September Sees Global Interest Rate Cuts to Stimulate Economic Growth

September Sees Global Interest Rate Cuts to Stimulate Economic Growth

September was a significant month in the global financial landscape, with major economies such as the United States, European Union, China, South Africa, and Namibia implementing interest rate reductions. These cuts came after a prolonged period of low economic growth and were largely anticipated by markets as a strategy to stimulate economic activity and lower borrowing costs. Almandro Jansen: Simonis Storm Economist.

October 24, 2024 19

Business / Economics

24 October 2024 Biz News: Coastal Tourism Thrives Amidst Global Economic Shifts: A Look at September 2024’s Key Developments in Namibia and Beyond

In September 2024, the coastal region witnessed a remarkable surge in tourism activity, achieving an impressive occupancy rate of 74.45%, the highest recorded in the country. This growth has been attributed to a variety of social, sporting, and leisure events, such as annual marathons and regional festivals, according to The Brief publication. The influx of visitors not only boosted local businesses but also underscored the region's potential as a vibrant […]

October 24, 2024 16

Business / Economics

SA’s inflation drops to 3.8-percent

South Africa's inflation rate fell to 3.8 percent last month, down from 4.4 percent in August, marking the lowest rate since early 2021 mainly due to lower transport costs as fuel prices dropped by nine percent from last year. Statistics South Africa’s Patrick Kelly.

October 23, 2024 28

Business / Economics

FlySafair launches first regional route between Cape Town and Windhoek

FlySafair has officially launched its first regional route, connecting Cape Town, South Africa, to Windhoek. The new flights will operate twice a week, on Tuesdays and Saturdays, addressing growing demand on the route, which has yet to recover fully to its pre-COVID-19 passenger volumes which currently stand at 83%. The new route is expected to boost tourism and improve travel links between Namibia and South Africa. Namibia Airports Company Chairperson, […]

October 23, 2024 27

Business / Economics

Development Bank of Namibia and One Economy Foundation sign deal

The Development Bank of Namibia and the One Economy Foundation have signed a partnership to promote sustainable economic growth, youth empowerment, and community development. The collaboration focuses on mentorship, capacity building, and enterprise development, with a special emphasis on supporting youth, women, and rural entrepreneurs. Development Bank of Namibia CEO, John Steytler.

October 23, 2024 25

Business / Economics

Swakop Uranium Contributes Over N$7.9 Billion to Namibian Economy in 2023

Swakop Uranium's Husab Mine significantly boosted the Namibian economy in 2023, contributing over N$7.9 billion through local procurement, taxes, and social investments as per The Brief. The company has created more than 6,000 jobs, engaging with over 400 local suppliers, with 62% of its spending directed towards Namibian-owned businesses. The report highlights Swakop Uranium's alignment with the country's National Development Agenda and the Global Sustainability Goals, according to Eliphas Hawala, […]

October 23, 2024 12

Business / Economics

The DA says the port of Cape Town is facing major operational challenges

To South Africa, where the DA says the port of Cape Town is facing major operational challenges, warning these issues could severely impact the upcoming fruit export season. According to the party, the port, managed by Transnet, missed key targets in July and August, including container movements and ship turnaround times. The DA’s Noko Masipa urged Transnet to fast-track private sector involvement to boost efficiency and prevent disruptions that harm […]

October 23, 2024 18

Business / Economics

IMF Adjusts Growth Forecasts, Cautions on Global Risks

The International Monetary Fund has raised its growth forecast for the United States but lowered its outlook for China, citing concerns over conflicts, trade tensions, and high interest rates. In its World Economic Outlook released on Tuesday, the IMF predicts global GDP will remain steady at 3.2% for this year and next. Finance leaders are convening in Washington DC this week for the IMF and World Bank annual meetings. From […]

October 23, 2024 16

Business / Economics

23 October 2024 Morning Biz News Update: Innovations and Market Movements

FNB Namibia Launches Innovative ChatPay Feature FNB Namibia has taken a significant step towards enhancing user experience by introducing a new chat feature within the FNB App. The innovative ChatPay allows users to initiate payments seamlessly without requiring a formal bank account number. According to Amore Nicholson, the Digital Banking Head at FNB Namibia, this solution combines convenience, simplicity, and affordability. Customers can now chat and make payments simultaneously and […]

October 23, 2024 29