Good morning. Here’s what you need to know to start your day.
-
UNECA outlines measures to bridge SDGs financing gap in Zambia
-
Rishi Sunak and Joe Biden announce green funding agreement
-
Sub-Saharan Africa embraces 5G and smartphone adoption soars, GSMA report reveals
-
Zambeef posts lower Earnings Per Share
Story of the Day
Nsano Group is an international leading financial technology solution provider with expertise in payment transactions. The platform connects business within Africa and currently oparating in 6 countries; Ghana, Zambia, Cote d’Ivoire, Sierra Leone, Rwanda and Uganda. Nsano Zambia hosts an executive event to discuss the importance of collaborations and innovations in business. The Guest of honor, Khadija Iddrisu– Ghana High Commissioner to Zambia was accompanied by Kofi Owusu-Nhyira-NsanoFounder, Alberta Serwaa Boateng-Nsano Zambia Country Manager, Priscilla Anowa Hazel-Ghana Head of NsanoCommercial and Robert Phiri– CEO for Payment Association of Zambia, with other Guests. Read more
In Local Business News Sponsored by
Various measures have been proposed by the Economic Commission for Africa (UNECA) Sub Regional Office for Southern Africa (SRO-SA) on how Zambia can bridge the funding gap hampering implementation of the Sustainable Development Goals (SDGs). These measures range from promoting impact investing, enhanced partnerships,private sector engagement, and broadening the tax base in including the informal sector and e-commerce. UNECA SRO-SA Chief Inclusive Industrialisation Section, Olayinka Bandele, said on Friday at a public lecture in Lusaka that international commitments played a vital role in providing the necessary financial resources to support Zambia’s SDG agenda. Like other African countries, according to Bandele, Zambia could also explore innovative financing mechanisms to support the SDGs. She pointed out promoting impact investing- which directed funds towards projects with measurable social and environmental impacts as one of the mechanisms for unlocking funding. Read more: Zambia Monitor
Some local companies reportedly partnering with a United Kingdom based firm, Greencrowd Partnership LLP, to create a thriving Electric Vehicle (EVs) ecosystem and the establishment of electric mobility projects initiative in Zambia. The partnership is also targeting the establishment of the Zambia Green Outcomes Fund (ZGOF) and the Zambia Electric Mobility Innovation Association (ZEMIA). Zambia is a fertile ground for collaboration and innovation, says Rick Gambetta, Greencrowd Partnership LLP Founder and Partner, in his response to a press query from Zambia Monitor. Gambetta said that establishment of the fund and association were building blocks for sector-wide collaboration involving non-profit, private and public organizations, that would offer hope for the development of supportive policies and a thriving EV ecosystem. Firms preparing to launch the ZGOF’s fund are Kukula Capital Ltd, Greencrowd Partnership LLP, Zanaco bank plc, and Wild-Wide Fund (WWF) Zambia. Read more: Zambia Monitor
Government has engaged a consultant to determine how best ZAMTEL can be made viable. Technology and Science Minister Felix Mutati says government is waiting for the consultant to submit a report and decisions will be made on the the matter. Mr. Mutati says the public Telecommunication Company is in a difficult financial and Technical position. He says the move is being done through the Industrial Development Corporation (IDC). Mr. Mutati has told ZNBC news that Government wants to get it right on what can make ZAMTEL provide good services and experience to customers unlike its current state. Read more: ZNBC
Jesuit Centre for Theological Reflection (JCTR) has disclosed that the cost of living for a family of five in Lusaka has dropped by to K9, 077.93 in May, compared to K9, 112.60 in April 2023. JCTR Social & Economic Development Programme Officer, Aquila Ng’onga, attributed the reduction in the basic needs and nutrition basket to price decreases in food items such as 3.6 litres of cooking oil, 14 kilograms other fruits and 16 kilograms bananas. Mr. Ng’onga however noted that some non-food items in the basket rose such as two 90 kilograms bags of charcoal. “The cost of living for a family of five as measured by the Jesuit Centre for Theological Reflection (JCTR) Basic Needs and Nutrition Basket (BNNB) for the month of May 2023 in Lusaka stood at K9, 077.93. In comparison to the recorded figure of K9, 112.60 in April 2023, this signifies a decrease of K34.67.” Read more: Money FM
