Story of the Day
“Innovations are actualized when there are crises. All these renowned scientists, Sir Newton, are famous now and came up with innovations to answer to the challenges of the time,” the Minister of Green Economy and Environment, Hon. Collins Nzovu during his speech at the official launch of the “Inno Challenge” on 4th May, 2022 held at The Quoram. The World-Wide Fund for Nature (WWF) Zambia has partnered with MTN Zambia Foundation to set up an initiative that will provide the platform for youth with innovative and sustainable environmental solutions. The Innovative Challenge (Inno Challenge) will focus on SMEs and Youth projects that aim to provide sustainable solutions to climate change in Zambia. Read more
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The Public Service Micro Finance Company has disbursed loans in excess of 1.4 billion Kwacha since inception with Agro equipment financing being on the rise. CEO Mubanga Mwiko says the loans disbursed include financing of over 1500 units of various brand new motor vehicles and various agro equipment. And, Mr. Mwiko is happy that ZESCO has become the 44th Public company working with his firm after four years of protracted negotiations. Speaking during the signing of a Memorandum of Understanding in Lusaka today, Mr. Mwiko said his company with a net worth of K1.5 billion is providing financial services to employees in the Civil and public service at between 16 and 18% interest. ZNBC
InfraCo Africa, the Danish Investment Fund for Developing Countries (IFU) and EU-funded Electrification Financing Initiative (EDFI ElectriFI) will finance Africa GreenCo to the tune of $15.5million to enable it to scale its offering as Zambia’s first renewable energy buyer and service provider. Africa GreenCo aims to increase private sector investment in energy generation in sub-Saharan Africa by mitigating the credit risks associated with the current lack of creditworthy offtakers. ESI Africa
Minister of Small and Medium Enterprises Development Elias Mubanga says the government is not increasing fuel pump prices anymore. In an interview, Wednesday, Mubanga said Small and Medium Enterprises (SMEs) in the country were not very affected by the monthly fuel reviews, especially that government was now reducing prices. Read more: News Diggers
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The Federal Reserve said Wednesday it is raising interest rates by a half-percentage point to get a handle on the worst inflation America has seen in 40 years. It’s the first time in 22 years that the central bank has hiked rates this much. The decision was unanimous, with all 12 members of the policy-setting Federal Open Market Committee agreeing on it. Read more: CNN
India’s central bank has raised the benchmark interest rate for the first time in two years in an attempt to rein in high consumer prices. The Reserve Bank of India (RBI) raised the repo rate – at which it lends money to commercial banks – by 40 basis points to 4.4%. The rate had been reduced to a record low of 4% during the Covid-19 pandemic. Read more: BBC News
Ride-hailing and delivery group Uber has made a $5.9 billion loss, mostly due to its stakes in other companies. The firm said almost all of the loss was a result of the fall in the value of investments in businesses including two Asian ride-hailing giants – China’s Didi and South East Asia’s Grab. Shares in Didi and Grab have plunged since listing in New York last year. Despite the loss, Uber’s boss highlighted its progress in recovering from the impact of the pandemic. Read more: BBC News
Underproduction in Nigeria’s oil and gas sector and force majeure in Libya led to a lower than expected output target of the Organisation of Petroleum Exporting Countries (OPEC) in April. According to a Reuters survey, OPEC produced 28.58 million barrels per day, (BPD) in April, meaning that, OPEC’s 10 members produced only 40,000 bpd more than in March. OPEC wanted a 254,000 BPD increase for OPEC members and a 400,000 BPD increase overall for OPEC+ production for April. Read more: CGTN
Capital Markets Report Sponsored By WWF Zambia
In 41 trades recorded yesterday, 10,500 shares were transacted resulting in a turnover of K24,634. Trading activity was recorded in AECI, Copperbelt Energy Corporation, National Breweries, Pamodzi, Standard Chartered Zambia, Zambia Breweries, Zambeef, Zanaco, Zambia Sugar and CEC Africa on the quoted tier. The LuSE All Share Index (LASI) closed at 6,701.62 points. The market closed on a capitalization of K70,102,476,871 including Shoprite Holdings and K35,319,791,431 excluding Shoprite Holdings. Kindly note that adjustments in the LASI and Market Capitalization are due to the termination of the FQMZ ZDR facility effected on the 2nd of May, 2022 as announced in a publication released on the 10th of February, 2022.