NFA continues investor hunt
THE Namibia Football Association (NFA)'s interim secretary general Jochen Traut said Fifa and the Confederation of African Football (CAF) do not sponsor national football leagues.
AS soaring fuel prices push the costs of production and trading further up, big oil companies are laughing all the way to the bank, reporting record profits.
Fuel prices globally have been on the rise since last year, and have reached record levels in most countries.
Oil-producing countries have put a hold on production, and those pushing for green energy have not made the situation easier either.
According to a Statista report, British Petroleum this week announced that its profits between April and June had tripled since this time last year, hitting US$9,3 billion – the company's highest quarterly profits in 14 years.
And they're not alone.
British energy giant Shell revealed in its latest report that its second-quarter adjusted earnings hit US$11,5 billion – more than double the figure from the second quarter in 2021.
France's TotalEnergies and Spain's Repsol also saw hikes in their net profits, with gains of US$2,2 billion and US$2 billion, respectively.
Statista says United States energy companies Exxon and Chevron have seen the biggest leaps in their profits.
Compared to last year's second quarter, Exxon's earnings skyrocketed from US$4,7 billion to US$17,9 billion, while Chevron's grew from US$3,1 billion to US$11,6 billion.
Fuel prices in Namibia have risen by more than N$5 a litre since 2021.
It's a similar tale in all other parts of the world, where energy prices are threatening to push even the largest economies into recession.
Email: lazarus@namibian.com.na
Twitter: @Lasarus_A
Journalist (Yes)
Business Journalist at The Namibian
Email: intern3.news@namibian.com.na
