Story of the Day
Banking on innovation and strategically positioning the business on the market, Towani Beauty Products sees itself dominating the cosmetic industry in Zambia. Producing skin care products which do not harm the skin, the company believes that the Zambian cosmetic industry has spontaneous potential to grow. The cosmetic industry is a scientifically-driven industry based on constant innovation and product development. With more cosmetics on the market today than ever before, it becomes obvious that they play a great role in the everyday life. Read more
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Zambia may be better known for mining copper than crypto, but a group of young entrepreneurs are looking to reinvent the country as an African technology hub — with support from Ethereum co-creator Vitalik Buterin. Startup founders from the southern African country and abroad are talking to the government about creating the regulatory and business environment that would attract more tech firms and capital. The group is in the process of organizing a conference in Lusaka, the capital, in May to draft detailed policy proposals that they believe will see Zambia succeed where previous African tech hubs have stuttered. Read more: Bloomberg
As the world drives the Environmental Social and Governance (ESG) agenda harder, Africa’s second largest red metal hotspot is breaking the gender bias in the banking industry with 39.7% of its industry profitability generated by 3 top female executives in a 17 bank and male dominated sector. The names Mukwandi Chibesakunda, Mizinga Melu and Lowani Chibesakunda are very synonymous with stellar banking and some trail blazing achievements over the years but in an ESG and SDG era, their existence is more that just their careers, accolades they bring but much more about the contribution the gender balance adds to the financial institution faculty. Read more: The Business Telegraph
Zambia’s creditors are in the next few weeks expected to form a committee to examine the sustainability of the nation’s debt and determine the amount of relief they are willing to offer, Finance Minister Situmbeko Musokotwane said on Friday. “We anticipate that the official creditor committee will be formed within the next few weeks, paving the way for the restructuring discussions,” Musokotwane said in parliament. Read more: Money Web
The blood lead levels (BLLs) in children living near the world’s biggest lead mine in Zambia have been present for generations and have caused cognitive impairment in a large proportion of the population. People’s blood lead levels in the district of Kabwe are higher than the blood lead levels that have recently led to a $641-million settlement for residents of Flint, Michigan, in the US, a case that is “perhaps the most well-known modern example of mass lead poisoning”. Read more: Mail & Guardian
International Business and Finance
Stock futures were lower early Monday morning as investors look ahead to a series of key economic reports and continue to keep a close eye on the Federal Reserve’s planned interest rate hikes. Futures tied to the Dow Jones Industrial Average moved lower by 131 points, or 0.38%. S&P 500 futures and Nasdaq 100 futures fell 0.42% and 0.58%, respectively. Read more: CNBC
Elon Musk said he is giving “serious thought” to creating a new social media platform in a tweet Saturday. Musk’s tweet follows criticism of Twitter, where he claimed the platform doesn’t allow for free speech. “Given that Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy,” Musk tweeted Friday. “What should be done?” He then asked if a new platform is needed. Read more: CNN
The US and the EU have announced a major deal on liquified natural gas, in an attempt to reduce Europe’s reliance on Russian energy. The agreement will see the US provide the EU with extra gas, equivalent to around 10% of the gas it currently gets from Russia, by the end of the year. The bloc has already said it will cut Russian gas use in response to Russia’s invasion of Ukraine. Russia currently supplies about 40% of the EU’s gas needs. Read more: BBC News
Global oil prices have fallen as China starts to implement a city-wide lockdown in Shanghai, an important financial and manufacturing hub. Brent crude lost more than $4.50 a barrel on concerns that the move would mean that demand for oil will fall. The Shanghai Composite stock index fell in early trade before regaining most of the losses later in the day. The lockdown, which began on Monday, is China’s largest since the coronavirus outbreak began more than two years ago. Read more: BBC News
Capital Markets Report Sponsored By ZCCM-IH
In 91 trades recorded on Friday, 46,954 shares were transacted resulting in a turnover of K145,321. A share price gain was recorded in Zambeef of K0.01. Trading activity was also recorded in Copperbelt Energy Corporation, First Quantum Minerals Zambia, Chilanga Cement, National Breweries, Standard Chartered Zambia, Zambia Breweries, Zambeef and Zanaco. The LuSE All Share Index (LASI) closed at 6,850.18 points, 0.01% up from its previous close of 6,849.49 points. The market closed on a capitalization of K70,648,900,353 including Shoprite Holdings and K35,866,214,913 excluding Shoprite Holdings.