Story of the Day
The Board of ZCCM Investments Holdings Plc has announced that its CEO, Mabvuto Chipata, has separated from employment effective March 30, 2022. In a statement, Wednesday, company secretary Chabby Chabala said the separation was by mutual consent, and that Tisa Chama had been appointed to act for administrative convenience up to the time a CEO is appointed. Read more
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President Hakainde Hichilema has urged the Trade and Development Bank (TDB) to involve local Zambian businesses in the supply chain of projects, as this will bring business opportunities and jobs to the people. And TDB Chief Executive Officer Admassu Tadesse says Zambia will get significant dividends once the TDB General Assembly approves recommendations by its board of directors. Read more: News Diggers
Energy Minister Peter Kapala says whereas the government is not going back to subsidies, it plans to start buying oil products in bulk from June onwards in the face of increased international prices. Read more: News Diggers
ALSET Zero Waste Zambia Limited will this year construct four waste energy gasification power plants at a cost of US$350 million in four districts in Lusaka, Southern and Northern provinces. The districts are Lusaka, Monze, Livingstone and Mpulungu. Company director Ngozika Onyekwelu said the power plants will produce affordable electricity in the four districts. Ms Onyekwelu said in an interview yesterday that they will construct power plants with the help of its parent company, Alset Power Company of the United States of America. Read more: Zambia Daily Mail
Bank of Zambia (BoZ) prioritises the formulation of workable strategies for empowering women to realise their economic potential and contribute to the growth of the economy. In this vein, the central bank has formulated and reviewed the gender policy and strategy to take into account the progress made with regards to mainstreaming gender in the organisation and wider financial sector. Read more: Zambia Daily Mail
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With the U.S., EU and U.K. looking to phase out Russian gas imports, Western leaders could look to liquified natural gas projects in sub-Saharan Africa to soften the landing. Russia and the West remain at odds over payment for natural gas exports, on which Europe, in particular, is heavily dependent, with Moscow insisting “unfriendly” countries pay for gas deliveries in Russian rubles, a demand G-7 nations have rebuffed. Read more: CNBC
Stock futures were slightly higher in overnight trading Wednesday ahead of the last trading day of the month and quarter. Futures on the Dow Jones Industrial Average was near flat. S&P 500 futures ticked up 0.1% and Nasdaq 100 futures added 0.3%. Stocks are coming off a down session Wednesday in which the Dow and S&P 500 each snapped four-day win streaks. The Dow shed 65.38 points, or 0.2%. The S&P 500 fell 0.6% and the Nasdaq lost 1.2%. Read more: CNBC
Oil prices have fallen sharply after reports that the US is set to take new steps to bring down high fuel costs. The Biden administration is reportedly considering the release of up to 180m barrels of oil in the coming months from the Strategic Petroleum Reserve. If confirmed, this will be the largest-ever release since the reserve was created in 1974. Read more: BBC News
Kenya Airways reported a net loss of $130.5 million (Sh15.8 billion) for the financial year ended December 31st, 2021. Business Insider Africa understands that this indicates a 56.58% decrease when compared to the net loss of $313.2 million (Sh36.2 billion) which the airline reported during the comparable period in 2020. The company explained that it was able to reduce its annual net loss by implementing various cost containment measures, whilst preserving and diversifying its revenue. Specifically, operating expenses were cut by 3.62%. Read more: Business Insider
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In 129 trades recorded yesterday, 34,823 shares were transacted resulting in a turnover of K322,290. A share price gain was recorded in PUMA of K0.01. Trading activity was also recorded in Bata, Copperbelt Energy Corporation, First Quantum Minerals Zambia, Chilanga Cement, National Breweries, PUMA, Standard Chartered Zambia, Zambia Breweries, and Zambeef. The LuSE All Share Index (LASI) closed at 6,846.95 points, 0.02% up from its previous close of 6,845.80 points. The market closed on a capitalization of K70,618,105,530 including Shoprite Holdings and K35,835,420,090 excluding Shoprite Holdings.