Category Archives: BUSINESS-FINANCE

US shares hit record highs on Wall Street and the dollar posted its biggest gain in eight years as Donald Trump was re-elected to the White House in a historic win. Bitcoin also hit an all-time high, following Trump’s election promise to prioritise the volatile crypto currency. Investors were, however, betting that Trump’s plan to cut taxes and raise tariffs will push up inflation and reduce the pace of interest rate cuts. Higher rates for longer mean investors will get better returns on savings and investments they hold in dollars. Markets and currencies around the world shifted sharply on Wednesday following the US election news: The major US stock indexes soared, with banks performing particularly well The dollar was up by about 1.65% against a host of different currencies, including

The China International Import Expo (CIIE) is an important platform for Africa to showcase its products and enhance trade with China, said a South African expert. “China has an important and attractive market, and the CIIE is incredibly big and diverse. It’s a wonderful opportunity for African businesses to tap into the Chinese market and understand what’s happening in the global market,” said Philip Myburgh, group head of trade at Standard Bank Business and Commercial Banking, in an interview with Xinhua ahead of the 7th CIIE due from Tuesday to Sunday in Shanghai. Given that Africa sometimes takes a backseat or gets overshadowed by larger economies at global events, Myburgh said they expect more exposure to and attention from the international community. “We are certainly getting a stronger presence at

Staff Reporter NAMIB Desert Diamonds (Pty) Ltd (NAMDIA) has announced the launch of its new Client Registration campaign, aimed at providing clients with privileged access to Namibian rough diamonds through a sourcing experience that emphasises fairness, transparency, and reliability. Beverley Coussement, NAMDIA’s Public Relations Communications Officer, revealed that the campaign will run from 4 November 2024 to 31 January 2025. She added that the initiative aligns with NAMDIA’s mandate of price discovery and its goals of expanding its global reach. Photo for illustrative purposes only. “NAMDIA seeks to onboard vertically integrated international diamond buyers and manufacturers in key markets globally. It also focuses on prominent figures in the luxury industry, such as high-end manufacturers, traders, jewellers, and exclusive diamond sourcing professionals. Prospective clients are encouraged to apply,” Coussement said. She

The Fair Wages and Salaries Commission (FWSC) has appealed to Civil and Local Government Staff Association of Ghana (CLOGSAG) to reconsider its planned strike action and return to the negotiating table. The strike slated for Thursday, November 7, 2024 comes amid ongoing salary structure nego­tiations and disagreements with the Fair Wages and Salaries Commission (FWSC) over the terms of government workers’ compensation. Ms Emelia Ennin, Head of Public Affairs at FWSC, in a press statement said CLOGSAG initially submitted its request for a revised salary structure and improved conditions of service to the Office of the Senior Presidential Advisor for consideration. “In response, the government, represented by FWSC and other officials, formed a technical committee to discuss the proposals alongside CLOGSAG representatives. Both parties com­mitted to working toward a solution

Kisumu National Federation of Jua Kali Association members after a round table in Kisumu.[Washington Onyango,Standard] The Kisumu National Federation of Jua Kali Association has unveiled plans to establish a Savings and Credit Cooperative (Sacco) aimed at improving access to finances for local artisans and expanding their businesses. The initiative, which has been long anticipated, is expected to empower the artisans by providing them with the financial muscle to compete for government tenders and grow their ventures. Speaking during a meeting held in Kisumu on Saturday, Association chairperson Rose Onditi emphasized the importance of the Sacco in addressing the financial challenges faced by artisans. The roundtable, attended by Wakili Fred Odumo, a politician eyeing the Kisumu County senatorial seat, brought together representatives from the seven sub-counties in Kisumu, where the discussions

Former communication ministry spokesperson Shoki Kandjimi (28) has assumed a new role as Communications and Stakeholder Engagement Officer at PetroFund, effective 1 November 2024. Kandjimi brings a wealth of knowledge in communication and public relations. He was in charge of the internal and external communications of the ministry from 1 September 2022 until 23 October 2024. The vibrant communicator holds a degree in journalism and media technology and obtained an Honours degree in Communication from the Namibia University of Science and Technology. He is currently pursuing a postgraduate diploma in management, also from the Namibia University of Science and Technology.

