16 October 2024 Morning Biz News: Global Economic Trends: Namibia’s Repo Rate, Infrastructure Funding, and Rising Inflation

Bank of Namibia Set to Cut Repo Rate Amid Regional Trends Analysts predict that the Bank of Namibia's Monetary Policy Committee (MPC) will announce a 25-basis point reduction in the repo rate, lowering it from 7.50% to 7.25% on Wednesday. This expected move mirrors global and regional shifts toward more accommodative monetary policies, following a recent rate cut by the South African Reserve Bank. The decision comes as Namibia seeks […]

October 16, 2024 16

Business / Economics

11 October 2024 Morning Biz News: GIPF Investment, Currency Movements, and Tesla’s Latest Tech Unveil

GIPF Injects N$1.4 Billion Into Otjozondjupa Region's Economic Growth The Government Institutions Pension Fund (GIPF) has made a significant contribution to the economic development of the Otjozondjupa Region by investing N$1.4 billion. According to reports from The Brief, the fund’s investment is channeled into key sectors such as pharmaceuticals, renewable energy projects, and improving access to home loans for residents. This substantial injection of capital is expected to spur growth […]

October 11, 2024 7

Business / Economics

3-10 October 2024 Weekly Economics Wrap: Domestic Activity Declines, South Africa’s LPG Boom, and Global Financial Developments

Economic activity in Namibia showed signs of a slowdown in the second quarter of 2024, with business registrations declining by 34% compared to the same period last year. According to the Bank of Namibia, both close corporations and private companies experienced downturns, with close corporations dropping by 37.7% and private companies by 8.4% year-on-year. In the realm of domestic debt, Namibia's total reached N$123.51 billion by the end of September, […]

October 10, 2024 6

Business / Economics

29 August 2024 Morning Biz News: Namibian Oil Reserves Boost Local Bonds; MTN’s New Appointments; Dollar Steady; Nvidia Surges

Namibian Oil Reserves Drive Local Bond Index Surge The discovery of substantial crude oil reserves in Namibia has ignited interest in Namibian assets, notably boosting an index fund tracking local government bonds. The Exchange Traded Fund, listed on both the Namibian and South African stock exchanges, has surged over 20% in U.S. dollar terms since Galp's announcement in April of the Mopane field potentially holding at least 10 billion […]

August 29, 2024 22

Business / Economics

23 August 2024 Moring Biz News: Major Contracts, Interest Rate Debates, Legal Settlements, and Financial Market Updates

Savanna Beef Secures Major Contract with GPS Food Group Savanna Beef has landed a significant contract with global food giant GPS Food Group, ensuring a stable market for its products and enhancing its production processes. Announced by Chairperson Mecki Schneider, the agreement, signed on April 30, is set to significantly bolster the company's growth. This partnership marks a major step forward for Savanna Beef, providing valuable support and stability as […]

August 23, 2024 14

Business / Economics

15-22 August Weekly Economics Wrap: Global Market Movements and Strategic Investments Highlight Weekly Economic Developments

Namibian Gold Exploration and Energy Developments Wia Gold's Exploration Success: Australian gold exploration company Wia Gold has announced significant progress at its Kokoseb gold project. Recent drilling efforts have confirmed the presence of existing gold zones, uncovered high-grade mineralization at depth, and identified a new mineralized area in the eastern zone. This marks a pivotal development in Namibia's growing mining sector. NAMCOR's Strategic Investments Pay Off: The National Petroleum Corporation […]

August 22, 2024 17

Business / Economics

21st August 2024 Morning Biz News: Telecom Namibia Boosts Network with N$100 Million Investment; Rand Weakens Ahead of Inflation Data

Telecom Namibia Invests N$100 Million to Upgrade Network Telecom Namibia is committing between N$90 million and N$100 million to enhance network quality and expand coverage across the country. This substantial investment includes upgrading several mobile sites from 2G to 3G and 4G technology. CEO Stanley Shanapinda highlighted that these upgrades are aimed at significantly improving network performance and accessibility for users nationwide. South African Rand Depreciates Ahead of Inflation Data […]

August 21, 2024 13

Business / Economics

15 August 2024 Morning Biz News: Welwitschia Sovereign Wealth Fund Doubles in Value; Rand Gains on U.S. Data; Oil Prices Rebound

Welwitschia Sovereign Wealth Fund Sees Remarkable Growth The Welwitschia Sovereign Wealth Fund, launched in 2022, has nearly doubled its value, rising from N$260 million to N$440 million. Central Bank Governor Johannes !Gawaxab noted that the Fund has consistently outperformed its benchmark, the Norwegian Government Pension Fund Global, demonstrating strong performance and growth. South African Rand Strengthens On Wednesday, the South African rand appreciated to 18.05 against the US dollar, marking […]

August 15, 2024 20

Business / Economics

14 August 2024 Morning Biz News: Namibia Keeps Repo Rate Steady? , South Africa Sees Surge in Project Announcements, Dollar Weakens, and Oil Prices Climb

Bank of Namibia Expected to Maintain Repo Rate Analysts are predicting that the Bank of Namibia will keep the repo rate steady at 7.75% during its upcoming Monetary Policy Committee meeting on Wednesday. This decision would mark the third consecutive meeting where the rate remains unchanged, following similar outcomes in April and June. The move reflects ongoing stability in the financial sector as the bank continues to navigate economic […]

August 14, 2024 12

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