAMITVEST was signed on Thursday in Swakopmund. The agreement enables Swakop Uranium employees to directly invest in NAMITVEST through payroll deductions, fostering financial empowerment. According to One Africa TV NewsOnOne, the partnership is a significant move towards helping employees build their wealth through a structured savings and investment approach.

2. South African Cabinet Finalizes Input for 2025/26 Budget Amid VAT Hike Debate
   The South African cabinet has concluded its input for the 2025/26 budget, with Finance Minister Enoch Godongwana expected to present it next week. A special meeting held yesterday focused on discussing funding options, especially following the historic delay caused by disputes over a potential VAT increase. The discussions reflect the government’s effort to balance fiscal pressures while addressing public concerns over increased taxes.

3. Nigeria Secures $50.8 Billion in Investment Commitments for Economic Diversification
   In a major boost for Nigeria’s economic diversification efforts, the federal government has secured $50.8 billion in investment commitments. According to Business Day Nigeria, the investments were garnered through a series of international engagements, including President Bola Tinubu’s recent visits abroad. These commitments mark a critical milestone for Nigeria as it continues to shift away from its reliance on oil exports.

4. Bitcoin Struggles to Recover After Sell-Off
   Bitcoin has failed to reclaim the $85,000 level it reached before President Donald Trump’s U.S. crypto reserve announcement caused a surge. Following a sell-off triggered by tariff concerns, Bitcoin was down 2% as of Tuesday, according to Coin Metrics. The digital currency is currently trading 23% below its all-time high, reflecting the volatility of the cryptocurrency market amid global economic uncertainties.

Latest Financial Indicators:

• Namibia Dollar: 18.48 to the US Dollar, 19.61 to the Euro, 23.63 to the British Pound
• Gold: Trading at $2,916.92 per fine ounce
• Brent Crude: $71.62 per barrel
• Bitcoin: 1 Bitcoin = $1,611,735

Stay tuned for more updates on these developments as they unfold.