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US Commits $250m For Lobito Corridor
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Oil production to drop after Opec+ nations meet
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AECI mining was the highest priced security in the 4th week of May
Story of the Day
The commemoration of world environment day is an international event established by the United Nations, General Assembly on 15th December 1992 in order to stimulate worldwide awareness of the environment. This year the ministry of Green Economy and Environment will be commemorating the world environment day on 5th June 2023 under the theme; “Beat Plastic Pollution”. In celebrating this generous contribution, the Guest of Honour, Honourable Minister of Green Economy and Environment, Eng. Collins Njovu MP, today joined by; Mr. Sonny Zulu-Standard Chartered Bank Managing Director, Ms. Nachilala Nkombo-World Wildlife Fund country Director,Mrs. Fronscen Haloba– Public Affairs Communication and Sustainability Director at Coca-Cola, Mr. Geoffrey Choma-Food and Agriculture Organisation representative and other officials. Read more
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The US government has committed to helping Zambia explore its geological reserve base as it works toward attaining 3m tonnes annual copper production. US Deputy Special Presidential Coordinator for Global Infrastructure and Energy Helaina Matza says the 3m tonnes target is an ambitious project for Zambia which also requires increased exploration. Ms. Matza, who was in the country on a visit, says more explorations through additional power connections are key for the target. She also noted that the $250m her government has committed towards the Lobito Corridor covering Zambia, Angola and the Democratic Republic of Congo -DRC is key in enhancing regional trade. Read more: ZNBC
President Hakainde Hichilema says he is making efforts to ensure debt restructuring is completed for the country to develop. President Hichilema says working to achieve completion of debt restructuring is priority on government agenda. The President was speaking at Community House when Defence and Security Chiefs called on him to deliver goodwill messages on his 61st birthday yesterday. President Hichilema called on the defence force and the media to help the nation unite for development. He said team work in every aspect of life is important because it helps in achieving goals. Read more: ZNBC
President Hakainde Hichilema of Zambia has urged African governments to collaborate with the private sector to harness the potential of the Africa Continental Free Trade Area (AfCFTA). Speaking at the Africa Agricultural Policy Leadership Dialogue in Lusaka, President Hichilema emphasized the importance of Public-Private Partnerships (PPP) in formulating policies that will drive agricultural growth within the free trade area. President Hichilema highlighted the need to mobilize resources through collaboration between governments and the private sector. He expressed the belief that such partnerships would be instrumental in realizing the benefits of the AfCFTA and operationalizing the continent’s vision for free trade. Read more: Lusaka Times
Mwembeshi Resources Limited Communications and Corporate Affairs Manager Oliver Shalala says the company will comply and submit all the required plans within a week, as requested by ZEMA, and resume mining activities in Lower Zambezi National Park. And Feira member of parliament Emmanuel Tembo says government should not be swayed by public outcry on mining in Lower Zambezi, but allow it to proceed for the benefit of locals and the economy at large. Read more: News Diggers
Transport and Logistics Minster Frank Tayali says government has developed a National Civil Aviation Strategy in order to provide strategic direction in achieving sustainable growth in the sector. Tayali says effective implementation of the aviation strategy will provide an excellent avenue for the Zambian aviation sector to rise above its challenges. Read more: News Diggers
Bank of Zambia Exchange Rates
Currency | Buying | Selling |
---|---|---|
USD | 19.6660 | 19.7138 |
GBP | 24.6199 | 24.6875 |
EUR | 21.1508 | 21.2100 |
ZAR | 1.0125 | 1.0157 |
In International Business News Sponsored By
Oil-producing countries have agreed to continued cuts in production in a bid to shore up flagging prices. Saudi Arabia said it would make cuts of a million barrels per day (bpd) in July and OPEC+ said targets would drop by a further 1.4 million bpd from 2024. OPEC+ accounts for around 40% of the world’s crude oil and its decisions can have a major impact on oil prices. Read more: BBC News
The EU is in talks with the Democratic Republic of the Congo, a major supplier of battery minerals, and seeks to have similar discussions with other African nations to secure its supply of vital raw materials, according to a statement issued on Wednesday, by an official of the European Union. The EU’s Critical Raw Materials Act, which has not yet taken effect, set goals to create alternate sources as part of attempts to lessen dependence on China, which controls the supply of minerals required for a transition to a lower carbon economy. As of now, the EU has agreements in place with nations like Canada, Kazakhstan, Namibia, and Ukraine, and it has been reported that agreements with Argentina and Chile are close at hand. Read more: Business Insider
The World Bank’s new president Ajay Banga has asked the lender’s 16,000-person staff to “double down” on development and climate efforts as he seeks to accelerate the bank’s evolution to tackle the most pressing global problems. On his first day on the job Friday, the former Mastercard CEO told staff in a memo seen by Reuters that he would seek to recruit each of them to work towards his vision “to create a world free from poverty on a livable planet”. Read more: Al Jazeera
Tunisia’s President Kais Saied has proposed taxing the country’s wealthiest citizens to avoid the “foreign diktats” of the International Monetary Fund (IMF). Despite reaching an agreement in principle last October on a bailout package worth nearly $2bn, talks with the IMF have stalled for months over demands to restructure public bodies and lift subsidies on basic goods. During a meeting with Prime Minister Najla Bouden on Thursday, Saied floated the idea of “taking surplus money from the rich to give to the poor”, citing a quote attributed to Omar Ibn Al-Khattab, Islam’s second caliph. Read more: Al Jazeera
In the fourth week of May 2023, there were twelve company securities that recorded trades of which AECI mining was the highest priced security. In comparison to week four of May 2023, we see sixteen companies record trades with ZCCM Investment Holdings as the highest priced security. Wednesdays’ equity trading was the best performance of the week. Read more
In 145 trades recorded yesterday, 59,290 shares were transacted resulting in a turnover of K223,711.02. A share price gain of K0.01 was recorded in ZAMEFA. Trading activity was also recorded in CEC Zambia, Real Estate Investments Zambia, Standard Chartered Bank Limited, Zambia Reinsurance, Zambeef and Zanaco as well as CEC Africa on the quoted tier. The LuSE All Share Index (LASI) closed at 8,234.48 points. 0.00% up from its previous close of 8,234.42 points. The market closed on a capitalization of K76,774,869,878.90 including Shoprite Holdings and K41,992,184.438.90 excluding Shoprite Holdings.
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