China wants the EU to scrap tariffs on Electric Vehicles by July 4

China wants the EU to scrap tariffs on Electric Vehicles by July 4

Beijing wants the European Union to scrap its preliminary tariffs on Chinese electric vehicles by next week. Both sides have agreed to hold new trade talks to resolve an escalating dispute over tariffs, as Laura Westbrook reports.

June 24, 2024 23

Business / Economics

24 June 2024 Morning Biz News: Business News Roundup: Key Developments in the Financial World

1. Savanna Beef Secures N$150 Million Loan for State-of-the-Art Abattoir Namibia’s Savanna Beef has achieved a significant milestone this month by securing a N$150 million loan. This financing will support the construction of an advanced export abattoir, marking a pivotal moment for the country's beef industry. Facilitated by Cirrus Capital and driven by the Beef Value Chain Forum, this collaborative effort underscores Namibia’s commitment to enhancing its agricultural infrastructure. The […]

June 24, 2024 22

Africa

Tsingshan Begins Production at $1 Billion Steel Plant in Zimbabwe

China's Tsingshan Holding Group has commenced production at its $1 billion steel plant in central Zimbabwe. Reuters reports that the plant, operated by Tsingshan's Dinson Iron and Steel Company, will produce 600,000 metric tons of carbon steel annually in its first phase. Project director Wilfred Motsi announced that pig iron production has begun, with carbon steel production set to start in July.

June 21, 2024 42

Business / Economics

UK Interest Rates Held Despite Falling Inflation

The Bank of England has decided to keep interest rates unchanged. They remain at 5.25%, the highest it's been for 16 years. But a rate cut could soon be on the cards, as John Bevir (Beaver) reports.

June 21, 2024 15

Business / Economics

21 June 2024 Morning Biz News: Biz News Roundup: Economic Insights and Market Movements

In the dynamic world of business and finance, staying informed about the latest developments is crucial for making sound decisions. Here's a roundup of the most recent updates shaping economies and markets globally: Namibia Shows Resilient Growth in Q1 2024 Namibia's economy demonstrated robust performance in the first quarter of 2024, with a significant growth of N$5.3 billion, marking a 4.7% real growth rate. According to the Namibia Statistics […]

June 21, 2024 15

Business / Economics

Primary industries drive Namibia’s Q1 GDP growth

The Namibia Statistics Agency has released Q1 GDP numbers, showing a 4.7% expansion compared to 5.3% in Q1 of 2023. Year-on-year GDP in real terms rose to N$38.9 billion from N$37.2 billion, reflecting a N$1.7 billion increase. Statistician-General Alex Shimuafeni attributes the growth mainly to a 5.1% increase in real value added in the Primary industries sector.

June 20, 2024 69

Business / Economics

EU agrees to new Russia sanctions

The European Union has agreed its latest round of sanctions against Russia following its invasion of Ukraine. Alex Cadier reports from Brussels that the new measures will target the Russian energy sector and clamp down on sanctions circumvention.

June 20, 2024 43

Business / Economics

NIPDB hosts annual TechNovation social

The Namibia Investment Promotion and Development Board, in collaboration with FNB Namibia, hosted the third annual TechNovation Social-themed “Bringing creators and customers together.” This year's event featured an exhibition by 21 Micro, Small, and Medium Enterprises in the creative and culture industry. Here is Dino Ballotti, Executive Director for MSME Innovation and Acceleration at the NIPDB.

June 20, 2024 53

Business / Economics

Rössing Uranium Reports Record Performance in 2023

Rössing Uranium's 2023 Sustainability and Performance Report reveals record achievements, with the mine producing 6.4 million pounds and selling 6.9 million pounds of uranium, resulting in N$6.48 billion in revenue, a significant increase from 2022's N$4.84 billion. Key markets included China, North America, and EMEA. Dividends of N$177 million were paid. The mining sector contributed 14.4% to GDP, with over N$21 billion spent on local procurement and N$6.4 billion in […]

June 20, 2024 22