Story of the Day:
Zambia’s Mines and Mineral Development Minister has advised key stakeholders that progress on the reopening on Kasenseli Gold Mine in Northwestern Province was progressing well with one of the key issues that was being addressed being having in place a ‘sound social contract’ with the community around the mine. Read more
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Maamba Collieries Limited says it is determined to increase power generation at its thermal power plant from the current 300 megawatts to 600 megawatts provided there is support from stakeholders including government. The Mining firm’s operations officer David Kumar says the necessary infrastructure is ready to undertake this huge expansion programme in power generation. Read more: ZNBC
A recent Board of Directors for the Times of Zambia resolved to liquidate the newspaper firm, the oldest newspapers entity in the country. The Board which is a secondment from the Zambia Daily Mail also resolved to sack all the 200 workers. Read more: Lusaka Times
Mwiya Musokotwane, son to Minister of Finance Situmbeko Musokotwane, has been appointed member of President Hichilema’ Business Advisory Council. He is currently co-managing director, with his father, on Nkwashi Housing Project. Read more: Zambian Observer
Ministry of Technology and Science has announced that it has plans to create an enabling legal framework that responds to start-ups and innovators and will need support from the innovators themselves and everyone else that wants to make a difference. Read more: Lusaka Times
International Business and Finance
Despite the challenges posed by the ins and outs of the COVID-19-imposed lockdowns in 2021, the world of digital payments did not back-pedal in terms of its continuous innovation and rapid transformations within the ecosystem. Read more: Business Insider
As fintech financing continue to increase in Africa, most of it is going towards funding mobile money ventures. This is according to a new report by American research group, the Brookings Institute. The report found that Africa is currently the largest adopter of mobile money transfer systems in the world. And this has been facilitated by the high influx of foreign capital, most of which have gone towards funding mobile money ventures. Read more: Business Insider
Senator Joe Manchin’s opposition to the Build Back Better Act prompted Goldman Sachs to swiftly dim its US economic outlook. “A failure to pass BBB has negative growth implications,” Goldman Sachs economists, led by Jan Hatzius, said in the research report. Goldman Sachs now expects GDP to grow at an annualized pace of 2% in the first quarter, down from 3% previously. Read more: CNN
Stock futures were lower in early morning trading Monday following a losing week as investors continued to grapple with the resurgence of Covid cases and an upcoming shift in the Federal Reserve’s easy monetary policy. Futures on the Dow Jones Industrial Average dropped 298 points. S&P 500 futures dipped 0.93% and Nasdaq 100 futures declined 1.01%. Read more: CNBC
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In 29 trades recorded on Friday, 345,564 shares were transacted resulting in a turnover of K1,910,908.51. Trading activity was recorded in AECI, Copperbelt Energy Corporation, Investrust, Lafarge, Shoprite and Zambia Breweries. The LuSE All Share Index (LASI) closed at 5,797.57 with a percentage change of -0.54.
Chart of the Day:
