Story of the Day
First Quantum Minerals has handed over the newly built ultra-modern Philip Pascall Chapel and Theatre (PPCT) to Trident College, one of three Kansanshi Mining-supported schools in Solwezi. The multi-million-dollar facility, which acts as a chapel, conference hall and arts centre, took a total of 13 months to complete. Part of its purpose is to serve as a meeting centre for the college but also for the wider community of Solwezi. Read more
Local Business and Finance Sponsored By Liquid Intelligent Technologies
Cabinet has reviewed and approved policies, recommendations, models and reports for publication and introduction in Parliament in order to facilitate service delivery to Zambians. This is in agreement with the government’s transformation agenda. And Chief Government Spokesperson Chushi Kasanda said that Cabinet has also approved the Mineral Resources Development Policy and Implementation Plan for 2022 to 2026. She said Cabinet has observed that the Mineral Resources Development Policy of 2013 is inadequate in dealing with the many new issues taking place both locally and internationally in the mining industry. Read more: The Independent Observer
Zambia on Thursday launched an initiative aimed at providing a conducive environment for boosting the manufacturing of pharmaceutical products. Launched under the theme “Strengthening Healthcare through local pharmaceutical manufacturing”, the Zambia Pharmaceutical Manufacturing Initiative was meant to reduce the country’s dependence on imported pharmaceutical products. Read more: Xinhua
The Civil Society Organisations (CSO) Debt Alliance says the enactment of the Public Debt Management Act of 2022 is a positive move towards attaining debt transparency in Zambia. With the Act now in place, Government will be seeking parliament’s approval of the borrowing plan before the 2023 fiscal year starts. The Act provides for the raising of loans and grants, the issuing of guarantees, the approval of loans by the National Assembly, the issuing of loans by or on behalf of the Government among others. Read more: Zambia Daily Mail
Common Market for Eastern and Southern Africa (COMESA) says negotiations on COMESA Trade-In-Services (TIS) liberalization programme has been lagging, even though trade liberalization is a continuous process. COMESA Assistant Secretary General, Dr. Kipyego Cheluget noted that, “trade in services accounts for more than 70 per cent of the global output and 51.1 per cent of labour force and thus playing a significant role in the COMESA economies.” Read more: Money FM
International Business and Finance
The pound rose against the dollar and government borrowing costs dipped as the markets reacted to Prime Minister Liz Truss’s resignation. Sterling hit $1.13 as the Ms Truss made her announcement and rose higher in the afternoon before falling back to $1.12. One analyst said investors were “relieved” by the news, despite a lot of uncertainty remaining. Business groups said the new prime minister would have to act quickly to restore confidence. Read more: BBC News
At this year’s GITEX in Dubai, a giant tech show which aims to increase the UAE’s influence in the sector, African startups occupied a more important place than ever. Inside the enormous Dubai World Trade Centre, the Nigerian delegation had a one-floor green exhibition stand while Moroccan startups presented their products inside a shining white circular structure. The event saw the biggest ever gathering of African startups under one roof, according to the organisers. The excitement and confidence were palpable. Six years ago, Africa did not have a single “unicorn” – a startup worth over $1bn. Today, it has seven. However, the excitement needs to be put in context. Many of the firms showcased in Dubai are still trying to figure out their business, profit and sustainability models. Most of all, firms are wrestling with challenging regulations that differ from country to country. Read more: African Business
The Nigeria Startup Bill (NSB) has been signed into law by President Muhammadu Buhari, bringing “excitement and renewed hope that the country’s tech ecosystem can grow in leaps and bounds, ushering it to new heights”, according to the NSB website. The NSB, henceforth to be known as the Nigeria Startup Act, began its progress in June 2021 and was passed by the country’s National Assembly in July. It has been a joint initiative by Nigeria’s tech startup ecosystem and the presidency aimed at harnessing the potential of the country’s digital economy through co-created regulations. Read more: African Business
China is losing more manufacturing and export market share in key sectors to Asian neighbors, with recent “Zero Covid” policies a significant factor leading to further erosion in its long-time dominance of global trade. According to data shared with CNBC by transport economics firm MDS Transmodal, China has lost ground in key consumer categories, including clothing and accessories, footwear, furniture, and travel goods, while also seeing declines in its share of exports from minerals to office technology. “China’s Zero Covid approach is impacting production and manufacturers are seeking for alternatives to the current ‘factory of the world’.” Read more: CNBC
Japan’s core consumer inflation rate accelerated to a fresh eight-year high of 3.0% in September, exceeding the central bank’s 2% target for the sixth straight month as the yen’s slump to 32-year lows continue to push up import costs. The inflation data highlights the dilemma the Bank of Japan faces as it tries to underpin a weak economy by maintaining ultra-low interest rates, which in turn are fueling an unwelcome slide in the yen that pushes up import costs. The increase in the nationwide core consumer price index (CPI), which excludes volatile fresh food but includes fuel costs, matched a median market forecast and followed a 2.8% rise in August. It was the fastest pace of gain since September 2014, data showed on Friday. Read more: CNBC
Capital Markets Report
In 100 trades recorded yesterday, 886,595 shares were transacted resulting in a turnover of K5,112,352. Trading activity was recorded in BATA, Copperbelt Energy Corporation, Chilanga Cement, Pamodzi, Standard Chartered Zambia, Zambia Breweries, Zambeef and Zanaco. The LuSE All Share Index (LASI) maintained its close at 7,233.72 points. The market closed on a capitalization of K72,418,746,522 including Shoprite Holdings and K37,636,061,082 excluding Shoprite Holdings.
