Good morning. Here’s what you need to know to start your day.
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Vedanta in advanced stage to take over KCM
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China youth unemployment hits high as recovery falters
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In the first week of July, the bond market recorded a 99% score to 1% on the equity market
Story of the Day
Many have often pointed out that significant people in Zambia seldom tell their stories. Credit to those that have. They have given insight into a part of their lives that has not only offered clarity if one were in doubt, but have left a vital piece of contemporary history that must never be forgotten. One would think the latter when reading the recently republished memoir of a person that can only be described as a pioneer of big mining in Zambia. In his first book, Things to Remember: Not to forget, a reader encounters a book that provides a personnel reflection of a humble man with an extraordinary past rose to the helm of Zambian mining in what many would recall the glory days. Read more
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Resources was on the cusp of bringing four years of dispute with the Zambian government over Konkola Copper Mines to a close, said Bloomberg News. The newswire cited the Indian firm as saying it was at an “advanced stage” of executing agreements with Zambia that could see Konkola Copper taken out of provisional liquidation. “Vedanta is alive to the fact that the talks have taken a little longer than initially anticipated,” it said in a statement on Sunday. “The company is firmly committed to the process”. Read more: Mining Mx
The 2023 African Economic Outlook has indicated that Zambia’s overall need for climate finance is an estimated US$50 billion through 2030. The outlook, produced by the African Development Bank (Afdb) is anchored on the theme: “Mobilising Private Sector Financing for Climate and Green Growth in Africa.” According to the outlook released this month with specific country focus, Zambia’s overall need for climate finance was an estimated US$50 billion through 2030. The outlook stated that this was expected to be mobilised predominantly through new climate finance mechanisms such as the Global Climate Fund and other climate-related bilateral, multilateral, and domestic financing. It indicated that this included the private sector, which already provided climate finance through corporate social responsibility, in addition to investment with returns. Read more: Zambia Monitor
The 8th Money Laundering and Terrorist Financing Financial Intelligence Centre (FIC) Report has revealed the abuse of incorporated names in public procurement where multiple companies are registered specifically to obtain government contracts. Under the report, it was established that most of these companies did not meet the criteria for the award of contracts and in most cases the contracts were being fraudulently awarded. This is according to a report released in Lusaka on Monday. Read more: Zambia Monitor
Maamba Collieries Limited has started implementing its plans to expand power generation from the current 300 to 600 megawatts. Chief Executive Officer, David Kumar says his firm is using the latest technologies to reduce emissions and that the plant is adhering to environmental requirements. He said this when Green Economy and Environment Minister, Collins Nzovu conducted an inspection visit at Maamba Collieries Limited Mr. Nzovu said Government is keen to see the Maamba Collieries Limited expansion project take off so that the country becomes energy secure. Read more: ZNBC
Bank of Zambia Exchange Rates
Currency | Buying | Selling |
---|---|---|
USD | 18.8494 | 18.8961 |
GBP | 24.6248 | 24.6935 |
EUR | 21.1641 | 21.2242 |
ZAR | 1.0401 | 1.0433 |
In International Business News Sponsored By
African leaders gathered Sunday (July. 16) in Gigiri, Nairobi County for the African Union’s fifth Mid-Year coordination meeting. The summit aimed among other things to address critical issues of African integration and division of labour. The meeting was led by Kenya’s President. William Ruto called for a reform of the AU focusing on the body’s financial autonomy. “The pan-African movement has always been about sovereignty and agency,” the leader said. “First and foremost, chronic dependence even on well-meaning partners is inconsistent with the aspiration of independence, sovereignty and agency. And I therefore believe that we must take seriously the recommendations that have been made towards making our organization an organization that stands on its feet, and an organization that is funded by us.” Read more: Africa News
Group of 20 finance ministers and central bank governors begin two days of meetings Monday, with participants discussing items including reform of multilateral development banks, debt relief for stressed developing nations and sustainable finance. The gathering in Gandhinagar, capital of Indian Prime Minister Narendra Modi’s home state of Gujarat, is also serving as a setting for a raft of bilateral meetings. Treasury Secretary Janet Yellen on Monday engaged with her Indian counterpart, Nirmala Sitharaman — part of a broader push by the US to strengthen ties with the nation. Read more: MSN
Youth unemployment in China has hit a new record high as the country’s post-pandemic recovery falters. The jobless rate of 16 to 24 year olds in urban areas rose to 21.3% last month, official figures show. It comes as the world’s second largest economy grew just 0.8% in the three months to the end of June. Analysts say the weak pace of growth has raised expectations that authorities may soon announce new measures to boost the economy. China’s National Bureau of Statistics said the data “showed a good momentum of recovery”. Read more: BBC News
Democratic Senator Elizabeth Warren asked the SEC to investigate Tesla and its board of directors to determine whether they violated securities laws after CEO Elon Musk took over Twitter last year. In a nine-page letter to the Securities and Exchange Commission Monday, the Massachusetts senator said Elon Musk’s long list of responsibilities, from owning Twitter to remaining Tesla’s CEO, “have raised concerns about conflicts of interest, misappropriation of corporate assets, and other negative impacts to Tesla shareholders.” Warren added that the electric car company’s board failed to ensure it has acted in shareholders’ best interests. Chief among Warren’s concerns in the letter: funneling Tesla resources into Musk’s Twitter takeover, conflicts of interest regarding advertising from other car companies, and possible labor law violations when transitioning some Tesla employees to Twitter. Read more: CNN
In the first week of July 2023, trading on the Lusaka Securities Exchange. The bond market recorded a 99% score to 1% on the equity market returning its glory of constantly dominating the equity market. In the first week of July 2022, we see the complete opposite as it was the equity market that recorded a 100% score. Read more
In 42 trades recorded yesterday 51,034 shares were transacted resulting in a turnover of K336,090.35. Trading activity was recorded in AECI, CEC Zambia, PUMA, Real Estate Investments Zambia, Zambeef, Zanaco and Zambia Sugar. The LuSE All Share Index (LASI) maintained its close at 8,227.61 points. The market closed on a capitalization of K76,744,981,211.35 including Shoprite Holdings and K41,962,295,771.35 excluding Shoprite Holdings.