Story of the Day
Water activist and ultra-marathon runner Mina Guli has arrived in Zambia as part of the RUN BLUE campaign. The CEO of the Thirst Foundation, a non-profit organisation that is focused on delivering groundbreaking action on water, is running 200 marathons across the world in a year in preparation for her presentation to the UN Water Conference in March 2023. “I have seen this water crisis for myself and I want the world to see it. But not only to see it, but to take action to solve it,” says Mina Guli. Over the last six years, Guli has run thousands of kilometres across some of the harshest places in the world. She runs to raise awareness of the water crisis, to show the urgency of the problem we are facing and to drive action from people around the world. Read more
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Mines and Minerals Development Minister Paul Kabuswe has disclosed that government is investigating reports of suspected copper ore discovered in Lusaka’s Shantumbu area. Mr. Kabuswe has told Phoenix News that government is aware of the reports as it takes keen interest where minerals are discovered and has assured that a team of experts will be sent to the area to ascertain if indeed they are mineral resources. He adds that once the ministry concludes its investigations and exploration of the area, the nation will be informed on the way forward. Read more: Zambian Observer
The government says it plans to create a fund to support innovation and enterprise in the country with the support of the World Bank. Technology and Science Minister Felix Mutati said the World Bank has been Zambia’s partner in the development and disclosed that Zambia and the World Bank have agreed to work together in the areas of innovation and enterprises and smart schooling. Read more: Lusaka Times
The 41st ordinary session of the African Union -AU- Executive Council has opened in Lusaka with a call for unity of purpose among African countries towards the advancement of economic growth. Chargé d’ Affairs for the embassy of the republic of Cuba in Zambia Milens Caridad Zaldivar Piedra said unity of efforts among African countries is cardinal to address and strengthen food security on the continent. Read more: Lusaka Times
Transparency International Zambia (TI-Z) chapter president Sampa Kalungu says the Anti-Corruption Commission’s decision to suspend and dismiss some erring officers will slowly restore the institution’s dignity. Read more: News Diggers
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Ghana’s inflation hit 29.8% in June, the highest since December 2003. The country’s statistics office says surging food and commodity prices are responsible for the spike. The government has now turned to the International Monetary Fund (IMF) for a bailout plan expected to be worth $1.5bn. If granted, this will be the 17th time the country borrows from the IMF since independence in 1957. Read more: ZNBC
China’s economy has recorded its worst quarterly performance in over two years, after months of harsh Covid lockdowns wreaked havoc across the country. Gross domestic product in the world’s second largest economy expanded by just 0.4% in the three months to June 30, compared with the same period last year, according to the National Bureau of Statistics (NBS) on Friday. That was sharply lower than the 4.8% increase it registered in the previous quarter and far below the 1% growth estimated by economists in a Reuters poll. On a quarterly basis, GDP shrank 2.6%. Read more: CNN
The International Monetary Fund has warned of “economic collapse” in many African economies as the impact of the Russian-Ukraine war has worsened with commodity price shocks and increased cost of living for hundreds of millions of people. According to IMF Managing Director Kristalina Georgieva, inflation is now higher than expected. It has broadened beyond food and energy prices, prompting major central banks to announce further monetary tightening. Spikes in food and energy prices are hitting many African countries particularly hard, and they may need more grants and highly concessional financing. Furthermore, the rising interest rates in leading economies could lead to widening spreads for African econ with weaker fundamentals, making it more costly for them to borrow. Read more: Business Insider
The governor of Sri Lanka’s central bank, Nandalal Weerasinghe, has warned that the country may shut down if no stable government is formed soon. There is a “lot of uncertainty” over whether enough foreign exchange can be found to pay for essential petroleum, he told the BBC’s Newsnight programme. Progress on getting an international bailout package depended on having a stable administration, he said. Read more: BBC News
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In 24 trades recorded yesterday, 70,153 shares were transacted resulting in a turnover of K277,751. A share price gain was recorded in PUMA of K0.01. Trading activity was also recorded in AECI, Copperbelt Energy Corporation, Standard Chartered Zambia, ZCCM, Zanaco and Zambia Sugar. The LuSE All Share Index (LASI) closed at 6,867.01 points, 0.02% up from its previous close of 6,865.86 points. The market closed on a capitalization of K70,822,561,730 including Shoprite Holdings and K36,039,876,290 excluding Shoprite Holdings.