Good morning. Here’s what you need to know to start your day.
-
Zambia’s Vice President Mutale Nalumango Calls for Peace and Stability in COMESA Region
-
World Bank sees major economies growing at much slower pace
-
In the fourth week of May, the bond market recorded a 100% to 0%
Story of the Day
In the fast-paced digital era, cyber and information risk management has become a critical aspect for businesses operating in the financial sector in Zambia. To ensure a secure and resilient environment, the Bank of Zambia has recently introduced new guidelines in Government Gazette Number 7140, dated 19 May 2023. The Bank of Zambia’s proactive approach to cyber and information risk management not only protects individual organizations but also safeguards the overall stability of the financial system. By implementing these regulations, businesses can mitigate potential risks, detect and respond to cyber threats effectively, and ensure the integrity and confidentiality of financial data. This, in turn, promotes a resilient and secure financial landscape that enables seamless digital financial services and bolsters the trust of stakeholders. Read more
In Local Business News Sponsored by
Her Honour Mrs. W. K. Mutale-Nalumango, MP, the Vice-President of the Republic of Zambia, delivered a speech at the opening ceremony of the Eighteenth Meeting of the COMESA Ministers of Foreign Affairs. The event took place at the Mulungushi International Conference Centre in Lusaka, with the aim of addressing peace, security, and stability in the COMESA region. Vice President Nalumngo, on behalf of President Hakainde Hichilema, warmly welcomed the distinguished delegates, emphasizing the importance Zambia attaches to democracy, peace, and security. She highlighted Zambia’s recent hosting of the 2nd Global Summit for Democracy, which witnessed the participation of 21 African countries, as a testament to the significance of the meeting. The Vice President expressed gratitude to COMESA member states that participated in the summit, emphasizing the mission of exploring solutions to ongoing conflicts in the region. Read more: Lusaka Times
Zambia’s leading mobile service provider, Airtel Zambia, has announced the launch of Voice over LTE – VoLTE, a technology that offers top-notch high-definition call experience to users. Voice over LTE is the first of its kind in Zambia a whole new level of experience added to 4G, only by Zambia’s leading mobile service provider. Speaking at the launch, Airtel Networks Zambia Plc Managing Director, Manu Sood said Airtel is committed to leveraging innovations that the HD calls, a technology called VoLTE, are a first in Zambia. “This is the first of its kind in Zambia and we are truly proud to be launching this in line with the provision of 100% 4G konse. This launch of HD Calls in Zambia only by Airtel means a whole new level of experience added to the 4G experience. HD Calls entails three primary benefits – one, instant call set up; two, enables High-Definition voice quality which is crystal clear and; three, enabling talking and browsing simultaneously”, Sood said. Read more: Zambian Business Times
Gemfields says it has generated revenue to the tune of US$43.7 million from an auction sale of 35 high-quality rough emeralds produced by Kagem Mine in Lufwanyama, Copperbelt. According to the latest auction results posted on the Gemfields website, the auction, described as successful, was held from May 15 to June 1. Gemfields said the auction had an average price of US$165.55 per carat, which it described as an all-time record for price-per-carat paid for a single auction lot. The company has held 45 auctions of Kagem gemstones since July 2009, which have generated in excess of US$964 million in revenue. Read more: Zambia Daily Mail
Mines Minister Paul Kabuswe has called for order in the mining of manganese and other minerals in Luapula and Central provinces. Mr. Kabuswe says this is the reason government is formulating the establishment of a Minerals Commission, a regulatory body to bring sanity to the mining sector. Mr. Kabuswe was speaking in Mansa, when he called on Luapula Provincial administration. Read more: ZNBC
Bank of Zambia Exchange Rates
Currency | Buying | Selling |
---|---|---|
USD | 19.8736 | 19.9199 |
GBP | 24.6473 | 24.7127 |
EUR | 21.2191 | 21.2765 |
ZAR | 1.0299 | 1.0326 |
In International Business News Sponsored by
Higher rates and overhangs from this year’s banking crisis will drastically slow economic growth for the biggest global economies, the World Bank said Tuesday. The institution said advanced economies — the U.S., Japan and euro area countries — are expected to grow by only 0.7% in 2023, down from 2.6% in 2022. The U.S. is projected to grow 1.1%, while the euro area and Japan are projected to see GDP growth of less than 1% in 2023. U.S. GDP growth is expected to decelerate in 2024 to 0.8% amid the higher rates. The bank estimates overall global growth will decelerate to 2.1% in 2023, down from 3.1% last year. Emerging and developing economies are forecast to see a slight uptick in gross domestic product to 4%, up 0.6% from the bank’s projections made in January 2023. However, World Bank chief economist Indermit Gill said excluding China, growth in developing economies would be less than 3%. This marks “one of the weakest growth rates in the last five decades,” Gill told reporters Tuesday. Read more: CNBC
