Daily FiZ – Thursday 14/01
Economy

Story of the Day:

The National Advisory Board for Impact Investment in Zambia has announced the appointment of Andrew Kazilimani as the New Chief Executive Officer. The group was created in 2018 in an initiative led by Prospero Zambia and Impact Capital with the assistance of strategic partners (E-Musika, Bongohive, WeCreate Zambia and the Zambia Chamber of Small to Medium Business Associations). Read more

Local Business and Finance Sponsored By Liquid Telecom

Zambia paid 8.5 billion kwacha ($400 million) in value-added tax refunds to mining companies last year, the head of the tax authority said on Wednesday, equal to about 3.5% of the external debt that the southern African country is struggling to repay. Read more: Reuters

“The zero-rating on petrol and diesel will cost government 3 billion kwacha in lost taxes,” Zambia Revenue Authority Commissioner-General Kingsley Chanda says in comments broadcast on state-owned ZNBC TV. Read more: Bloomberg

Chinese have started opening up their businesses in various economic sectors in Mufulira district in Zambia, a senior civil leader has said. Gift Mushinge, Mayor of Mufulira said the coming in of Chinese entrepreneurs, in the district will supplement Zambian government efforts on job creation. Read more: News Ghana 

The Zambia Revenue Authority (ZRA) has announced that it collected a net collection of K57.7 billion last year. ZRA Commissioner General Kingsley Chanda says this outturn was 17.7% of GDP compared to 17.8% of GDP in 2019. Mr. Chanda says when measured against the Parliament target, this revenue outturn was K1.3 billion or 2.2% below target. Read more: Lusaka Times 

International Business and Finance Sponsored By Royal Zambian Airlines

Chinese exports grew by more than expected in December, as coronavirus disruptions around the world fuelled demand for Chinese goods even as a stronger yuan made exports more expensive for overseas buyers. Exports rose 18.1% in December from a year earlier, slowing from a 21.1% jump in November but beating expectations for a 15% rise. Imports increased 6.5% year-on-year last month. Read more: CNBC

The 2020 Mastercard Index of Women Entrepreneurs (MIWE) has once again ranked Uganda (39.6%), Botswana (38.5%) and Ghana (36.5%) as the world’s three leading economies having the most women business owners. Read more: Business Insider 

The world’s largest carmaker is starting to gain ground on Tesla. Volkswagen sold 231,600 battery electric vehicles in 2020, according to figures published by the company on Wednesday. While that’s still less than half the number of sales Tesla made, it represents an increase of 214% on the previous year and shows Germany’s huge auto industry is beginning to mount a challenge to the leader in electric cars. Read more: CNN

Intel has named Pat Gelsinger as its new chief executive officer, replacing Bob Swan after a rocky two-year run. The chipmaker recruited Gelsinger from software firm VMWare, calling him a “highly respected CEO and industry veteran” in a release. Intel shares rose nearly 8% following the news, while VMWare shares slipped almost 8%. Read more: CNN

The International Monetary Fund approved the disbursement of US$488 million to Angola and reiterated its confidence that Africa’s second-biggest oil producer will rein in public debt to sustainable levels. Read more: Ghana Web

Capital Markets Report Sponsored By ZCCM-IH

In 12 trades recorded yesterday, 242,310 shares were transacted yielding a market turnover of K412,934. Trading activity was recorded in Lafarge and Standard Chartered Zambia. The LuSE All Share Index (LASI) maintained its close at 3,912.33 points, as there were no share price movements. The market closed on a capitalization of K57,358,966,682 including Shoprite Holdings and K23,119,760,702 excluding Shoprite Holdings.

Chart of the Day:

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For any feedback on the stories captured on the Daily FiZ, email Natasha on dailyfiz@fizambia.com

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