Category Archives: BUSINESS-FINANCE

Demand for gold will continue to rise following Donald Trump’s victory in Tuesday’s US presidential election, which will increase trade tensions and uncertainties for the US dollar and US dollar-denominated assets, analysts said, predicting that gold prices will hit fresh highs despite a recent fall. According to GF Securities, so-called “Trump deals” since the start of October took many expectations into account, leading to a strong US dollar, rising gold prices, falling oil prices, falling copper prices, and volatile US stocks, and the market was likely to trade in the opposite direction in the short term. Shen Jianguang, chief economist at JD.com, said that in response to Trump’s election “virtual assets such as bitcoin and US bonds have risen sharply” and the price of gold would also climb in the

“Trump’s pro-crypto stance is expected not only to invigorate the US virtual-asset industry, but also to encourage Hong Kong to further relax its own virtual-asset policies in its quest to become a global Web3 hub,” said Livio Weng , chief executive of Hong Kong-based cryptocurrency trading platform HashKey Exchange . “This shift could also positively influence regulatory attitudes toward virtual assets in mainland China,” he added. That reflects the enthusiasm of many Mandarin-speaking crypto-focused users on Elon Musk ’s X , as they posted their congratulations to Trump on the social-media platform formerly known as Twitter, while also extolling a new all-time high reached by bitcoin on Wednesday, with some expressing good days ahead for the industry. Donald Trump gives a keynote speech on the third day of the Bitcoin

Featured Reuters.com Nov – 07 – 2024 , 10:04 Ghana’s cocoa production is expected to rebound in the 2024/25 crop season, buoyed by favourable weather conditions, according to local farmers, officials from regulatory body Cocobod, and buyers. However, challenges such as illegal gold mining, smuggling, and disease continue to pose risks. In June, the world’s second-largest cocoa producer saw its output fall below 55% of its average seasonal output, marking a more than two-decade low. Similar problems in neighbouring Ivory Coast, the world’s leading cocoa producer, have resulted in a four-year global cocoa market supply deficit, pushing the prices of chocolate’s key ingredient to record highs. Ghana now expects output to recover to 650,000 tons in the 2024/25 season, though an official of the International Cocoa Organization said they see

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