Story of the Day
With cyber security concerns on the rise, Liquid Intelligent Technologies Zambia has stepped up to the challenge by releasing new products that will curb the threat. According to a news release on Hot FM, “the company has launched its new suite of Cyber Security offerings that look to protect Zambian businesses and individuals from Cyber Threats and online attacks”. The new products were launched at an event held at Lusaka’s The Quorum and was graced by his Honor the Minister of Technology Felix Mutati. The minister who also officiated at the ICT & fintech festival is on record indicating Governments commitment to supporting the local technology sector. Read more
Local Business and Finance Sponsored By Liquid Intelligent Technologies
The annual rate of inflation has increased by 0.1 percent for the month of September from 9.8 percent in August to 9.9 in September. At a briefing, Thursday, Zambia Statistics Agency Interim Statistician General Mulenga Musepa said the increase in annual inflation was mainly attributed to the base effect in food items. Read more: News Diggers
Finance and National Planning Minister Dr Situmbeko Musokotwane says the removal of tax waivers on Value Added Tax (VAT), Excise Duty and Customs (Import) Duty on petroleum products has been perfectly timed to ensure there is no spike in cost of goods and services. Tax waivers are expected to expire today, September 30, 2022. In an interview, Dr Musokotwane said money accrued from tax waivers was not meant to enrich politicians, but to better the lives of the Zambian people. Read more: News Diggers
The first China-Zambia investment forum opened Wednesday in Lusaka, the capital of Zambia, with the two countries pledging to deepen trade and investment relations. Being held under the theme “China-Zambia Trade and Investment Forum in the New Era: All-weather, All-Dimensional and High Quality Friendship,” the opening ceremony was attended by Zambian President Hakainde Hichilema and Chinese Ambassador to Zambia Du Xiaohui, government officials from the two countries as well as Chinese and Zambian companies. More than 300 Chinese and Zambian companies are participating in the two-day event with another 90 participating online. Read more: Global Link
Zambia’s economy grew by 3.5 percent in the second quarter of 2022 compared to 2.2 percent in the first quarter, the Zambia Statistics Agency said on Thursday. The agency said in a release the growth was buoyed by the improved performances of the public administration, education, manufacturing, information and technology as well as accommodation and food services. The agency said that other industries that contributed to the growth included transport and storage, construction, agriculture, forestry and fishing as well as mining and quarrying. Meanwhile, the year-on-year inflation increased to 9.9 percent in September from 9.8 percent in the previous month. The agency attributed the increase to the base effect on food items. Read more: Xinhua
First Quantum Minerals (FQM) says Government’s approval of the Kalumbila Multi-Facility Economic Zone (MFEZ) will enhance trade and job creation in North-Western Province. The mining giant notes that the MFEZ will also promote the area as an attractive foreign investment destination. FQM Country Manager Kingsley Chikuli says the final approval of the facility by the Ministry of Commerce, Trade and Industry gives local suppliers a designated industrial base from which to supply the growing businesses around the sites. Read more: ZNBC
International Business and Finance
The third quarter is about to end – and investors are wishing the past nine months good riddance. Stocks fell Thursday, giving up much of Wednesday’s big gains. The Dow fell nearly 460 points, or 1.5%. The Dow is now back in a bear market, more than 20% below the all-time high it set in January. The S&P 500, one of the broadest measures of the health of Corporate America, slid 2.1% Thursday, hitting a new low for the year. The Dow and S&P 500 are once again not far from their lowest levels since November 2020. The tech-laden Nasdaq Composite sank 2.8% Thursday and has plummeted even more than the Dow and S&P in 2022. Major stock exchanges in the UK, Europe and Asia have all dropped sharply this year as well. Read more: CNN
The Bank of England stepped in to calm markets after some types of pension funds were at risk of collapse. It pledged to buy £65bn of government bonds after Friday’s mini-budget sparked turmoil on financial markets and the pound plunged. Investors had demanded a much higher return for investing in government bonds, causing some to halve in value. Pension funds, which invest in bonds, were forced to start selling, sparking fears of a fresh market downturn. The Bank said its decision to buy government bonds at an “urgent pace” was driven by concern over “a material risk to UK financial stability.” Read more: BBC News
Toyota Motor is standing by its electric vehicle strategy, including hybrids like the Prius, following criticism by some investors and environmentalist groups that the company is transitioning too slowly to EVs. Toyota CEO Akio Toyoda, who has built a corporate strategy around the idea that EVs aren’t the only solution for automakers to reach carbon neutrality, said Thursday the company will move forward with plans to offer an array of so-called electrified vehicles for the foreseeable future – ranging from hybrids and plug-ins to all-electric and hydrogen electric vehicles. Read more: CNBC
China’s factory activity eked out growth in September, but a slowdown in services sector growth and a downbeat private manufacturing survey pointed to further cooling as the economy grapples with COVID-19 curbs and softening global demand. China’s official manufacturing purchasing managers’ index (PMI) rose to 50.1 in September from 49.4 in August, the National Bureau of Statistics (NBS) said on Friday, beating expectations. Read more: Reuters
Britain’s economy remained below its pre-pandemic peak, according to data published on Friday that left the country further adrift of other Group of Seven nations and underscored the challenge facing new Prime Minister Liz Truss. The Office for National Statistics said economic output unexpectedly rose by 0.2% in April through June, revised up from a previous reading of a 0.1% contraction, meaning the British economy has not yet fallen into a recession. Read more: Reuters
Capital Markets Report
In 129 trades recorded yesterday, 72,575 shares were transacted resulting in a turnover of K252,015. A share price gain was recorded in Zanaco of 0.02. A share price loss was recorded in CEC Africa on the quoted tier. Trading activity was also recorded in Bata, Copperbelt Energy Corporation, PUMA, Standard Chartered Zambia, ZCCM and ZAFFICO. The LuSE All Share Index (LASI) closed at 7,345.33 points, 0.09% up from its previous close of 7,338.69 points. The market closed on a capitalization of K72,904,568,846 including Shoprite Holdings and K38,121,883,406 excluding Shoprite Holdings.