Namibia Unveils Bold Reform to Regain Upper-Middle-Income Status
The arid southwest African nation was downgraded by the World Bank to lower-middle-income earlier this month after its gross national income per capita fell slightly below the $4,496 threshold to maintain the higher status, amid weaker economic activity and increased population growth. The economy grew 3.7% last year from 4.4% in 2023, due to a decline in mining activity.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
9 minutes ago
- Yahoo
SOUEAST Unveils New Chapter in Egypt, Strengthening African Market Presence
CAIRO, July 26, 2025 (GLOBE NEWSWIRE) -- SOUEAST launched four new models in Egypt, marking a significant expansion in the African market. The event, themed "Ease Your Life", was held at Cairo's iconic landmark – Alamain Boulevard North Square, showcasing the brand's commitment to elevating users' automotive consumption experience with innovative concepts. (Image 1: SOUEAST Launched in Egypt) SOUEAST: Reborn in 2024, expanding globally with urban-focused vehicles. With a presence in over 30 countries and regions, the automaker has established more than 144 sales and service networks worldwide. SOUEAST targets the urban premium market with its "6+2+1" product matrix: 6 urban SUVs; 2 urban sedans; 1 lifestyle pickup truck. Covering segments from B to D-class, the lineup includes both fuel and hybrid powertrains, with pure electric models planned for the future. This diversified portfolio ensures tailored solutions for diverse markets and customer needs. The launch featured four new models: The flagship smart luxury SUV S09, urban intelligent C-segment SUV S07, urban stylish C-segment SUV S06 and compact urban SUV S05, covering almost all segments of the SUV market. These vehicles are designed to meet the diverse needs of drivers, offering a blend of style, comfort, and advanced technology. The S09, with its luxurious features and robust performance, is tailored for those seeking a premium driving experience. The S07 and S06, on the other hand, cater to the urban youth with their intelligent features and stylish designs. The S05, with its compact and agile body, is ideal for city commuters, providing versatile mobility for both urban roads and narrow alleys. At the launch event, Andy Yuan, Assistant President of SOUEAST International, stated: "SOUEAST's vision is enabling more youth around the world to have an EASE urban mobility experience." He further emphasized SOUEAST Motor's strong confidence in the Egyptian market. According to the plan, SOUEAST and its partner will engage in comprehensive collaboration across market operations, customer service, branding, and channel development to deliver an integrated user experience. By 2025, SOUEAST aims to establish 15 sales outlets and 5 after-sales service centers in Egypt. Additionally, two new CKD models will be introduced between 2026 and 2027. SOUEAST has recently entered North African markets, including Morocco and Libya. Its latest launch in Egypt marks a major breakthrough in the brand's strategic expansion across Africa. With this continued market growth, SOUEAST is poised to open a new chapter in its global development. A photo accompanying this announcement is available at CONTACT: Contact Person: Frida Fu Email:
Yahoo
3 hours ago
- Yahoo
Santam gets in principle nod for Lloyd's syndicate
South African general insurer Santam has secured in principle approval from Lloyd's to set up a syndicate in London. The planned syndicate, which will carry the name Santam Syndicate 1918, signifies the year the insurer was established. The business operations are due to begin from 1 January 2026. Santam expects its gross written premium in the London market to be between £300m ($403.94m) and £400m for 2026. The initiative is pending final approval and "permission to underwrite" in the fourth quarter of 2025, while awaiting regulatory clearances in South Africa. Santam Group CEO Tavaziva Madzinga said: 'The establishment of our own London market insurance operation gives our business a solid foundation for continued international growth and diversification. It becomes an important lever in achieving our 2030 FutureFit strategic ambition. 'This is a transformational step for Santam in our 107-year history. We are very excited about our partnership with Lloyd's and the expansion opportunities into new territories and classes that the new syndicate will offer.' Santam's portfolio encompasses products including agricultural, car, engineering, guest house, liability, property, reinsurance and tourism. Lloyd's chief commercial officer and Americas CEO Dawn Miller stated: 'The African continent is undergoing significant development and represents a huge opportunity for our industry to facilitate economic progress, impact and resilience. 'We look forward to welcoming Santam as the leading property and casualty insurer in Africa as they utilise Lloyd's as a platform for international expansion by unlocking its global licences and excellent financial strength.' Lloyd's, a global insurance and reinsurance market, allows members to operate syndicates that underwrite insurance risks. Recently, credit insurer Atradius also secured in principle authorisation from Lloyd's to set up a new syndicate from 1 January 2026. "Santam gets in principle nod for Lloyd's syndicate " was originally created and published by Life Insurance International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
4 hours ago
- Yahoo
Teck secures approval for Highland Valley copper mine life extension through 2046
Canadian mining company Teck Resources has received approval to construct a life extension project at its Highland Valley Copper mine in British Columbia. The project will extend the mine's operational life from 2028 to 2046. The company's board sanctioned the construction of the project in July, following the issuance of an environmental assessment certificate and other necessary permits from the British Columbia Government. The project involves enhancements and increased capacity requirements to extend the mine's operational life, as well as a mine pushback that necessitates additional waste stripping to access high-quality ore in the Valley Pit. This initiative is expected to support average copper production of 132,000 tonnes per annum (tpa) throughout the mine's lifespan. The estimated capital expenditure (capex) for the project ranges between C$2.1bn and C$2.4bn. The company plans to allocate these funds from the second half of 2025 through 2028. The capital investment for the project encompasses the development of site infrastructure and facilities, the expansion of the mining fleet, upgrades to the grinding circuit, an increase in tailings storage capacity, and improvements to power and water systems. Teck Resources CEO Jonathan Price said in a statement: "This quarter marked a significant milestone in the growth of Teck's copper production into the future, with regulatory approval and Board sanction for construction of the Highland Valley Copper Mine Life Extension project.' The life extension project has increased the company's previous copper and molybdenum production forecast for 2028 by 20,000t and 1,100t, respectively. Due to commence in August, the project aims to preserve around 1,500 direct jobs and is expected to generate approximately 2,900 positions during the construction phase. In September 2024, Teck Resources revealed a new corporate structure focused on two regional business divisions – North America, which includes Highland Valley, and Latin America – as part of its transition to a pure-play energy transition metals company. "Teck secures approval for Highland Valley copper mine life extension through 2046" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
