Story of the Day:
Globally, 1.6 billion people rely on forests for their livelihoods, many of whom are the world’s poorest. Forests provide US$ 75–100 billion per year in goods and services such as clean water and healthy soils essential for food production. In addition, forests play an essential role in protecting water sources, protecting watersheds, and in regulating rainfall patterns. Forests are also one of the most important solutions to addressing the effects of climate change. Read more
Local Business and Finance Sponsored By Liquid Intelligent Technologies
Secretary to Cabinet Simon Miti has called on Permanent Secretaries to take President Edgar Lungu’s call for zero audit queries seriously. He also emphasised that good governance is key in attaining Sustainable Development Goals (SDGs) – and building the economy through hard work, transparency, and prudent utilisation of public resources. Read more: ZNBC
Fisheries and Livestock Minister Nkandu Luo has launched the Fisheries and Aquaculture Development Fund. This follows a directive by President Edgar Lungu to the ministry to establish a fund that will allow all players in the fisheries sector quickly access resources to grow the fisheries industry. Read more: ZNBC
The Competition and Consumer Protection Commission (CCPC) has disclosed that it has gone ahead and undertaken a countrywide survey to check and confirm whether the three cement companies ordered to revert to pre-cartel prices have obliged. Read more: Zambian Business Times
The Centre for Trade Policy and Development (CTPD), Southern African Cross Border Traders (SACBTA), and the Zambia Chamber of Commerce Trade and Industry (ZACCI) have expressed concern over the proposed toll fees to be paid by vehicles using the newly commissioned Kazungula Bridge. Read more: Zambian Observer
International Business and Finance
According to the latest report from the World Bank, remittances flow to Sub-Saharan Africa were estimated to have declined by 12.5% in 2020. The decline was almost entirely due to a high premium on the naira/US$ exchange rate. Excluding Nigeria, remittance flows to Sub-Saharan African increased by 2.3%, demonstrating resilience at a time of crisis. Indeed, strong remittance growth was reported in Zambia (37%). Read more: Business Insider
Telecom giant Airtel recorded an increase in its data and mobile money subscribers between the first quarter of 2021. Comparing revenue from the first quarter of 2020 to that of this year, Airtel saw a massive increase in profit by 21.7%. However, a constant currency change puts the revenue growth at 15.4%. The telco saw a profit of $1.03 billion, while that of 2020 was $899 million. Read more: Business Insider
Alibaba has reported earnings for the first time since China imposed a record fine on the tech giant — and the numbers were not as awful as some feared. Alibaba posted a loss of about $1.2 billion in the first quarter, mainly due to the $2.8 billion fine imposed on it by Beijing earlier this year. Excluding that, net income was up 18%, to $4 billion. Revenue grew at a healthy 64% clip from a year ago, to $28.6 billion. Read more: CNN
The boss of the US tech giant IBM has said a computer chip shortage could last another two years. Its President Jim Whitehurst told the BBC it could be “a few years” before the situation improves. Many firms have seen production delayed because of a lack of semiconductors, triggered by the pandemic. Read more: BBC News
Capital Markets Report Sponsored By ZCCM-IH
In 18 trades recorded yesterday, 13,585 shares were transacted resulting in a turnover of K43,184. Trading activity was recorded in BATA, Copperbelt Energy Corporation, First Quantum Minerals, ZCCM and ZAMEFA. The LuSE All Share Index (LASI) maintained its close at 4,140.66 points, as there were no share price movements. The market closed on a capitalization of K58,232,069,546 including Shoprite Holdings and K23,987,428,771 excluding Shoprite Holdings.
Chart of the Day: