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New Era Newspaper Tuesday December 5, 2017

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10 Inside BUSINESS

10 Inside BUSINESS Tuesday, December 5 2017 | NEW ERA Fuel price up by 50 cents on Wednesday Staff Reporter Windhoek Fuel prices will go up by N###COLUMNCONTENT###.50 on Going up… Fuel prices are set to increase on December 6. Staff Reporter Windhoek GCR issues Bank Windhoek with favourable credit rating Brand with the most reach on our Social Media platfroms We get your message to every corner of the globe. - ADVERTISE WITH US #TalkToUs Congratulations to: Your story... “Choppies create over 50 jobs in Omuthiya” has reached 24,8K READERS. Contact us: Tel: +264 61 208 0800 Website:

Tuesday, December 5 2017 | NEW ERA Inside BUSINESS 11 Venezuela creates digital CARACAS Venezuela is creating a digital blockade by the United States, President Nicolas Maduro announced Sunday. The Petro will be backed by Venezuela’s oil and gas reserves and its gold and diamond holdings, the president said in his weekly television programme. “This is going to allow us to move toward new forms of international financing for the country’s economic and social development,” the president said. The government also announced the creation of a “blockchain observatory” – a software platform for buying and selling virtual currency. Although the president did not offer many details, analysts, such as Henkel Garcia, see the possibility of success as limited. “You can build it, but trust, acceptance and use is what will determine the crypto-currency’s success. For me, it will be quite limited. The bolivar is also backed by reserves and has no strength,” Garcia, director of consultancy Econometrica. going to depend on the levels of production and the wealth it generates. For example, people trust the dollar for the levels of wealth associated with it,” he said. The announcement comes as problems after creditors and ratings agencies declared the government be in partial default for missing interest and principle payments on bonds. Maduro blames sanctions imposed by the United States in August barring American citizens and companies from buying any new Venezuelan government or PDVSA bonds. Venezuela is mired in a deep economic crisis triggered mainly by a fall in crude oil prices and a drop in oil production. Petroleum is its main source of hard currency. Over the past year, the Venezuelan bolivar has plummeted 95.5 percent against the dollar on the black market. Virtual currency is not new for Venezuela – considered by specialists a haven for bitcoin production with minimal costs. It is estimated that tens of thousands of people mine bitcoin to protect surpass 2,300 percent in 2018 - by exchanging earnings for dollars or more bitcoin. In Venezuela, the law does not expressly prohibit mining involved - but the authorities persecute those who do it for power theft. – Nampa/AFP Dollar gains on US tax-cut passage but Flynn deal fuels concerns HONG KONG The dollar rose in Asia on Monday after US senators squeezed through a tax-cut bill at the weekend, but equities were muted on news that a former aide to Donald Trump had agreed to co-operate with a probe into Russian election interference. After marathon talks in Washington lawmak- troversial reforms to the tax system, which the up the world’s number one economy. T h e g r e e n b a c k strengthened against the yen, euro and pound, though dealers remain reticent as both houses of Congress must reconcile their differing bills before sending a House, while analysts also warned of political risk. “If the legislation gets ratified quickly, there would likely be another dollar bounce, but the longer this drags out, the dollar will probably sell off as political uncertainty has been the greenback’s undoing over and over again in 2017,” said Stephen Innes, head of Asia-Pa- Traders are keeping a close watch on Washington after former White House National Security Advisor Michael Flynn admitted lying to investigators probing possible collusion between the Trump election