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World Bank Delegation to Visit Zambia
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US debt ceiling deal ready for Congress vote, Joe Biden says
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Pension Fund Payout Appetite Erodes Purchasing Power in Deeply Undersubscribed Kwacha Bond Sale
Story of the Day
Financial Insight Zambia hosted Episode 6 of FIZ Show where Alan Samuel Mwamulombe spoke to the National Coordinator of Zambia Business Angels Network Melanie Mchinzio on the importance of ZBAN in the development ecosystem. Speaking on the FIZ Show interview held on 6th April 2023 in Lusaka, Melanie Mchinzio said that, Zambia business angels’ network is the first business network Zambia has ever had, which was established in 2021 in order to fill the major gap in the entrepreneurship ecosystem and significantly increase the number of enterprises that can attract impact investment. Read more
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Transport and Logistics Minister Frank Tayali says the World Bank is sending a delegation to Zambia to enhance discussions on the development of the Lobito Corridor. Mr. Tayali says the United States of America has already declared interest in assisting Zambia develop the corridor. He says the development of the Corridor will link Zambia to the Benguela rail line through Jimbe and will be important for recapitalization of the country’s inland rail system. Speaking with ZNBC News in Lusaka today, Mr. Tayali said the country is slowly moving towards the actualization of having an efficient transportation system. Read more: ZNBC
Government has appealed to India to take advantage of Zambia’s high grade soya beans for its edible oil production. Foreign Affairs and International Cooperation, Permanent Secretary for International Relations, Isabelle Lemba says India can now look to Zambia for the importation of agricultural produce such as soya beans and avocado which are of high quality. Speaking in New Delhi, during the third Foreign Office Consultation, Ms Lemba noted the growing trade imbalance between the two countries with India exporting more than Zambia. And India’s Joint Secretary of East and Southern Africa, Puneet Kundal said India will explore the prospect of importing soya beans from Zambia. Read more: ZNBC
African Development Bank (AfDB) president Akinwumi Adesina has described Zambian Republican President Hakainde Hichilema as one of the vision carriers for Africa’s agriculture renaissance and food security. Dr Adesina reminisced President Hichilema’s address to delegates at the Feed Africa Summit in Dakar, Senegal in January this year during which the President emphasised the need to scale-up agriculture productivity; investing in young people; infrastructure development through public-private partnerships; science and technology; and energy and regional interconnectedness. Dr. Adesina also expressed goodwill and gratitude to the leadership and the people of Zambia for constantly supporting AfDB reforms. Read more: Lusaka Times
Vedanta Resources Limited, a globally renowned mining conglomerate, has affirmed its ability to secure the necessary funds for revitalizing operations at Konkola Copper Mines (KCM). The company has expressed its commitment to invest an additional $1 billion into KCM for capital mine development, expansion, infrastructure upgrades, and other initiatives aimed at boosting production. Masuzyo Ndhlovu, the Corporate Communications Director of Vedanta Zambia, assured stakeholders that Vedanta Resources remains resolute in creating value at KCM and uplifting the livelihoods of people in the region. In an interview with Phoenix News, Ndhlovu emphasized the company’s dedication to executing measurable and impactful corporate social responsibility programs. Read more: Lusaka Times
Bank of Zambia Exchange Rates
Currency | Buying | Selling |
---|---|---|
USD | 19.2466 | 19.2936 |
GBP | 23.8022 | 23.8682 |
EUR | 20.6670 | 20.7252 |
ZAR | 0.9815 | 0.9844 |
In International Business News Sponsored By
President Joe Biden has said a bipartisan deal to raise the US debt ceiling and avert a fast-approaching default is ready to move to Congress. He said on Sunday the agreement was a “compromise”, while Republican House Speaker Kevin McCarthy earlier called it “worthy of the American people”. They must now convince members of Congress to approve it. The proposed deal is the result of long and bitter negotiations between Democrats and Republicans. Read more: BBC News
The United States is taking an analytical approach to its review of whether to keep tariffs on Chinese goods in place and will not base outcomes on any “breakthrough” in U.S.-China trade relations, Deputy U.S. Trade Representative Sarah Bianchi told Reuters. The Biden administration is not assuming any such breakthrough will happen, but will continue dialogue with China at various levels, Bianchi said in an interview on Saturday as a ministerial meeting of the U.S.-led Indo Pacific Economic Framework talks wrapped up. Read more: CNBC
By encouraging commerce in local currencies, stakeholders have claimed that Tanzania and India may lessen their dependency on important global currencies and promote a stable and effective trading environment. The Indian Institute of Chartered Accountants recently convened said stakeholders in Tanzania for a consultative meeting. Following the recent declaration that both nations will start trading in their own indigenous currencies, they talked about the ramifications of the Rupee Nostro Account System. The debate emphasized several major benefits, one of which was the decrease in dependence on hard currency. The system’s potential to reduce the need for ongoing currency conversions and dependence on foreign exchange reserves encouraged stakeholders. Read more: Business Insider
The International Monetary Fund has encouraged the incoming administration led by Sen. Bola Tinubu to broaden the nation’s source of income. Ari Aisen, the resident representative for the IMF’s Nigeria office, made this statement at a virtual discussion on Nigeria’s debt position. He also counseled the next administration to reduce its reliance on debt to pay for expenses significantly. Aisen contends that revenue and spending should be the main areas of focus in order to address Nigeria’s debt problems. He said that the Federal Government was spending more than it was actually bringing in through taxes, which is why the debt issue had become worse. Read more: Business Insider
The government needs to work faster to regulate AI, which has more potential for the good of humanity than any other invention preceding it, Brad Smith, Microsoft president and vice chair, said on CBS’ “Face the Nation” Sunday. Its uses are almost “ubiquitous” Smith said, “in medicine and drug discovery and diagnosing diseases, in scrambling the resources of, say, the Red Cross or others in a disaster to find those who are most vulnerable where buildings have collapsed,” the executive added. Smith also said AI isn’t as “mysterious” as many think, adding it is getting more powerful. CNN
Purchasing power has continued to elude Kwacha fixed income markets in Africa’s second largest copper producer. This comes in the wake of a recent change in pension fund policy. Authorities in the Southern African nation approved legislation that allows for a 20% cash in on retirement savings. Of the K2.6 billion of assets on offer, the Bank of Zambia only raised K390.6 million, a steep undersubscription amidst market liquidity constraints posed by the pension legislation change. This outcome is a replay of the April bond sale that sold only K636 million worth of paper as commercial banks shied away from bidding to hedge against a potential liquidity crunch that would otherwise weigh their ability to meet payment obligations. Read more: The Business Telegraph
In 45 trades recorded on Friday, 33,038 shares were transacted resulting in a turnover of K143,490.77. A Share price loss of K0.01 was recorded in CEC Zambia. Trading activity was also recorded in AECI, Investment, Madison Financial Services, PUMA, Real Estate Investments Zambia, Standard Chartered Bank Limited, Zambeef, Zanaco and CEC Africa on the quoted tier. The LuSE All Share Index (LASI) closed at 8,147.06 points. 0.05% down from its previous close of 8,150.79 points. The market closed on a capitalization of K76,394,348,972.93 including Shoprite Holdings and K41,611,663,532.93 excluding Shoprite Holdings.