Hawks confirm more arrests are expected in a four-billion-rand diamond investment scheme

In S.A, the Hawks has confirmed that more arrests are expected in a four-billion-rand diamond investment scheme. Nine suspects, including diamond dealer Louis Liebenberg and his wife, Dezzi, have been arrested. They will appear in the Bronkhorstspruit Magistrate’s Court today, facing fraud, theft, money laundering, and racketeering charges. Hawks spokesperson Philani Nkwalase told Newzroom Afrika that investors were defrauded since 2019:

October 24, 2024 21

Africa

Mozambique’s Dollar Bond Drops Amid Election Dispute Unrest

Mozambique's dollar bond declined for a third consecutive day as unrest over disputed election results intensified. The country's eurobond, CNBCAfrica indicates, maturing in 2031, fell by 0.58 cents, with total losses surpassing two cents since Friday. Opposition candidates claim the October 9 election was rigged, with final results expected this week.

October 24, 2024 4

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:

October 24, 2024 23

World

US confirms North Korean troops now in Russia

North Korean troops are now in Russia, the United States has confirmed. Defense Secretary Lloyd Austin told reporters there is "evidence" of soldiers in the region. Ukraine's military intelligence earlier said troops were expected to arrive in Russia to join Moscow's fight against Ukraine's incursion. Sally Patterson reports.

October 24, 2024 20

Business / Economics

Central Procurement Board Awards Over N$3.2 Billion in Projects

The Central Procurement Board has awarded 164 projects totaling more than N$3.2 billion during the first half of the year. At a media briefing in Windhoek, it was disclosed that 91 projects are progressing well, while 16 are significantly delayed, three have been terminated, and 31 are awaiting status updates. Acting Executive for public procurement management, Immanuel Kambinda. The |Khomas Region received the highest contract value at over N$4 billion, […]

October 24, 2024 16

Business / Economics

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 17

South Africa

DA Welcomes Arrest of Louis Liebenberg and Associates in Multi-Billion Rand Diamond Scam

South Africa's DA has welcomed the arrest of Louis Liebenberg, his wife Dezzi, and seven associates for their alleged involvement in a four-billion-rand diamond investment scam. Liebenberg is known for funding Jacob Zuma’s legal battles. DA spokesperson Willie Aucamp praised former member of Parliament Veronica van Dyk’s role in exposing the scheme, despite facing intimidation and lawsuits:

October 24, 2024 64

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 11

Africa

Nigerian President Tinubu Reshuffles Cabinet Amid Economic Challenges

Nigerian President Bola Tinubu has dismissed five ministers and appointed seven new ones in a major cabinet reshuffle aimed at improving government efficiency. Key appointments, according to Duetsche Welle, include new ministers for humanitarian affairs, trade, labor, and livestock development. Ten other ministers were reassigned to different portfolios, as the country grapples with worsening economic conditions and public discontent.

October 24, 2024 3

FUTURE MEDIA NEWS