Story of the Day
Zambian Breweries has joined hands with the Road Transport and Safety Agency and the Zambia Road Safety Trust to promote road safety among schoolchildren at primary schools in Lusaka. According to the Road Traffic Accident Statistics Report by RTSA, 1,457 children below the age of 16 years were involved in road accidents in 2021, with 213 of those dying as a result of their injuries. It is against this backdrop that Zambia Breweries, with the support of its parent company AB InBev Foundation, has sponsored the enhancement of child safety in school zones through the provision of improved road safety infrastructure. Among the safe infrastructure improvements constructed are road markings (zebra crossings), improved road signage, pedestrian gate entrances and pedestrian foot pathways with pavers. Read more
Local Business and Finance Sponsored By Liquid Intelligent Technologies
Year-on-year inflation in Zambia rose to 9.8 percent in November from 9.7 percent the previous month, its statistics agency said on Thursday. The Zambia Statistics Agency attributed the increase to upward movements in prices of non-food items such as fuels and lubricants, charcoal, and pharmaceutical products. The agency said in its monthly press release that annual non-food inflation rose to 6.7 percent in November from 6.5 percent the previous month, while food inflation was recorded at 12.1 percent in November from 12.2 percent in October. Read more: Xinhua
Government has launched risk management guidelines for the public sector aimed at enhancing transparency, accountability and good governance in the management of public resources. And Germany’s ambassador to Zambia Anne Wagner-Mitchel says implementation of risk management guidelines can assist in enhancing the credibility of the national budget. Speaking during the launch of the guidelines, Tuesday, Finance and National Planning Minister Dr Situmbeko Musokotwane said effective implementation of risk management guidelines would ensure preparedness in the event of unplanned occurrences. Read more: News Diggers
Minister of Fisheries and Livestock Makozo Chikote says the new dawn government is working around actualising the Saudi Arabia goat export deal which was started by PF. Chikote says government plans on partnering with the private sector for the construction of an abattoir, specifically for goat slaughtering to suit the demands of the Saudi Arabian market. Read more: News Diggers
The adoption of the Common Agro-Industrial Park Initiative is critical in attracting private sector investments into the sector and building strong industrial hubs that will help build momentum towards increased intra-regional trade and widening job opportunities, Zimbabwe Industry and Commerce Minister, Dr Sekai Nzenza, said yesterday. Read more: The Chronicle
Jubilee Metals said it has produced the first batch of export-quality cobalt from its Project Roan at the Sable refinery in Zambia. In addition, the metals group has commissioned direct leaching and refining of copper sulphide material without smelting. Jubilee said its initial target is to produce 50 tonnes of contained cobalt a month, the equivalent of approximately 220 tonnes of final product, before ramping up to 1,200 tonnes of contained metal or 5,280 tonnes of final product a year. Margins at capacity are expected to exceed 45%, Jubilee said, with first sales scheduled to commence by end-December 2022. Read more: Proactive Investors
International Business and Finance
A recent article by Fitch Solutions noted that decentralised solar systems would increase in Sub-Saharan Africa amid structural power market challenges. According to the market research firm, low grid coverage and unreliability, as well as the lack of appropriate regulations, institutional frameworks, and policies for renewable growth in most SSA nations, are the main obstacles to fast-tracking the growth of solar in SSA. Despite the region’s unfavourable conditions, there has been growth in interest of decentralised solar systems from private power providers. Fitch’s own forecast predicts seeing over 1200GW of new solar capacity come online between 2022 and 2031, while the Sub Sharan Africa (SSA) region will represent just below 1% of this growth, despite exhibiting excellent solar potential. Read more: Business Insider
The Executive Board of the International Monetary Fund approved on Monday (Nov 21) a disbursement of US$88.327 million to Malawi under the Food Shock Window of the Rapid Credit Facility. The country became the first low-income nation to receive financing under this new mechanism. It provides, for a year, a channel for emergency Fund financing to member countries that have an urgent balance of payment needs due to acute food insecurity, a sharp increase in their food import bill, or a shock to their cereal exports. Read more: Africa News
Nigeria has launched new banknotes today in an effort to fight counterfeiting and the financing of Islamist groups. Nigerian president Muhammadu Buhari on Wednesday said the new naira bank notes would help to control liquidity in an economy where most money is held outside the bank. Read more: Africa News
Cryptocurrency exchange Binance on Thursday announced new details about its industry recovery fund, which aims to prop up struggling players in the wake of FTX’s calamitous bankruptcy. In a blogpost, Binance said it will devote $1 billion in initial commitments to the recovery fund. It may increase that amount to $2 billion at a point in time in the future “if the need arises,” the company added. Read more: CNBC
Capital Markets Report
In 61 trades recorded yesterday, 123,696 shares were transacted resulting in a turnover of K485,242.20.A share price gain of K0.01 was recorded in ZAMEFA, Zambia Sugar and Zanaco. A share price loss of K0.01 was recorded in AECI, Copperbeltt Energy Corporation Zambia and Standard Chartered Bank Limited. Trading activity was also recorded in Bata and Zambeef. The LuSE All Share Index (LASI) closed at 7,161.33points, 0.05% down from it’s previous close at 7,164.84 points. The market closed on a capitalization of K72,103,684,560.18 including Shoprite Holdings and K37,320,999,120.18 excluding Shoprite Holdings.