2 October 2024 Morning Biz News: Namibia’s Business Landscape: Awards, Financial Highlights, and Global Trends

1. Namibia Investment Promotion Board Recognized in Global Awards
   The Namibia Investment Promotion and Development Board has been named runner-up in the 2024 World Trade Promotion Organisation Awards, organized by the International Trade Centre. The board received this honor in the category of “Best Initiative to Ensure that Trade is Inclusive and Sustainable” for its Know2Grow High Potential Pool Programme. This innovative program is designed to assist small businesses in competing on a global scale through effective trade development practices.
2. Capitec’s Life Cover Gains Traction in South Africa
   South African bank Capitec has seen a rapid uptake of its newly launched life cover, attracting nearly 40,000 policies valued at R25.5 billion within just three months. Introduced in June, the Stellenbosch-based bank secured 38,526 active policies and is on track to further expand its market share, according to Bussiness Live.
3. Naira Faces Pressure Amid Falling Oil Prices
   Nigeria’s naira continues to experience pressure due to declining oil prices, although structural reforms may provide some resilience. David Cowan, Citigroup’s chief Africa economist, highlighted that the naira reached a record low of 1,667 per dollar last week but managed to recover to 1,542 per dollar by Monday, as reported by Bussiness Day.
4. Focus on AI at the 2024 World Internet Conference Wuzhen Summit
   The upcoming 2024 World Internet Conference Wuzhen Summit, scheduled for November, will spotlight artificial intelligence as its main theme. According to organizers, the summit will host over 20 sub-forums covering critical topics such as the Global Development Initiative, coordinated digital and green development, the digital economy, and technological innovation and governance in AI, as reported by Xinhua.

Latest Financial Indicators

• Currency Exchange Rates:
  • Namibia Dollar: 17.38 to the US Dollar
  • Namibia Dollar: 19.24 to the Euro
  • Namibia Dollar: 23.09 to the Pound
• Commodity Prices:
  • Gold: $2,660.14 per fine ounce
  • Brent Crude Oil: $71.70 per barrel
  • Bitcoin: $1,065,644.32

Stay informed with the latest developments in the business landscape as Namibia continues to make strides on the global stage!