Story of the Day
The Managing Director of one of the leading Mobile Money companies in Zambia has commiserated with the various “MOMO booth” business owners that were impacted by the recent cleanup of Lusaka’s Central Business District. With this development, Fintech companies will be looking at this development with curious eyes as the next phase of our digital financial migration unfolds whilst finding ways of securing the livelihoods of those who have played an important role in MOMO development. Read more
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The Africa Union Commission in collaboration with the Africa Business Council has awarded Trade Kings Group as the best African Manufacturer. In a statement, Trade Kings public relations and corporate affairs manager Bridget Kambobe said the award was presented during the 13th Africa Union Private Sector Forum. Read more: News Diggers
The Zambia Information and Communications Technology Authority (ZICTA) has assigned spectrum in the 800 MHz and 2600 MHz bands at a total bid price of USD 41.55 million. The award follows the successful conclusion of the competitive award process started in April. The regulator awarded 70 MHz of spectrum in the 800 MHz and 2,600 MHz bands to Airtel Zambia at a total bid price of USD 29 million and 50 MHz in the 2,600 MHz band to MTN Zambia for USD 12.55 million. Read more: Telecom Paper
Zimbabwe will start receiving 100MW from Zambia’s state-owned power utility, Zesco, early next month under a five-year deal, while a delegation from Mozambique is expected in the country today to finalise negotiations to supply additional 150MW to ease ongoing power cuts. Read more: NewdzeZimbabwe
Zambian President Hakainde Hichilema speaks after touring the Kafue Lower Gorge Power Station in Southern Province, Zambia, July 21, 2022. Hichilema on Thursday toured the Kafue Lower Gorge Power Station, a Chinese-built hydropower plant. The project was a milestone in the relationship between the two countries, said the president. The construction of the 750 megawatts power plant is nearing completion, as four of the five generators are already commissioned and the fifth will be finished by the end of this year. Read more: People’s Daily Online
The Zambia Tourism Agency -ZTA says it is working with both the public and private sectors to aggressively market Zambia and increase tourism arrivals. ZTA Acting Chief Executive Officer Chavunga Lungu says his organisation and the Ministry of Tourism are engaging the private sector to ensure that they market Zambia in a unified way. Mr Lungu says the engagements are ongoing and the need to woo more tourists is paramount because of the benefits that tourism brings to the country. Read more: ZNBC
International Business and Finance
Twitter spent $33m on Elon Musk’s proposed deal to buy the firm between April and June 2022. It also said its number of monthly daily users had risen to 237m – but it reported a net loss of $270m, which was worse than expected. Mr Musk has since changed his mind about the purchase, and a court date is now set for October because Twitter wants to force through the sale. Read more: BBC News
The Africa Centres for Disease Control (Africa CDC) is set to receive $100 million worth of financial support from the World Bank. According to a press statement that was seen by Business Insider Africa, the funds will enable Africa CDC to boost its technical and institutional preparedness to detect viral infections and handle public health emergencies. Read more: Business Insider
Uganda President Yoweri Museveni has flagged an accelerated shift to electric vehicles and clean energy as a long-term solution to deflect the soaring costs of oil and gas caused by the war in Ukraine. “This is the answer. The correct way is to start moving away from petrol to electric cars, and we have already started,” President Museveni said, rejecting fuel subsidies suggested in some quarters to lower costs. According to The East African, President Museveni’s comment came during a live TV broadcast following the galloping fuel prices in Uganda on Wednesday. Read more: Business Insider
Goldman Sachs has cut its forecast for the MSCI China index due to a worsening slump in China’s property market. The investment bank slashed its earnings outlook for the index to zero growth for the year, down from 4% previously, according to a report published late Thursday. The analysts also cut their MSCI China price target over the next 12 months to 81, down from 84. MSCI China tracks more than 700 China stocks listed globally, including Tencent, BYD and Industrial and Commercial Bank of China. Read more: CNBC
Goldman Sachs CEO David Solomon set the tone early this earnings season when he said inflation is “deeply entrenched” in the U.S. economy and impacting conditions on a multitude of fronts. Since then, company leader after company leader has expressed similar sentiments. Most say they’ve managed to navigate difficult times spurred by inflationary pressures at their highest level in more than 40 years. They report cutting costs, raising prices and generally trying to adapt models to the uncertainty of what’s ahead. Read more: CNBC
Capital Markets Report
In 63 trades recorded yesterday, 46,003 shares were transacted resulting in a turnover of K114,634. Trading activity was recorded in AECI, Chilanga Cement, Madison Financial Services. Standard Chartered Zambia, Zambia Breweries, Zanaco, Zambia Sugar and CEC Africa on the quoted tier. The LuSE All Share Index (LASI) maintained its close at 6,888.26 points, as there were no share price movements. The market closed on a capitalization of K70,915,053,454 including Shoprite Holdings and K36,132,368,014 excluding Shoprite Holdings.