South Africa recorded slight growth in the first quarter of 2023, shoving off the spectre of recession, according to data published on Tuesday by the national statistics agency. Africa’s most industrialized country saw its GDP grow by 0.4% in the first three months of the year, following a decline of 1.1% in the last quarter of 2022 (revised figures), StatsSA said in a statement. “The manufacturing and financial industries were the main drivers of growth on the supply side”, it detailed. Demand was driven in particular by exports. Growth exceeded analysts’ expectations, despite the major power cuts that continue to hinder activities. The electricity crisis in South Africa has worsened since last year, with scheduled load shedding lasting up to 12 hours a day. Read more: Africa News
Around 50% of major global companies will need less real estate in the next three years, with American cities — led by San Francisco — most exposed to empty offices, new research has found. Half of firms with more than 50,000 employees plan to prune office space, with most anticipating a reduction of between 10% and 20%, according to a survey of 347 companies around the world by Knight Frank, a UK-based real estate firm. The survey, released Tuesday, highlights changes underway in the commercial real estate market, which is under strain from waning demand for office space following a rise in homeworking after the pandemic, as well as from falling property values and rising interest rates. There are fears that a rise in delinquencies as a result of the downturn could cause significant losses at banks, which finance many commercial real estate deals. Read more: CNN
Microsoft will pay $20 million to settle US government allegations that the tech giant violated children’s privacy by illegally collecting their personal information through its Xbox Live gaming service. According to the Federal Trade Commission, Microsoft broke the law by failing to tell parents about the full breadth of information it gathered from kids under the age of 13. That information, the FTC said in a lawsuit filed Monday, included the fact that children may share images of themselves in their account profiles, as well as video and audio recordings of themselves, their real names and logs of their activity on the platform. Microsoft also allegedly kept for years the personal information of millions of people, including children, who started creating accounts with Xbox Live but who never completed the sign-up process. Read more: CNN
The US has charged the biggest crypto trading platform in the country with operating illegally, widening its crackdown on the industry. The Securities and Exchange Commission said Coinbase had acted as a broker, exchange and clearing agency for investments that are subject to SEC rules, without properly registering. The regulator said that had allowed the firm to escape oversight, including guards against conflicts of interest. Coinbase said the rules were not clear. Read more: Read more: BBC News
Immigration that fills gaps in the domestic jobs market can help push down UK inflation, the deputy head of the International Monetary Fund has said. The prime minister has said rates of legal immigration are “too high”. Yet the IMF’s Gita Gopinath told BBC Newsnight that “with inflation as high as it is… there are benefits to having workers come in”. The government said the immigration system could “flex to the needs of the economy”. Net migration – the difference between the number of people entering the country and those leaving on a long-term basis – is at a record level in the UK, at 606,000 in 2022, according to the Office for National Statistics. Meanwhile, UK headline inflation fell to 8.7% year-on-year in April, but core inflation – which excludes volatile food and energy prices – rose to 6.8%, the highest in the G7. Read more: BBC News
In the week that ended 26th May 2023, the Luse All Share Index (LASI) closed at 8,147.06 points. In the battle of opposites between the bond and stock market, the bond market recorded a 100% to 0% on the equity market. Week four of May 2022, was the complete opposite of this years performance as it was the equity market that recorded a 100% score. Read more
In 109 trades recorded yesterday, 53,085 shares were transacted resulting in a turnover of K212,587.34. Trading activity was also recorded in CEC Zambia, Investrust, Chilanga Cement, Pamodzi, Standard Chartered Bank Limited, Zambeef, Zanaco and Zambia Sugar as well as CEC Africa on the quoted tier. The LuSE All Share Index (LASI) maintained its close at 8,188.98 points. The market closed on a capitalization of K76,574,830,373.94 including Shoprite Holdings and K41,794,144,933.94 excluding Shoprite Holdings.
Picture of the Day