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China Offers to Partner with Zambia in EV-Battery Project
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Janet Yellen warns of US debt ceiling ‘catastrophe’
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Concerns raised over ZCCM-IH Chairperson’s Resignation and Irregular Transactions Amidst Rumors of Political Interference
Story of the Day
KPMG Zambia has expressed profound gratitude for the life and legacy of Zambia’s first President Kenneth Kaunda through a gesture of giving his independence struggle home a facelift. “Today, we gather to celebrate the life and legacy of Kenneth Kaunda, a true hero and great statesman”, read an extract of a speech read by Malala Simungala KPMG’s Senior Manager – Technology Advisory Services, on behalf of KPMG Management on the eve of the KK national holiday. “Kaunda was a man who dedicated his life to fighting for freedom justice, and equality. He was a visionary leader who led Zambia to independence and inspired the whole of Africa to fight for their rights and dignity”. The face-lift to the late former Presidents Chilenge House, which is a National Monument situation in Lusaka is a symbol for the independence struggle, is testament to the firm’s commitment towards national values. Read more
In Local Business News Sponsored by
The Zambia Revenue Authority-ZRA- has revealed that it lost 34.4 million Kwacha in revenue from seven tax payers involved in cases from the Financial Intelligence Centre-FIC. ZRA Corporate Communications Manager, Oliver Nzala however notes that the authority recovered 3.5 million Kwacha from the 34.4 million Kwacha. Mr Nzala says the Authority established that the seven tax payers did not declare 34.4 million Kwacha in taxes after auditing information given to ZRA following FIC investigations. Mr Nzala says ZRA is intensifying its fight against Illicit Financial Flows by working with Law Enforcement Agencies through the exchange of information and enforcing of domestic tax laws and policies so that taxpayers pay their dues. Read more: ZNBC
The Chinese government has offered to partner with Zambia in her quest to develop the electric car batteries sector. Chinese Ambassador to Zambia Du Xiaohui says his government is ready to share her expertise with Zambia in the manufacturing of electric car batteries. Mr Du says China is currently the biggest market for electric vehicles with 20 million units being off loaded on the Chinese market every year. He spoke when he conferred with Minister of Green Economy and Environment Minister Collins Nzovu in Lusaka. Read more: ZNBC
A high-level forum, which will highlight critical issues such as access to climate smart agriculture, drought resistant inputs, and access to user-friendly payment platforms for the farmer’s community, among others is set to take place in July this year. Zambia International Agriculture Financing & Investment Summit (ZIAFIS) 2023 is set to take place between July, 31 and August 01, 2023 at the Mulungushi International Conference Centre in Lusaka. Read more: Zambia Monitor
Zambia has approached South Korea to deepen cooperation in the area of copper production, processing and trade to boost country’s economic development. In a post on his official social media handle, President Hakainde Hichilema who is in the United Kingdom (UK) to attend the coronation of King Charles III said he met with the Prime Minister of the Republic of South Korea, Han Duck-Soo, to explore mutual cooperation. “During the meeting, we also discussed mutual cooperation around creating a centre for production, processing, and trade, which complements our value addition agenda. This is largely attributed to our country’s geographical positioning. We are land-linked,” President Hichilema said. Read more: Zambia Monitor
Bank of Zambia Exchange Rates
| Currency | Buying | Selling |
|---|---|---|
| USD | 17.9402 | 17.9892 |
| GBP | 22.5616 | 22.6304 |
| EUR | 19.7019 | 19.7629 |
| ZAR | 0.9737 | 0.9771 |
In International Business News
The African Continental Free Trade Area (AfCFTA) initiative can be an important element of a climate adaptation strategy, thereby helping countries on the continent to reduce associated risks. This is according to the International Monetary Fund (IMF) in its departmental paper on the continent, titled: “Trade Integration in Africa: Unleashing the Continent’s Potential in a Changing World” released on Friday. While the relationship between trade and climate change is complex, the IMF stated that regional trade integration in Africa could be an important element of a climate adaptation strategy. For example, it cited, by supporting diversification and growth, regional trade integration could boost countries’ resilience by reducing their overreliance on sectors that are at increasing risk of being adversely affected by climate change related natural disasters. “Further, by facilitating the flow of goods across borders, regional trade integration would help countries diversify sources of climate-vulnerable products. Read more: Zambia Monitor
HSBC has fought off an attempt by its biggest shareholder to break up the bank during a frequently tense annual general meeting. Chinese insurer Ping An has been trying for more than a year to split the bank. On Friday it failed to gain the backing of any other major shareholder as investors voted to reject the proposal. HSBC chairman Mark Tucker said the result “draws a line” under a long-running debate about the bank’s structure. Despite being headquartered in London, the large majority of HSBC’s profits are made in Asia. Ping An, which holds an 8% stake in HSBC, wants the lender to separate out its Asian business. Read more: BBC News
US Treasury Secretary Janet Yellen has warned a failure to raise the US’s debt ceiling could have dire consequences. Without an agreement to increase what the federal government can borrow, it could run out of money by early June. At that point the federal government might not be able to make wage, welfare and other payments. “It’s Congress’s job to do this. If they fail to do it, we will have an economic and financial catastrophe that will be of our own making,” she said. Read more: BBC News
Kenyans are bracing themselves for a potential financial hit as the government proposes a series of new taxes in the upcoming Finance Bill 2023. While the proposed taxes are intended to expand the country’s tax base and raise revenue for the government, they could end up placing a significant burden on ordinary citizens. One of the most controversial proposals is the introduction of a five per cent excise duty on wigs, false beards, eyebrows, and eyelashes, as well as artificial nails. For many Kenyan women, these items are an essential part of their beauty routine, and the additional tax could make them unaffordable. Read more: Business Insider
The much-anticipated launch of Dangote Group’s refineries, the refinery built by Nigeria’s richest man Aliko Dangote now has a date. Nigeria’s president, Major General Muhammadu Buhari (ret. ), will conduct the inauguration, according to presidential aide Bashir Ahmad. Nigeria’s ongoing refining problems are anticipated to be resolved by the multibillion-dollar Oil Refinery and Petrochemical Company. Read more: Business Insider
Finally, Capital Markets News
The recent resignation of ZCCM-IH’s Board Chairperson, Dolika Banda, has caused deep concern among minority shareholders of the company. Banda, a highly respected business executive, had played a key role in leading ZCCM-IH and defending the country’s mining interests. Her departure has raised questions about the reasons behind her resignation and has led to speculation about excessive political interference. In a statement issued on behalf of minority shareholders of ZCCM-IH, Thierry Charles, the spokesperson, expressed disappointment and concern about Banda’s resignation. He acknowledged her professionalism and competence and thanked her for her leadership and contribution to the company. Charles also expressed concern about the ongoing dossiers regarding KCM and Mopani and called for the safeguarding of ZCCM-IH’s interests. Read more: Lusaka Times
In 38 trades recorded yesterday, 27,251 shares were transacted resulting in a turnover of K105,455.05. Trading activity was recorded in AECI, CEC Zambia, Chilanga Cement, Standard Chartered Bank Limited and Zambeef as well as CEC Africa on the quoted tier. The LuSE All Share Index (LASI) maintained its close at 8,095.40 points. The market closed on a capitalization of K76,169,473,305.26 including Shoprite Holdings and K41,386,787,865.26 excluding Shoprite Holdings.
Picture of the Day
