Daily FiZ -Tuesday 22/11

Story of the Day

Last  week Madison Financial Services (MFS) Plc Group Executive Chairman Dr  Lawrence Samva Sikutwa Sikutwa made a submission to the parliamentary committee scrutinizing  the Bill. In his submission he stated that MFS  had not participated in any consultative process on the Bill  which was an omission. In his submission, he believes through the vast experience of his firm in Zambia’s capital markets as well as it  being consulted on previous law reform, means they have a fair idea of what kind of regulation can work and what kind has the potential to kill the industry. Furthermore, he indicates that Bill no. 23 of 2022 has advantages and disadvantages. On the plus side, some of the proposes hint to adoption of a dynamic approach to management of capital markets which is a global trend. Read more

Local Business and Finance Sponsored By Liquid Intelligent Technologies

Ministry of Information and Media director spokesperson Thabo Kawana says Government is on firm ground on its decision to engage private firms to audit the Ministry of Defence and National Security. At a press briefing yesterday, Mr Kawana said there is no breach in law and Constitution, adding that the Auditor-General’s Office and the Ministry of Finance and National Planning are on firm ground in procuring services of the private firms. On Thursday, Minister of Finance Situmbeko Musokotwane told Parliament that Government’s decision to engage private auditors at a cost of K16.8 million is aimed at verifying the authenticity of domestic debt, which has swelled in recent years from K51 billion in 2016 to K76.4 billion in 2022. Read more: Zambia Daily Mail 

The Lusaka Chamber of Commerce has yesterday signed a Memorandum of Understanding (MoU) with Egypt’s Chamber of Information Technology and Telecommunication (CiT) to support Zambia with its information and technological support. And witnessing the signing ceremony, Technology and Science Minister, Felix Mutati, expressed joy that government’s conversations with potential partners are yielding results as evidenced by the signing of the memorandum of understanding. Read more: Lusaka Times 

The government has announced the launch of the Smart Rural Community pilot project aimed at increasing access to key services by rural communities in the country. The project will run from the 1st January, 2023. Minister of Technology and Science, Felix Mutati, announced this in Lusaka yesterdy on the sidelines of the on-going Innovation Africa Summit. Read more: Lusaka Times 

United States Ambassador to Zambia MikeGonzales has disclosed that many American businesses have expressed interest to investing in Zambia. Mr Gonzales says this is because of the favourable policies that the current administration has put in place. He said the good policies have enhanced investor confidence in the international community. Speaking when he paid a courtesy call on Mines and Mineral Development Minister Paul Kabuswe at his office , Mr. Gonzales said the American government is ready to support the mining sector in Zambia in a bid to create meaningful investment. Read more: ZNBC 

Mines and Minerals Development Minister Paul Kabuswe says it’s taking a bit of time to resolve issues surrounding KCM and Mopani Copper Mines because they are more complicated than they appear. In an interview, Kabuswe said the government was, however, not sleeping over the two mines. “Just to reassure our people that we are doing everything possible, we are not sleeping over KCM and Mopani. I know that’s where the next question will be for our next people. So, we are not sleeping, we are working day and night to make sure that we come up with a proper resolution for the two mines.” Read more: News Diggers 

International Business and Finance

Investors appear to have traded in their fleece vests for crystal balls — everyone on Wall Street seems to have a recession prediction. But lately, shouts of recession have become a bit quieter, and a growing group of economists say that any downturn will likely be mild. So can the United States avoid a serious recession? Read more: CNN

The first edition of Africa Financial Industry summit will take place in Lome, Togo on November 28 and 29. Organized by the Jeune Afrique, the event will bring together nearly 700 bankers and insurers, but also actors from Fintech, capital markets and microfinance to exchange ideas and propose solutions to advance the financing of African economies. Read more: Africa News 

Stock futures are little changed Tuesday morning as investors worry about the prospect of China reinstating pandemic restrictions. Futures tied to the Dow Jones Industrial Average gained 9 points or 0.03%. S&P 500 futures were 0.08% higher, while Nasdaq 100 futures added 0.1%. Read more: CNBC 

The Cop27 climate summit at Sharm El-Sheikh in Egypt ended with a flagship agreement among richer countries to fund a “loss and damage” fund for vulnerable nations hit by climate change. The announcement, following days of tense negotiations, is likely to be welcomed as an important victory for African nations at an event hosted on the continent for the first time in five years that came to be known as “Africa’s Cop”. Richer nations agreed to establish new funding arrangements and a dedicated fund to assist developing countries in responding to “loss and damage”, as well as a transitional committee to make recommendations on how to operationalise the new funding arrangements and the fund at Cop28 next year. The first meeting of the transitional committee is expected to take place before the end of March 2023. Read more: African Business 

Capital Markets Report

In 91 trades recorded yesterday, 92,938 shares were transacted resulting in a turnover of K174,738.39. A share price gain of K0.01 was recorded in Chilanga Cement. A share price loss of K0.01 was recorded in SCBL and Zanaco. Trading activity was also recorded in AECI, Airtel, Copperbelt Energy Corporation Zambia and Zambia Sugar as well CEC Africa on the quoted tier. The LuSE All Share Index (LASI) closed at 7,164.46 points, 0.09% points down from its previous close at 7,171.15 points. The market closed on a capitalization of K72,117,292,352.43 including Shoprite Holdings and K37,334,606,912.43 excluding Shoprite Holdings.

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