Story of the Day
According to an analysis conducted by Business Insider, the Lusaka Stock Exchange has been voted the best performing stock exchange in Africa for 2021. This comes following an aggregate gain of 93% in the total value of shares on the exchange. The LSE’s strong performance eclipsed that of fellow stock exchanges with Ghana (38%) and Malawi (32%) registering as distant second and third. The best performing stock of the year according to data from Africa Financials was Lafarge, the best performing stock in Zambia with more than a 500% increase in share value. Read more
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Foreign Affairs and International Relations Cooperation Minister Stanley Kakubo says the participation of President Hakainde Hichilema at the World Trade Expo in Dubai will translate into tangible benefit for Zambians. Mr. Kakubo says the head of state will be in Dubai at the invitation of His Highness Sheikh Mohammed Bin Rashid Almaktoum, Vice President and Prime Minister of The United Arab Emirates and Ruler of Dubai. Read more: ZNBC
President Hakainde Hichilema has disclosed that much of Zambia’s US$7 million domestic debt is from penalties levied on government projects by contractors due to bad laws that were concocted in the contracts. Read more: Zambian Observer
Minister of Commerce, Trade and Industry Mulenga Chipoka has revealed that the Government is this month expected to lift the ban on the issuance of investment licenses in Zambia. The government through the Zambia Development Agency (ZDA) last November suspended the issuance of investment licenses, permits for the establishing Multi-Facility Economic Zones (MFEZs) and Industrial Parks (IPs), and Investment Promotion and Protection Agreements (IPPAs). Read more: Lusaka Times
Galileo Resources has started reviewing data on the newly acquired Zambian Copper project. According to Mining Weekly, Galileo Resources has asked independent consultants Addison Mining Services and GeoQuest to start compiling historical drilling data on the Luansobe copper project in Zambia. Read more: Times of Zambia
International Business and Finance
Zimbabwe could miss its economic growth targets for the first quarter of this year due to losses in production time if power cuts in the country persist, according to local media citing stakeholders in the manufacturing and mining industries. The Zimbabwean government has estimated GDP growth this year will grow by 5.5 percent with strong performances in five sectors: agriculture, construction, manufacturing, mining and tourism. Read more: CGTN
On Sunday January 16, 2022, the finance and transport ministers of Tanzania and Burundi met in Kigoma (a town in Tanzania) to sign a historic deal. A statement that was issued afterwards by the Tanzanian Finance Ministry explained that the newly signed deal would see the sum of $900 million being spent to construct a railway line connecting both countries. Read more: Business Insider
Nigeria’s total debt stock has risen to $86bn (N39.6tn) in November 2021 from $78bn (N32.9tn) in December 2020. According to the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, the government borrowed an estimated $15bn (N6.7tn) between January and November 2021, PUNCH reported. Read more: Business Insider
Fines for violations of the European Union’s landmark privacy law have soared nearly sevenfold in the past year, according to new research. EU data protection authorities have handed out a total of $1.25 billion in fines over breaches of the bloc’s General Data Protection Regulation since Jan. 28, 2021, law firm DLA Piper said in a report published Tuesday. That’s up from about $180 million a year earlier. Read more: CNBC
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In 48 trades recorded yesterday, 13,323 shares were transacted resulting in a turnover of K 27,913.Trading activity was recorded in Airtel, Copperbelt Energy Corporation, CHIL, Standard Chartered Bank, ZAMEFA and Zanaco. The LuSE All Share Index (LASI) maintain its close at 6,264.98 points, as they were no share price movements. The market closed on a capitalization of K68,078,667,787 including Shoprite Holdings and K33,295,982,347 excluding Shoprite Holdings.