Hot Off The Press☕ - Issue #8

Business

BoN surprisingly increased the repo rate by 50 basis points

Hold onto your wallets, folks! On Wednesday the Bank of Namibia just pulled a surprise move by raising the repo rate by 50 basis points to 7.75%. Analysts were left scratching their heads, expecting a more modest increase of 25 basis points. It seems like the bank wants to keep the Namibia Dollar and South African Rand pegged together while taming inflation and giving the domestic economy a boost. It's like a financial juggling act with some unexpected tricks thrown in. Will this rate hike bring financial stability or just leave us all feeling a little lighter in the pockets? Time will tell!

BoN awaits the tabling of a bill to regulate commercial bank's rates and fees

The Bank of Namibia (BoN) is eagerly awaiting the "Regulate Those Pesky Banks Bill" to be tabled in parliament. Currently, they have limited power to control interest rates and fees charged by commercial banks. But fear not, once the bill is approved, they'll have the authority to boss those banks around. It's like giving the BoN a superhero cape to fight against overcharging and over-profiting. They promise to make financial services more affordable and accessible to the average citizen. So, while we wait for the bill, let's hope the BoN can unleash their regulatory powers and save us from those banking villains!

MultiChoice swings from R2.8 billion profit to R2.9 billion loss

MultiChoice, the folks behind DStv, had a rough financial year. They went from a R2.8 billion profit to a whopping R2.9 billion loss. Ouch! Blaming everything from a weak rand to pesky load-shedding, they saw a 23% drop in trading profit in South Africa. Apparently, power cuts made people reconsider their TV subscriptions. Who knew? But hey, it's not all doom and gloom. Across their group, revenue was up 7% to R59.1 billion. So, while MultiChoice might be feeling the pinch, they're not down for the count just yet.

Technology

Paratus Namibia launched new packages

Paratus Namibia has launched new packages, offering more value to its customers at the same price. Thanks to the activation of the Equiano subsea cable, which Paratus built the landing station for, businesses and residences in Namibia will experience faster speeds and increased capacity. In simpler terms, it's like getting a 20Mbps connection for the price of a 10Mbps one. This upgrade will bring joy and freedom to customers as they enjoy Paratus' range of services. The new packages have been streamlined for easy selection, bidding farewell to the old ones. With Equiano in action, customers can expect an improved experience with Paratus' services—faster, better, and ready to take on the digital world.

CRAN recommends split of NBC, full privatisation of MTC and Telecom

The Communications Regulatory Authority of Namibia (CRAN) has decided to shake things up in the telecommunication sector with their latest recommendations. They want to privatize MTC and Telecom Namibia, giving them a taste of the competitive world. It's like sending them to telecommunication boot camp! CRAN also suggests splitting NBC into two entities to prevent any potential predatory pricing. Who knew the telecommunication regulatory world could be so dramatic? Let's see if these recommendations bring fair competition and better services to the Namibian market.

Microsoft's market value hit an all-time high of $2.6 trillion as the AI-fueled stock surge continues

Microsoft's stock price has reached an all-time high, propelling its market value to an unprecedented $2.59 trillion. The surge in stock value reflects the growing investor enthusiasm surrounding artificial intelligence (AI)-related companies. Microsoft is widely regarded as a frontrunner in the AI revolution, with investments in AI technology and the integration of AI tools into its various applications, including its Bing web browser. JPMorgan analysts have raised their target on Microsoft's share price, highlighting the company's forward-looking investments in AI as a driving force behind its software franchises. With a year-to-date rally of over 45%, Microsoft is capitalizing on the AI hype and the expectation of the Federal Reserve's upcoming interest-rate adjustments which surprisingly saw no further adjustments recently. Other tech giants, like Nvidia, have also experienced substantial market gains, contributing to the overall success of the tech sector in 2023.

Personal Development

Author Jeanette Winterson on seizing the day:

"It's hard to remember that this day will never come again. That the time is now and the place is here and that there are no second chances at a single moment."

Source: The Passion​