NEWS BRIEFS

Oil up on OPEC demand estimate, Mideast tensions and US outputREUTERS Oil prices rose on Thursday as OPEC forecast relatively strong growth in global oil demand over the next two years, while the market also eyed disrupted U.S. oil production amid a cold blast and tensions in the Middle East.Brent crude futures gained 49 cents, or 0.6%, to US$78.37 a barrel by 0740 GMT, while U.S. West Texas Intermediate crude futures rose 70 cents, or 1.0%, to $73.26.OPEC, in a monthly report, said world oil demand is expected to rise by a robust 1.85 million barrels per day (bpd) in 2025 to 106.21 million bpd. For 2024, OPEC saw demand growth of 2.25 million bpd, unchanged from its forecast in December.Luxury group Richemont's sales jump in China while Europe slipsREUTERS Cartier jewellery owner Richemont painted a mixed picture of the luxury sector in its latest results on Thursday, reporting a sales decline in Europe but a big increase in China.The Swiss-based company said sales in constant currencies, which remove foreign exchange fluctuations, fell 3% in Europe as higher sales to Chinese tourists and domestic customers failed to compensate for lower spending by travellers generally, particularly from the United States.The luxury market has been buffeted in recent months by persistent inflation, high interest rates and more expensive mortgages in the United States while a slower than expected recovery in China after COVID-19 shutdowns have also weighed on the sector.JSE hits one-month low as investors navigate economic uncertaintiesBUSINESS REPORTThe Johannesburg Stock Exchange (JSE) fell to its lowest in a month yesterday and the rand remained volatile amidst the wait-and-see approach by investors in anticipation for significant economic releases from major economies and awaited additional corporate results throughout the week.Envisioning an escape from a deeper or more prolonged recession, investors may still grapple with a moderation in global economic activity in 2024, driven by the ongoing repercussions of tight monetary policies, constrained government coffers, lingering inflation and unpredictable geopolitical events.The JSE All Share index fell by 0.9% to 73 575 points, its lowest since 12 December 2023, mainly pressured by financials and miners, in spite of the gold price rising for the third straight day.Gold rose above US$2 050 an ounce yesterday as escalating tensions in the Middle East drove safe-haven demand for the metals, while a surprise decline in US producer inflation data bolstered bets for an early interest rate cut from the Federal Reserve.Standard Bank chair highlights importance of debt transparency at WEFBUSINESS REPORT Standard Bank Bank Group has approached the World Bank with a proposal to fast-track the financing of gas-to-power projects in Africa in a bid to attain energy security, accelerate the transition from fossil fuels, and improve economic development on the continent.The World Bank is one of the largest multilateral lenders in support of South Africa’s efforts to promote long-term energy security and a low carbon transition.Speaking during a panel discussion at the World Economic Forum (WEF) annual meetings yesterday, Standard Bank chairperson Nonkululeko Nyembezi highlighted the importance of increased debt transparency in highly-indebted countries.Nyembezi said the lack of complete transparency about the terms and the values of the loans to countries by “some of the lenders” had bedevilled their debt-restructuring efforts.

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Namibian Sun 2024-11-15

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Namibian Sun 2024-11-15

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