Story of the Day
“The Board of Directors of CEC Africa Investments Limited (the “Board”) wishes to inform the Company’s shareholders and the public that Mr. Peter Siaw Chock Chiong has resigned from being the director of the Board with effect from 31st May 2022 and has been replaced by Mrs. Brinda Murugan,” announced the Head of Corporate Affairs, Clara Mvula, in a statement published on 13th June 2022. Read more
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Canadian Prime Minister Justin Trudeau met with the President of Zambia, Hakainde Hichilema, on the margins of the Commonwealth Heads of Government Meeting. Prime Minister Trudeau and President Hichilema agreed to work together to advance shared priorities in response to the many crises facing the world. The two leaders discussed Russia’s illegal invasion of Ukraine, which the Prime Minister condemned as an affront to the fundamental principles of sovereignty, territorial integrity, and international law. They agreed on the need for countries in the Commonwealth to work together to defend democracy, peace and security, and human rights. Read more: PM of Canada
Castillo Copper has has granted London-based Hyperion Copper a 12-month option to acquire 100%-owned subsidiary, Zed Copper, which owns four projects in Zambia’s copper-belt – including the prime Luanshya and Mkushi Projects for a total consideration of £3.75 million in a value creating transaction. Read more: Mining Review
Government has assured local manufacturers of support to enable them penetrate international markets. Vice President Mutale Nalumango says government is encouraged by Zambians who are already breaking into international markets. Mrs. Nalumango was speaking during a proudly Zambian Sustainable Walk organized by the Zambia Association of Manufacturers -ZAM. Read more: ZNBC
Government is optimistic that the country will be able to implement Sustainable Development Goals (SDG’s) in the 8th National Development Plan that is expected to be launched this year. Acting Secretary to the Cabinet Patrick Kangwa says Zambia only managed to achieve 86-percent of SDG’s in the 7th National Development Plan that ended in 2021. He notes that implementation of the goals was hampered by the COVID-19 outbreak and effects of climate change that reversed the gains. Read more: ZNBC
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“Africa is headed towards growth of around 3.7 percent, while in North America and Europe there is a real risk of recession”, said economist Lionel Zinsou, formerly prime minister of Benin. Read more: CGTN
G7 leaders have detailed plans to mobilise $600bn in funding for the developing world in a move seen as a counter to China’s Belt and Road plan. The Partnership for Global Infrastructure and Investment (PGII) relaunches a scheme unveiled at last year’s G7 talks in England. US President Joe Biden said the plan would deliver returns for everyone. China’s multi-trillion dollar infrastructure initiative is criticised for hitting nations with too much debt. “I want to be clear. This isn’t aid or charity,” Mr Biden said of the G7’s PGII scheme. “It’s an investment that will deliver returns for everyone.” Read more: BBC News
The UK, US, Canada and Japan will ban imports of Russian gold in an effort to hit Moscow’s ability to fund the war in Ukraine. The UK PM said the move would “strike at the heart of Putin’s war machine”. Gold exports were worth £12.6bn ($15.4bn) to Russia in 2021, and the UK says their importance has increased since the invasion as oligarchs rush to buy bullion to avoid sanctions. Read more: BBC News
he overturning of the landmark 1973 Roe v. Wade ruling by the US Supreme Court comes at an economic cost to the nation, economists have warned. Friday’s decision to end the federal constitutional right to an abortion is widely thought to be more ideologically and politically motivated, rather than driven by an attempt to protect women from worse personal and financial outcomes. Those might include financial hardship, restricted ability to attain a higher education and move up the socio-economic ladder, as well as overall poorer health care for women reliant on clinics for preventative care. All of this would affect the state of the workforce, economic output and increase the need for government support, economists say. Read more: CNN
Capital Markets Report
In 66 trades recorded yesterday, 22,951 shares were transacted resulting in a turnover of K64,286. Trading activity was recorded in Copperbelt Energy Corporation, Standard Chartered Zambia, Zambia Breweries, ZAMEFA and Zanaco. The LuSE All Share Index (LASI) maintained its close at 6,843.79 points, as there were no share price movements. The market closed on a capitalization of K70,721,491,447 including Shoprite Holdings and K35,938,806,007 excluding Shoprite Holdings.