Business / Economics Archives - Page 37 of 184

Trump Confirms US Tariffs on Canada, Mexico, and China Will Proceed

After weeks of speculation, U.S. President Donald Trump has announced that 25% tariffs will be imposed on imports from Canada and Mexico, plus another 10% on China, effective Tuesday, U.S. time. US markets reacted to the news with the S&P 500 marking its worst day since December, while the Dow Jones dropped more than 600 points. Mitch McCann reports:

4 March, 2025

Business / Economics

04 March Morning Biz News: Shiimi Appoints New Procurement Board, Fuel Price War Erupts in Nigeria, and Sinopec Unveils Major Oil Discovery

Finance Minister Reshuffles Central Procurement Board Finance Minister Ipumbu Shiimi has made key appointments to the Central Procurement Board of Namibia, ensuring continuity and fresh leadership. Mary Ndeshihafela Shiimi and Julinda Memosa //Garus-Oas have been reappointed, with Shiimi serving as the board chairperson. Meanwhile, Brian Katjaerua has been appointed as the new deputy chairperson. These appointments aim to enhance efficiency in procurement processes and strengthen governance. South African Manufacturing Sector […]

4 March, 2025

Business / Economics

Trustco Bank Completes Voluntary Shutdown

Trustco Bank has officially ceased operations, finalizing its voluntary closure process that began on 23 August 2024. Following extensive efforts to reimburse depositors, any unclaimed funds have been transferred to the Guardian Fund under the Master of the High Court, as directed by the Bank of Namibia. Trustco’s Deputy CEO, Quinton Van Rooyen Junior, confirmed the completion of the process.

4 March, 2025

Business / Economics

China factory activity picks up, showing economy’s resilience in face of tariffs

China's manufacturing activity picked up last month, indicating economic resilience in the face of US President Donald Trump slapping more tariffs on China's exports. The latest data comes as policymakers are expected to announce that they'll push China's official budget deficit target to the highest in over three decades. Laura Westbrook reports from Hong Kong.

3 March, 2025

Business / Economics

Morning Biz News 03 March 2025: Market, Ports, Inflation & Crypto

Local Stock Market Update The Namibian Stock Exchange (NSX) saw a total trade volume of 31,856 shares on Friday, amounting to N$1.46 million across 19 transactions. Year-to-date, the market has recorded 9.9 million shares traded, totaling N$588.4 million over 799 deals. Exchange-Traded Products (ETPs) continue to gain traction, contributing N$12.1 million in trade value since the start of the year. Major Investment in Durban Container Terminals South Africa’s Durban Container […]

3 March, 2025

Business / Economics

Fuel Price Review: Petrol Sees Under-Recovery, Diesel Shows Gains

The Mines and Energy ministry has released its March fuel price review, reporting a 17.54 cents per litre under-recovery for petrol. Meanwhile, diesel recorded positive recoveries, with 50ppm seeing an over-recovery of 4.13 cents per litre and 10ppm diesel gaining 13.18 cents per litre. The new pricing comes into effect on Wednesday

3 March, 2025

Business / Economics

U.S inflation eased slightly in January

U.S inflation eased slightly in January according to new figures — raising questions about possible rate cuts in the coming months. At the same time, figures revealed Americans spending slowed more than what was forecast for January. Mitch McCann reports

1 March, 2025

Business / Economics

Experts Convene in Windhoek to Strengthen African Seismic Monitoring

Seismologists from across Africa gathered in Windhoek for a three-day assembly focused on enhancing regional seismic monitoring through collaboration and coordination. The event marked the 4th General Assembly of the African Seismological Commission, hosted by the Ministry of Mines and Energy.

1 March, 2025

Business / Economics

FNB Namibia freezes accounts over KYC non-compliance

The First National Bank (FNB) Namibia has started freezing the accounts of customers who fail to comply with Know Your Customer (KYC) regulations, leaving some clients frustrated over the lack of access to their funds. The move is part of the bank’s obligation to adhere to the Financial Intelligence Act and other regulatory requirements aimed at preventing financial crimes. FNB Namibia’s spokesperson, Kirsty Watermeyer, said that freezing accounts […]

28 February, 2025