06 February 2025 Biz News Update: Key Economic and Business Developments

 

Here’s your latest business news roundup:

1. Namibia’s Digital Infrastructure Boost
   The Namibian government is in discussions with the International Finance Corporation (IFC) for an investment of over N$885 million (approximately US$50 million) to enhance the country’s telecommunications and digital infrastructure over the next five years. According to The Brief, this investment aligns with the newly launched Country Partnership Framework and is aimed at driving digital transformation to foster economic growth.
2. South African Private Sector Struggles
   South Africa’s private sector faced a sharp contraction in January, with the S&P Global South Africa Purchasing Managers’ Index (PMI) dropping to 47.4 from 49.9 in December, its lowest level since July 2021. This decline was driven by lower sales and a significant drop in new orders, especially in the service sector. This downturn signals ongoing challenges for South Africa’s economy.
3. TotalEnergies Secures Funding for Mozambique LNG Project
   TotalEnergies CEO Patrick Pouyanne announced that financing for the company’s US$20 billion Mozambique LNG project is expected to be approved soon, with US credit agencies set to approve funding in the coming weeks. The project’s development is contingent on securing loan re-approvals from the US, UK, and Dutch export credit agencies, with the force majeure lifted once these funds are in place.
4. US-China Tensions Rise Amid Trade Restrictions
   Tensions between the US and China have intensified after the US Postal Service announced it would suspend parcels from China and Hong Kong. This decision is expected to affect e-commerce giants like Temu and Shein, further escalating the trade conflict between the world’s two largest economies. China has accused the US of “suppression,” adding fuel to the already strained relationship.

Financial Indicators at a Glance
Here are the latest updates on key financial indicators:

• The Namibia dollar (NAD) trades at 18.56 to the US dollar (USD), 19.31 to the Euro (EUR), and 23.20 to the British Pound (GBP).
• Gold is currently priced at USD 2,865.21 per fine ounce.
• Brent crude stands at USD 76.20 per barrel.
• Bitcoin (BTC) is valued at USD 1,806,625.03.

Stay tuned for more business updates as they unfold!