Financial Insights
No Result
View All Result
  • Home
  • World
  • Opinion
  • Economy
  • Business
  • Culture
  • Politics
  • Lifestyle

    Trending Tags

    • COVID-19
    • Donald Trump
    • Pandemic
    • Bill Gates
    • Corona Virus
  • Tech
SUBSCRIBE
  • Home
  • World
  • Opinion
  • Economy
  • Business
  • Culture
  • Politics
  • Lifestyle

    Trending Tags

    • COVID-19
    • Donald Trump
    • Pandemic
    • Bill Gates
    • Corona Virus
  • Tech
No Result
View All Result
Financial Insights
No Result
View All Result
Home Opinion Economy

Daily FiZ – Friday 10/03

Natasha Sichone by Natasha Sichone
March 10, 2023
Reading Time: 8 mins read
0
Daily FiZ – Tuesday

Good morning. Here’s what you need to know to start your day.

  • Government releases K10.9 billion in February 2023 for budget execution

  • China’s Xi gains unprecedented third term as president

  • Lower Earnings Per Share for Standard Chartered shareholders and the Bank posts a 31% decline in profit after tax

Story of the Day

Thursday 22 February 2023 will see the inaugural publication of Standard Bank’s Africa Trade Barometer. The Barometer is expected to become Africa’s leading trade index. Present in 20 African markets and supporting trade activities in many more, Standard Bank of which Stanbic Bank is a member, enjoys a uniquely privileged view of Africa, “especially its rapidly emerging enterprises heavily focused on domestic, cross-border and global trade,” said Edward Kara Banda, Head of Business & Commercial Banking Stanbic Bank. Trade is deeply rooted in Africa’s DNA and integral to its history and future development. As such, MrBanda believes Africa’s largest bank by assets and so single-mindedly committed to Africa’s growth has a duty to “leverage its privileged position, presence and insight to intelligently inform and grow the continent’s trade ecosystem.” Read more

RELATED POSTS

Naspers shuts down Foundry, its $100M fund focused on South African startups

African Development Bank and partners invest $618 million in Nigeria’s digital and creative industries

Invest Africa Visits Zambia

In Local Business News Sponsored by

Fitch Ratings has revised Eastern and Southern African Trade and Development Bank’s (TDB) Long-Term Outlook to Stable from Positive, while affirming its Issuer Default Rating (IDR) at ‘BB+’. The revision of the Outlook to Stable from Positive reflects downside risk to Fitch’s assessment of TDB’s Standalone Credit Profile (SCP) stemming from heightened credit risk, primarily due to its exposure to the Zambian sovereign (accounting for 7% of total loans). To facilitate the IMF-led debt restructuring, TDB approved a rollover of Zambian debt maturities in 2022. However, delays in the debt restructuring discussions mean Zambia was unable to resume payments to TDB following the expiry of the accommodation period in 2022. Read more: Fitch Ratings 

Zambia’s anti-graft agency arrested and charged the country’s auditor general, accusing him of engaging in corrupt practices involving more than 1.1 million kwacha ($54,475).  The charges filed against Dick Sichembe include obtaining goods under false pretenses, conspiring to defraud the government and theft, the Anti-Corruption Commission said in a statement Thursday. Read more: Bloomberg 

Zambia’s Ministry of Finance and National Planning has announced that K10.9 billion was released in February 2023 to fund various public service delivery programs. The funds were disbursed as follows: K3.6 billion was released for public service wage bills, K3.5 billion was spent on debt service and other liabilities, K1.5 billion was released for transfers, subsidies and social benefits, K1.7 billion was released for general operations and program implementation, and K573.5 million was spent on capital expenditure for road infrastructure. Read more: Lusaka Times

African governments and Zambia’s new dawn government in particular may have a lesson to learn from Central American negotiation skills after the confirmation that the Panama government has secured a minimum of $375 million per annum from First Quantum Minerals – FQM. Read more: Zambian Business Times 

Zambia and the Democratic Republic of Congo (DRC) have commenced high-level, bilateral discussions about the Kasomeno-Mwenda Toll Road Project (KMTR) and one-stop border posts (OSBP) being developed by GED Africa Ltd. The inaugural Kasomeno-Mwenda Border Discussions were held in Livingstone, Zambia, from 2nd to 4th March 2023, and were led by the Republic of Zambia’s Minister of Infrastructure, Housing, and Urban Development, the Hon. Charles Milupi, and Nico Nzau Nzau, the Director-General of the ACGT in the DRC. The three-day workshop focused on the structured layers of the joint steering committees and how to harmonize legal frameworks for the One Stop Border Post Agreement (OSBPA). The steering committees are composed of senior representatives from various ministries, the Road Development Agency (RDA), and Agence Congolaise des Grand Travaux (ACGT), Zambia and DRC’s road works agencies, respectively. The workshop was hailed as a significant milestone in efforts to actualize the project. Read more: Lusaka Times

