Business / Economics Archives - Page 71 of 184

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.

29 October, 2024

Africa

SA’s Competition Commission recommends blocking Sun International’s purchase of Peermont

South Africa’s Competition Commission has recommended that the Competition Tribunal stop Sun International Limited from buying Peermont Holdings, as both companies operate casinos. According to spokesperson Siyabulela Makunga, the merger could reduce competition for casino services in central Gauteng and across South Africa.

28 October, 2024

Business / Economics

Nvidia dethrones Apple as the world’s most valuable company

Nvidia has dethroned Apple as the world's most valuable company following a record-setting rally in the stock, powered by insatiable demand for its specialised artificial intelligence chips. Nvidia's stock market value briefly touched 3.53 trillion US dollars, slightly above Apple's 3.52 trillion, according to data from the London Stock Exchange Group.

28 October, 2024

Business / Economics

Russia Raises Interest Rates to 21% Amid Ongoing Economic Pressures from Ukraine Conflict

Russia's central bank hiked interest rates to 21 percent, taking borrowing costs to their highest level in more than two decades as Moscow's Ukraine offensive triggered rapid price rises at home. The increase takes rates to their highest level since 2003. Despite the high inflation and Western hopes sanctions would cripple the Russian economy, the Kremlin is set to ramp up military spending yet again next year. Analysts say Moscow […]

28 October, 2024

Business / Economics

28 October 2024 Morning Biz News Regional Economic Update: Agriculture Boost, Inflation, and Currency Shifts

In a promising development for Namibia's agricultural sector, the Otjimbele Agriculture Project, which has poured an impressive N$120 million into the local economy, is set to commence commercial production of ITUM table grapes in 2025. This first large-scale harvest is expected to bring a substantial boost to Omusati’s agricultural landscape, marking a pivotal shift towards increased food production and regional economic growth. Meanwhile, South Africa's Transport Minister Barbara Creecy has […]

28 October, 2024

Business / Economics

25 October 2024 Morning Biz News Update: Key Developments in Global Markets

In the latest business news, several significant developments have emerged that could impact global markets and economies. Here’s a summary of key highlights from various sectors: Diamond Production Decline Diamond production has witnessed a notable decline of 14% in the third quarter of 2024, with total output reported at 0.5 million carats. The De Beers Group attributed this decrease to a strategic decision to scale back production at Debmarine Namibia. […]

25 October, 2024

Business / Economics

Namibia set for multiple offshore drilling projects this year

Namibia's offshore oil drilling will resume with the arrival of Saipem SpA’s Santorini drillship at the Mopane site, following a discovery by Galp Energia SGPS SA. Bloomberg reports that this marks the beginning of several drilling campaigns, including projects by TotalEnergies SE and Chevron Corp. Galp's CEO indicated that the company is preparing to drill its first of four new wells in Namibia later this year. Speaking at a conference […]

24 October, 2024

Business / Economics

17-24 October 2024 Weekly Economics Wrap: Economic Highlights: Namibia’s Green Hydrogen Initiative, Tourism Surge, and Regional Financial Developments

In the latest developments in Namibia's economic landscape, Cleanergy Solutions Namibia is poised to begin local green hydrogen production by early next year. This initiative, which hinges on the arrival of essential equipment by the end of 2024, is a collaboration between the Ohlthaver & List (O&L) Group and the Belgian shipping firm Compagnie Maritime Belge, specifically through its CMB TECH division. This move signals a significant step towards sustainable […]

24 October, 2024

Business / Economics

S.A Union Welcomes Inflation Drop, Urging Reserve Bank to Lower Repo Rate

S.A Union federation Cosatu has welcomed the drop in consumer inflation from 4.4-to 3.8-percent, saying it offers relief to struggling workers. Spokesperson Matthew Parks is urging the South African Reserve Bank to reduce the repo rate by at least 50 basis points to ease debt burdens. He also calls for government intervention to stabilise Eskom and reduce fuel prices:

24 October, 2024