Good morning. Here’s what you need to know to start your day.
-
Ministry of Information and Media graces the Financial Insight TV launch
-
“US will safeguard its national security, even if it comes at an economic cost to its relationship with China” – US Treasury Secretary Janet Yellen
-
ZCCM-IH releases details of Extraordinary General Meeting
Story of the Day
Information and Media Permanent Secretary Kennedy Kalunga has challenged the media industry to place more emphasis on financial reporting to grow the economy. Speaking during the launch of the Financial Insight Zambia TV program, Mr. Kalunga said Government is implementing a wide range of reforms in the financial sector to revive the economy. He said government is pleased with the initiative that private entities have taken over the years to bridge the information gap that exists in the financial space. Meanwhile, Stanbic Bank Chief Executive Officer Mwindwa Siakalima said the bank is happy to partner with institutions that promote financial literacy and will support the growth journey of the institution. And KPMG Managing Partner Jason Kazilimani said financial journalism in Zambia is not popular and the organisation aims to support the growth of media houses. And FIZ Founder Mwelwa Chibesakunda advised journalists not to give up on the dream of entrepreneurship because it exists even in Journalism. Read more: ZNBC
In Local Business News Sponsored by
The Financial Intelligence Centre Annual Report for 2022 has revealed that it recorded 239,717 Currency Transaction Reports (CTRs) in 2022. And the Report revealed that the Centre imposed administrative sanctions on four Reporting Entities for not reporting Suspicious Transactions and failure to establish compliance programmes. The Centre stated that out of the 239,717 CTRs recorded, 148,943 related to corporates while 90,774 related to individuals. In 2022, number of CTRs 239,717, in 2021, number of CTRs 145,852, in 2020, number of CTRs 129,826. In 2022, Corporates 148,943, individuals 90,774, in 2021 corporates 92,604, individuals 53,243, in 2020 corporates 85,095, individuals 44,731. Read more: News Diggers
An agreement to improve the capacity of smallholder farmers in Zambia by improving their access to climate and other inclusive insurance products has been sealed by the Pensions and Insurance Authority (PIA) and International Finance Corporation. This will run until 2025 to facilitate the Zambia Climate Insurance Market Development Project. The Project aims to facilitate the issuance of at least 1.5 million insurance policies and the generation of a total gross premium volume of at least US$4 million by its completion date in 2025, says PIA acting Registrar, Namakau Ntini. Ntini explained that activities under the Project would seek to improve the insurance market’s capacity to develop, underwrite, and effectively distribute inclusive climate insurance products, and insurance consumer awareness. Read more: Zambia Monitor
Zambia Council for Social Development (ZCSD) has called on government to appoint the Financial Intelligence Centre (FIC) board. Speaking in an interview with Money FM News, Council Executive Director Leah Mitaba said the Centre has been operating without top leadership for close to two years and this tends to undermine the work of the institution. Ms. Mitaba noted that appointing a board will allow for recruitment of the FIC Director which is a very important and strategic position. Read more: Money FM
Dr. Elias Munshya, the new High Commissioner of Zambia to New Zealand, presented his Letters of Credence to Her Excellency Dame Hellen Winkelmann, Administrator of the Government of New Zealand, at a ceremony held at Government House. The event marked his formal accreditation as the High Commissioner of Zambia to New Zealand. Dr. Munshya highlighted that President Hakainde Hichilema’s administration is committed to strengthening the economic ties between Zambia and New Zealand. He emphasized the importance of bilateral relationships and expressed his enthusiasm to explore potential opportunities for cooperation. Furthermore, Dame Winkelmann noted that both New Zealand and Zambia share a commitment to sustainable agriculture. She highlighted that New Zealand has already partnered with the Zambian Government on a dairy project that focuses on improving milk quality and productivity among smallholder farmers in Zambia. The US$7.5 million project is an important part of the New Zealand’s aid program. Read more: Lusaka Times
Bank of Zambia Exchange Rates
Currency | Buying | Selling |
---|---|---|
USD | 17.3475 | 17.3975 |
GBP | 21.5907 | 21.6599 |
EUR | 19.0337 | 19.0903 |
ZAR | 0.9598 | 0.9627 |
In International Business News Sponsored By
The United States will safeguard its national security, even if it comes at an economic cost to its relationship with China, US Treasury Secretary Janet Yellen said on Thursday. “Even though these policies may have economic impacts, they’re driven by straightforward national security considerations, and we will not compromise on these concerns even when they make those tradeoffs with our economic interests,” Yellen said. She echoed warnings made against China from US officials such as Secretary of State Antony Blinken that the country should not assist Russia in its war with Ukraine, otherwise “the consequences of any violations would be severe.” Read more: CNN
