Story of the Day:
Two weeks into February 2022 bond trading, yet another week of trades not being recorded. For the past several weeks there have not been trades recorded. Bonds are a low risk investment issued when the government borrows money from its people. You can purchase bonds using the Lusaka Securities Exchange Application online. Read more
Local Business and Finance Sponsored By Liquid Intelligent Technologies
Minister of Mines and Mineral Development, Paul Kabuswe, says it is an indisputable fact that the mining sector has continued to make significant contributions to Zambia’s economic growth. Mr. Kabuswe says the mining sector has significantly contributed to the country’s gross domestic product (GDP) as well as government revenue through taxes and loyalties. Read more: Lusaka Times
Minister of Technology and Science Felix Mutati has announced that Cabinet at its last sitting approved in principle for the Repeal and Replacement of the Apprenticeship Act No. 36 of 1964. Mr. Mutati noted that the authority to repeal and replace the Apprenticeship Act will pave way for addressing gaps in the current law as well as provide for new development in terms of sectorial reach, incorporating both formal and informal learning. Read more: Lusaka Times
Zambia has raised concerns regarding certain clauses in the African Continental Free Trade Area (AfCFTA) Agreement because they do not address immediate aspirations of the country. At a symposium on trade and commerce hosted by Unicaf University and American Chamber of Commerce in Zambia (AMCHAM) on Thursday, Minister of Commerce, Trade and Industry Chipoka Mulenga said a submission has been made to the AfCFTA secretariat regarding the matter. Read more: Zambia Daily Mail
The Zambia Institute for Policy Analysis and Research (ZIPAR) has developed a budget analysis tool kit to equip permanent secretaries with necessary skills to analyse the budget. Speaking during the launch yesterday, Deputy Secretary to the Cabinet in charge of finance and economic development Siazongo Siakalenge said it is important for controlling officers to be on top of situations. Read more: Zambia Daily Mail
International Business and Finance
The EU, US and their allies have agreed to cut off a number of Russian banks from the main international payment system, Swift. The assets of Russia’s central bank will also be frozen, limiting Russia’s ability to access its overseas reserves. Read more: BBC News
US stock futures tumbled and oil prices surged Monday morning as investors grew increasingly concerned about the consequences of Russia’s invasion of Ukraine. On Wall Street, Dow futures plunged nearly 600 points, or 1.7%. S&P 500 futures fell 2% and Nasdaq futures were 2.7% lower. In Asia, markets mostly declined. Hong Kong’s Hang Seng lost 1.4%, Japan’s Nikkei 225 shed 0.3%, while China’s Shanghai Composite slid 0.1%. Korea’s Kospi erased earlier gains and was nearly flat. Read more: CNN
You might think a large country like the United States is the most visited in the world, but you’d be wrong — France takes that honor. About 90 million international visitors traveled there in 2019, and tourism makes up 8% of the country’s gross domestic product, according to the French ministry of foreign affairs. As with other countries, tourist numbers plunged during the coronavirus pandemic and revenue from visitors to France was cut in half over the first seven months of 2020. Read more: CNBC
Russia’s central bank on Monday sharply raised its key policy rate to 20%, a day after announcing a slew of measures to support domestic markets, as it scrambled to manage the fallout of harsh Western sanctions in retaliation against Moscow’s invasion of Ukraine. The bank hiked the key rate from 9.5% to counter risks of rouble depreciation and higher inflation, and also ordered companies to sell 80% of their foreign currency revenues: Read more: Reuters
Capital Markets Report Sponsored By ZCCM-IH
In 41 trades recorded today, 18,005 shares were transacted resulting in a turnover of K65,725. A share price gain was recorded in First Quantum Minerals of K1.69. Trading activity was also recorded in Copperbelt Energy Corporation, Chilanga Cement and Zambeef. The LuSE All Share Index (LASI) closed at 6,435.06 points, 0.24% up from its previous close of 6,419.57 points. The market closed on a capitalization of K68,820,793,997 including Shoprite Holdings and K34,038,108,557 excluding Shoprite Holdings.
For any feedback on the stories captured on the Daily FiZ, email Natasha on dailyfiz@fizambia.com