Daily FiZ – Friday 23/09

Story of the Day

The government has commended First Quantum Minerals for the work it is doing in ensuring that not only its employees and their families, but communities around its projects in Zambia benefit from the positive impact of its mining activities. The government has also noted that the mining firm’s social and economic development interventions it has been undertaking, are aligned with the Sustainable Development Goals, a move that puts the company at the forefront of best practices in private sector social investment locally and globally. Read more

Local Business and Finance Sponsored By Liquid Intelligent Technologies

Technology and Science Minister, Felix Mutati says government plans to attain 80 percent financial inclusion by the year 2023. Mr. Mutati said this during the launch of a cyber security initiative, “offering to protect Businesses against Online attacks” in Lusaka. He said there is need to ensure people that are conducting businesses online are protected from cybercrimes. Read more: ZNBC

Abinev, the parent firm for Zambia Breweries says Zambia’s good governance and enhanced maintenance of the rule of law has attracted the company to make long term investments. The company has presence in 50 countries and is the largest producer of beer in the world. Abinev Chief Executive Officer MICHEL DOUKERIS says his company is expanding operations in Zambia which will provide jobs for local people. Read more: ZNBC

As Zambia fully effects its reorganization of the fiscal purse, its energy ministry will not be extending any tax waivers for petroleum inputs into October. This comes in the wake of strides the Southern African nation is taking to restore fiscal fitness. The action comes exactly a month into the International Monetary Fund bailout package approval for an extended credit facility. The Southern African nation could see up to 11% upward to K23.92 per litre compared to a 7% ebb if tax waivers did continue. Read more: The Business Telegraph

The National Savings and Credit Bank (NATSAVE) and the National Health Insurance Management Authority (NHIMA) have implemented the National Health Insurance Scheme (NHIS) aimed at providing health insurance cover to all citizens, and established residents. NATSAVE chief executive officer Malcom Chabala said during the signing of a Memorandum of Understanding (MoU) in Lusaka yesterday that the similarity of their vision and intent made the two perfect partners in ensuring every citizen and established residents of Zambia contributed to a health insurance scheme and accessed health services from defined facilities across the country. Read more: Times of Zambia

International Business and Finance in Partnership with ICT & FINTECH EXPO 2022

In light of the ongoing United Nations General Assembly (UNGA), leaders all across the world have tabled crucial issues.One such nagging issue is the subject of Africa’s debt. Africa like every other continent is rife with debt. There has been a need for constant bailouts from foreign lenders, and this has created a financial paradox. Read more: Business Insider 

The Bank of England has raised interest rates from 1.75% to 2.25% – the highest level for 14 years – and warned the UK may already be in a recession. The central bank had previously expected the economy to grow between July and September but it now believes it will shrink by 0.1%. Read more: BBC News 

Boeing is to pay out $200m (£177.5m) over charges that it misled investors about two fatal 737 Max crashes. The US stock market regulator said the aviation giant and its former chief executive Dennis Muilenburg made false statements about safety issues. Read more: BBC News 

Leaders of America’s biggest banks say they would follow any US directive on pulling business from China if Taiwan is ever attacked by Beijing. JPMorgan CEO Jamie Dimon, Citi CEO Jane Fraser, and Bank of America CEO Brian Moynihan were all pressed on the subject Wednesday by US Congressman Blaine Luetkemeyer, from Missouri, in a Capitol Hill hearing. Read more: CNN 

Capital Markets Report

In 118 trades recorded yesterday, 49,378 shares were transacted resulting in a turnover of K133,792. A share price gain was recorded in AECI of K3.00. Trading activity was also recorded in Bata, Copperbelt Energy Corporation, Pamodzi, Standard Chartered Zambia, Zambeef and Zanaco. The LuSE All Share Index (LASI) closed at 7,224.64 points, 0.19% up from its previous close of 7,210.58 points. The market closed on a capitalization of K72,379,250,536 including Shoprite Holdings and K37,596,565,096 excluding Shoprite Holdings.

For any feedback on the stories captured on the Daily FiZ, email Natasha on dailyfiz@fizambia.com
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