African blockchain startups raised $474m in 2022, up 429% in a year, according to the African Blockchain Report 2022, published by blockchain venture capital company CV VC in association with Standard Bank. The overall number of deals on the continent grew by 12%, with deals in the areas of infrastructure, personal identification, record-keeping, and access to financial independence. African venture funding grew by 34% to $3.14bn, with blockchain accounting for a 15% share of all venture funds in Africa. “Combining the sharp increase in blockchain funding with the fact that Africa had the smallest global increase in the number of blockchain deals, yet the only region globally exhibiting increases in all deal sizes, indicates that African blockchain startups are raising larger cheques and investors are gaining confidence. This is against the backdrop that Africa’s share of all global funding has risen more than any other region by a considerable margin,” write the report’s authors. Read more: African Business
The People’s Bank of China said Thursday it expects consumer prices to pick up this year, and that the central bank is not expecting inflation or deflation to become a significant problem for China. China’s consumer price index hit an 18-month low in March, and rose 0.7% year-on-year. The lackluster inflation print has added to concerns of soft demand by Chinese consumers. However, retail sales for March grew by a more-than-expected 10.6% from a year ago. “As the effect of financial support becomes more evident, consumer demand has hope to recover further, and in the second half of the year prices may gradually recover to the average level of past years,” said Zou Lan, director of the PBOC’s monetary policy department. The U.S. dollar fell on Thursday as weak data reinforced expectations the world’s largest economy is likely headed toward recession, further supporting the view that the Federal Reserve could pause in June after another expected rate hike next month. The greenback hit session lows against the yen and euro after data showed higher weekly jobless claims, a precipitous drop in mid-Atlantic business activity, and lower existing home sales. Read more: Reuters
Africa’s millionaire population is expected to rise by 42% over the next 10 years, reaching around 195,000 by 2032, according to the 2023 Africa Wealth Report published by Henley & Partners in partnership with wealth intelligence firm New World Wealth. Mauritius is predicted to be the standout, with 75% growth forecast for the next decade. Strong high-net-worth individual (HNWI) growth of 60%+ is also forecast in Namibia, Rwanda, Zambia, the Seychelles, the Democratic Republic of the Congo, and Morocco. Rwanda is shown to be the top performing market in Africa over the last decade (2012-22), with millionaire growth of 72%, followed by Mauritius, the Seychelles, Uganda, and the Democratic Republic of the Congo. Read more: African Business
With more than 41 million people at risk during the lean season this year, Food insecurity situation is becoming alarming in West and Central Africa. This is according to the World Bank which also estimates in a new report published on 12 April, that 29 million people are currently dependent on emergency food aid. The financial institution blamed the high incidence of malnutrition in the region on fragility and conflict, high levels of poverty, accelerating climate change, low agricultural productivity, and environmental degradation. The latest warning on food insecurity is also echoed by the the United Nations food agency the World Food Programme (WFP) which estimates its figures as many as 48 million people across western and central Africa as efforts to contain inflation contribute to food shortages. Read more: Africa News
ZCCM Investments Holdings Plc on 9th March 2023 published an announcement on the holding of an Extraordinary General Meeting on 31st March 2023, and also released a detailed circular which outlined the terms of the Royalty Transaction in relation to its 20% shareholding in Kansanshi Mine PLC. As stated in the circular, all transaction documents, including those referred to as an Appendix, were available for inspection to shareholders for 21 days during normal business hours between 09 to 31 March 2023 from the registered office of the Company. At the EGM, which was held on the 31st of March 2023, the Board made a comprehensive presentation to shareholders, which included a question and answer session to clarify and address any matters of uncertainty. Furthermore, shareholders were invited to make any submissions regarding their views on the Transaction. Read more
In 35 trades recorded yesterday, 10,561 shares were transacted resulting in a turnover of K28,378.05. Share price gains of 0.03 and 0.10 were recorded in ZAMEFA and Zanaco respectively. Trading activity was also recorded in AECI, CEC Zambia, Chilanga Cement, Standard Chartered Bank Limited, Zambeef and Zambia Sugar as well as CEC Africa on the quoted tier. The LuSE All Share Index (LASI) cloesed at 8,021.24 points, 0.42% points higher than its previous close at 7,987.89 points. The market closed on a capitalization of K75,846,700,120.46 including Shoprite Holdings and K41,064,014,680.46 excluding Shoprite Holdings.
Picture of the Day