Good morning. Here’s what you need to know to start your day.
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Musokotwane sees huge demand for agriculture products as an opportunity for economic growth in Zambia
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US interest rates raised to highest level in 16 years
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Copperbelt Energy Corporation recorded a US$50 million profit in 2022
Story of the Day
Digital payments have revolutionized how we transact, offering a fast, secure and efficient alternative to traditional payment methods. In Zambia, digital payments are quickly gaining popularity as more people recognise their potential to drive economic growth. With the rise of mobile money platforms and online banking services, there has never been a better time for businesses and consumers alike to shift from cash to digital payments. Digital payments are electronic payment methods that allow for secure and quick transfers without physical exchange. The past few years have seen an uptick in digital payments, with technological advances and shifting consumer preferences playing a significant role. Moreover, e-commerce, mobile payment systems, and contactless options have become commonplace. Read more
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Tourist arrivals in Zambia are set to increase after the Southern African country signed a partnership with one of the world’s leading airlines. Emirates has signed a memorandum of understanding (MoU) with Zambia Tourism Authority (ZTA) at the Arabian Travel Market (ATM) in Dubai. Badr Abbas, Emirates Senior Vice President Commercial Operations for Africa, and Matongo Matamwandi, Chief Executive Officer of Zambia Tourism Agency (ZTA), represented the two parties. Emirates and ZTA will jointly explore opportunities to boost visitor arrivals to Zambia by leveraging the airline’s extensive global network of 140 destinations. Read more: CAJ News
Minister of Finance and National Planning Dr. Situmbeko Musokotwane says the challenge of huge demand for grain and other agriculture products from the region that Zambia is currently battling with is an opportunity for economic growth. Dr. Musokotwane said the high demand for grain such as maize has caused mealie meal prices in Zambia to rise and negatively affect the people. He said there is a need for Zambia to quickly produce larger agricultural surpluses that can be exported. Dr. Musokotwane said producing more food and export to the countries in need will earn Zambia dollars and create jobs. He added that some of the food will be produced by the existing small, medium and commercial farmers. Dr. Musokotwane observed that the export market is so huge that it is necessary to bring in extra skills and capital in Zambia. Read more: Lusaka Times
The Chinese government has reaffirmed its stance to ensure that Zambia’s debt restructuring talks are concluded in the shortest possible time. Speaking when he called on Green Economy Minister, Collins Nzovu at his office in Lusaka, Chinese Ambassador to Zambia, Du Xiaohui says his government is happy with the way talks have progressed over the matter. Mr Du says it is in the best interest of both China and Zambia that the debt situation is resolved quickly to enable the two countries to focus on other areas of mutual cooperation and interest. He explained that President Hakainde Hichilema and Chinese President, XI Jinpin made it clear in their last phone call that settling Zambia’s debt crisis is important. Read more: ZNBC
A partnership to improve the technical and financial knowledge of women entrepreneurs has been sealed between International Trade Centre (ITC) and Absa Bank Zambia. This partnership also seeks to expand banking services to more women in Zambia. Managing Director, Mizinga Melu, and ITC Deputy Executive Director, Dorothy Tembo, formalised the partnership on Thursday with the signing of a Memorandum of Understanding (MoU). Speaking during the signing ceremony, Melu said advancing women’s economic empowerment was vital for sustainable development and growth. Read more: Zambia Monitor
Brazil has committed to providing guidance to Zambia as it embarks on its infrastructure development through Public Private Partnerships (PPPs). Ministry of External Relations of Brazil Department for Africa Director Ambassador, Ana Paula Simoes Silva, assured Zambia that Brazil stood ready to provide guidance as it embarked on its infrastructure development through PPPs. She said this through a virtual meeting on Wednesday with the Infrastructure and Urban Development Minister Charles Milupi. “As you may be aware President Luiz Inacio Lula da Silva’s foreign policy focuses on Africa, we look forward to renewed ties with Zambia so that we can further our friendship as we attain mutual benefits,” ambassador Silva said. Read more: Zambia Monitor