campaign and Moscow. Commentators said the developments bring the probe closer to Trump and his family, while some have also leapt on a tweet by the tycoon suggesting he knew that Flynn had lied to the FBI. “Trump haters are all over this as a sign of complicity and some say the odds of impeachment have just risen materially,” said Greg McKenna, chief market strategist at AxiTrader. US markets saw sharp swings on the news and all three main indexes in New York ended Friday in negative territory. ished 0.5 percent lower, while Shanghai shed 0.2 percent, Sydney eased 0.1 percent and Singapore was 0.4 percent off. Wellington and Manila also sank. However, Hong Kong edged up 0.2 percent after falling for Seoul closed more than one percent higher. While oil prices eased, energy firms enjoyed a rally after crude jumped almost two percent on Friday in reaction to a deal between OPEC and Russia to extend production caps through to the end of next year. Bitcoin was back above ,000, having rallied to another record close to ,000 after a US regulator cleared the way Friday for futures in the unit to trade on major exchanges. After the announce- ment the Chicago Mercantile Exchange (CME) – the world’s biggest futures exchange – said it will launch futures contracts on December 17. -Nampa/AFP Change Latest 3 months 0.00% 7.13% 6 months 0.00% 7.73% 9 months 0.00% 7.98% 12 months 0.01% 8.33% 0.00% Latest GC18 (R204 : 7.53%) -0.06% 8.44% GC21 (R208 : 8.3%) -0.05% 9.12% GC24 (R186 : 9.27%) -0.05% 10.49% GC27 (R186 : 9.27%) -0.05% 10.88% GC30 (R2030 : 9.73%) -0.07% 11.40% GC32 (R213 : 9.79%) -0.06% 11.50% GC35 (R209 : 9.98%) -0.07% 11.41% MARKET OVERVIEW %Change 0 Gold -0.59% $ 1,273.06 Platinum -1.03% $ 930.30 Copper 0.00% $ 6,833.00 Brent Crude -0.77% $ 63.18 %Change - NSX (Delayed) 0.00% 1214.97 JSE All Share 0.14% 59,530.68 SP500 -0.20% 2,642.22 FTSE 100 0.45% 7,333.60 Hangseng 0.22% 29,138.28 DAX 1.43% 13,045.65 %Change - Financials -0.15% 16,341.31 Resources 0.12% 36,732.66 Industrials 0.31% 82,356.36 %Change - N$/US dollar -0.30% 13.6968 N$/Pound 0.06% 18.5189 N$/Euro -0.69% 16.2295 US dollar/ Euro -0.40% 1.1849 Latest Previous Namibia Inflation (Oct 17) 5.2 5.6 Bank Prime 10.50 10.50 BoN Repo Rate 6.75 6.75 Mining giant Rio Tinto appoints new chairman SYDNEY Rio Tinto on Monday appointed former Anglo American group executive director Simon Thompson to lead the company, replacing their departing chairman who will step down next March. Thompson, a veteran with more than 20 years industry experience, joined Rio as a non-executive board member in 2014. He will succeed Jan du Plessis, who will have served almost nine years in the role. “The board is delighted to have appointed Simon to chair Rio Tinto,” senior independent director Ann Godbehere said in a statement. “He brings to the role a deep understanding of the mining industry, as well as a strong track record as a non-executive.” Thompson held a number of positions with Anglo American between 1995 and 2007, and previously worked in investment banking at S.G. Warburg and N M Rothschild. 135 130 125 120 115 110 105 100 12/31/2013 3/31/2014 6/30/2014 9/30/2014 12/31/2014 3/31/2015 6/30/2015 9/30/2015 He will take the reins as the miner endures intense scrutiny from regulators. Rio and two former top executives were charged with fraud by US authorities in October, accused zambique coal assets and failing to disclose mounting losses. The world’s second biggest miner has vowed to “vigorously” defend itself against the allegations. The Anglo-Australian giant also announced in October it had settled a case with Britain’s Financial Conduct Authority about the timing of writing down the same projects. In August Rio reported a 93 on the back of rising commodity prices and it returned a bumper US.0 billion to shareholders. It announced in September a return of .5 billion to shareholders in a buyback after selling most of its Australian coal assets to Chinabacked Yancoal. - Nampa/AFP 12/31/2015 3/31/2016 6/30/2016 9/30/2016 12/31/2016 3/31/2017 6/30/2017 9/30/2017

New Era

New Era Newspaper Vol 22 No 167