Story of the Day:
No less an authority than the world health organization has said that there is no health without mental health. From the very highest levels of healthcare, there is recognition that you cannot truly be a healthy person without paying attention to your mental health as well. In ancient Egyptian, Indian, Greek, and Roman writings, mental illness was categorized as a religious or personal problem. The mentally ill were believed to be possessed or in need of religion. Apparently, these negative attitudes (maybe now in different forms) towards mental illness are still prevalent in the 21st century. This has led to stigmatisation of mental illness and those suffering from it. Most of this stigma stems from the lack of awareness and understanding of mental health. This, however, could be reduced (or even possibly eliminated) if only there were an increased amount of sensitization and publications about the condition. These two efforts collectively, could help raise awareness. Read more
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President Hakainde Hichilema has left for the United Arab Emirates (UAE) where he is scheduled to attend the Abu Dhabi Sustainability week. Mr. Kakubo said President Hichilema has been invited to participate in a high level panel discussion on the topic “Enabling Africa to become a clean energy powerhouse”. In a statement issued, Mr. Kakubo said The President has also lined up engagements with key UAE-government owned institutions that have expressed interest to cooperate with Zambia in strategic economic sectors, including energy, mining, finance, hospitality, agriculture and logistics. Read more: ZNBC
Cabinet has allowed a gradual increase of electricity tariffs for the next five years. Finance and National Planning Minister Situmbeko Musokotwane however says the increment will be minimal and manageable. Dr. Musokotwane has warned that the country risks having a serious shortage of electricity in the next five years if tariffs are not increased. Speaking during the town hall forum on the 2022 economic performance and 2023 budget execution in Lusaka today, Dr. Musokotwane said it is necessary to increase electricity tariffs in order to attract investments to the sector. Read more: ZNBC
U.S. Treasury Secretary Janet Yellen will travel to Zambia, Senegal and South Africa during the next two weeks, as the United States aims to strengthen ties with a continent that has been the focus of Chinese trade and investment for years. While in Africa, Secretary Yellen will highlight the Biden-Harris Administration’s work to deepen U.S.-Africa economic ties, including by expanding trade and investment flows and promoting sustainable and inclusive economic growth. This follows the U.S.-Africa Leaders Summit held last month in Washington, DC, where President Biden announced over $15 billion in two-way trade and investment commitments, deals, and partnerships. Read more: Lusaka Times
Bank of Zambia deputy governor for operations Dr Francis Chipimo says the central bank is hoping to see a stable exchange rate this year coupled with increased exports. Dr Chipimo attributed the continued depreciation of the Kwacha since last year to the increased demand for dollars amid a drop on the supply side. According to the Bank of Zambia rates, on Friday the dollar was buying at K18.3791 and selling at K18.4241 as at 15:30 hours. In an interview, Dr Chipimo explained that towards the end of last year, the country saw an increased demand for imported products such as fertilizer and drugs as well as fuel payments. Read more: News Diggers
Commerce, Trade and Industry Minister Chipoka Mulenga has announced that he has dissolved the Competition and Consumer Protection Commission (CCPC) Board with immediate effect. In a statement, Saturday, Mulenga said he had dissolved the board pending the appointment of a new one. “This morning, I met with part of the Competition and Consumer Protection Commission (CCPC) Board members. I thanked them for their commitment and dedication to their cause in protecting how business is conducted in our country. Their commitment to Zambia will forever be appreciated. However, a few of their members have since left the government agencies they represented, and new individuals need to be brought to the team to fulfil the guidelines of such a board. Read more: News Diggers
International Business and Finance
The world’s top 1 percent grabbed nearly two-thirds of the $42 trillion in new wealth created since 2020, Oxfam says in a new report released to coincide with the annual meeting of the World Economic Forum in Davos, Switzerland. The share was almost twice as much money as the amount obtained by the bottom 99 percent of the world’s population, according to Oxfam’s “Survival of the Richest” report released on Monday. Read more: Al Jazeera
A severe fragmentation of the global economy after decades of increasing economic integration could reduce global economic output by up to 7%, but the losses could reach 8-12% in some countries, if technology is also decoupled, the International Monetary Fund said in a new staff report. Tne IMF said even limited fragmentation could shave 0.2% off of global GDP, but said more work was needed to assess the estimated costs to the international monetary system and the global financial safety net (GFSN). Read more: Reuters
Elon Musk’s satellite internet firm, Starlink, has announced plans to launch in Kenya in the second quarter of this year. This move marks the company’s expansion into the African market and is part of Starlink’s mission to provide internet access to remote and underserved areas around the world. Kenyans can currently pre-order and deposit a fully refundable amount of Sh12,260 ($99) to reserve the service, if approved. The company announced on its website that it is targeting service in areas such as Nairobi, Kisumu, Mombasa, and Nakuru, among other towns in the country, starting from the three months ending June. Read more: Business Insider
Tesla has cut the price of some of its most popular electric cars by thousands of pounds in Europe and the US, in a bid to boost customer demand. The firm faces a difficult global economic outlook and increased competition from other carmakers. The price cuts are in the range of 10% to 13% in the UK, but run as high as 20% on some US models. New UK buyers will save £5,500 on an entry-level Model 3 and £7,000 on the cheapest Model Y. Read more: BBC News
Capital Markets Report
In 86 trades recorded on Friday, 17,178,034 shares were transacted resulting in a turnover of K17,346,387.45. A share price loss of K0.10 was recorded in Standard Chartered Bank Limited. A share price loss of K0.03 was recorded in CEC Africa on the quoted tier. Trading activity was recorded in AECI, Copperbelt Energy Corporation Zambia, Chilanga Cement, Zambeef and Zanaco. The LuSE All Share Index (LASI)closed at 7233.16 points down by 0.53% from its previous close of 7,271.46 points. The market closed on a capitalization of K72,416,350,084.85 including Shoprite Holdings and K37,633,664,644.85 excluding Shoprite Holdings.
