Story of the Day
Zambian Breweries is empowering youth and backing the development of sport through a new sponsorship deal with the Football Association of Zambia (FAZ) that kicked off today. The nation’s largest brewer is supporting the Charity Shield competition – named after the legendary National Team player and coach, Samuel ‘Zoom’ Ndhlovu – which acts as a curtain-raiser for the local football season, with the proceeds from the match donated to a charity of the sponsor’s choice. The support is part of the wider sponsorship of the 2022/2023 MTN FAZ Premier League that the company has taken up as co-sponsor through its brand Carling Black Label. Through this sponsorship Zambian Breweries aims to tap into the soccer passion point of consumers to promote sport in the country. Read more
Local Business and Finance Sponsored By Liquid Intelligent Technologies
Zambia’s Finance Minister Situmbeko Musokotwane said on Friday that the International Monetary Fund’s executive board was expected to meet at the end of the month to approve a lending plan. The southern African country reached a staff-level agreement with the IMF on a $1.4 billion three-year extended credit facility in December, conditional upon its ability to reduce debt to levels the fund deems sustainable. Read more: Reuters
China’s ambassador to Zambia said his country would welcome more competition with the US in Africa — if it brings more benefits to the continent. While China is not seeking to compete with the US, it has “no fear of the US stirring up the trouble,” Ambassador Du Xiaohui said at an event Thursday in the capital, Lusaka, to address his country’s role in Zambia’s debt restructuring. China wants competition to have “more mutual benefit to our Zambian friends,” he said. Read more: Bloomberg
Saudi Arabian King Salman bin Abdulaziz Al Saud, received a written message from Zambian President Hakainde Hichilema, concerning strengthening relations between Saudi Arabia and Zambia. The message was received by Prince Faisal bin Farhan bin Abdullah, Minister of Foreign Affairs, when he met at the Ministry of Foreign Affairs in Riyadh the Special Envoy of the Zambian President and Minister of Foreign Affairs and International Cooperation Stanley Kakubo, SPA said. During the meeting, they discussed the relations between the two countries and ways to enhance them in various fields, in addition to a number of regional and international issues of common interest, the news agency added. Read more: Asharq Al-Awsat
Swedish Ambassador to Zambia, Anna Maj Hultgard says there is need to strengthen the long-standing partnership between the two countries. Ambassador Hultgard said the Swedish government will continue to support partners in the implementation of programmes such as children’s rights, gender and good governance across the country. Speaking when she paid a courtesy call on Northern Province Permanent Secretary, Bernard Mpundu today, Ms. Hultgard said she is in the region to appreciate the impact of that country’s financial support to Zambia. Read more: Lusaka Times
International Business and Finance
The US Senate has approved a bill that includes $369 billion for climate action – the largest investment in America’s history. The authors of the Inflation Reduction Act say it will cut the country’s carbon emissions by 40% by 2030. Some households could receive up to $7,500 in tax credit to buy an electric car and $4,000 for a used car. The bill – a key plank of President Joe Biden’s agenda – will now be sent to the Democrat-controlled House. It is expected to be backed there as soon as this week, before it can be signed into law by Mr Biden. Read more: BBC News
The Monetary Policy Committee (MPC) of the Bank of Tanzania has agreed on a plan to mop up excess liquidity in the country’s economy in a bid to tame inflation. According to a statement released on Saturday and seen by Business Insider Africa, the move would also help to safeguard Tanzania’s economic growth. Interestingly, Tanzania currently has one of the lowest inflation rates in Africa. As of June 2022, inflation in the East African country accelerated to 4.4% from 4% in May. Business Insider Africa however understands that this is the highest level recorded since November 2017, hence the worry. Read more: Business Insider
Investing in Africa is a sustainable business strategy as companies earn bountiful profits. Despite the rising inflation and insecurity, businesses are fast growing in Africa. Beyond rich resources, the continent is one of the most accessible places to do business. Companies with excellent financial structures benefit from Africa’s fast-growing population and rich resources. This article focuses on the fastest-growing businesses in Africa. These businesses are selected based on their growth rate and revenue generation potentials. Read more: Business Insider
China’s exports measured in US dollars jumped 18% in July from a year ago, marking the fastest pace of growth this year, according to Chinese customs statistics released on Sunday. Analysts polled by Reuters had forecast a 15% increase. In June, exports increased 17.9%. Imports, meanwhile, grew 2.3% from a year earlier, slightly missing expectations and suggesting domestic demand remains weak. July’s strong export performance sent China’s trade surplus to a record $101 billion for the month, the first time it has surpassed the $100 billion threshold. By comparison, the trade surplus in July 2021 was just $56.6 billion. Read more: CNN
Capital Markets Report
In 176 trades recorded on Friday, 37,703 shares were transacted resulting in a turnover of K113,344. A share price gain was recorded in Copperbelt Energy Corporation of K0.01. Trading activity was also recorded in AECI, Airtel, British American Tobacco, Chilanga Cement, Standard Chartered Zambia, Zanaco, Zambia Sugar and CEC Africa on the quoted tier. The LuSE All Share Index (LASI) closed at 6,916.74 points, 0.05% up from its previous close of 6,913.00 points. The market closed on a capitalization of K71,039,000,378 including Shoprite Holdings and K36,256,314,938 excluding Shoprite Holdings.
