30 July 2024 Morning Biz News: Namibia’s Aquatic Exports Rise Despite Decrease in Landings; TotalEnergies Withdraws from South African Gas Block

30 July 2024 Morning Biz News: Namibia’s Aquatic Exports Rise Despite Decrease in Landings; TotalEnergies Withdraws from South African Gas Block

Namibia's Aquatic Exports Rise Namibia's export earnings from fish, crustaceans, molluscs, and other aquatic invertebrates reached N$4.1 billion in Q1 2024, a slight increase from N$4.0 billion in Q1 2023. Despite this, High Economic Intelligence (HEI) reports a 16.7% decrease in landings of quota species, down to 97,077 metric tons from 116,471 metric tons in the previous year. TotalEnergies Exits South African Offshore Gas Block TotalEnergies has announced its withdrawal […]

July 30, 2024 33

Business / Economics

SME Compete reacts to President Mbumba Urging Banks to Ease Funding for SMEs

President Nangolo Mbumba has urged local banks to support small and medium enterprises by using equity-type instruments and reducing collateral requirements. Speaking with banking executives in Windhoek, Mbumba highlighted the need for broader funding initiatives to address financial exclusion. Danny Meyer, Director of SME Compete, also contributed to the discussion.

July 30, 2024 17

Business / Economics

Profits fall at McDonald’s as it redoubles value push

McDonald's reported a drop in profits Monday behind broad-based sales declines as the fast food giant redoubles efforts to win over inflation-weary consumers. All three of the chain's operating regions experienced comparable sales decline, a significant weakening next to the year-ago results when global comparable sales jumped nearly nine percent. Profits for the quarter ending June 30 were $2.0 billion, down 12 percent. Revenues were essentially flat […]

July 29, 2024 10

Africa

Cheaper data beckons in Africa as satellite internet roll-out intensifies

By Conrad Onyango, bird story agency A year after the introduction of commercial-scale satellite internet by Elon Musk’s Starlink in Africa, significant developments are beginning to reshape the continent's internet landscape, with cheaper and faster internet increasingly available in Africa as satellite infrastructure rollouts expand and competition among providers intensifies. In May, Liquid Intelligent Technologies, a major internet player with a presence in 14 countries […]

July 29, 2024 80

Africa

Eenhana Expo kicks off

The 14th edition of the Eenhana Trade and Business Expo started on Monday and is being held under the theme ‘Reviving local economy through business resilience, innovation, and diversification.’ In an interview with Nampa on Monday, town council spokesperson, Ottilie Shingenge said they have a total of 192 exhibitors, two of which are international exhibitors from Zambia and Zimbabwe. According to Shingenge, this year’s expo is bigger […]

July 29, 2024 26

Africa

Ethiopia eases forex curbs as it awaits crucial bailout

By Aymeric Vincenot Ethiopia said Monday it is easing foreign exchange curbs as part of a broader economic reform package, as the deeply-indebted nation awaits a multi-billion dollar bailout from international lenders. The value of the local currency, the birr, slid by around 30 percent against the dollar after the announcement of the measures by the central bank. "The reform introduces a competitive market-based determination […]

July 29, 2024 13

Africa

Nigeria’s planned protests: What we know

By Laurie Churchman with Aminu Abubakar in Kano Politicians and the army have warned people against taking to the streets, but organisers say government failings have left them little choice. Both sides have made comparisons with recent protests in Kenya that forced the government to withdraw new taxes, but it is not clear what shape the rallies could take in Nigeria. With demonstrations set to start on […]

July 29, 2024 22

Business / Economics

Quad foreign ministers meet in Tokyo amid regional security worries

Foreign ministers from Australia, India, Japan and the US kicked off a meeting in Tokyo on Monday to discuss deepening their collaboration on economic, security and humanitarian issues in the Indo-Pacific. It is their first gathering since September 2023, as Laura Westbrook reports from Hong Kong.

July 29, 2024 30

Business / Economics

Local Economics Researcher Josef Sheehama predicts the U.S Federal Reserve will cut interest rates by 0.25 basis points

Local Business and Economics Researcher , Josef Sheehama predicts the U.S Federal Reserve will cut interest rates by 0.25 basis points in September, citing cooling inflation and a softening job market. Despite objections from presidential candidate Donald Trump, Sheehama remains confident that the rate cut will proceed, driven by positive economic indicators and the Fed's commitment to achieving a 2% inflation target.

July 29, 2024 42