Story of the Day
The purpose of organisations to a very large degree is to create value, and this is achieved through the strength of the organisation’s business model. Whereas, on the other hand, the purpose of governance is to ensure that the value created by an organisation is not only protected in one respect; but is also safeguarded from being destroyed in another. With the COVID – 19 pandemic and the ambient anxiety that abound it, the need to protect and safeguard the value that organisations create has now – more than ever, become so paramount. Read more
Local Business and Finance Sponsored By Liquid Intelligent Technologies
Copper miner First Quantum Minerals (FQM) reports that the Zambian government’s decision to engage it in dialogue on designating the long-awaited Kalumbila Multi-Facility Economic Zone (MFEZ) will help to enhance local supplier competitiveness, not just in the Kalumbila district, but also in the North-Western province and beyond. Read more: Mining Weekly
Small and Medium Enterprises Development Minister Elias Mubanga says the government is working with cooperating partners to help provide financial support to small businesses so that they remain afloat. Mr. Mubanga says he is impressed with the will of small holder businesses to grow even when Challenges are immense. Read more: ZNBC
The Zambia Chamber of Mines (ZCM) has clarified that the mining companies will continue paying Mineral Royalty Tax (MRT) this year on the same basis as in 2021. There was a common misconception that MRT was being scrapped or altered in some way due to the mining tax regime changes announced in 2022 National Budget, ZCM president Godwin Beene said. Read more: Times of Zambia
Financial Sector Deepening (FSD) Zambia has partnered with Cheshire Homes Society of Zambia to implement a project which will increase access to and usage of financial services for women, youths and children with disabilities worth K6.5 million. Read more: Times of Zambia
International Business and Finance
Social media giant Facebook has seen its daily active users (DAUs) drop for the first time in its 18-year history. The firm also warned of slowing revenue growth in the face of competition from rivals like TikTok and YouTube, while advertisers are also cutting spending. Meta’s shares slumped by more than 20% in after-hours trading in New York. The slide in Meta’s share price wiped around $200bn off the company’s stock market value. Read more: BBC News
Kenya Airways’ hopes to have its liabilities absorbed by the government have been dashed. That’s because the Kenyan Government has scrapped an earlier planned nationalisation exercise for the airline. In view of the current reality, the heavily-indebted airline is in the process of restructuring its loans. Read more: Business Insider
A survey highlighting the impact of digital platforms has revealed that Kenyans prefer to use cashless payments to conduct business more than South Africans and Nigerians. The survey, which global digital payments solution provider Visa published, showed that an estimated (71 per cent) of businesses in Kenya use cash as a means of payment, compared to higher use of cash by businesses in South Africa (91per cent) and Nigeria (94 per cent). Read more: Business Insider
Capital Markets Report Sponsored By ZCCM-IH
In 148 trades recorded yesterday, 8,958,498 shares were transacted resulting in a turnover of K18,152,095. Share price gains were recorded in British American Tobacco Zambia of K0.02 and in Standard Chartered Zambia of K0.15. Trading activity was also recorded in Airtel, Copperbelt Energy Corporation, CHIL, Madison Financial Services, PUMA, Zambeef, Zanaco and in CEC Africa on the quoted tier. The LuSE All Share Index (LASI) closed at 6,416.86 points, 0.91% up from its previous close of 6,358.58 points. The market closed on a capitalization of K68,741,420,469 including Shoprite Holdings and K33,958,735,029 excluding Shoprite Holdings.