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Zambia among first countries proposed for digital payment in COMESA region
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Chinese hackers breached email accounts of top U.S. diplomats
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Zambia Forestry Industries completes forest inventory of plantation
Story of the Day
Capital markets are part of financial markets that bring buyers and sellers together to trade stocks, bonds, currencies, and other financial assets. The Securities and Exchange Commission made a presentation on innovation in the capital market as a way of educating, protecting investors, and improving capital market trading. During this presentation, the Securities and Exchange Commission, Directorate of Enforcement and Legal Services Officer, Mr. Kalonga Numero Sakala, stated that technology drives innovation in the capital market. The critical points in technological advancements are as follows. Read more
In Local Business News Sponsored by
Zambia has been proposed to be the first country in which a digital payment platform pilot project would be undertaken to promote financial inclusion in the Common Market for Eastern and Southern Africa (COMESA) region. COMESA, through its Business Council (CBC), will therefore next week convene the 5th Digital Financial Inclusion Public-Private Dialogue in Malawi to validate the draft operational plan for the implementation of the project. Teddy Soobramanien, CBC Chief Executive Officer, told the media in Lusaka on Thursday that this project would be piloted in eight countries, with Zambia being the first. He said Malawi would be the second country where the project would be piloted. “This is a game changer for COMESA. This scheme represents a remarkable opportunity to drive economic growth and financial empowerment for all Financial inclusion ecosystems are key to sustainable development and economic progress,” Soobramanien said. Read more: Zambia Monitor
President Hakainde Hichilema says government’s goal is to learn from the economic experiences for the United Arab Emirates (UAE). Hichilema said government was also keen to learn on how the UAE navigated their experiences from the past to achieve their formidable success. He said this when he hosted His Excellency Sheikh Shakhboot Bin Nahyan Al Nahyan, Minister of State in the Ministry of Foreign Affairs of the UAE, along with his delegation. “We are determined to expedite our progress and leverage these experiences for the betterment of our people. “The frequent visits by the UAE to our country demonstrates the strong commitment between our two nations and underscore our resolve that forging sound partnerships is the way forward in developing our country,” Hichilema said. Read more: Zambia Monitor
ZESCO Managing Director Victor Mapani says ACSG Westland Power Company’s decision to invest in a solar thermal power project will not only increase power generation capacity but also help diversify the country’s energy mix. And ACSG Westland Power Company Limited Chairman, Chief Obi Amuchienwa says the company has funds to make the project possible and will hit the ground running. Meanwhile, Energy Minister Peter Kapala has urged Zesco to ensure that all its power purchase arrangements are cost-efficient and do not put the utility company in perpetual debt. Read more: News Diggers
Technology and Science Minister Felix Mutati has appealed to the private sector to be part of government’s agenda to digitalize services in various sectors. Mr. Mutati says the quest to enhance digitization of various services needs concerted efforts. He further observes that digitalization is key to economic development as it accelerates service delivery. Mr. Mutati said this in Lusaka last night at the reception to honour Price Water Coopers -PWC Zambia Risk Assurance Leader Lyndon Lane- Pool who has now been admitted as PWC Partner. At the same function PWC Zambia Country Head Andrew Chibuye expressed optimism that Mr. Lane-Poole will positively contribute to PWC’s operation in his new role as a the company partner. Read more: ZNBC
Bank of Zambia Exchange Rates
Currency | Buying | Selling |
---|---|---|
USD | 19.2074 | 19.2536 |
GBP | 24.7199 | 24.7871 |
EUR | 21.4758 | 21.5333 |
ZAR | 1.0764 | 1.0799 |
In International Business News
