Story of the Day
In accordance with the requirements of the Securities and Exchange Act No. 41 of 2016, ZAFFICO PLC announces its results for the half year ended 30 June 2022. In the six-month period to June 2022, the Corporation recorded a profit after tax of ZMW 428.71 million compared to ZMW52.10 million for the same period in 2021. The Corporation’s profit was largely driven by the ZMW594.85 million gain in value of the biological assets. Total sales of ZMW135.12 million was realized in the period under review compared to ZMW 177.89 million in the same period of 2021.The delayed commencement of roundwood sale as well as deferment by some customers in the purchase of roundwood during the first half the year negatively impacted the sales revenue. Further, the sales of treated poles during the first half of the year was significantly lower because of high rainfall which negatively affected the attainment of treatable moisture content level, thereby affecting the timely production of the treated poles. Read more
Local Business and Finance Sponsored By Liquid Intelligent Technologies
The appreciation of the Kwacha and the recent reduction of fuel prices have led to the reduction of the cost of living for a family of five as measured by the Basic Needs and Nutrition Basket – for the month of August. According to findings by the Jesuit Center for Theological Reflections -JCTR, the the Basic Needs and Nutrition Basket for August reduced by 254 kwacha from 9,332 in July to K9,077 in August. Read more: ZNBC
Bankers Association of Zambia (BAZ) chairperson Mizinga Melu says it’s now the right time for the common man to venture into business in view of the Kwacha appreciation. And Melu says banks will gradually reduce interest rates depending on the developments in the financial sector. Speaking during the Government-IMF engagement with the private sector, Thursday, Melu urged business-minded people to take advantage of the Kwacha appreciation. Read more: News Diggers
President Hakainde Hichilema has terminated the contract of Ministry of Mines and Minerals Development Permanent Secretary Dr Sakwiba Musiwa and appointed Mooya Lumamba in his place. And the President has transferred Ministry of Commerce, Trade and Industry Permanent Secretary Chawe Chuulu to Cabinet Office as Permanent Secretary, Special Duties, while Jonas Mulongoti will replace her at the ministry. Read more: News Diggers
Zambian President Hakainde Hichilema on Thursday held a phone conversation with World Bank Group President David Malpass, thanking the global lender for its continued support of Zambia. The Zambian president said he was delighted to speak to the World Bank chief about many other things which included progress the southern African nation was making toward debt reduction. “To this end, we discussed the importance of speedily completing a memorandum of understanding between Zambia and the official creditors as well as a subsequent agreement with commercial creditors,” he said in a post on his Facebook page. Read more: Xinhua
The Forestry Department under the Ministry of Green Economy and Environment has embarked on plans to automate the services it offers to the public through the use of the Zamportal Government online payment system. The Forestry Department under the Ministry of Green Economy and Environment is one of the institutions that collects non-tax revenue for the government. In 2022, the government has an ambitious target of raising more than 7 billion kwacha in non-tax revenue, this is going to be raised from Ministries, Provinces and spending agencies. In this regard, the Ministry of Green Economy and Environment has a target of raising one hundred and seventy-seven million kwacha to which the Forestry Department is supposed to contribute 90 million kwacha. Read more: Lusaka Times
International Business and Finance
The European Central Bank has announced a record rise in eurozone interest rates as it seeks to fight inflation. Prices in the bloc are rising at the highest pace for half a century as energy costs soar. The ECB lifted all its key rates by three-quarters of a percentage point and warned that it was likely to raise rates again later this year. The bank had raised interest rates in July, its first increase in more than 11 years. The ECB raised its key deposit rate – how much interest it pays on deposits – to 0.75% from zero, and lifted its main refinancing rate – how much banks have to pay when they borrow money from the ECB – to 1.25% from 0.5%. Read more: BBC News
U.S. stock futures were higher Friday morning following a choppy trading session as traders considered Federal Reserve Chair Jerome Powell’s latest comments on inflation. Dow Jones Industrial Average futures rose by 85 points, or 0.27%. S&P 500 and Nasdaq 100 futures climbed 0.33% and 0.53%, respectively. Read more: CNBC
China’s consumer prices rose at a slower-than-expected pace in August while producer inflation hit an 18-month low, pointing to weak domestic demand in the world’s second-largest economy. The consumer price index (CPI) increased 2.5 percent from the same month a year earlier, National Bureau of Statistics (NBS) data showed on Friday, slower than 2.7 percent in July. Read more: Al Jazeera
Eleven countries in Central Africa plan to build a string of oil & gas pipeline systems, refineries, LNG terminals, storage depots and power plants, in a bid to solve the region’s energy dependency problem. The move has become necessary for the region which, despite having oil and gas deposits, still depends on importation to meet its refined energy needs. And that’s because many oil-producing countries in the region cannot refine their crude oil. Among the countries are Cameroon, Chad, Gabon, Angola, Equatorial Guinea, the Democratic Republic of Congo, etc. Read more: Business Insider
Capital Markets Report
In 66 trades recorded yesterday, 104,855 shares were transacted resulting in a turnover of K247,654. A share price gain was recorded in Zambeef of K0.01. A share price loss was recorded in Zanaco of K0.01. Trading activity was also recorded in Pamodzi, Standard Chartered Zambia, Zambia Breweries and Zambia Sugar. The LuSE All Share Index (LASI) closed at 7,056.22 points, 0.04% down from its previous close of 7,058.84 points. The market closed on a capitalization of K71,646,126,340 including Shoprite Holdings and K36,863,440,900 excluding Shoprite Holdings.