Story of the Day
The following is a speech delivered by Dr. Bernard h. Moonga who is the Society vice president/show convener
It gives me great pleasure to welcome you all to the first exhibitors meeting for the 94th agricultural and commercial show themed “innovation through technology” sub theme “technology transforms businesses”. The show brings together agricultural and commercial players to share information and display of products and services with the aim of increasing clientele base and establishing business linkages. The show also looks at exposing small and medium enterprenuers of all kinds. We therefore, look forward to seeing new technological innovations from the exhibitors more especially with the lock down situation that the covid-19 pandemic had put us through. Read more
Local Business and Finance Sponsored By Liquid Intelligent Technologies
Financial Sector Deepening Zambia (FSD Zambia) has appointed Engwase Mwale as its new Chief Executive Officer. Before this appointment, Ms Mwale served as Executive Director for Zambia’s Non-governmental Gender Organizations’ Coordinating Council (NGOCC). Welcoming Ms Mwale to the FSD Network, FSD Zambia Board Chairperson, Nicola Sharpe-Phiri, described Ms Mwale as a seasoned civil society activist with a wealth of leadership experience in advocacy and international development. Read more: Zambia Daily Mail
International Monetary Fund Managing Director Kristalina Georgieva says she recognises the urgency for the IMF board to consider Zambia’s request for an IMF programme, and has committed to work with the country in trying to achieve this goal. And Minister of Finance and National Planning Dr Situmbeko Musokotwane says the new dawn administration has a duty to the Zambian people to transform the country’s economy so that it achieves sustainable growth. Read more: CNBC
President Hakainde Hichilema says government is aware of the high cost of living in the country, which it is working towards arresting, as it is aware of the implications on the ordinary citizens. The Head of State said there is need to deal with the issues of debt, high fuel cost and the high cost of fertilizer in order to have a long lasting solution adding that government is combining short, medium and long-term solutions to address the challenges. President Hichilema explained that in combating the issue of the high cost of living, part of the measures taken are that government is in conversations with bilateral countries, oil-producing countries and fertilizer producing countries. Read more: Zambian Business Times
Minister of Technology and Science, Felix Mutati has urged Zambians to take advantage of the 22 million kwacha budgetary allocation meant for innovators and inventors. Mr Mutati says the funds are meant to advance innovations in the country. He said Zambia stands a chance to become an innovation hub for the entire Southern African region. The minister was speaking at the commemoration of World Intellectual Property Day in Lusaka yesterday. Read more: Lusaka Times
International Business and Finance Sponsored By Agricultural and Commercial Society of Zambia
The war in Ukraine is set to cause the “largest commodity shock” since the 1970s, the World Bank has warned. In a new forecast, it said disruption caused by the conflict would contribute to huge price rises for goods ranging from natural gas to wheat and cotton. The increase in prices “is starting to have very large economic and humanitarian effects”, Peter Nagle, a co-author of the report, told the BBC. Energy prices are set to increase more than 50%, pushing up bills for households and businesses, the World Bank says. Read more: BBC News
The introduction of new post-Brexit trading rules last year caused a “major shock” to UK-EU trade, a study claims. The research from the LSE Centre for Economic Performance found UK imports from the EU fell by 25% relative to those from elsewhere in 2021. Its authors suggest new rules had also caused many UK firms to stop exporting to the trade bloc. Read more: BBC News
Deutsche Bank raised eyebrows earlier this month by becoming the first major bank to forecast a US recession, albeit a “mild” one. Now, it’s warning of a deeper downturn caused by the Federal Reserve’s quest to knock down stubbornly high inflation. “We will get a major recession,” Deutsche Bank economists wrote in a report to clients on Tuesday. The problem, according to the bank, is that while inflation may be peaking, it will take a “long time” before it gets back down to the Fed’s goal of 2%. That suggests the central bank will raise interest rates so aggressively that it hurts the economy. Read more: CNBC
The Chief Executive Officer of the Nairobi Securities Exchange (NSE), Geoffrey Odundo, said the Kenyan bourse is considering taking up stakes in the Nigerian Exchange, the Botswana Stock Exchange and other bourses across the continent. Read more: Business Insider
Capital Markets Report
In 121 trades recorded yesterday, 263,007 shares were transacted resulting in a turnover of K3,915,427. Trading activity was recorded in Airtel, Copperbelt Energy Corporation, First Quantum Minerals, Chilanga Cement, Zambia Breweries, Zambeef and Zanaco. The LuSE All Share Index (LASI) maintained its close at 6,926.80 points, as there were no share price movements. The market closed on a capitalization of K70,966,518,477 including Shoprite Holdings and K36,183,833,037 excluding Shoprite Holdings.