Good morning. Here’s what you need to know to start your day.
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Zambia’s PMI rose to 51.3 in February, up from 50.6 in January and signalling a second successive monthly strengthening of business conditions in the private sector
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Zoom President Fired
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Bata’s Managing Director Retires
Story of the Day
Founders need to build real sustainable businesses from day one. That doesn’t necessarily mean being profitable from the start, but setting yourself up for success by not relying on huge amounts of capital coming in. We talk a lot about how to fundraise but that is not always the solution for a new business to grow. I encourage founders to not only rely on the boom cycles of VC that come and go. We need to be thinking about how can we strategically set up to deliver ROI on smaller budgets. In this kind of environment, it’s critical for founders to consider bootstrapping their own business and to examine their profitability timeline to move out of the red and into the green more quickly. Let’s talk about the benefits of building sustainable businesses from the start: Read more
In Local Business News Sponsored by
Zambia’s President Hakainde Hichilema asked UN secretary-general Antonio Guterres to help push for the conclusion of talks over the Southern African nation’s debt restructuring. Hichilema, who on Saturday held a closed-door meeting with Guterres in Doha, described the debt restructuring talks as having not “moved fast enough” in an interview with state-owned ZNBC TV after the meeting. “We’ve discussed with the UN Secretary General to assist, to push for the conclusion of the debt restructuring,” Hichilema said in comments broadcast on ZNBC TV. Read more: Bloomberg
Zambian President Hakainde Hichilema called Sunday for a concrete global approach towards addressing the challenges affecting the world’s 46 least developed countries (LDCs). Among these are the high cost of capital, conflicts, climate change and access to quality health and education. “For a long time now, we have asked ourselves why the least developed countries have remained where they are, and now is the time I think we should have a real conversation in this area to address the issues that have led to the current status of the world’s least developed countries,” Hichilema said while addressing a general debate at the Fifth UN Conference on the Least Developed Countries in Doha, Qatar. Read more: Anadolu Agency
Business activity in Zambia has risen at fastest pace since May 2018 and building on the previous month’s momentum, with output and new orders each increasing at sharper rates. This is according to the Stanbic Bank Purchasing Managers Index (PMI) for February 2023 made available to Zambia Monitor. The headline PMI rose to 51.3 in February, up from 50.6 in January and signalling a second successive monthly strengthening of business conditions in the private sector. Read more: Zambia Monitor
Chilanga Cement PLC has posted K1,784 million in sales revenue for the financial year ended December 2022 down by 16 percent compared to 2021. During the financial year under review, the company demonstrated a highly resilient performance. It continued to focus intensively on commercial transformation and sustainability for continued growth despite the challenges in the operating environment such as tight liquidity, competition and contracting local market. Read more: Zambia Monitor
In International Business News
Video conferencing platform Zoom has sacked its president, Greg Tomb, a former Google executive. Mr Tomb’s contract was abruptly terminated “without cause”, according to the company in a regulatory filing. The businessman had taken up the role in June 2022 and had been active on earnings calls and overseeing the company’s sales. A spokesperson for Zoom said the tech firm isn’t looking for a replacement. Read more: BBC News
According to the United Nations Economic Commission for Africa, by 2025, e-commerce in Africa is expected to increase by According to the United Nations Economic Commission for Africa, by 2025, e-commerce in Africa is expected to increase by 50%. Acting Executive Secretary of the UNECA, Mr. Antonio Pedro made this projection known in Niamey, Niger, at the beginning of the 9th Session of the Africa Regional Forum on Sustainable Development. The expansion of e-commerce across the continent, he said, will depend on investments made in capacity building. As a result, he stated that making an investment in capacity building will be essential to fulfilling this pledge. Read more: Business Insider
China has set an official economic growth target of “around 5%” for 2023, as it seeks to revive the world’s second-largest economy after a year of tepid growth because of pandemic measures. It will also expand its defense budget 7.2%, marking a slight increase over growth the previous year. Both figures for the coming year were released at the opening of the annual gathering of the National People’s Congress (NPC), the country’s rubber-stamp legislature, which draws nearly 3,000 delegates to Beijing for the next eight days. “China’s economy is staging a steady recovery and demonstrating vast potential and momentum for further growth,” outgoing Premier Li Keqiang told delegates while delivering a government work report at the opening of the congress on Sunday. Read more: CNN
Narrowing the difference in wages between men and women in the labor force can boost the world’s economy by about 7% — or $7 trillion, according to a Moody’s Analytics report. At this rate, it may take 132 years for the world to close the economic gender gap, Moody’s said. The economic boost will come as more women join the labor force and there’s an increase in productivity. A greater share of women holding more productive managerial and professional roles will also help, the report said. “Closing the gender gap in labour force participation and the gender gap in management in OECD countries can raise global economic activity by approximately 7%, or about $7 trillion in today’s dollars,” directors Dawn Holland and Katrina Ell wrote in the report. Read more: CNBC
Finally, Capital Markets News
Bata Shoe Company PLC (“Bata” or the “Company”) wishes to inform its Shareholders and the Market of the retirement of Mr. Benson Okumu as Managing Director effective immediately. He, however, remains a Non-Executive Member of the Board. Mr. Okumu’s invaluable services and contributions to the Company are greatly appreciated and the Board wishes him well in his future endeavours. The Board wishes to, further, announce the appointment of Ms. Octavia Bwalya as Acting Managing Director, with immediate effect. Ms. Bwalya joined Bata in June 2010, and has served as Collection & Merchandising Manager and Heard of Marketing among various portfolios in the Company. She holds a Bachelor of Science in Marketing and is currently pursuing a Master of Business Administration. Read more
In 97 trades recorded on Friday, 20,028 shares were transacted resulting in a turnover of K86,299.45. A share price gain of K0.35 was recorded in Airtel. A share price gain of K0.02 was recorded in BATA. A share price loss of K0.02 was recorded in Standard Chartered Bank Limited. Trading activity was also recorded in AECI, British American Tobacco Zambia, CEC Zambia, Zambia Breweries, Zambeef, Zanaco, Zambia Sugar and in CEC Africa on the quoted tier. The LuSE All Share Index (LASI) closed at 7,348.99 points, 0.01% up from its previous close at 7,347.93 points. The market closed on a capitalization of K72,920,500,022.79 including Shoprite Holdings and K38,137,814,582.79 excluding Shoprite Holdings.
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