Story of the Day
The Zambia Chamber of Mines is backing the aggressive development in mining of ‘green metals’ in the Southern African region. In an interview conducted at the ZCCM IH stand with China Global Television Network at the recently ended Cape Town Mining Indaba in South Africa, the CEO of Zambia’s Chamber of Mines stated that Zambia and the Southern African region were well positioned to play a major role in the supply of metals essential to drive the development of green energy. Read more
Local Business and Finance Sponsored By Liquid Intelligent Technologies
The ramp-up of the copper oxide and copper sulphide circuit at the Project Roan copper concentrator near Kitwe, in Zambia, was scheduled to start this month, according to diversified metal recovery business Jubilee Metals’ interim results for the six months ended December 31, 2021. Read more: Mining Weekly
Vice President Mutale Nalumango has described the just ended inaugural European Union (EU) -Zambia Economic Forum as a successful meeting that will change the economic landscape of Zambia. Mrs. Nalumango said the forum must be used as a springboard to strengthen and remodel the longstanding trade and investment relations between Zambia and the EU. Speaking when she officially closed the EU-Zambia Economic Forum, Mrs. Nalumango urged Zambian businesses to take a leading role in forging partnerships with EU firms and penetrate the European market. Read more: Lusaka Times
Government has signed an MoU with ASSECO, Europe’s sixth biggest software company to set up a 10-million Euros joint venture company aimed at improving the operations of ZAMPOST. Minister of Science and Technology Felix Mutati says the MoU will see the digitizing of ZAMPOST operations. He adds that the MoU is the beginning of transforming ZAMPOST which will have an opportunity of having e-Banking and Ecommerce. Read more: Lusaka Times
Prudential Zambia, revealed the company’s new brand campaign which is purposed to position Prudential as the face of life and health insurance in Zambia, through a brand and marketing campaign called, ‘WE DO.’ At an event that Prudential Zambia held yesterday in Lusaka, Chief Executive Officer, Kachiza Kwenda said that at the core of what WE DO is people “We are committed to making a positive impact on our customers, our employees, and our communities by delivering the best financial protection and health solutions to people so they can get the most out of life”, he said. Read more: Zambian Business Times
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Africa’s multilateral trade finance institution, the African Export-Import Bank (Afreximbank), has signed a deal with the African Petroleum Producers Organisation (APPO) for the creation of an energy bank. The deal followed pressure from Nigeria and other oil-producing African countries to float a bank that will cater to the energy needs of the continent as a result of declining global investment in the oil and gas sector. Recently, the Minister of State, Petroleum Resources, Chief Timipre Sylva, while marshalling reasons for the urgent need to establish the bank, stated that it will help boost business activities in the sector on the continent. Read more: All Africa
The Ethiopian Investment Holdings (EIH) said it has signed an agreement with Ethiopia’s Ministry of Finance and FSD Africa to establish the first stock exchange in the Horn of Africa. The new bourse would be known as the Ethiopian Securities Exchange, Business Insider Africa gathered.In a press statement that was issued via Twitter, EIH explained that the new stock exchange would play a pivotal role in facilitating investments in the country. It would also avail Ethiopian companies and entrepreneurs access to long-term financing options for their businesses. Read more: Business Insider
The Rwandan private sector is set to receive a $150 million stimulus package from the government aimed at fast-tracking economic recovery in the East African country. The fund would be disbursed mainly to businesses operating in the manufacturing sector. This is to help them boost output, whilst helping the country deal with soaring consumer prices and imported inflation. Read more: Business Insider
Sri Lanka has defaulted on its debt for the first time in its history as the country struggles with its worst financial crisis in more than 70 years. It comes after a 30-day grace period to come up with $78m of unpaid debt interest payments expired on Wednesday. The governor of the South Asian nation’s central bank said the country was now in a “pre-emptive default”. Later on Thursday, two of the world’s biggest credit rating agencies also said Sri Lanka had defaulted. Read more: BBC News
Capital Markets Report
In 121 trades recorded yesterday,16,263 shares were transacted resulting in a turnover of K32,787. Share price gains were recorded in Standard Chartered Zambia of K0.01 and in CEC Africa on the quoted tier of K0.01. Trading activity was also recorded in Airtel, Copperbelt Energy Corporation, Investrust, Chilanga Cement, Zambia Breweries, ZCCM, Zambeef, Zanaco, and Zambia Sugar. The LuSE All Share Index (LASI) closed at 6,786.85 points, 0.06% up from its previous close of 6,783.02 points. The market closed on a capitalization of K70,473,502,698 including Shoprite Holdings and K35,690,817,258 excluding Shoprite Holdings.