Story of the Day
Kagem Mining Ltd has donated items worth over K200,000 to health facilities in the Lufwanyama District to support government efforts in the fight against the deadly coronavirus. The items, which included disinfectants, overalls, goggles and nasal prongs, were delivered to Lufwanyama District Hospital and the Provincial Health Office, with the latter awaiting distribution to various health facilities within the district. Kagem Senior Manager – Corporate Affairs, Wesley Chibamba explained, “Kagem is proud to assist the government once again in tackling one of the biggest health challenges besetting the country. Our donation will complement Government efforts in managing the Covid-19 pandemic.” Read more
Local Business and Finance Sponsored By Liquid Intelligent Technologies
Zambia’s President Hakainde Hichilema said Thursday that his country is “well placed” to weather the global food crisis worsened by the war in Ukraine. “As the world faces critical shortages of key agricultural produce, and as we witness the devastating effects of food insecurity in all our regions of Africa and beyond, Zambia is well placed,” Hichilema told the European Parliament in Brussels. Read more: MSN
Zambia needs to hold a bigger stake in new mines and local communities should benefit more from the mineral values chain, mines minister Paul Kabuswe said on Wednesday. “This government is saying Zambians must be an integral part of whatever investment. We can no longer sit in the terraces and watch,” Kabuswe said at a conference. Read more: Mining
Zambia and Rwanda have signed a Memorandum of Understanding on agriculture. Commerce, Chipoka Mulenga Minister says the MoU is a partnership where Zambia will provide land while Rwanda will provide finances and machinery in a joint agriculture venture. Mr. Mulenga says the signing of the MoU is part of the actualization of the seven memoranda of understanding that Zambia and Rwanda signed in Livingstone during Rwandan President Paul Kagame’s state visit in April, this year. Read more: ZNBC
The Financial Intelligence Centre -FIC – has recorded an increase in the value of intelligence reports from K3.56bn in 2021 compared to K3.14bn in 2020. FIC Acting Director General Liya Tembo says 44 intelligence reports were disseminated to law enforcement agencies who stated that they are still investigating the majority of the cases. Mrs. Tembo says 211 suspicious transactions reports were analyzed in 2021 with the majority of the cases being suspicious unusual cash transactions. Read more: ZNBC
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The European Parliament voted on a new report to renew its trade relationship with Africa on Thursday. The report, which now passes to the European Commission (EC) for consideration and possibly resolution, calls for fairer treatment of African countries in their current bilateral trade agreements. The report, written by the EU Committee on International Trade, makes a set of recommendations for future investment in Africa, based on promises of a more equal, respectful, and human-centred trade partnership between the two continents made during the last EU-AU Summit in February. Read more: African Business
Nigerian payments startup Flutterwave has appointed Oneal Bhambani as its new chief financial officer (CFO). He joins the Lagos-based payments company from American Express, where he served as vice president, CFO and head of capital markets at Kabbage, an automated lending platform that provides funding directly to small businesses and consumers. Read more: African Business
Kenya Airways said its subsidiary, Fahari Aviation, has signed a deal with Brazilian company EVE UAM LLC for the purchase of 40 Electric Vertical Take-Off and Landing (eVTOLs) aircraft. In a notice that was issued via its website and seen by Business Insider Africa, the airline explained that deal also makes provision for joint studies aimed at developing and scaling the urban air mobility market in Kenya. Read more: Business Insider
The oil price is heading for its first monthly loss since last November, as fears of recession and demand destruction have hit sentiment, and the options market shows a growing numbers of investors are becoming increasingly bearish. While oil surged to nearly $140 a barrel after Russia invaded Ukraine in February, Brent has tumbled 7.8% to $107 a barrel this month as investors fret about an economic slowdown. Read more: Business Insider
African nations rich in energy but otherwise underdeveloped must secure a right to growth and power at the COP27 climate conference in Egypt in November, senior officials from across the continent said this week. Rich nations must not let concerns over emissions causing climate change hinder energy projects, including fossil fuels, energy leaders told the African Energy Forum in Brussels. Read more: CGTN
President Vladimir Putin said Wednesday that Russia is rerouting trade to “reliable international partners” such as Brazil, India, China and South Africa as the West attempts to sever economic ties. “We are actively engaged in reorienting our trade flows and foreign economic contacts towards reliable international partners, primarily the BRICS countries,” Putin said in his opening video address to the participants of the virtual BRICS Summit. Read more: CNN
Capital Markets Report
In 111 trades recorded yesterday,116,388 shares were transacted resulting in a turnover of K761,215. Share price gains were recorded in British American Tobacco Zambia of K0.01, in Copperbelt Energy Corporation of K0.01 and in ZAFFICO of K0.01. A share price loss of K0.01 was recorded in ZSUG. Trading activity was also recorded in Airtel, Bata, Chilanga Cement, National Breweries, PUMA, Standard Chartered Zambia, Zanaco and CEC Africa on the quoted tier. The LuSE All Share Index (LASI) closed at 6,843.79 points, 0.06% up from its previous close of 6,839.38 points. The market closed on a capitalization of K70,721,491,447 including Shoprite Holdings and K35,938,806,007 excluding Shoprite Holdings.