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- KoBold Metals promises high corporate governance, transparency at launch of Mingomba mine
- ICT Sector to be Zambia’s fastest growing sector with 40% growth
- Samsung flags 96 %drop in profit amid chip oversupply
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The management of KoBold Metals says it will ensure highest level of corporate governance and transparency as it commences operation in Zambia. It added that it would not be nepotistic in hunting for talents, as Zambia’s first artificial intelligence-driven exploration of Mingomba site commences. The American Ambassador to Zambia, Micheal Gonzales, spoke to these issues during the launch of the Mingomba exploration site on Thursday in Chililabombwe District. Gonzale told a gathering attended by President Hakainde Hichilema’s Special Assistant on Economic,Investment and Development Affairs, Jito Kayumba, Co-founder and Global President for KoBold Metals, Josh Goldman, Chief Executive officer, Mfikeyi Makayi,and ZCCM-IH representative that American private sector will not engage in corrupt practices. Read more: Zambia Monitor
Zambia has asked China to invest more into the electric battery industry. Commerce, Trade and Industry Minister, Chipoka Mulenga, said this when he met Chinese vice minister of commerce, Li Fei, on the sidelines of the 3rd China-Africa Economic and Trade Expo in Changsha, China on Thursday. Mulenga said this could resonate well with the existing economic zones in the country. He pointed out that as leader in the sector, the investment in the electric battery would add value, stating that Zambia had reached an agreement with the Democratic Republic of Congo(DRC) that no raw materials would leave the two countries but be processed within. He said to develop the electric battery and accessory industry, Zambia would like to do this with its established friend, China. Read more: Zambia Monitor
Minister of Science and Technology Felix Mutati says the Information and Communication Technology (ICT) sector will grow by over 40 percent this year. Speaking during the awarding of data and network licenses to three international entities, Wednesday, Mutati said ICT would be the fastest growing sector in the country, adding that Zambia remained the most connected country in Africa. Read more: News Diggers
Zambia’s Agriculture Minister, Reuben Phiri Mtolo, expressed his belief in the vast potential of the African Continental Free Trade Area (AfCFTA) during his role as Chair of the High-level thematic session on Regional Trade Integration at the 5th AU/EU Agriculture Ministerial Conference held in Rome. Mr. Mtolo highlighted the importance of trade in achieving food security and emphasized the need to facilitate the movement of food from surplus to deficit regions within Africa. He stated, “The AfCFTA presents an opportunity for Africa to use trade as a means of ensuring food security.” Read more: Lusaka Times
Bank of Zambia Exchange Rates
Currency | Buying | Selling |
---|---|---|
USD | 17.8407 | 17.8903 |
GBP | 22.7541 | 22.8191 |
EUR | 19.4018 | 19.4629 |
ZAR | 0.9388 | 0.9417 |
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Samsung Electronics reported a likely 96% plunge in second-quarter operating profit on Friday, largely in line with forecasts, as an ongoing chip glut drives large losses in the tech giant’s key business despite a supply cut. The world’s largest memory chip and smartphone maker estimated its operating profit fell to 600 billion won ($459 million) in April to June, from 14.1 trillion won a year earlier in a short preliminary earnings statement. It would be Samsung’s lowest profit for any quarter since a 590 billion won profit in the first quarter of 2009, according to company data. Read more: CNN
US Treasury Secretary Janet Yellen has arrived in Beijing for the start of a four-day visit that she says aims to deepen communication between the United States and China amid months of simmering tensions. In a series of tweets on Thursday, shortly after she arrived in China’s capital, Yellen said she was “glad” to be there to meet Chinese officials and business leaders. “We seek a healthy economic competition that benefits American workers and firms and to collaborate on global challenges, we will take action to protect our national security when needed, and this trip presents an opportunity to communicate and avoid miscommunication or misunderstanding,” she said. Read more: Al Jazeera
Twitter’s lawyer wrote a letter to Facebook parent Meta on Wednesday, accusing the company of “systematic” and “unlawful misappropriation” of trade secrets following the launch of its Threads service. The letter from longtime Elon Musk attorney Alex Spiro alleged that Meta’s new Twitter clone was built by former Twitter employees “deliberately assigned” to develop a “copycat” app. Semafor was first to report on the letter. Spiro offered no concrete examples of Twitter employees using trade secrets to build the app, which notched millions of users within hours of its launch. But the message — sent on same day that Threads opened to the public — shows Musk’s level of concern given Meta’s userbase and technical capacities. “No one on the Threads engineering team is a former Twitter employee,” Andy Stone, Meta communications director, posted on Threads. “That’s just not a thing.” Read more: CNBC
The World Bank has encouraged Kenya in its attempts to extend the reach of the taxman in the online market. When obtaining funding from foreign sources is difficult, the lender claims the rules are a step forward in the nation’s effort to increase the size of its tax base and boost domestic revenue collection. The introduction of Value Added Tax (VAT) on digital goods and the introduction of withholding tax on financial derivative gains by non-residents, among other measures, are expected to contribute to the realization of 0.7% of GDP, or just over Ksh93.6 billion ($665.25 million), in additional tax revenue by 2024, according to the multilateral lender. The Value Added Tax (Digital Marketplace Supply) Regulations, 2020 were released by the Treasury on October 9, 2020, and were presented to the National Assembly on February 16, 2021. The regulations made the VAT collection operational. Read more: Business Insider
In 93 trades recorded yesterday 23,901 shares were transacted reuslting in a turnover of K89,603.48. A share price gain of K0.51 was recorded in Airtel and share price losses of K0.09 and K0.04 were recorded in Zambeef and Zanaco respectively. Trading activity was also recorded in AECI, CEC Zambia, PUMA and Standard Chartered Bank Limited. The LuSE All Share Index (LASI) closed at 8,231.57 down by 0.09% from its previous close of 8,238.86 points. The market closed on a capitalization of K76,762,188,089.29 including Shoprite Holdings and K41,979,502,649.29 excluding Shoprite Holdings.