Story of the Day
The British Chamber of Commerce in Zambia (BCCZ) is deeply saddened by the passing of HM Queen Elizabeth II. As Britain’s longest serving Monarch, HM was steadfast in her duty to the Nation and the Commonwealth for 70 years. Zambia became a member of the Commonwealth in 1964, upon attaining its independence, and has been recognised as having played a key role in brokering peace to several countries across Southern Africa during the post-colonial era. Zambia has on several occasions hosted members of the Royal family, including HM when she attended the Commonwealth Conference in Lusaka in 1979. Read more
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Zambia has the 9th best tourism sector in Africa, according to the recently released World Economic Forum (WEF) Travel and Tourism Development Index (TTDI) 2021 report. The 2021 edition of the index assesses 117 economies, identifying key factors in enabling the sustainable and resilient growth of travel and tourism economies. The index also provides a strategic benchmarking tool for businesses, governments, international organisations and others to develop the Travel &Tourism sector. Read more: Business Insider
Glencore Plc and Zambia’s state-owned mining company ZCCM-IH could jointly lend Mopani Copper Mines $200 million to help cover running costs under a proposal made by the global miner last week, a letter seen by Reuters showed. Glencore, which owned Mopani until March 2021, is prepared to lend up to $100 million as a short-term cash injection to Zambia’s Mopani copper mine, the global miner said in a Sept. 12 “non-binding letter of intent”. Read more: Reuters
Zambia’s Mining and Technical Exhibition (MTE) begins today. The MTE event takes place throughout Sub-Saharan Africa with the goal of introducing innovative technologies and developments in the mining sector to Zambia’s top mining companies like Konkola Copper Mines. Zambia is home to some of the world’s largest copper deposits and has smaller but exploitable cobalt, manganese and nickel deposits. Copper accounts for 60% of Zambia’s total exports. For years, investment has been hindered by inconsistent policies and unfavorable political conditions. Read more: Foreign Brief
Barrows, the provider of hotel investment and advisory services for hotels in the Middle East and Africa, is advising Asian developer Hing Construction for a new 5-star Hotel Resort development in Lusaka Zambia. “Barrows will raise the funding within its institutional network of Hedge funds and Retirement Funds. Both parties are focused on large scale hotel developments in West and Central Africa,” said Chairman and CEO Erwin Jager. Both parties have signed into a capital acquisition agreement for the realization of this project with a total project value of 110 million USD. Read more: African Business
Chinese Ambassador to Zambia Du Xiaohui says Zambia’s debt to China should not stop the two countries’ bilateral cooperation. Ambassador Xiaohui observes that the intent of debt is to establish a pathway for development and that the said development is the solution for debt problems. The Chinese Envoy was speaking ahead of the forthcoming China-Zambia Trade and Investment Forum in Lusaka. Read more: News Diggers
Energy Minister Peter Kapala has disclosed that Indeni is this December expected to start blending locally produced ethanol with petrol. Mr. Kapala says Indeni has already gotten a license to become an oil marketing company. Speaking to Journalists in Luangwa, Mr. Kapala said Indeni in partnership with an Ethanol producing company will start blending petrol and ethanol at 10% and will be distributed to a few filling stations. Readmore: ZNBC
International Business and Finance
Ethiopian Airlines is set to own a majority stake in the new Nigerian airline; Nigerian Air. The Nigerian Aviation Minister, Hadi Sirika said on Friday, that a consortium led by Ethiopian Airlines is the preferred bidder for shares in Nigeria Air. A day prior, during the Nigeria Air press conference, the minister disclosed that plans were being finalized to launch the country’s new national carrier. According to the minister, the airline would begin with flights from Lagos to Abuja and back. Ethiopian Airlines will own a 49% stake in the new airline, the Nigerian Sovereign Fund will own 46% and the Nigerian federal government the will have the remaining 5%. Read more: Business Insider
Oil prices have been on a steady slide all summer long – but that could change in the last stretch of the year, with Brent crude heading back toward $100 a barrel as supply tightens, according to JPMorgan. In a note published on Wednesday, analysts backed their forecast for the international oil benchmark to hit $101 a barrel in the fourth quarter and $98 a barrel in 2023. “Despite fears over the strength of the global economy, our balances continue to suggest that surpluses observed over summer will turn into deficits starting from October,” JPMorgan said. Oil prices have been dropping for months after peaking around $122 a barrel in June. On Friday, Brent fell 5% to just below $86. Read more: Business Insider
South Africa’s inflation rate, which hit a record high of 7.8 percent in July, edged down to 7.6 percent in August from a year earlier. This was fuelled by a drop in fuel prices, the country’s statistics agency (StatsSA) said Wednesday. Read more: Africa News
The pound has fallen to a record low against the dollar as markets react to the UK’s biggest tax cuts in 50 years. In early Asia trade, sterling fell close to $1.03 before regaining some ground to stand at about $1.07 on Monday morning, UK time. Chancellor Kwasi Kwarteng has promised more tax cuts on top of a £45bn package he announced on Friday amid expectations borrowing will surge. The pound has also been under pressure due to strength of the dollar. Read more: BBC News
Capital Markets Report
In 98 trades recorded on Friday, 4,024,566 shares were transacted resulting in a turnover of K10,871,053. Share prices gains were recorded in Zambeef of K0.01 and in Zanaco of K0.10. Trading activity was also recorded in Copperbelt Energy Corporation, Standard Chartered Zambia, ZCCM, Zambia Sugar and in CEC Africa on the quoted tier. The LuSE All Share Index (LASI) closed at 7,258.50 points, 0.46% up from its previous close of 7,224.64 points. The market closed on a capitalization of K72,526,631,336 including Shoprite Holdings and K37,743,945,896 excluding Shoprite Holdings.