Story of the Day:
The Industrial Relations Division of the High Court in Albert Mupila v. Yu-Wei delivered a landmark judgment which provides clarity on various employment law issues that employees and employers should be aware of in light of the Employment Code Act. Read more
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Zambia and Namibia have pledged to strengthen bilateral cooperation towards enhancing rural transformation through the realisation of Sustainable Development Goals -SDGs- by the year-2030. Read more: ZNBC
ABSA Bank chief executive officer Mizinga Melu says digital innovation and creativity is the way to go for banks as a way of providing convenience to clients. And Melu, who was recently elected as Bankers Association of Zambia Chairperson, has described the competition in the banking sector as healthy, saying there are still a lot of citizens that are unbanked. Read more: News Diggers
Despite Zambia investing over US$1 billion in upgrading its airport infrastructure, the timing of the completion of these projects coincided with the outbreak of the Covid 19 pandemic, making it difficult to immediately start making a return on this investment. Come 2022, living with the Covid pandemic is turning into the new normal, and the prospects of international travel is looking brighter. The Livingstone Tourism Association of Zambia – LTA chairperson Hillary Kashempe is hopeful that the sector will start its recovery. Read more: Zambian Business Times
The Zambian government said on Thursday that it will commence negotiations with its creditors later this month on how its debt could be restructured. Situmbeko Musokotwane, the Minister of Finance and National Planning said the country’s current economic situation was not good because of excessive debt, adding that the government had no option but to seek an agreement with the International Monetary Fund (IMF) for a financial package. Read more: News Ghana
International Business and Finance
Visa, Mastercard and American Express have announced they will suspend all operations in Russia in protest at its invasion of Ukraine. But Russia’s major banks have already downplayed the impact the move will have on consumers. Read more: BBC News
South Africa’s multinational telecommunications company, MTN Group, has been listed as the biggest company in Sub Saharan Africa (SSA) by market capitalisation, according to the latest monthly market report by AfricanFinaicials. Read more: Business Insider
China announced a gross domestic product growth target of “around 5.5%” for 2022, as an annual parliamentary meeting gets underway. Premier Li Keqiang revealed the figure in a speech on Saturday morning local time. Other economic targets Li announced, for employment and inflation, were the same as last year’s. Read more: CNBC
Capital Markets Report Sponsored By ZCCM-IH
In 108 trades recorded on Friday, 35,027 shares were transacted resulting in a turnover of K59,956. A share price gain of K0.01 was recorded in CEC Africa on the quoted tier. Trading activity was also recorded in Copperbelt Energy Corporation, Pamodzi, Standard Chartered Zambia, Zambeef and Zambia Sugar. The LuSE All Share Index (LASI) closed at 6,486.31 points. The market closed on a capitalization of K69,044,436,698 including Shoprite Holdings and K34,261,751,258 excluding Shoprite Holdings.