Story of the Day
Annual inflation for January, 2022 decreased to 15.1 percent from 16.4 percent recorded in December 2021. This means that on average, prices of goods and services increased by 15.1 percent between January 2021 and January 2022. Read more
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President Hakainde Hichilema on Thursday said his new government was on the fast track to restoring Zambia’s credibility and creditworthiness after inheriting an economy strapped for cash and crippled by debt. He told AFP in Johannesburg that the deal was evidence that the copper-dependent economy was at last starting to turn around. Read more: CGTN
President Hakainde Hichilema has held meetings with the American Chamber of Commerce and other stakeholders, on the sidelines of his visit to South Africa. The meetings were held today in Johannesburg, during which he noted the stakeholders’ interest in joint ventures with citizens. The President says among the areas of discussions were mining, tourism and agriculture sectors. Read more: ZNBC
Zambia and Ghana have expressed their desire to enhance bilateral trade and investment relations. This came to light when Commerce Trade and Industry Minister, Chipoka Mulenga paid a courtesy call on his Ghanaian counterpart Alan Kyerematen, Minister of Trade and Industry. This was on the side-lines of the 8th Meeting of the African Continental Free Trade Area Council of Ministers Responsible for Trade held in Accra from January, 28 to 29, 2022. Read more: ZNBC
URA Holdings Limited will list its Zambian critical minerals and battery metals project on the London Stock Exchange (LSE) to raise an initial US$1 million to fund further exploration. The project being driven by Chief Madzimawe and Musebu Sichula highlights the great untapped mineral potential of Zambia. Read more: Zambia Daily Mail
International Business and Finance
Member states of the African Continental Free Trade Area (AfCFTA) on Saturday concluded their negotiations on rules of origin, a move expected to further reduce tariffs on original goods within the African continent. Read more: CGTN
A series of findings and forecasts by research groups such as the University of Toronto’s Global Cities Institute, Environment & Urban Journal, The Whitaker Group, etc, have shown that more than 10 out of the 20 largest cities in the world, including Lusaka, will be located in Africa come 2100. Read more: Business Insider
Coronavirus outbreaks and strict lockdowns in China are continuing to take their toll on the country’s factories. A private index measuring activity at factories in China fell to 49.1 in January from December’s 50.9. It’s the lowest level for the Caixin/Markit manufacturing Purchasing Managers Index since February 2020, when the coronavirus first paralyzed large swathes of the Chinese economy. Read more: CNN
Google is investing up to $1 billion in a major Indian telecom company, a move it hopes will drive down the cost of smartphones in a huge and rapidly expanding market. Google said in a statement Friday that it would invest $700 million in Bharti Airtel, India’s second-largest telecom operator, and acquire a 1.28% stake in the company. An additional $300 million would be used for potential multi-year commercial agreements, the companies added. Read more: CNN
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In 168 trades recorded on Friday, 49,189 shares were transacted resulting in a turnover of K119,920. A share price loss of K0.2 was recorded in British American Tobacco Zambia and K0.1 in Zambeef. Trading activity was also recorded in AECI, Airtel, British American Tobacco Zambia, Copperbelt Energy Corporation, CHIL, PUMA, Standard Chartered Bank Limited, Zambeef, ZAMEFA, Zanaco and ZAFFICO. The LuSE All Share Index (LASI) closed at 6,013.80 points,-0.03% down from its previous close of 6,015.46 points.The market closed on a capitalization of K66,982,624,469 including Shoprite Holdings and K32,199,939,029 excluding Shoprite Holdings.