China-linked hackers breached the email account of U.S. Ambassador to China Nicholas Burns, as part of a recent targeted intelligence-gathering campaign, NBC News has confirmed. The hackers also accessed the email account of Daniel Kritenbrink, the assistant Secretary of State for East Asia, who recently travelled with Secretary of State Antony Blinken to China, said NBC, citing two U.S. officials familiar with the matter. CNBC reached out to China’s Foreign Ministry for comment but has yet to hear back. The beach was limited to the diplomats’ unclassified email accounts, NBC said adding that Secretary of Commerce Gina Raimondo’s email account was also accessed in the breach, as previously reported. Read more: CNBC
Since 2013, China’s Belt and Road Initiative (BRI) has helped bankroll a boom in African infrastructure, allowing credit-starved countries to build railways, hydropower projects, roads, airports and communications. The initiative also led to a surge in Chinese investment in areas such as manufacturing, mining and agriculture. The program has made Beijing the biggest financier of infrastructure in Africa. But a decade down the road, some observers say the Belt and Road Initiative may be losing steam as Beijing becomes more averse to risk and as the domestic economy struggles to return to pre-pandemic growth levels. Read more: Africa News
Google is developing artificial intelligence-enabled tools to help journalists research and write news articles, a development that is likely to rattle nerves across the media industry after years of painful job cuts. Google is working with media outlets, particularly with small publishers, to provide AI-powered tools to assist journalists with “options for headlines or different writing styles”, the California-based tech giant said on Thursday. “Our goal is to give journalists the choice of using these emerging technologies in a way that enhances their work and productivity, just like we’re making assistive tools available for people in Gmail and in Google Docs,” Google spokeswoman Jenn Crider said in a statement to Al Jazeera, adding that the company was still in the “earliest stages of exploring ideas”. “Quite simply, these tools are not intended to, and cannot, replace the essential role journalists have in reporting, creating, and fact-checking their articles.” Read more: Al Jazeera
Japan’s consumer prices rose at a faster pace in June, staying above the central bank’s target for the 15th consecutive month. Japan’s core consumer inflation hit 3.3 percent year-on-year last month, compared with price growth of 3.2 percent in May, official data showed on Friday. “Core core” inflation, which excludes fresh food and fuel prices, slowed to 4.2 percent, after a 4.3 percent rise in May. Inflation figures come as the Bank of Japan (BOJ) is set to make its latest decision on interest rates next week. The BOJ is widely expected to keep the benchmark rate unchanged at -0.1 percent, sticking to an ultra-loose monetary policy as other central banks hike rates to tame inflation. Read more: Al-Jazeera
The Brazilian plane maker Embraer says a new factory will be built near Sao Paulo to produce electric flying taxis which it hopes will take to the skies from 2026. The aircraft, to be made by its subsidiary Eve, will resemble a small helicopter with enough space for up to six customers. It is envisaged a trip will cost $50-$100 (£39-£78) per person. Eve says it already has orders for almost 3,000 air taxis. It hopes to assemble a prototype this year. US regulators recently released a timeline for air taxis to be flying there as early as 2025. The electric vertical take-off and landing aircraft will not need a runway but can travel long distances like an aeroplane. Electric motors should reduce noise and pollution compared with standard planes. It has been argued the aircraft could help reduce traffic congestion in crowded cities, without being too expensive for customers. They have also been seen as an alternative for transporting cargo. Read more: BBC News
The Zambia Forestry and Forest Industries Corporation (ZAFFICO) has completed a comprehensive forest inventory of its plantations, which was undertaken by Arbonaut Oy Limited from Finland. ZAFFICO Public Relations Manager, Irene Chipili, said the study used combined natural resource measurement technology with remote sensing data to assess the quantities and quality of the wood stock in the plantations. Read more
In 8 trades recorded yesterday 11,705 shares were transacted resulting in a turnover of K34,740. Trading activity was recorded in BATA, CEC Zambia, Zanaco and Zambia Sugar as well as CEC Africa on the quoted tier. The LuSE All Share Index (LASI) maintained its close at 8,230.89 points. The market closed on a capitalization of K76,759,230,818.28 including Shoprite Holdings and K41,976,545,378.28 excluding Shoprite Holdings.