Story of the Day:
Kagem Mining Limited has delivered a USD 1.5 million dividend to the Zambian government’s Industrial Development Corporation (IDC) Limited, which owns 25% of the emerald mining company in Lufwanyama. The dividend, the first since 2016, is in addition to the USD 5.6 million mineral royalty tax paid on the sale of emeralds at auction during 2021 and the USD 11.9 million corporation tax payable for the year ended 31 December 2021. Read more
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Minister of Finance and National Planning Situmbeko Musokotwane has announced that the country managed to raise total revenues and grants amounting to k23.8 billion against a projection budget of k23.4 billion in the first quarter of the national budget implementation. Read more: Lusaka Times
As political risks subside, the Southern African nation is seeing more policy inclined changes that are more private sector skewed as the red metal producer signals to the world that its is indeed open for business. One landmark development in the week is the reuniting of the state power utility ZESCO Limited with Lusaka Securities Exchange (LuSE) Copperbelt Energy Corporation in agreeing a new power Bulk Supply Agreement (BSA) which was effected on April 01. Read more: The Business Telegraph
President Hakainde Hichilema says Government is committed to fostering private sector development as it is at the Centre of the country’s economic turnaround. President Hichilema says Government will this month launch the Public Private Partnership dialogue for development, a platform which will be used to interact with businesses on how to continue improving the operating environment. He has reiterated Government’s resolve to ensuring that investments are supported by good governance and rule of law. Read more: ZNBC
The Lusaka South Multi Facility Economic Zone -LS-MFEZ- has handed over a 1.2 million Kwacha cheque to the Industrial Development Corporation -IDC- in dividends, the first in the company’s 10 year existence. LS-MFEZ Boars Chairperson Gomeli Litana says this is from Profit before tax of 4.9 million Kwacha recorded for the financial year ending 31st December 2021. Mr. Litana notes that the zone last year recorded the most investments in a single year of about 399-million dollars. Read more: ZNBC
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The African Export-Import Bank (Afreximbank) has unveiled a US$4bn facility to cushion African countries from the impact of the Russia-Ukraine war, a demonstration of the bank’s responsiveness to the needs of African member states and their citizens, president Benedict Oramah has said. Read more: Business Times
Elon Musk has decided not to join the board of Twitter, the company’s chief executive Parag Agrawal says. Mr Musk’s appointment was due to become effective on Saturday after revealing last week that he had bought a 9.2% stake in the social media platform. However, Mr Agrawal tweeted: “Elon shared that same morning that he will no longer be joining the board.” Read more: BBC News
Ukraine’s economy is set to shrink by almost half this year as a result of the war, the World Bank has said. The institution forecasts Russia’s invasion will cause more economic damage across eastern Europe and parts of Asia than the coronavirus pandemic. Read more: BBC News
Stock futures were slightly lower early Monday morning as Wall Street looks to shake off a losing week. Futures tied to the Dow Jones Industrial Average declined 40 points, or around 0.1%. Those for the S&P 500 also shed 0.13%, while Nasdaq 100 futures ticked 0.3% lower. Those moves came as U.S. Treasury yields continued their upward trek following aFriday jump that saw the benchmark 10-year yield hitting a 3-year high. Read more: CNBC
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In 36 trades recorded on Friday, 3,017,330 shares were transacted resulting in a turnover of K10,226,584.90. Trading activity was recorded in CEC Africa, Copperbelt Energy Corporation and Zanaco. The LuSE All Share Index (LASI) closed at 6,973.40 points. The market closed on a capitalization of K70,993,005,220 including Shoprite Holdings and K36,210,319,780 excluding Shoprite Holdings.