Story of the Day
As part of its drive to help government improve health services in Solwezi, First Quantum Minerals (FQM) has handed over the newly renovated Kainamfumu Clinic and Muzabula Clinic, as well as completing the Solwezi District Health office. For many years local people have travelled long distances for health services; the construction of these facilities will help the people of Solwezi access health services more easily within their community. The rehabilitation of the health centres and Solwezi Health District office is part of the global metals and mining company’s work in the communities through their health and wellness unit called ‘butuntulwanyaunda’ which means ‘community health.’ Read more
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President Hakainde Hichilema has wondered why Africa has poor people when it is probably the richest continent. And President Hichilema says as a student in Europe, he detested people referring to Africa as an example of lack of reliability and credit worthiness. Speaking during the Zambia–Namibia Business Forum, Thursday, President Hichilema said he shared a vision of unlocking Africa and taking out the embarrassment it suffered at the global stage. “This Walvis Bay corridor is crucial not just to Zambia but to Congo DR and eastern part of Angola. This corridor is bigger and more important than we can imagine. Read more: News Diggers
Finance Minister and National Planning Minister Dr Situmbeko Musokotwane says the soon-to-be convened follow-up official creditors meeting is an opportunity for Zambia “to rise from the ashes” and become a trusted global investment partner. Read more: News Diggers
The Bankers Association of Zambia has assured that banks are aligned with President Hakainde Hichilema’s call to reduce lending rates, saying internal reviews to this effect are already underway. During the launch of the Western Province Expo recently, President Hichilema urged banks to reduce their interest rates because government had done its part by reducing inflation and stabilising the exchange rate. Read more: News Diggers
Transport and Logistics Minister, Frank Tayali, says government will modernise aviation facilities in Western province including Mongu and Liuwa Airports. Mr. Tayali says the Mongu Airport will be modernised to include a passenger terminal, cargo handling and fueling facilities, while Liuwa will be developed into a modern tourist Airport. He says the geographical position of Western Province makes the area most ideal as a gateway for Zambian exports and imports. Read more: ZNBC
The Cost of living for a family of five in Lusaka as measured by the Jesuit Centre for Theological Reflection (JCTR) Basic Needs and Nutrition Basket for month of September 2022 stood at K8, 850.38.Ngwee. This development follows a recorded decrease of K227.48.Ngwee from the month of August as disclosed by JCTR Social and Economic Development Programmes Manager Muchimba Siamachoka. Read more: Money FM
Zambia Association of Manufacturers (ZAM) says it will engage Government to look for other avenues to reach the 2030 manufacturing to Gross Domestic Product (GDP) target. Reacting to the 2023 national budget, Association President Ashu Sagar noted that currently, the sector’s contribution to GDP at less than 10% remains low to attain real socio-economic transformation. Read more: Money FM
Zambia is hosting a two-day business summit in Lusaka this week to try to attract American investors to the country. Zambian officials say they want to diversify the economy and decrease dependence on extractive industries such as copper, which account for most of the country’s exports. Zambia’s Commerce Minister Chipoka Mulenga said the U.S. should be a key partner in that effort. Read more: All Africa
China is willing to strengthen cooperation with Zambia in agriculture, mining and the activation of the Tanzania-Zambia Railway Authority (TAZARA). Ambassador Du Xiaohui gave the assurance during a meeting with Alexander Lawrence, President of the Lusaka Chamber of Commerce and Industry (LCCI). It is anticipated the business associations and communities of the two countries will serve as communication bridges, continue to deepen understanding and achieve mutual benefits. Read more: CAJ News Africa
International Business and Finance
Consumer prices in the US rose more than expected last month in a sign that the inflation fight in the world’s largest economy is far from over. Inflation, the rate at which prices rise, was 8.2% in the 12 months to September, down from 8.3% in August. Despite the fall, the figure was still higher than forecast. Read more: BBC News
The Japanese yen touched a 32-year low against the US dollar after official figures showed that prices had risen faster that expected in America. The yen fell to 147.66 against the US dollar before regaining some ground. Japanese Finance Minister Shunichi Suzuki said the government will take “appropriate action” against the currency’s volatility. In a rare move last month, Japan spent almost $20bn (£17.6bn) to prop up the country’s struggling currency. Read more: BBC News
The Biden administration asked Saudi Arabia, the de-facto leader of oil producer group OPEC, to delay its decision on oil output by a month, the kingdom said in a statement. Read more: CNBC
Apple will soon allow iPhone users to put credit card rewards from Apple Card and additional funds from separate bank accounts into an interest-bearing savings account. In a press release Thursday, Apple said the feature is expected to launch in the “coming months,” and the FDIC-insured account will be administered by Goldman Sachs, the bank and lender behind the Apple Card. Apple said it isn’t announcing an annual yield yet as interest rates are moving rapidly. Read more: CNBC
Capital Markets Report
In 110 trades recorded yesterday, 91,768 shares were transacted resulting in a turnover of K362,192. A share price gain was recorded in Zambeef of K0.05. Trading activity was also recorded in AECI, Bata, Copperbelt Energy Corporation, Chilanga Cement, Standard Chartered Zambia, Zanaco and CEC Africa on the quoted tier. The LuSE All Share Index (LASI) closed at 7,232.76 points, 0.05% up from its previous close of 7,229.31 points. The market closed on a capitalization of K72,414,586,522 including Shoprite Holdings and K37,631,901,082 excluding Shoprite Holdings.