Buy JNews
ADVERTISEMENT

About 11 million Zambians are now using mobile money transactions for their businesses and daily transactions. Zambia Information and Communication Technology Authority -ZICTA Corporate Communications Manager Hanford Chaaba says the 11 point 2 million people using mobile money at end of 2022 is a 13 percent increase from 9 point 8 million in 2021. Mr. Chaaba has told ZNBC News that even the amount of money transferred through mobile money has increased from 1-hundred and 69 billion kwacha in 2021 to 2-hundred and 95 billion kwacha last year. This is according to the 2022 ZICTA Annual Market Performance Report for the Information and Communication Technologies Sector. Read more: ZNBC 

Five agribusiness companies have been identified to be supported under the Zambia Agriculture Value Chain Facility meant to trigger sustainable growth and job creation in the industry. These companies are Galaunia Farm Limited, Southern Cattle Company, Damust FARMS Limited, Waka Waka Estates and Matuka agri. These companies will receive support through the Zambia National Commercial Bank (ZANACO) PLC, which will on-lend a portion of €6.5 million. This is part of the €30 million-EUR facility set up by ZANACO in 2016 in partnership with the European Investment Bank (EIB) aimed at providing support to farmers across the entire agricultural value chain. Read more: Zambia Monitor

In International Business News

The U.K. economy grew by 0.3% in January, official figures showed on Friday, exceeding expectations as it continues to fend off what economists see as an inevitable recession. Economists polled by Reuters had projected a 0.1% monthly increase in GDP. GDP was flat over the three months to the end of January, the Office for National Statistics said. “The services sector grew by 0.5% in January 2023, after falling by 0.8% in December 2022, with the largest contributions to growth in January 2023 coming from education, transport and storage, human health activities, and arts, entertainment and recreation activities, all of which have rebounded after falls in December 2022,” the ONS found. Production output fell by 0.3% in January after growing 0.3% in December, while the construction sector dropped 1.7% in January after flatlining the previous month. Read more: CNBC

Chinese leader Xi Jinping gained an unprecedented third term as president of the country on Friday. Xi was widely expected to stay on as president in this month’s largely ceremonial parliamentary meeting, known as the “Two Sessions.” The annual gathering marks the meetings of an advisory group and a legislature, the National People’s Congress. Delegates to the congress on Friday also formally reappointed Xi as chairman of the Central Military Commission. Xi rose through China’s political ranks, becoming president in 2013 and abolishing term limits in 2018. Read more: CNBC 

U.S. Energy Secretary Jennifer Granholm said the United States and the European Union were in talks about a free trade-style deal around clean technology, the Financial Times reported on Friday. “We don’t want to see any trade rivalry. And we’re in discussion with our EU counterparts about how to make sure we can do this in a way that lifts all,” Granholm told FT in an interview. The U.S. was seeking to build a “backbone” of manufacturing to reverse decades of deindustrialization and break dependence on China, the FT reported Granholm as saying. Read more: Reuters

The European Union struck a deal on Friday to cut final energy consumption across the bloc by 11.7% by 2030, a goal lawmakers said would help fight climate change and curb Europe’s use of Russian fossil fuels. The deal was agreed after all-night talks between negotiators from EU countries and the European Parliament. Hitting the targets will require countries to renovate millions of draughty buildings to waste less energy. Constructing and using buildings produces a third of EU greenhouse gas emissions, and with most European buildings heated by fossil fuels, the goal is crucial to the EU’s efforts to combat climate change. Read more: Yahoo Finance

The European Central Bank will step up its fight against stubborn inflation by raising interest rates four more times and unwinding its €5 trillion ($5.3 trillion) bond portfolio at a quicker pace, according to a Bloomberg survey of economists. Three hikes of 25 basis points each will follow next week’s all-but-certain half-point move — bringing the deposit rate to 3.75% in July, respondents said. Goldman Sachs and Deutsche Bank both predict that level, though they expect it to be reached in June. On the upper side, Morgan Stanley and Barclays see a so-called terminal rate of 4% — matching money-market expectations. JPMorgan and Citi, meanwhile, say the ECB will probably stop at 3.5%. Read more: Yahoo Finance

The United States’ candidate to head the World Bank, Ajay Banga, on Wednesday called for a revamp of the development model to better meet the challenge of climate change. Banga, who is on trip to Kenya, said the world cannot continue to “pursue the prior model of (an) emission heavy growth system,” and rallied for adaptation. “We cannot afford it, our children cannot afford it,” he told reporters in Nairobi. The 63-year-old Indian American was last month nominated by US President Joe Biden to head the global lender after its current chief David Malpass announced plans to step down early. Read more: Africa News 

