Story of the Day
The invasion of Ukraine by Russia has threatened energy security of many countries around the world. Sub-Sahara Africa is no exception, buckling under the pressure of high fuel prices on the world market and increasing the vulnerabilities inherent in its dependency on oil producing countries. Volatile prices are wreaking havoc to commerce, forcing West African countries like Nigeria to suspend domestic flight operations because of high jet fuel prices. Unprecedented fuel shortages in East Africa, threaten to grind Kenya’s economy to a halt. A poignant reminder of how easily geopolitical conflicts distort the global economy and trade owing to interconnectedness. Read more
Local Business and Finance Sponsored By Liquid Intelligent Technologies
The Auditor General’s Office says it is auditing various projects, programmes and activities pertaining to public institutions. The approved 2022 audit plan includes the procurement and construction of FTJ University in Mansa and road infrastructure among them the Lusaka City Decongestion Project. Other works being audited are the construction of Petauke General Hospital, Lusaka Specialised Hospital; Cancer Treatment Centres Project; Smart Zambia Phase two which includes the Zambia Communication Towers project, Solar milling plants and procurement of the chancery in Ankara, Turkey among others. Read more: ZNBC
Youth, Sports and Arts Minister Elvis Nkandu says his Ministry is in the process of formulating an Arts policy that will ensure the industry thrives and contributes to economic development. Mr Nkandu has since called on artists and musicians to make their submissions towards formulation of the policy. Read more: ZNBC
Vedanta Resources says it is ready to collaborate with the labour movement in Zambia as they promote the interests of the workers in the mining sector. Vedanta Zambia Corporate Communications Director, Masuzyo Ndhlovu says the mining giant is committed to working with the Mine Workers Union of Zambia, National Union of Miners and Allied Workers and the United Mine Workers Union of Zambia for the betterment of the sector. Read more: Zambian Business Times
First Quantum Minerals (FQM) has confirmed that the mining firm has a valid license to mine and produce Nickel concentrate at its newly announced enterprise Nickel mine at Kalumbila District, which is next to it’s Copper rich Kalumbila Trident mines. Read more: Zambian Business Times
Minister of Small and Medium Enterprises Development Elias Mubanga has admitted political interference in the issuance of citizens’ empowerment funds, disclosing that the human element to a larger extent contributed to the non-performing loans disbursed by CEEC. Read more: News Diggers
International Business and Finance Sponsored By Agricultural and Commercial Society of Zambia
Prices are rising at their fastest rate for 40 years as higher energy bills hit millions of households. UK inflation, the rate at which prices are rising, jumped to 9% in the 12 months to April, up from 7% in March. The surge came as millions of people saw an unprecedented £700-a-year rise in energy costs last month. Higher fuel and food prices, driven by the Ukraine war, are also pushing the cost of living up, with inflation expected to continue to rise this year. Read more: BBC News
The US central bank is in the midst of a “whatever it takes” moment when it comes to inflation, but if Fed officials had known how high inflation would rise, they would have changed their course on policy earlier, Fed Chairman Jerome Powell said Tuesday. “In hindsight, it would have been better to raise rates earlier,” Powell said in an interview at the Wall Street Journal’s Future of Everything event. Read more: CNN
The World Bank will give Ethiopia $300 million worth of grant money to rebuild parts of the country that were destroyed following months-long fighting between Tigrayan and Government forces. Read more: Business Insider
According to a new report, the metaverse, a universe that combines augmented, virtual and mixed reality, could play a key role in Sub-Saharan Africa’s economic development. According to Analysis Group, the publisher of the report, the metaverse could contribute 2.8% to global gross domestic product (GDP) in its first decade if the adoption and impact evolve similarly to that of mobile technology. It adds that if the adoption started in 2022, the metaverse over the next 10 years could lead to a $3-trillion contribution to global GDP by 2031. Read more: Business Insider
The head of Nigeria’s treasury has been arrested for alleged involvement in fraud and money laundering worth 80 billion naira ($193 million), the national anti-graft agency said. Ahmed Idris, Nigeria’s accountant-general, was arrested on Monday “after failing to honour invitations” to respond to the allegations, it said. The Economic and Financial Crimes Commission (EFCC) said Idris “raked off the funds through bogus consultancies and other illegal activities using proxies, family members and close associates.” Read more: CGTN
Toyota Motor Europe, CaetanoBus and Air Liquide have signed an agreement related to the development of hydrogen-based transport options, as the race to develop low and zero-emission vehicles heats up. The firms are set to focus on a number of areas related to hydrogen, including infrastructure connected to distribution and refueling; low-carbon and renewable hydrogen production; and deploying hydrogen in a range of vehicle types. Read more: CNBC
International air travel has been making a strong recovery this year, with the exception of the Asia-Pacific region, which is “lagging significantly behind,” according to the International Air Transport Association (IATA). “Last year, international travel was at about 25% of where it was in 2019. First quarter of this year across the globe, it’s up 42%,” Willie Walsh, the director general of the industry body said. “In fact, what we’re seeing is very strong growth rate in some markets, from the U.S., Europe, Latin America, all touching around 60%.” Read more: CNBC
Japan’s economy shrank at an annualised rate of 1 percent in January-March from the previous quarter, GDP figures showed, versus a 1.8 percent contraction seen by economists. It translated into a quarterly drop of 0.2 percent, the Cabinet Office data showed, versus market forecasts for a 0.4 percent drop. Read more: Al Jazeera
Capital Markets Report
In 137 trades recorded yesterday, 19,578 shares were transacted resulting in a turnover of K48,128. Share price losses were recorded in Standard Chartered Zambia of K0.06 and in Zanaco K0.02. Trading activity was also recorded in Bata, Copperbelt Energy Corporation, PUMA, ZCCM, and Zambeef. The LuSE All Share Index (LASI) closed at 6,781.47 points, 0.43% down from its previous close of 6,811.08 points. The market closed on a capitalization of K70,450,051,116 including Shoprite Holdings and K35,667,365,676 excluding Shoprite Holdings.