Story of the Day
The ESG – Environmental, Social and Governance – agenda is key for the sustainability of businesses and the planet. A 2019 African Development Bank report identified Africa as the most vulnerable continent to climate change. With widespread changes in weather patterns causing uncertainty for many, what can businesses do to step up and do their part to avert this environmental crisis before it is too late? Sustainability as a business approach is primarily concerned with the creation of long-term value by considering how organisations handle issues of environmental, social and governance (ESG). Read more
Local Business and Finance Sponsored By Liquid Intelligent Technologies
The IMF Board approves SDR 978.2 million (about US$1.3 billion) 38-month ECF arrangement for Zambia to help restore macroeconomic stability and foster higher, more resilient, and more inclusive growth. The authorities’ program, supported by the ECF-arrangement, will advance the authorities’ homegrown reform plan to restore debt sustainability, create fiscal space for much-needed social spending, and strengthen economic governance. Securing timely restructuring agreements with external creditors will be essential for the successful implementation of the new ECF arrangement. Read more: International Monetary Fund
The Energy Regulation Board (ERB) has revised downwards the fuel prices effective midnight. ERB Board Vice Chairperson James Banda announced the downward adjustment in the fuel prices in Lusaka today. Mr. Banda said this follows low demand of fuel on the international market and stability in the appreciation of the Kwacha against the United States dollar. He said the price of petrol per litre will now be pegged at K21.54 as opposed to the previous value of K23.19. Mr Banda said diesel will now sale at K23.12 from K24.87. Read more: ZNBC
A technical working group has been appointed under the recently established Public Private Dialogue Forum (PPDF) to review ZAMTEL operations. And Science and Technology Minister Felix Mutati says government is committed to resolving the operational challenges being faced by ZAMTEL. Mr. Mutati says this will be done through a structured and consultative process involving Government, private sector and independent experts. Read more: ZNBC
Ministry of Technology and Science says Zambia has seen an increase in the number of Financial Technology (FINTECH) companies operating and actively facilitating payments. Speaking during the media launch of the first ever International ICT Expo and Fintech festival slated for next month, Permanent Secretary Dr. Brilliant Habeenzu said the rapid growth of players in this sector means increased participation in financial payments space which is predominantly home for commercial banks. Dr. Habeenzu stated that the Ministry has created an enabling environment for digital services to thrive. Read more: Money FM
International Business and Finance
The latest Consumer Price Indices and Inflation Rates report by the Kenya National Bureau of Statistics shows that inflation in the East African country accelerated to 8.50% in August from 8.30% in July. The report explained that the acceleration was due to an increase in the prices of food and non-alcoholic beverages, transportation, housing and fuel. Read more: Business Insider
The International Monetary Fund has preliminarily agreed to extend a 48-month $2.9 billion loan to Sri Lanka to help restore economic stability to the crisis-hit South Asian country. The loan will be made under the IMF’s Extended Fund Facility, which helps countries deal with balance of payments or cash flow problems. It will only be disbursed after satisfactory debt restructuring, including debt relief arrangements have been struck between Sri Lankan authorities and the country’s creditors. Read more: CNBC
Toyota announced plans Wednesday to invest $5.6 billion in new plants to build electric vehicle batteries in Japan and the United States. But unlike other automakers who are going all-in on EVs, Toyota said it’s still not convinced that’s the best path forward. The world’s largest automaker in terms of vehicles sold, Toyota has lagged behind most other major global automakers in building fully battery powered EVs, despite its history of being a leader in hybrid gas/electric vehicles more than 20 years. Toyota has been investing more than other automakers in efforts to develop electric vehicles powered by on-board hydrogen fuel cells rather than rechargeable batteries. Read more: CNN
The UK Chancellor Nadhim Zahawi has arrived in the United States for talks on how to tackle the spiralling cost of living. During what could be his final week in the job, Mr Zahawi is meeting US banks and officials to seek “international solutions” to soaring costs. Labour has criticised the trip, saying he should be focusing on the UK. The two candidates for prime minister have signalled they will offer more help if elected on 5 September. Read more: BBC News
Capital Markets Report
In 81 trades recorded yesterday, 35,939 shares were transacted resulting in a turnover of K383,125. Share price losses were recorded in Copperbelt Energy Corporation, Real Estate Investments Zambia and Standard Chartered Zambia of K0.07, K0.01 and K0.01 respectively. Trading activity was also recorded in AECI, Chilanga Cement, ZAMEFA, Zanaco, Zambia Sugar, ZAFFICO and CEC Africa on the quoted tier. The LuSE All Share Index (LASI) closed at 7,017.34 points, 0.43% up from its previous close of 6,987.25 points. The market closed on a capitalization of K71,476,923,136 including Shoprite Holdings and K36,694,237,696 excluding Shoprite Holdings.