Finally, Capital Markets News

In accordance with the Lusaka Securities Exchange (“LuSE”) Listings Requirements, the Board of Directors of Standard Chartered Bank Zambia PLC (“the Bank”) hereby advises the Shareholders of the Company that the Earnings per Share for the year ended 31st December 2022 is K0.15 compared to earnings per share of K0.21 for the year ended 31 December 2021. The 2022 profit after tax decreased by 31% year on year primarily attributed to a decrease in revenue on account of a drop in interest income from investment securities which were impacted by declining Treasury bill rates. This was negated by a 79% growth on net fee and commission income driven by financial markets products coupled with increased custody business activities. The Bank further recorded an impairment release of ZMW 10m compared to a release of ZMW 202m in 2021. Read more

In 32 trades recorded yesterday, 257,682 shares were transacted resulting in a turnover of K964,859.08. Trading activity was recorded in CEC Zambia, Madison Financial Services, Zambeef, and Zanaco. The LuSE All Share Index (LASI) maintained its close at 7,227.17 points. The market closed on a capitalization of K72,390,239,909.89 including Shoprite Holdings and K37,607,554,469.89 excluding Shoprite Holdings.

Picture of the Day

Yesterday, the ERB held a Public Hearing following an application by ZESCO Limited to Revise Electricity Tariffs.
For any feedback on the stories captured on the Daily FiZ, email Natasha on dailyfiz@fizambia.com

Sharing is caring!

  • Facebook
  • Twitter
  • LinkedIn
ShareTweetPin
Natasha Sichone

Natasha Sichone

Related Posts

Naspers shuts down Foundry, its $100M fund focused on South African startups
Economy

Naspers shuts down Foundry, its $100M fund focused on South African startups

March 23, 2023
African Development Bank and partners invest $618 million in Nigeria’s digital and creative industries
Business

African Development Bank and partners invest $618 million in Nigeria’s digital and creative industries

March 23, 2023
Invest Africa Visits Zambia
Economy

Invest Africa Visits Zambia

March 22, 2023
Daily FIZ – Monday 20/03
Economy

Daily FIZ – Monday 20/03

March 20, 2023
Debt Restructuring in Ghana: The Consequences of Including Individual Bondholders in Government’s Domestic Debt Exchange Programme
Economy

Debt Restructuring in Ghana: The Consequences of Including Individual Bondholders in Government’s Domestic Debt Exchange Programme

March 19, 2023
Daily FiZ – Tuesday
Economy

Daily FiZ – Friday 17/03

March 17, 2023
Next Post
Daily FiZ – Thursday 09/04

ZCCM-IH NOTICE OF EXTRAORDINARY GENERAL MEETING

PUMA- FY 2022 TRADING STATEMENT

PUMA- FY 2022 TRADING STATEMENT

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended Stories

Demystifying the Analysis of Zambian Banks Performance

December 3, 2017

BCCZ WELCOMES VISA REQUIREMENT WAIVER FOR UK TRAVELLERS

October 20, 2022

CEC PLC – FY 2022 ABRIDGED FINANCIALS

March 8, 2023

Popular Stories

    About Us

    The Financial Insights of Zambia was established in 2017 as a follow up to the success of The Financial Health of Zambia’s Premier Companies blog which was birthed as an idea that would address the challenge Zambian investors had in understanding how companies within the economy created value. Armed with the annual reports of companies listed on the Lusaka Stock Exchange, we bring business analysis and valuation of these premier companies.

    What’s New Here!

    • Naspers shuts down Foundry, its $100M fund focused on South African startups
    • African Development Bank and partners invest $618 million in Nigeria’s digital and creative industries
    • Presidential Boost for the Innovators
    • Invest Africa Visits Zambia
    • Daily FIZ – Monday 20/03
    • Debt Restructuring in Ghana: The Consequences of Including Individual Bondholders in Government’s Domestic Debt Exchange Programme

    Newsletter

    Get daily news updates to your inbox!

    Subscribe to our mailing list to receives daily updates direct to your inbox!

    © 2023 - Fizambia.com - All Rights Reserved

    No Result
    View All Result
    • Home
    • Business
    • Culture
    • Economy
    • Lifestyle
    • Health
    • Travel
    • Opinion
    • Politics
    • Tech
    • World
    • Support Forum
    • Contact Us

    © 2023 - Fizambia.com - All Rights Reserved

    Are you sure want to unlock this post?
    Unlock left : 0
    Are you sure want to cancel subscription?