Story of the Day:
Standard Chartered Bank Zambia has appointed Mainga Mukando as member of its Board of Directors, according to a SENS announcement from the Bank. Read more
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President Hakainde Hichilema says the European Union (EU) has agreed to support Zambia’s reform agenda in various sectors of the economy. President Hichilema says this came to light during a meeting with EU President Ursula Von Der Leyen. He said during the meeting, the two discussed areas of cooperation such as renewable energy, public private partnership, and good governance. Read more: ZNBC
The Zambia Bureau of Standards -ZABS- says it will in a few months begin engaging stakeholders on the need to initiate the development of standards for cannabis for medicinal purposes. This follows the announcement by the Zambia National Service -ZNS- on the planned set up of three cannabis plantations in the country. Read more: ZNBC
Minister of Green Economy and Environment Collins Nzovu has asked Sweden and other developed countries to encourage their nationals and corporations to invest in renewable energy and sustainable environmental management in Zambia. Read more: News Diggers
The Government has officially handed over 30 % of the Kitwe Mineral Slag Dump commonly known as Black Mountain to cooperatives owned by the local youth and women. Read more: Lusaka Times
International Business and Finance
The International Monetary Fund (IMF) has warned Nigeria about the possibility of its central Bank digital currency, the eNaira, being comprised and used for illicit transactions such as money laundering and terrorism financing. Read more: Business Insider
Fitch Solutions has projected that Ghana’s current account deficit would widen slightly from an estimated 2.6% of GDP in 2021 to 2.9% in 2022. The Fitch report, a copy of which was obtained by Business Insider Africa, explained that the widening would be caused by sluggishness in the West African country’s oil and cocoa production. Read more: Business Insider
Credit Suisse has hit out after a massive data leak has brought to light the hidden wealth of several clients of the bank. Data on more than 18,000 bank accounts, holding more than $100bn, was leaked to German newspaper Süddeutsche Zeitung by a whistleblower. It includes personal, shared and corporate accounts, as well as those opened as far back as the 1940s. Read more: BBC News
Singapore wants to introduce net wealth taxes and is studying the possibility of making those with greater means pay more, Finance Minister Lawrence Wong told CNBC on Monday. However, the minister pointed to the challenges of such wealth taxes, which would inevitably cause money to flow away from Singapore. Read more: CNBC
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In 102 trades recorded today, 68,362 shares were transacted resulting in a turnover of K204,056. Share price gains were recorded in CEC of K0.01 and in ZNCO of K0.01. Share price losses are recorded in CHIL of K0.01, in SCZ of K0.15 and in ZSUG of K1.75. Trading activity was also recorded in ATEL, BATA, INVST, PMDZ, ZCCM and ZMBF. The LuSE All Share Index (LASI) closed at 6,333.44 points, 2.81% down from its previous close of 6,511.13 points. The market closed on a capitalization of K68,377,375,616 including Shoprite Holdings and K33,594,690,176 excluding Shoprite Holdings.
