Good morning. Here’s what you need to know to start your day.
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Directive to halt mining activities in Lower Zambezi National Park still in force —Nzovu
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China’s economy is set to grow faster in the second quarter, Premier Li Qiang says
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In the third week of June 2023, AECI Mining was the highest priced security
Story of the Day
The Apex body of the private sector in Zambia, the Zambia Chambers of Commerce and Industry (ZACCI) believe the reported development will trigger increased local and foreign investor confidence and positive sentiments in Zambia’s economic roadmap. We may see an actualisation and a reboot of a private sector driven economy. The Government of Zambia through the Ministry of Finance and National Planning has updated the nation that they have reached an agreement on a comprehensive debt treatment with its Official Creditors under the G20 Common Framework, a significant step towards restoring Zambia’s long-term debt sustainability. Under the agreed terms, the Official Creditors will provide a debt treatment contingent on Zambia’s debt-carrying capacity at the end of the Fund-supported program. From what the State has scored, we have growing confidence that the remaining steps will no doubt be addressed to the expectations of Government and the local investing stakeholders. Read more
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Government says the directive for Mwembeshi Resources Limited to halt mining activities in the Lower Zambezi National Park is still in effect until the firm complies with the conditions given. Last month Mwembeshi Resources Limited was ordered to cease all works in the Lower Zambezi National Park due to non compliance to conditions in the decision letter. Minister of Green Economy and Environment, Collins Nzovu, recently visited the Mwembeshi Resource Mine Site to get first hand information on what is happening and the activities going on. Nzovu who was accompanied by his Permanent Secretary Douty Chibamba, officials from the Zambia Environmental Management Agency (ZEMA) and the Forestry Department also met with Lodge Owners in the area. Read more: Zambia Monitor
Government has highlighted various challenges it was facing with mining taxation such as tax base erosion and profit shifting, complex fiscal regimes and lack of transparency, among others. Finance and National Planning Minister, Situmbeko Musokotwane, said due to the nature of the mining industry and unique characteristics of its operations, mining taxation could present various challenges. Musokotwane said this at the official opening of the global conference on the future of resource taxation in Lusaka on Monday, noting that some of the challenges included tax base erosion and profit shifting. He explained that mining companies may have to engage in aggressive tax planning strategies to minimise their tax liabilities. Read more: Zambia Monitor
Zambia’s state-owned ZCCM Investment Holdings confirmed on Monday that China’s Zijin Mining and Sibanye Stillwater are among investors short-listed to buy Mopani Copper Mines. The list includes those companies, China’s Norinco Group and an investment vehicle owned by ex-Glencore officials, Reuters reported June 20, citing sources. The search for a new investor for Mopani is likely to be concluded within the next two months, ZCCM-IH CEO Ndoba Vibetti told Reuters at a mining conference in London. The mine would require at least $1 billion in funding over the next five to six years, Vibetti said. Read more: Reuters
The Copperbelt Energy Corporation (CEC) has called for partnerships, innovative structuring, and financing solutions to overcome challenges of the demand and supply gap in the mining sector with renewable energy. CEC Chief Financial Officer Mutale Mukuka says regional power pool markets are now opening up and there is an opportunity for business-to-business solutions that will deliver reliable power supply to the mines in view of the energy transition. In a statement, Friday, CEC Head Corporate Communications Verona Nkolola said Mukuka was speaking at the Africa Energy Forum in Nairobi, Kenya. Read more: News Diggers
Bank of Zambia Exchange Rates
Currency | Buying | Selling |
---|---|---|
USD | 17.1066 | 17.1551 |
GBP | 21.7339 | 21.7990 |
EUR | 18.6753 | 18.7317 |
ZAR | 0.9204 | 0.9233 |
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Chinese Premier Li Qiang said Tuesday his country was still on track to reach its annual growth target of around 5%. He said growth in the second quarter was expected to be faster than it was in the first. China’s economy grew by 4.5% in the first quarter, better than expected. However, subsequent data have pointed to slower growth. Economic data for May missed analysts’ expectations. “From what we see this year, China’s economy shows a clear momentum of rebound and improvement,” Li said, via a livestream of an official English translation. Li was speaking at the opening plenary of the World Economic Forum’s Annual Meeting of the New Champions. Read more: CNBC
PwC Australia says it will sell its government business for A$1 (50p) after a scandal over the misuse of confidential government tax plans. The accounting giant has also announced the appointment of a new chief executive in the country. The move will allow the firm “to move forward with predictability and focus,” PwC Australia said in a statement. In January, it emerged that a former PwC Australia partner had leaked the classified information. Read more: BBC News
The German parliament has approved immigration reforms designed to attract skilled workers to the country, which is suffering from an unprecedented labour shortage. The legislation – initiated by the governing centre-left coalition of the Social Democrats, the liberal Free Democrats and the Greens – on Friday garnered 388 votes while 234 lawmakers voted against it and 31 abstained. A conservative parliamentary bloc made up of the Christian Democratic Union and its Bavarian sister party, the Christian Social Union, voted against the legislation, arguing that it would ease entry for unskilled labourers. The far-right Alternative for Germany party also voted against it. The law includes a points-based system that lowers entry hurdles for work visa applicants according to their professional qualifications, age and language skills. Read more: Al Jazeera
The White House on Monday divvied up $42 billion among the nation’s 50 states and U.S. territories to make access to high-speed broadband universal by 2030, as it launched a new publicity campaign for President Joe Biden’s economic policies. The funding under the Broadband Equity Access and Deployment Program was authorized by the $1 trillion 2021 infrastructure law Biden championed. The spending will be based on a newly released Federal Communications Commission coverage map that details gaps in access. Texas and California – the two most populous U.S. states – top the funding list at $3.1 billion and $1.9 billion, respectively. But other, less populous states like Virginia, Alabama and Louisiana cracked the top 10 list for funding due to lack of broadband access. These states have large rural areas with less internet connectivity than their major cities. Read more: Reuters
In the third week of June 2023, there were twelve companies that recorded trades of which AECI Mining was the highest priced security. In comparison to the third week of June 2022, we see that fifteen companies recorded trades with Investrust bank as the highest priced security. Thursday’s equity trading was the best performing day of the week: Read more
In 25 trades recorded today 390,555 shares were transacted reuslting in a turnover of K712,900.00. A share price gain of K0.01 was recorded in Standard Chartered Bank Limited. Trading activity was also recorded in AECI, SHOP, Zanaco, Zambia Sugar and CEC Africa on the quoted tier. The LuSE All Share Index (LASI) closed at 8,240.79 points, up by 0.05% from its previous close of 8,236.96 points. The market closed on a capitalization of K76,802,321,159.06 including Shoprite Holdings and K42,019,635,719.06 excluding Shoprite Holdings.
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