Story of the Day
ZESCO Limited (ZESCO) and Copperbelt Energy Corporation Plc (CEC) have successfully completed negotiations for a new BSA that will be effective 1st April 2022. The new BSA underpins arrangements for power supply and provision of transmission services between the two companies. The new BSA will replace the old BSA that expired on 31 March 2020 and marks the beginning of a new mutually beneficial relationship of the two largest utilities in the country. Read more
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The International Monetary Fund – IMF has re-affirmed that the Zambian government has stayed the course and is broadly aligned with the commitments agreed under the staff level agreement, setting a good base to get the IMF facility. Allison Holland, IMF Mission Chief for Zambia stated that “the [Zambian] authorities have shared key parameters of their economic reform program, which are broadly aligned with the commitments agreed under the staff-level agreement, and that are aimed at the overarching goal of restoring growth and fiscal sustainability. Read more: Zambian Business Times
President Hakainde Hichilema has thanked the Finland government for sending a delegation to come and learn more about the Zambian economy. Stating that the visit by the delegation will turn tap into investment opportunities, Mr Hichilema says he is happy to see that Finland has already sent a delegation to come and see Zambia’s investment opportunities. Read more: Lusaka Times
The Zambia Revenue Authority (ZRA) says it has in the first quarter of 2022, exceeded the revenue collection target by K1.3billion after recording net outturn of K22.billion against a target of K21.1 billion. ZRA Acting Corporate Communications Manager Oliver Nzala says on a year on year comparison, ZRA collected gross revenue of K26.5billion in the first quarter of 2022 as compared to K19.5billion in same period of 2021 representing a growth of 36%. Mr Nzala says in the period under review, refunds increased by 56% from K2.6billion in 2021 to K4.1billion in 2022. Read more: Zambian Observer
Vice President Mutale Nalumango says government is encouraged with continued Chinese investments in Zambia’s Mining, Agriculture and Manufacturing sectors. Mrs. Nalumango says she is pleased that the levels of investments have continued to increase thereby strengthening the bilateral and business relationship between Zambia and China. The Vice President said this in a speech read on her behalf by Commerce, Trade and Industry Minister Chipoka Mulenga during the launch of the Chinese Chambers of commerce in Zambia -CCCZ- today. Read more: ZNBC
Small and Medium Enterprises Minister, Elias Mubanga says the new dawn government will provide policies that will ensure that SMEs prosper. Mr. Mubanga says government has realized that the problem most SMEs face is lack of finance. He has explained that government will give all the support to SMEs, because they contribute towards the growth of the economy. Read more: ZNBC
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The bosses of some of the world’s biggest energy firms vowed to increase production this year as they defended themselves from accusations of profiteering from the war in Ukraine. Chiefs at ExxonMobil, Chevron and others said in Washington that they had little power over oil prices, which have soared after Russia’s invasion. Prices remain more than 15% higher than they were at the end of January. The increase has raised energy costs for households around the world. Read more: BBC News
Samsung Electronics reported its operating profit for the first quarter of 2022 likely jumped around 50% as compared to a year ago. The memory chip and smartphone maker posted an estimated 14.1 trillion won ($11.6 billion) profit, it said in its earnings guidance. Read more: CNBC
Porsche is upping its investment in the development of climate-neutral “e-fuels” made to replace gasoline in traditional combustion engines. The German automaker, owned by Volkswagen, announced on Wednesday a $75 million “long-term” investment in Highly Innovative Fuels Global, a manufacturer headquartered in the U.S. with operations in Chile. Porsche will acquire 12.5% of the Delaware-based holding company. The move builds on an existing tie-up between the companies. In late 2020, Porsche announced a roughly $24 million investment in a pilot plant being produced by HIF in Chile. The plant is expected to begin production later this year of e-fuels, which are made from hydrogen and carbon dioxide. Read more: CNBC
The Federal Reserve is ready to raise interest rates at a faster pace to get a handle on America’s pervasive inflation problem, according to minutes from the central bank’s March meeting released Wednesday. The minutes said “many participants” at the Fed’s meeting in March noted they would have preferred a 50 basis point increase to the federal funds rate in light of high inflation. Read more: CNN
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In 110 trades recorded yesterday, 42,574 shares were transacted resulting in a turnover of K60,291. Share price gains were recorded in Standard Chartered Zambia of K0.06 and in Zambeef of K0.01. A share price loss was recorded in Copperbelt Energy Corporation of K0.01. Trading activity was also recorded in Airtel, Investrust, ZAMEFA, Zanaco and in Copperbelt Energy Corporation Africa on the quoted tier. The LuSE All Share Index (LASI) closed at 6,932.87 points, 0.29% up from its previous close of 6,912.98 points. The market closed on a capitalization of K70,993,005,220 including Shoprite Holdings and K36,210,319,780 excluding Shoprite Holdings.