insert_link Business / Economics 7 October 2024 Morning Biz News: Economic Activity Slows in Namibia Amid Currency Adjustments and Global Concerns Business Registrations Decline in Namibia Economic activity in Namibia experienced a slowdown in the second quarter of 2024, with business registrations falling by 34% compared to the same period in 2023, according to data from the Bank of Namibia, as reported by The Brief. This downturn was evident in both close corporations, which saw a significant drop of 37.7%, and private companies, which recorded an 8.4% year-on-year decrease. The decline […] today7 October, 2024
insert_link 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 […] today29 August, 2024
insert_link 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 […] today23 August, 2024
insert_link 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 […] today21 August, 2024
insert_link 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 […] today15 August, 2024
insert_link 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 […] today14 August, 2024
insert_link Business / Economics 12 August 2024 Morning Biz News: Namibia Secures €7.5 Million Grant for Electrification as Global Oil Prices Stabilize and Market Volatility Persists Namibia has received a significant boost in its electrification efforts, securing a €7.5 million grant from Germany’s KfW Development Bank. This funding, in collaboration with local agencies, aims to enhance electricity access in peri-urban and rural areas, specifically targeting the North-East and North-West regions. This initiative reflects Namibia's commitment to improving energy infrastructure and supporting economic development through increased access to reliable power. In Nigeria, the Dangote Oil Refinery, a […] today12 August, 2024
insert_link Business / Economics 1-8 August Weekly Economic Wrap: Mining Growth in Namibia, South African Refinery Deal, and Global Currency Fluctuations Namibian Highlights: Mining Sector Growth: Research by Simonis Storm reveals an 18.2% increase in the real value added by Namibia's mining and quarrying sector for Q1 2024. This growth has elevated its contribution to Namibia's GDP from 0.6% in 2015 to 1.4% today, attributed to continued investments in oil and gas activities. Nedbank's Avo SuperShop Expansion: Since its launch in late 2023, Nedbank's Avo SuperShop has attracted over 1,800 users […] today8 August, 2024
insert_link Business / Economics 8 August 2024 Morning Biz News: Namibia Sees Surge in Exploration Licenses, JSE Shows Signs of Revival, MTN Faces Financial Hurdles, and Oil Prices Rebound Surge in Exploration Activity in Namibia The Ministry of Mines and Energy has reported a remarkable increase in exploration activity, with over 600 new license applications submitted by December 2023. This upward trend has continued into 2024, with an additional 400 applications, bringing the total number of applications to over 1,000. Minister Tom Alweendo has highlighted this influx as a positive indicator of growing confidence in Namibia's mineral potential. The […] today8 August, 2024
