Story of the Day
The first wave of alternative data use gave rise to powerhouse companies across key markets in the African continent, particularly in East and West Africa. Allowing previously excluded adults to access credit and participate in the formal economy for the first time, the insights gleaned from alternative data spilled into areas like agriculture, insurance and logistics. Capitalizing on a variety of data points — from mobile money data to social media usage, contact lists, and for SMEs, data on items they stock and frequency of restocking — these and other companies have seen tremendous growth. Such innovation brought about unforeseen issues, however, especially regarding data management and access, where a lack of rules to govern the industry led to exploitation. Read more
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Malawian Minister of Trade and Industry Mark Phiri has called for enhanced trade between Zambia and his country. Mr. Phiri says the two countries can build on existing warm relationships to trade more with each other. Speaking during the export led industrialization Conference organized by the Zambia Association of Manufacturers in Lusaka , Mr. Phiri noted that the activities by ZAM are important in preparing for the African Continental Free Trade Area. Read more: ZNBC
The much anticipated Marketeers Booster Loans Empowerment Program has officially being launched. President Hakainde Hichilema has launched the empowerment program which is expected to benefit over 25,000 marketeers countrywide. The 171 million Kwacha Marketeer Booster Loans Empowerment Program will be managed by the Citizens Economic Empowerment Commission (CEEC). Read more: ZNBC
The 2022 Innovation Africa Ministerial Summit opened Wednesday in the town of Chongwe in Zambia’s Lusaka Province with a call on African countries to invest more in improving the quality of education on the continent. The summit, the tenth edition of its kind, returned following a COVID-19-induced disruption, under the theme “digital transformation in education and skills development for Africa”. The event this year drew about 300 participants from over 40 countries who will be meeting between Nov.16 and Nov. 18 to discuss Africa’s digital transformation, with a focus on the education sector. The summit is being held alongside an exhibition by young African innovators. Read more: Xinhua
British High Commissioner to Zambia Nicholas Woolley says the progress made so far under the UK-Zambia Green Growth Compact agreement between two countries is impressive. Mr. Woolley says the agreement which resulted from the commitments set out to address issues of climate change during the COP 26 Summit last year has set out ambitious targets. A number of pipeline investments such as support towards small and medium size enterprises to grow their businesses, doubling trade and investments in renewables and the green economy are all aimed to enhance and boost economic ties between the two countries. Read more: Lusaka Times
Government has announced that the fifth Generation Mobile (5G) network will be officially launched in Zambia with MTN Zambia on November 24, 2022. Technology and Science Minister, Felix Mutati, made this announcement in Lusaka today on the sidelines of the ongoing Innovation Africa Summit. Mr Mutati said the move forms part of the government’s digital transformation agenda. Read more: Lusaka Times
International Business and Finance
The European Union has pledged €1 billion in support of climate adaptation in Africa. The announcement was made during the United Nations’ Climate Change Conference in Egypt on Wednesday November 15, 2022, by Frans Timmermans, the executive vice president of the European Commission. He noted during the event that the COP27 is very Africa centric owing to the economic crises spurred on by climate change in the region. Read more: Business Insider
Wall Street cares only about one thing right now…and it’s not earnings, the state of the job market, resilient consumer spending or the spectacular FTX/crypto meltdown. Investors are laser-focused on the Federal Reserve and what central bankers are saying about inflation and rates. Just look at what stocks did Thursday. The Dow fell a little more than 7 points — essentially flat — on a choppy day of trading. The market was volatile due to comments from St. Louis Fed President James Bullard about the possibility of much bigger interest rate hikes. The S&P 500 and Nasdaq each ended the day down more than 0.3%. Read more: CNN
Twitter has told employees that the company’s office buildings will be temporarily closed, effective immediately. In a message seen by the BBC, workers were told that the offices would reopen on Monday 21 November. It did not give a reason for the move. The announcement comes amid reports that large numbers of staff were quitting after new owner Elon Musk called on them to sign up for “long hours at high intensity” or leave. Read more: BBC News
Visa named Ryan McInerney as its next chief executive on Thursday, replacing Alfred Kelly who will step down from the role, effective Feb. 1, 2023. McInerney has been president at Visa since 2013, overseeing the firm’s financial institutions, acquirers, merchants and partners. Read more: CNBC
Capital Markets Report
In 32 trades recorded yesterday, 56,048 shares were transacted resulting in a turnover of K124,865.20. A share price gain of K0.03 was recorded in PUMA. Trading activity was also recorded in AECI, Copperbelt Energy Corporation Zambia, Standard Chartered Bank Limited, Zambeef and Zanaco as well CEC Africa on the quoted tier. The LuSE All Share Index (LASI) closed at 7,255.40 points, 0.05% points higher than its previous close at 7,251.95 points. The market closed on a capitalization of K72,513,134,853.80 including Shoprite Holdings and K37,730,449,413.80 excluding Shoprite Holdings.