Story of the Day
Zambian Breweries, through its recycling initiative- Manja Pamodzi Foundation Limited has partnered with Java Foods Limited in collecting recyclable waste from its factory as part of the food processor’s contribution to the Extended Producer Responsibility framework designed to increase manufacturers’ role in building a green economy. Read more
Local Business and Finance Sponsored By Liquid Intelligent Technologies
Zanaco has introduced bank assurance among other range of products embedded in the bank accounts customers are opening. Zanaco senior specialist workforce banking-retail Mweene Shikapya said the bank is showcasing various products in the retail banking space which are adding value to the country’s economy. Mr Mweene said in an interview at the ongoing Zambia International Trade Fair (ZITF) that bank assurance is an insurance product embedded in the bank accounts that customers will open with Zanaco. “If a customer opens a current account and services it normally, there will be an embedded insurance product. Read more: Zambia Daily Mail
The Ministry of Finance and National Planning and the Office of the Auditor General have successfully completed tender processes for engagement of independent consultants to evaluate and audit public domestic debt. According to a statement issued to ZNBC News, the Ministry of Finance says the areas of focus for the evaluation and audit is Value Added Tax (VAT) refunds, fuel arrears, Farmer Input Support Programme (FISP) arrears, Compensation and Awards, Road Contract arrears and General Goods and Services arrears. Read more: ZNBC
ZESCO has signed a 13-year Bulk Supply Agreement with the Copperbelt Energy Corporation (CEC) worth $1.9Billion. ZESCO Managing Director Victor Mapani says the new Bulk Supply Agreement marks the replacement of the old agreement which expired on March 31, 2020. Mr. Mapani says the Bulk Supply Agreement allows the two parties to supply power to customers within the country across each other’s networks. Read more: ZNBC
As global markets continue to sell-off, emerging markets continue to record exceptions against all odds. The copper currency, the Kwacha, has been on a 4-day winning streak with a 5.7% cumulative rebound intraday to 16.25 for a unit of dollar, levels last seen 7- months ago. The central bank has been in the market selling dollars which has seen the market run long positions that has strengthened the Kwacha. Read more: The Business Telegraph
International Business and Finance Sponsored By Agricultural and Commercial Society of Zambia
UK debt is on an “unsustainable path” unless spending is tightened and taxes are raised, the government’s independent forecaster has warned. The Office for Budget Responsibility (OBR) said soaring energy prices and pressures from an ageing population risked tipping the UK into a recession. Moving away from fossil fuel vehicles to electric ones could also hit tax revenues, the OBR said. Read more: BBC News
UK businesses have called for stability after Prime Minister Boris Johnson resigned as Conservative leader and the race to find a successor began. The CBI said the “political vacuum” needs “to be filled at speed to protect people’s living standards”. The Institute of Directors warned “what business hates most is uncertainty and instability”. Read more: BBC News
Stocks ticked higher on Friday as investors reacted to a stronger-than-expected jobs report that will likely keep the Federal Reserve on track for its aggressive rate hikes. The S&P 500 and the tech-heavy Nasdaq Composite rose about 0.2%. The Dow Jones Industrial Average gained 86, or about 0.3%. Read more: CNBC
Over time, independent power projects (IPPs) have emerged as Africa’s fastest growing energy sector structures, spreading in popularity across borders and meeting with a surfeit of investment as private sector backers gain comfort with the continent’s liberalising power markets. Though up to now the IPP model has focused on a clutch of major markets – the likes of South Africa and Kenya – these privately financed, owned and operated projects are starting to capture new territory. Read more: African Business
Capital Markets Report
In 166 trades recorded yesterday, 141,229 shares were transacted resulting in a turnover of K434,268. Share price gains were recorded in National Breweries of K0.10, in Standard Chartered Zambia of K0.02 and in CEC Africa on the quoted tier of K0.02. Share price losses were recorded in Copperbelt Energy Corporation of K0.01 and in Zambia Sugar of K0.36. Trading activity was also recorded in AECI, Bata, Chilanga Cement, PUMA, Zambia Breweries, Zambeef and Zanaco. The LuSE All Share Index (LASI) closed at 6,867.59 points, 0.24% down from its previous close of 6,884.04 points. The market closed on a capitalization of K70,825,094,226 including Shoprite Holdings and K36,042,408,786 excluding Shoprite Holdings.