The Brief is an online news portal and going source with a focus on the Namibian business sector, current affairs, companies and financial markets.
+264814612969
March 30, 2023
Africa-news (581)
Botswana will take a 24% stake in Belgian diamond trader HB Antwerp in a challenge to a decades old arrangement with De Beers, the world’s biggest diamond company.
Following an uptick in headline inflation, economists at Nedbank say this has sealed the deal on another interest rate hike in March.
South Africa is currently experiencing the lowest growth episode in its modern history, and the country’s growth outlook could see living standards slip even further, says Rashad Cassim, the deputy governor of the South African Reserve Bank (SARB).
Credit Suisse announced Thursday that it would borrow almost US$54 billion (R996 billion) from the Swiss central bank to reinforce the group after a plunge in its share prices.
A global slump in stocks dragged South Africa’s benchmark equity index lower for a seventh day on Wednesday, the longest losing streak for the market since October 2018.
Botswana will not drop its demand to sell a bigger share of the diamonds produced by its joint venture with De Beers, President Mokgweetsi Masisi said on Thursday, raising the stakes in talks to renew a sales deal that expires in June.
Africa’s largest grocery retail chain Shoprite has reported a 16.8% increase in group merchandise sales, raking in R106.3 billion for the 26 weeks ended 1 January 2023.
Tesla, the American multinational automotive, artificial intelligence and clean energy company, has signed an agreement under which it will purchase Anode Active Material (AAM) from Tanzania.
Botswana has removed VAT (Value Added Tax) on eight products including sanitary pads, cooking oil, infant formula and Liquefied Petroleum Gas, the country's Ministry of Finance has announced.
South Africa has been greylisted by the Financial Action Task Force (FATF), an intergovernmental body that sets global standards to combat money laundering and terrorist financing.
More...
Driving a shiny new Mercedes-Benz may soon become a distant dream for many but the most affluent.
The average price of a Mercedes reached some €72 900 (R1.4 million) last year — a 43% increase over 2019 levels.
That chimes with the carmaker’s push even further upmarket by focusing on top-end models like the S-Class sedan to bolster profits. The company has been working through pent-up demand after chip shortages curbed production last year.
Mercedes is hiking the prices even of entry-level models like the A-Class hatchback. Drivers are increasingly only be able to buy versions of the car with bells-and-whistle options as standard.
Mercedes isn’t alone. Around the world, manufacturers are reaping the benefits of selling fewer but more expensive cars. In the US, average monthly payments for a new car nearly doubled from late 2019.
And as battery-powered vehicles tend to cost more than the average combustion-engine car, the shift to EVs may make the affordability crisis even worse.-fin24
Botswana’s President Mokgweetsi Masisi has warned that his country may sever ties with diamond giant De Beers if talks to renegotiate a sales deal prove unfavorable to his government.
The rand is trading on the wrong side of R18/$ for the first time in more than three months, as expectations grow that US interest rates may still climb much higher.
The Zambia Electricity Supply Corporation Limited (ZESCO) has declared an end to the long-standing issue of load shedding in the country. In a recent press conference, the Managing Director of ZESCO, Victor Mapani, expressed the good news that Zambian households and businesses will now be able to enjoy a steady supply of electricity, uninterrupted by load-shedding.
