30 October 2024 Morning Biz News: Economic Update: Procurement Compliance Issues and Market Developments

30 October 2024 Morning Biz News: Economic Update: Procurement Compliance Issues and Market Developments

Recent reports from the Institute for Public Policy Research reveal that only 43% of public entities in Namibia have submitted their annual procurement plans for the 2024/25 financial year. Of the 173 entities required to comply, just 75 had met the deadline by late October, raising concerns about significant delays at this midpoint of the fiscal year. This lack of compliance not only hinders effective resource allocation but may […]

October 30, 2024 8

Business / Economics

Lufthansa records 9 percent profit loss

Lufthansa's third-quarter financial results dropped 9%, amid falling passenger numbers and increased competition in Asia. Trent Murray has more from Berlin.

October 30, 2024 19

Africa

Zimbabwe adopts ZiG currency as sole legal tender

Zimbabwe’s ruling party has passed a resolution to adopt the bullion-backed ZiG currency as the country’s sole legal tender and phase out the use of US dollars. Bloomberg reports that under the country’s current laws, the US currency will remain legal tender until 2030. President Emmerson Mnangagwa has previously suggested this timeline may be brought forward.

October 29, 2024 15

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Business / Economics

Financial Intelligence Center updates progress to avoid greylisting

Namibia has partially addressed nine of the thirteen recommended actions to avoid greylisting, as the Financial Intelligence Center reported during a recent plenary meeting. The country will enter a compulsory reporting phase from November 2024 to May 2026. Financial Intelligence Centre director, Bryan Eiseb.

October 29, 2024 35 2

Business / Economics

US finalizes rules to curb AI investments in China

The Biden administration has finalised restrictions on investments by US individuals and companies into artificial intelligence and other technology sectors in China that could threaten US national security. The rules ban some investments into those industries and require the US government to be notified about others. Laura Westbrook has more from Hong Kong. ENG US finalizes rules to curb AI investments in China Laura Westbrook has more from Hong Kong. […]

October 29, 2024 30

Business / Economics

Mines Ministry Launches National Energy Survey with World Bank Support

The Mines and Energy ministry, in partnership with the World Bank, is conducting a National Energy Survey and Affordability Study from 7 October to 11 November. This nationwide study aims to assess socio-economic conditions, identify development needs, and support policies for poverty reduction and sustainable development by advancing universal energy access.

October 29, 2024 39

Business / Economics

29 October 2024 Morning Business News Update

Beef Industry Growth: The Namibian beef industry has seen remarkable growth this year, with exports reaching 17.6 million kilograms by the third quarter, marking a 66.2% increase compared to the same period in 2023. This surge is largely driven by strong demand from the European Union and consistent contributions from other key markets, as reported by The Brief from the Livestock and Livestock Products Board of Namibia. Dis-Chem's Market Entry: […]

October 29, 2024 11

Africa

Pick n Pay to Exit Nigerian Market

South African grocery retailer Pick n Pay has announced its decision to exit Nigeria by selling its 51% stake in a joint venture, as part of its restructuring efforts outside its home market, according to CEO Sean Summers says Reuters. The retailer, which operates two stores in Nigeria, entered the market less than five years ago through a partnership with A.G. Leventis (Nigeria).

October 29, 2024 12

Business / Economics

Trump stocks soar after New York rally

Shares of Donald Trump's media company are soaring on Monday, following the former president's rally in New York City over the weekend. Trump Media stock rose above $46.80 per share in the first hour of trading, as the US presidential election enters its final stretch.

October 29, 2024 19