Story of the Day
The only listed and trading mobile telecommunications company on the Lusaka Securities and Exchange has recorded a positive profit after tax of ZMW 693 Million, according to a statement released by Airtel Zambia Plc. The abridged 2021 financial statements indicated that following a customer base growth of 18.8% year on year, total revenue increased by 37.8% upto ZMW 3,582 million. Read more
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Japanese Ambassador to Zambia and COMESA, Mizuuchi Ryuta and Finance and National Planning Minister Dr. Situmbeko Musokotwane, MP, yesterday morning conferred to discuss development cooperation. Ambassador Mizuuchi Ryuta reiterated Japan’s strong support for Zambia’s debt restructuring process, and added that, the world’s 4th largest economy “also looks forward to the IMF board approval of Zambia’s programme once all the processes are completed.” Read more: Lusaka Times
Bankers Association of Zambia (BAZ) chairperson Mizinga Melu says it is encouraging to see that financial inclusion numbers have increased to 60.4 percent, 10 years after the Financial Literacy Week was launched. And Bank of Zambia Governor Dr Denny Kalyalya says this year’s Financial Literacy Week theme “Build your Future: Be Money Smart” is anchored on the importance of planning for one’s future through making prudent and well-informed financial decisions. Read more: News Diggers
President Hakainde Hichilema has requested the Kingdom of Saudi Arabia to consider converting Zambia’s debt to that country into a grant. Speaking when a delegation from Saudi Arabia, led by Saudi Royal Court Advisor Ahmed Kattan, paid a courtesy call on him at State House, Thursday, President Hichilema said the country was going through a lot of stress as his government inherited a difficult economy. Read more: News Diggers
Indo Zambia Bank has handed over K32million dividend to the Industrial Development Corporation -IDC. The Bank has also recorded a K278million profit after tax during the financial year ending December 31, 2021. Speaking after receiving the dividends after the bank’s Annual General Meeting, IDC Chief Investments Officer Muchindu Kasongola commended the bank for its impressive performance. Read more: ZNBC
International Business and Finance
European lawmakers have agreed on new rules which they hope will curb the dominance of Big Tech companies. Under the Digital Markets Act (DMA), giants such as Google and Apple will be forced to open up their services and platforms to other businesses. Major technology firms have long faced criticism that they use their market dominance to squeeze out competition. “What we want is simple: fair markets…in digital,” said EU antitrust chief Margrethe Vestager. Read more: BBC News
The cost of living in Russia is surging following the country’s invasion of Ukraine, according to new data. Official figures show price of some household staples – such as sugar – have jumped by as much as 14% over the past week. Inflation is set to keep rising in Russia where the rouble has fallen sharply since the Ukraine war began. The value of the currency has dropped about 22% this year, and this has pushed up the cost of importing goods. Read more: BBC News
Foreign businesses have for decades reaped the benefits of setting up shop in Hong Kong, a historically stable, expat-friendly finance hub at the doorstep of mainland China. But lately those firms are increasingly eyeing the exits. Nearly half of all European businesses in Hong Kong are considering relocating in the next year, according to a new report. Companies cite the local government’s extremely strict Covid-19 protocols that mirror those on the mainland. Read more: CNN
Africa’s richest man Aliko Dangote opened the continent’s largest fertilizer plant this week as war in Ukraine cuts off supplies from Russia, threatening a global food crisis. The $2.5 billion urea and ammonia fertilizer plant was commissioned by Nigeria’s President Muhammadu Buhari in Lagos, where Dangote is also due to open a 650,000 barrels per day oil refinery, later this year. Dangote told CNN Tuesday that the urea market had “gone through the roof.” Read more: CNN
Capital Markets Report Sponsored By ZCCM-IH
In 69 trades recorded yesterday, 20,562 shares were transacted resulting in a turnover of K102,580.57. Trading activity was recorded in AECI, CEC Africa, Copperbelt Energy Corporation, First Quantum Minerals, Chilanga Cement, Zambia Breweries, Zambeef, and Zanaco. The LuSE All Share Index (LASI) closed at 6,849.49 points. The market closed on a capitalization of K70,648,900,353 including Shoprite Holdings and K35,866,214,913 excluding Shoprite Holdings.