Kenya Revenue Authority Commissioner General Humphrey Wattanga. [File, Standard] The Kenya Revenue Authority (KRA) is targeting to collect Sh60 billion from digital coin traders in the government’s renewed efforts to have Kenyans pay taxes. The targeting of digital coin dealers such as bitcoin, famously known as forex traders, is among the efforts by KRA to collect Sh20.486 trillion in the next five years according to its newly launched ninth corporate plan. Additionally, the agency seeks to transform itself into a facilitative institution for businesses during this period even as it requested a Sh10 billion allocation to offset piling Value Added Tax (VAT) refunds. KRA board chair Anthony Mwaura, speaking during this year’s Taxpayers Day celebrations at State House, Nairobi, said during the financial year 2023/24, the agency collected Sh10 billion

Bridget Phillipson, the education secretary of the university, is expected to announce an increase in tuition fees, which will align with the inflation of the retail price index. This change is slated to take effect from September 2025, impacting A-level students who are currently in the application process for universities. Since 2017, tuition fees have been capped at £9,250, but there is uncertainty over which month’s inflation figures will be utilised for this adjustment. If the fees are linked to the current inflation rate of 2.7 percent, tuition could rise to approximately £9,500 starting next year. Earlier reports indicated that the Government might aim to raise fees to £10,500 over the next five years, though ministers are hesitant to commit to any increases beyond the upcoming academic year, as they

Namibian biodiversity expert negotiater Betty Schröder has been re-elected to serve on the Nagoya Protocol Compliance Committee under the Convention on Biological Diversity (CBD). Schröder was the chairperson of the committee and her re-election was held at the 16th Conference of Parties to the CBD in Cali, Colombia, last week. She represents the African continent on the committee. Schröder told The Namibian her re-election comes at a crucial time as Namibia faces increasing global pressure on its natural resources. She says as the continent rallies for the implementation of the Nagoya Protocol, designed to ensure the fair and equitable sharing of benefits derived from genetic resources, her continued contribution is pivotal. “With international cosmetic and pharmaceutical companies increasingly clamouring for natural and sustainable ingredients, Namibia stands at a crossroads: poised

Zamfara State has been ranked as Nigeria’s leading Internally Generated Revenue (IGR) state performance on Index A. BudgIT’s State of States Report for 2024, launched last Tuesday, is an annual publication evaluating each state’s long-term fiscal performance and sustainability. A statement by the spokesperson of the Zamfara Governor, Sulaiman Bala Idris, disclosed that the significant improvement in the growth of the Zamfara IGR by 240.44% is linked to the state’s decision not to rely only on the Federal Account Allocation Committee (FAAC). The statement added that the BudgIT report was obtained through its annual analysis, assessment and rankings of the fiscal performance of all 36 states, from the most to the least sustainable. The BudgIT report explained the significant growth in Zamfara State’s IGR, highlighting that from its bottom position

FILE PHOTO: Traders work on the floor of the New York Stock Exchange during morning trading on May 17, 2024 in New York City. (Photo by ANGELA WEISS / AFP) Global stock markets rose and the dollar slid Monday as investors steel themselves for a coin-toss US presidential election, an interest rate decision, and expected Chinese stimulus measures. Oil prices rallied around 2.5 percent after eight members of the OPEC+ group of producers said Sunday they would extend supply cuts until the end of next month. They had been delaying output hikes because of worries about slowing demand in China and the United States. All major European and Asian markets gained, tracking a positive lead from Wall Street ahead of the weekend. “Traders are gearing up for perhaps the most