News
Before the Bell: Today’s Business News
World Oil Prices
Oil prices fell in Asia amid investor caution over expectations of lower demand as weaker-than-expected U.S. employment and business data signaled a possible cooling in the world’s biggest oil-consuming economy.
Country specific updates:
- South Africa: South African assets posted gains on Wednesday, boosted by upbeat comments from the Federal Reserve chairman on upcoming US interest rate cuts.
- Kenya: The Kenyan shilling strengthened slightly on Wednesday, supported by hard currency inflows from tea exporters and diaspora remittances despite ongoing nationwide protests.
- Niger: Niger’s junta has agreed to hold talks with Benin’s government, aiming to restore relations after a 2022 coup that led to border closures and the halt of a Chinese-backed oil pipeline.
- Congo: The International Monetary Fund (IMF) has completed the sixth and final review of Congo’s lending program, allowing for an immediate disbursement of approximately US$224.7 million.
1. The future of South Africa’s automotive industry
Renai Moothilal, CEO of the National Association of Automotive Component and Allied Manufacturers (NAACAM), emphasises the importance of policy continuity within the framework of South Africa’s automotive industrial policy. The government aims to achieve a 60% localisation rate by 2035, while transitioning to electric vehicles.