Story of the Day
The mining sector will continue to be a factor in the development of Zambia. This is why Zambia’s mining investment house, ZCCM IH, has positioned itself strategically in the extract industry to make the most an evolving business environment that was fraught with COVID. “There is a wave and rise in the price of commodities”, said Dolika Banda Board Chair of ZCCM IH during an interview with SABC at the Mining Indaba in Cape Town. “It is important this year that we take advantage of setting the foundations of how Africa benefits from the extractive industry”. Read more
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President Hakainde Hichilema has called for enhanced cooperation between Zambia and China in various sectors of the economy. President Hichilema says Government has taken keen interest in the achievements of China and would like to learn from the Asian country. He says Zambia wants to cooperate with China in exploiting and adding value to raw materials so that the country can start exporting finished products. The head of state also says Government is in a hurry to enhance cooperation with China in the making of batteries for electric vehicles. Read more: ZNBC
Zambia Revenue Authority -ZRA- will soon launch an intensive awareness campaign among small-scale cross border traders with the aim of changing their attitude and perception towards taxation. ZRA Acting Corporate Communications Manager Oliver Nzala says the tax sensitization campaign will equip cross border traders with more information and knowledge on various tax processes. Read more: ZNBC
President Hichilema was speaking at State House yesterday afternoon when USA visiting Secretary for Economic Growth, Energy and the Environment Jose Fernandez called on him. Speaking earlier, Mr Fernandez hailed Zambia for having huge economic potential. He said his country stands ready to partner with Zambia to create jobs and prosperity. Mr Fernandez said the partnership between the two countries is extremely important. Read more: Lusaka Times
Former Energy Minister David Mabumba says the growing competition in the petroleum sub-sector will ensure the delivery of quality petroleum products. In an interview, Tuesday, Mabumba, however, said locals should also get involved in the petroleum sub-sector by partnering with foreigners. Read more: News Diggers
News from Cape Town Mining Indaba Sponsored by HLB Zambia
The Joe Biden administration told Africa’s leading mining executives and officials this week that they are poised to play a key role in the clean-energy revolution, but only if African officials clean up corruption and other problems in the sector. In a 10 May keynote address to South Africa’s Mining Indaba – the world’s largest mining investment conference – Jose Fernandez, the under secretary of state for economic growth, energy and the environment, laid out his government’s energy policy priorities. These include a “just and inclusive clean energy transition”; the creation of “robust, sustainable, and transparent supply chains for critical minerals”; and the promotion of transparent financial and regulatory environments and natural resources management. Read more
Democratic Republic of Congo Mines Minister Antoinette N’Samba Kalambayi is seeking to cancel a decree granting Entreprise Generale du Cobalt (EGC) a monopoly over artisanal cobalt produced in the country, she told Reuters on Wednesday. Artisanal miners, who dig cobalt with rudimentary means, are the world’s second largest source of the metal used in electric vehicle batteries after the Congo’s industrial mines. Read more: Read more
Major mining countries in Africa on Monday highlighted the great potential and prospects in Africa’s mining sector in “green metals” and other minerals while expecting investment in the sector to bring more benefits to the local community through building on value chains. As the Just Transition to a low-carbon future will drive the demand for green metal resources, Africa has such abundant and untapped resources, like lithium, copper, cobalt, nickel, and zinc, South African Minister of Mineral and Energy Resources Gwede Mantashe told the delegates. Read more
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Somebody cue the stock market’s park ranger: Bears are having a picnic on Wall Street this year. The meltdown of 2022 has wiped out more than $7 trillion in market value from the blue chip stocks in the S&P 500. The index is down nearly 18% since the end of December. The S&P 500 is now barely above bear market levels (i.e. a 20% decline from a recent closing high) following a 0.1% drop Thursday. The Dow, which fell about 104 points, or 0.3%, Thursday, is down more than 13% this year as well. Tech stocks have been hit particularly hard. The Nasdaq did manage to eke out a slight gain Thursday but it has plunged 27% this year, putting it deep into bear market territory. Nearly $3 trillion of the S&P 500’s market cap drop is from the tech sector. Read more: CNN
he US Senate on Thursday overwhelmingly confirmed Jerome Powell to a second term as chairman of the Federal Reserve. The final vote was 80-19. “Few institutions are more important to help steer our economy in the right direction and to fight inflation than the Fed,” said Senate Majority Leader Chuck Schumer ahead of the vote. He added that “Chairman Powell presided as Fed chair during some of the most challenging moments in modern American history.” Read more: CNN
President Mnangagwa has commissioned the medical cannabis farm, and processing plant at Mount Hampden set up by Swiss Biocieuticals Limited in West Province, Zimbabwe. The Swiss Biocieuticals medical cannabis farm worth US$27 million is built with a state-of-the-art medicinal cannabis processing plant fitted with the first line of medicinal cannabis oil processing aimed at stimulating other bio-medical solutions and pharmaceutical products for both local and international markets. Read more: Business Insider
Bitcoin fell below $26,000 for the first time in 16 months, amid a broader sell-off in cryptocurrencies that erased more than $200 billion from the entire market in a single day. The price of bitcoin plunged as low as $25,401.29 on Thursday, according to Coin Metrics. That marks the first time the cryptocurrency has sunk below the $27,000 level since Dec. 26, 2020. Bitcoin has since pared its losses and was last trading at $28,569.25, down 2.9%. Read more: CNBC
Capital Markets Report
In 9 trades recorded yesterday, 1,116 shares were transacted resulting in a turnover of K14,584. Trading activity was recorded in Bata, Copperbelt Energy Corporation, Investrust, ZCCM and CEC Africa on the quoted tier. The LuSE All Share Index (LASI) maintained its close at 6,778.13 points, as there were no share price movements. The market closed on a capitalization of K70,435,507,368 including Shoprite Holdings and K35,652,821,928 excluding Shoprite Holdings.