Bank of Zambia Exchange Rates
USD | 20.2020 | 20.2470 |
GBP | 25.3818 | 25.4464 |
EUR | 21.7515 | 21.8080 |
ZAR | 1.0788 | 1.0815 |
In International Business News Sponsored By
UK firms could gain access to US green funding as part of plans to boost UK and US ties announced by Rishi Sunak and Joe Biden. The pair unveiled the Atlantic Declaration, to strengthen economic ties between the two countries, at a White House press conference. The PM said the agreement, which falls short of a full trade deal would bring benefits “as quickly as possible”. UK electric car firms may get access to US green tax credits and subsidies. As the pair unveiled their partnership to bolster economic security, Mr Sunak said the UK-US relationship was an “indispensable alliance”. The Atlantic Declaration, includes commitments on easing trade barriers, closer defence industry ties and a data protection deal and steps up co-operation on AI. Read more: BBC News
Manufacturers around the world are contending with weakening demand as the economic outlook for the industry darkens. Factories in the United States and across the eurozone reported a decline in new orders for manufactured goods in May as they worked through their backlog of orders, according to recent business surveys released by data firm S&P Global. It’s unclear for how long those backlogs, which swelled in the early days of the pandemic, will sustain the industry globally. S&P Global data showed that the US manufacturing sector fell into contraction territory in May. A similar survey released by the Institute for Supply Management showed the industry contracted for the seventh consecutive month in May, at a faster pace than in the prior month. Read more: CNN
In an era characterized by technological advancements, the mobile market in Sub-Saharan Africa is on the brink of a significant transformation. According to a recent report titled “The Mobile Economy 2023” released by the Global System Operators and Manufacturers Association (GSMA), the region is expected to witness a surge in smartphone adoption and the rise of 5G technology. These developments are projected to fuel economic growth and contribute to the region’s digital revolution. By 2030, smartphone adoption is forecasted to soar to 87% in Sub-Saharan Africa, up from 51% in 2022. The report attributes this rapid growth to the declining prices of smartphones and the increasing number of young individuals embracing digital technologies. With the majority of new users being digital natives, smartphones are being utilized for a myriad of activities beyond traditional voice calls and SMS. Read more: Business Insider
For the fiscal year 2023–2024, the Tanzanian government has set aside a staggering Sh10.48 trillion ($4.4 billion) to pay down the country’s debt. The sum represents a 15% increase over the Sh9.1 trillion that the Parliament had previously approved for paying the loans that the government had obtained in the current (2022–2023) fiscal year from a variety of sources. Read more: Business Insider
In accordance with the Lusaka Securities Exchange (“LuSE”) Listings Requirements, the Board of Directors of Zambeef Products Plc (the “Company” or the “Group”) hereby advises the shareholders of the Company that the Total Basic Earnings per Share for the financial half year ended 31 March 2023 is expected to be 113% and 112% lower (in Zambian Kwacha and US Dollar terms respectively) than that of the corresponding financial period ended 31 March 2022. Read more
In 37 trades recorded on Friday, 66,210 shares were transacted resulting in a turnover of K617,070.92. Trading activity was also recorded in CEC Zambia, Chilanga Cement, Zambia Reinsurance, Standard Chartered Bank Limited, Zambia Breweries, Zambeef, Zanaco and ZAMEFA .LuSE All Share Index (LASI) maintained its close at 8,188.98 points. The market closed on a capitalization of K76,574,830,373.94 including Shoprite Holdings and K41,794,144,933.94 excluding Shoprite Holdings
Picture of the Day