Daily FiZ – Monday 20/06
Economy

Story of the Day

On 10th June, 2022, Pamodzi Hotels PLC announced  the audited financial results for the year ended March 2022. The total turnover for the year is ZMW 54.43 million compared to previous year turnover of ZMW 15.38 million. EBITDA for the year is ZMW (3.03) million compared to previous year of ZMW (29.31) million. Overall this contributed to a Loss after tax for the year ZMW (19.46) million as compared to a loss of ZMW (36.69) million in the previous year. Read more

Local Business and Finance Sponsored By Liquid Intelligent Technologies

Finance and National Development Minister Situmbeko Musokotwane has said that the World Bank will provide funding amounting to US$275 million to Zambia over the next three years after the IMF Supported Programme is approved by the IMF Board. The Bank is providing sizeable positive net flows to Zambia with a commitment to provide approximately $959 million to Zambia’s recovery from the multiple debt and economic crises and help to institute reforms for inclusive growth and poverty reduction. Read more: Lusaka Times

China has urged the International Monetary Fund to approve a US$1.4 billion bailout for Zambia but the fund responded by telling Beijing and other official creditors they must first agree a relief package. Read more: Yahoo Finance

A geotechnical assessment report estimates the presence of the copper ore at 2.16 trillion US Dollars in 9,000 hectares of GSX-owned mining claims in Kalengwa, Zambia. The $2.16 trillion estimate of the ore means that the assets backing GSX will substantially increase to further put GSX’s asset backing well ahead of major asset backing goals initially set for completion by 2023 and 2024 respectively. Read more: Yahoo Finance

Completion of the Zambian part of the Mchinji-Mwami One-Stop Border Post (OSBP) holds key to the operationalisation of the facility, Malawi Government has said. The project is funded by the African Development Bank to the tune of K7.1 billion as part of efforts to facilitate ease of transportation of goods and services along the Nacala Corridor. Read more: The Nation

Government and the African Union Commission have signed a host agreement for the hosting of the 4th African Union Mid-Year Coordinating summit scheduled to take place in Lusaka from July 14 to 17. And Foreign Affairs and International Cooperation Minister Stanley Kakubo says the summit will bring together 13 Heads of State and government. Read more: News Diggers

Agricultural and Commercial Cooperative Society of Zambia president Duncan Mfula says the society is anticipating good business as the commercial show returns this year, following a two-year absence. Read more: News Diggers 

Cellulant Zambia is pleased to announce a digital payment partnership with five leading Zambian water utility companies; Nkana Water, Kafubu Water, Mulonga Water, Chambeshi Water and Western Water. This partnership will allow customers in the province to conveniently pay their water bills with their preferred mobile money and selected bank accounts (Standard Chartered Bank, Zambia National Building Society and Natsave). Read more: African Business

International Business and Finance Sponsored By Agricultural and Commercial Society of Zambia

Qatar Airways on Thursday posted a record net profit of 1.54 billion U.S. dollars for the 2021-2022 financial year. The air carrier attributes the good showing to a “successful strategy” during the coronavirus pandemic. The state-owned airline said the profit result was “200 percent above its highest annual historical profit” and achieved on the back of 14.4 billion U.S. dollars in overall income. It said that the revenue figure was “a remarkable two percent higher than the full financial year pre-COVID-19” in 2019-2020. Read more: CGTN

Kenya is seeking an explicit revenue-sharing deal before backing U.S. President Joe Biden’s push for a global minimum tax rate on multinational companies. The Kenya Revenue Authority (KRA) wants to know the share of taxes it will get from the U.S.’ push for multinationals to pay most of their taxes in the country where they are headquartered, even if their profits are sourced from developing countries. The call for an explicit revenue-sharing deal comes amid lobbying for Kenya to join the 134 countries that have backed the agreement. Read more: CGTN

Russia has become China’s biggest supplier of oil as the country sold discounted crude to Beijing amid sanctions over the Ukraine war. Imports of Russian oil rose by 55% from a year earlier to a record level in May, displacing Saudi Arabia as China’s biggest provider. China has ramped up purchases of Russian oil despite demand dampened by Covid curbs and a slowing economy. Read more: BBC News

Tanzania’s Minister of Finance and Planning, Mwigulu Nchemba, announced earlier this week that all is set to begin imposing a 2% digital tax on global tech giants offering services in the East African country. According to local media reports, the taxation will take effect from next month, following anticipated approval from the Tanzanian parliament. Business Insider Africa understands that lawmakers are scheduled to vote on the matter any moment from now. Read more: Business Insider

Capital Markets Report

In 87 trades recorded yesterday, 41,870 shares were transacted resulting in a turnover of K123,133. Trading activity was recorded in Copperbelt Energy Corporation, Madison Financial Services, Pamodzi, PUMA, Standard Chartered Zambia, Zambeef, ZAMEFA, Zanaco and Zambia Sugar. The LuSE All Share Index (LASI) maintained its close at 6,842.65 points, as there were no share price movements. The market closed on a capitalization of K70,716,532,199 including Shoprite Holdings and K35,933,846,759 excluding Shoprite Holdings.

For any feedback on the stories captured on the Daily FiZ, email Natasha on dailyfiz@fizambia.com
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