Story of the Day
The fintech sector has made great strides in the recent years regarding equity, diversity, and inclusion, but more work is still required before we can declare the sector to be fully inclusive. Diversity of representation and thought leadership within fintech is vital not just because it is the right thing to do, but because it will create a more innovative and vibrant ecosystem which will in turn drive creativity of the products and services that suit the modern world, from millennials to GenZ and generations to come. Understanding the various capacities and broader challenges of diversity is necessary for achieving inclusion and equity only then will we be able to provide more applicable and sustainable fintech solutions globally. How can this be done? Read more
Local Business and Finance Sponsored By Liquid Intelligent Technologies
The Government will next year start constructing ethanol plants in provincial centres for blending fuel, as a measure to reduce the cost of petroleum in the country. Minister of Energy Peter Kapala said this today in Kasenengwa District when he paid a courtesy call on Chief Saili and Senior Induna Kapichila ahead of commissioning the 7 million litre capacity Fuel Depot. The Minister told the traditional rulers that the Ministry of Energy has plans to start producing cheaper blended fuel using ethanol. Read more: Lusaka Times
President Hakainde Hichilema says his government has prioritized economic development in order to improve the welfare of the Zambian people. President Hichilema explained that his administration will ensure all available resources are channeled to more important projects as a way of ramping up the economy. Speaking when he featured on the Hot FM red hot breakfast show special interview, President Hichilema noted that the country has experienced a collapsed economy that dropped from 6 percent per year to the negatives. Read more: Lusaka Times
The Zambian minister of Commerce and Industry, Mr. Chipoka Mulenga, has sought the assistance of the president, Dangote Group, Aliko Dangote in the development of his country’s agricultural sector. Mulenga, who led a delegation from Zambia on tour of the 3.00 million metric tonnes Dangote Fertiliser plant at the weekend, called for a collaboration between Dangote Group and the Zambian government in the establishment of fertiliser plant in the southern African country. Read more: Leadership News
China Kaidi New Energy Company has acquired a 30 percent stake, estimated at US$200 million, to become the strategic equity partner for the planned 200 megawatts (MW) Margam Valley Solar power generation plant in Kalulushi. In an interview yesterday, following the engagement of the Chinese Solar Energy firm, Margam Valley Solar project coordinator Akapelwa Akapelwa said the power project is being implemented through a joint venture independent power producer at an estimated cost of US$650 million. “Margam shall retain 70 percent majority stake, with the preferred strategic equity partners, China Kaidi, being offered the 30 percent minority stake and investing an estimated US$200 million into the project. Read more: Zambia Daily Mail
International Business and Finance
U.S. stock futures fell on Monday morning following a halt in the summer rally last week, as fears of aggressive interest rate hikes returned to Wall Street. Dow Jones Industrial Average futures slid by 136 points, or 0.4%. S&P 500 and Nasdaq 100 futures dipped 0.41% and 0.49%, respectively. On Friday, the S&P 500 closed down 1.29%. The Dow Jones Industrial Average dropped 292 points, or 0.86%, and the Nasdaq Composite dropped 2.01%. Read more: CNBC
China trimmed its key lending rates again on Monday, one week after it cut two interest rates in a surprise move. The moves are seen as an attempt to revive credit demand and fire up the economy hurt by extended Covid lockdowns and property debt problems. The People’s Bank of China cut its five-year loan prime rate by 15 basis points to 4.30% from 4.45%, and lowered its one-year loan prime rate by 5 basis points to 3.65%. Read more: CNBC
The Central Bank of Sri Lanka (CBSL) has kept its key rates steady, a widely anticipated move as it awaits the effect of past hikes to trickle through the economy while a fall in global commodity prices is also expected to soothe domestic inflation. The Standing Lending Facility rate stayed at 15.5 percent on Thursday, while the Standing Deposit Facility Rate remained at 14.5 percent. The central bank has raised rates by a record 950 basis points so far this year to battle high inflation in Sri Lanka, which is wilting under a severe economic crisis. A foreign exchange shortage has left the government struggling to pay for essential imports of fuel, fertilisers, food and medicine. Inflation hit 60.8 percent year-on-year in July, and food costs expanded by a searing 90.9 percent, according to the latest government data. Read more: Al Jazeera
Elon Musk has approached brain chip implant developer Synchron Inc about a potential investment as his own company Neuralink plays catch-up in the race to connect the human brain directly to machines, according to four people familiar with the matter. Musk reached out to Synchron’s founder and chief executive, Thomas Oxley, in recent weeks to discuss a potential deal, the sources said. It is not clear if any transaction would involve a tie-up or collaboration between Synchron and Neuralink. Read more: Reuters
Capital Markets Report
In 79 trades recorded on Friday, 21,257 shares were transacted resulting in a turnover of K55,362. A share price gain was recorded in Zanaco of K0.01. Trading activity was also recorded in AECI, Investrust, Standard Chartered Zambia, Zambeef, Zambia Sugar and Copperbelt Energy Corporation Africa on the quoted tier. The LuSE All Share Index (LASI) closed at 6,998.79 points, 0.05% up from its previous close of 6,995.47 points. The market closed on a capitalization of K71,396,163,713 including Shoprite Holdings and K36,613,478,273 excluding Shoprite Holdings.