Story of the Day
Further consolidating its goal of providing support for the most critical social sectors in Zambia, such as education, Kagem Mining Ltd has signed a Memorandum of Understanding (MoU) with the Copperbelt University (CBU) to ensure its continued support for the university through a scholarship programme, amongst other forms of assistance. Through the MoU, Kagem will provide scholarships to students from CBU’s School of Mines and Mineral Sciences that will cover tuition fees, medical, upkeep and book allowances, while also providing the university with staff assistance, equipment, consultancy, industrial projects, and curriculum development. Read more
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Zambia’s inflation rate crept lower in August as the growth in food costs eased, according to the nation’s statistics agency. Consumer prices climbed 9.8% from a year earlier, compared with 9.9% in the prior month, interim Statistician-General Mulenga Musepa told reporters Thursday in Lusaka, the capital. Read more: Bloomberg
The Global System for Mobile Association of Zambia (GSMAZ) has officially launched its operations in Zambia with the main objective to have a strong industry lobby group for GSM telecommunications operators in Zambia. According to a statement availed to the Zambian Business Times-ZBT by Airtel Networks Head of Corporate Communications and Government Relations Yuyo Kambikambi, the local GSMAZ has been set up by three mobile operators MTN Zambia, Airtel Networks Zambia Plc, and Zamtel. Read more: Zambian Business Times
With the objective of developing and formalizing the Gold sub sector in the country, the Zambia Gold Company has disclosed that it intends to open many gold mines in the country. ZGC Public Relations Manager Mathews Liyani disclosed that the company is currently doing explorations in Rufunsa District and will soon be doing explorations in Mumbwa District of Central Province. Liyani explained that the company wants to open more gold mines as a way of increasing gold productions in the country. Read more: Zambian Business Times
President Hakainde Hichilema says Zambia values bilateral relations with other countries as they play an important role in the development of the country. ZANIS reports that President Hichilema was speaking when outgoing Georgian Ambassador to South Africa who is also accredited to Zambia, Beka Dvali and Italian Ambassador to Zambia Antonino Maggiore bid farewell to President Hichilema at state house in Lusaka today. President Hichilema said Zambia wants to take lessons from the developmental journeys of Georgia and Italy. The Head of State said that Zambia would also love to enhance its relations with Georgia and Italy in the areas of trade and investment. Read more: Lusaka Times
The Zambia Revenue Authority (ZRA) is concerned with the under valuation of minerals. ZRA Commissioner General Dingani Banda says the under valuation of minerals is affecting the collection of mineral royalties which is calculated based on the value. And Mr. Banda disclosed that ZRA has instituted investigations on companies exporting minerals but not declaring mineral royalties. Read more: ZNBC
International Business and Finance
US bank Citigroup is to close its remaining branches and consumer banking operations in Russia as it exits the country in protest at the war in Ukraine. The move, which affects 2,300 staff in the country, follows an exodus of Western businesses over the conflict. Citi, the US bank with the biggest presence in Russia, had said it planned to leave back in April. But it has been trying unsuccessfully to find a buyer for its business. Read more: BBC News
The US economy shrank at a slightly slower rate than estimated during the second quarter, according to updated data released Thursday by the US Bureau of Economic Analysis. The nation’s gross domestic product — the broadest measure of economic activity — shrank 0.6% at an annualized rate from April through June. The activity was revised upward from the advanced estimate released in July, which showed a 0.9% decline. Read more: CNN
Stock futures were little changed on Friday morning as investors looked ahead to Federal Reserve Chair Jerome Powell’s speech in Jackson Hole, Wyoming Friday morning. Futures tied to the Dow Jones Industrial Average fell 26 points or 0.08%. S&P 500 futures lost 0.1% and Nasdaq 100 futures slipped by 0.07%. The moves followed an up day for the major averages in which the Dow jumped about 300 points, and the S&P 500 gained 1.4%. The Nasdaq Composite was the outperformer, advancing 1.7% as a pullback in yields helped tech shares. Read more: CNBC
South Africa’s inflation hit a new record high of 7.8 percent year-on-year in July, its highest level in 13 years, driven mainly by rising food, transport, and electricity prices, official figures showed Wednesday. “Year-on-year consumer price inflation reached a new 13-year high, rising to 7.8 percent in July from 7.4 percent in June,” the national statistics agency, StatsSA, said in a statement. Inflation has reached its highest level in decades in many countries, fueled in particular by the war in Ukraine and the economic recovery following the easing of restrictions related to the global Covid pandemic. Read more: Africa News
Capital Markets Report
In 87 trades recorded yesterday, 62,000 shares were transacted resulting in a turnover of K191,812. Share price losses were recorded in Zambeef of K0.03 and in Zanaco of K0.01. Trading activity was also recorded in Copperbelt Energy Corporation, Madison Financial Services, National Breweries, Standard Chartered Zambia , ZAFFICO and CEC Africa on the quoted tier. The LuSE All Share Index (LASI) closed at 7,007.09 points, 0.08% down from its previous close of 7,012.48 points. The market closed on a capitalization of K71,432,293,488 including Shoprite Holdings and K36,649,608,048 excluding Shoprite Holdings.