Bank of Zambia Exchange Rates
| Currency | Buying | Selling |
|---|---|---|
| USD | 17.8783 | 17.9263 |
| GBP | 22.4570 | 22.5243 |
| EUR | 19.7091 | 19.7691 |
| ZAR | 0.9800 | 0.9834 |
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The US central bank has raised interest rates to the highest level in 16 years as it battles to stabilise prices. The Federal Reserve increased its key interest rate by 0.25 percentage points – its 10th hike in 14 months. That pushed its benchmark rate to between 5% and 5.25%, up from near zero in March 2022, although the Fed hinted the rise may be its last one for now. The European Central Bank has also raised rates again, although by a smaller amount than in previous months. The ECB lifted its three key interest rates by 0.25 percentage points, whereas the three preceding meetings have all seen a larger rise. Read more: BBC News
Apple sales have continued to fall, as the economy slows and buyers, squeezed by rising prices, put off purchases of computers and iPads. The tech giant said revenue slipped 3% in the first three months of the year compared with the same period in 2022 to $94.8bn. That marked a second quarter in a row of sales declines for the company. But the fall was not as bad as feared, as demand for iPhones held up and the firm won new customers overseas. Read more: CNN
The African Petroleum Producers’ Organisation (APPO) is putting the finishing touches on plans to establish the Africa Energy Bank. The bank is being set up to finance oil and gas operations in Africa in order to curb external financing which typically has its limitations. African nations that are members of the Petroleum Producers’ Organisation will collaborate with the African Export-Import Bank to launch an energy bank by the year’s end, according to Dr. Omar Farouk Ibrahim, the APPO general secretary. Read more: Business Insider
Tech bosses were summoned to the White House on Thursday and told they must protect the public from the dangers of Artificial Intelligence (AI). Sundar Pichai of Google, Satya Nadella of Microsoft, and OpenAI’s Sam Altmann were told they had a “moral” duty to safeguard society. The White House made it clear that it may regulate the sector further. Recently launched AI products like ChatGPT and Bard, have captured the public’s imagination. Read more: BBC News
South Africa has unveiled new banknotes and coins, the country’s first major upgrade to its currency in more than a decade. The South African Reserve Bank (Sarb) announced the changes on Wednesday, saying the move was meant to keep up with technology and prevent counterfeiting. The new notes, which will enter into circulation from Thursday, will retain the image of Nelson Mandela, the country’s first democratically elected president who died in 2013. Africa’s so-called “Big Five” wild animals — rhino, elephant, lion, buffalo and leopard — will now be depicted with their young on the banknotes. The coins will have an ecological theme, through pictures of plants and animals. South Africa’s 11 official languages will also be represented on the various banknotes and coins. Read more: ZNBC
Copperbelt Energy Corporation (aptly known as CEC Plc), held its 25th Annual General meeting on Thursday the 27th April 2023. The meeting began with a brief recap of the previous years’ performance. According to the Managing Director Owen Silavwe, CEC celebrated 25 years in November 2022. This milestone has delighted the corporate management and board as it is testament to company’s significance in the development of Zambian industry. Regarding the financial performance, 2022 was a good year for the company. There was profitability of USD 50.8 million which was a general improvement from the year prior despite the impairment losses of 24.1 million dollars (2021: USD12.6 million), according to the Chief Financial Officer Mutale Mukuka. Read more
In 36 trades recorded yesterday, 16,293 shares were transacted resulting in a turnover of K61,730.38. Share price loss of K0.04 was recorded in CEC Africa on the quoted tier. Trading activity was also recorded in AECI, CEC Zambia, Chilanga Cement, Standard Chartered Bank Limited, Zambia Breweries, Zambia Reinsurance, Zambeef. The LuSE All Share Index (LASI) maintained its close at 8,095.40 points. The market closed on a capitalization of K76,169,473,305.26 including Shoprite Holdings and K41,386,787,865.26 excluding Shoprite Holdings.
Picture of the Day
