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United States energy giant Chevron Corporation (Chevron) is set to acquire a majority stake in a highly coveted ultra-deepwater block offshore Namibia, just north of TotalEnergies huge Venus discovery.

The Namibian Ports Authority (Namport) which is part of the master plan for four green hydrogen industry pilot projects worth N$892 which will soon be implemented in Namibia says its targeting to increase the usage of clean energy to power its operations. 

Businessman and former director of C-Sixty Investments (now Nuska Technologies), Tironenn Kauluma is demanding N$201 487 from the diamond valuing company.

Botswana has suspended all exports of cattle and related meat products while authorities investigate a suspected outbreak of foot-and-mouth disease.

Italian sports car maker Lamborghini has already pre-sold the entire production run to early 2024, its boss said, with luxury goods seemingly unaffected by global economic uncertainty.

Popular Democratic Movement (PDM) leader McHenry Venaani has called for a review of all oil exploration and extraction deals amid allegations the government could have negotiated in bad faith.

The Motor Vehicle Accident Fund of Namibia (MVA Fund) says its plans to establish a multi-million-dollar trauma centre have been dealt a huge blow by the government’s decision to slash its fuel levy.

Namibia is expected to experience acute horticultural products shortages for the remainder of this year following the import restriction of several products.

The Namibia Investment Promotion and Development Board (NIPDB) has deployed five Investment and Export Promotion Attachés (IEPA) to strategically selected markets as it seeks to attract more investment into the country.

South Africa’s annual consumer inflation reached its highest level in 13 years, increasing to 7.8% in July from 7.4% in June, which is the third consecutive month as underlying price pressure increased.

This is according to a statement posted on Statistics South Africa’s website today.

South Africa is currently experiencing the fastest inflation under Lesetja Kganyago’s time as governor of the central bank, and it is still at a level last seen during the global financial crisis.

The consumer price index (CPI) jumped by 1.5% between June and July this year. Based on Statistics SA, this was only the fourth time since 2008 that the monthly increase was 1.5% or higher.

  • Food inflation increased by 9.7% year on year in July, up from 8.6% in June. Prices for bread and cereals were 13.7% higher than a year ago.
  • Large monthly price increases were observed in a variety of products between June and July, including maize meal (4.2%), cake flour (6.3%), macaroni (5.0%), and white bread (2.8%).
  • However, rice prices fell by more than 3%, while Oils and fats saw the biggest price hikes – up 36% in July from a year ago.
  • Fuel prices increased by more than 10% in July. This had a particularly negative impact on transportation prices, with taxi charges rising by 9% in a single month. Taxis were 16% more expensive than a year ago. Petrol is now 56% more expensive than a year ago.
  • Electricity bills climbed by 7.5% on average, which is lower than the 13.8% increase seen last year but higher than the 6.3% increase expected in 2020.
  • However, service inflation (+4.2%) and durable goods prices (+4.8%) were substantially lower than non-durable goods inflation (14.4%), which is mostly driven by food.
  • Core inflation, which excludes food, nonalcoholic beverages, fuel, and electricity, increased to 4.6%, exceeding the central bank’s target range of 3% to 6% for the first time in more than four years.-wires

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