Story of the Day
This notice serves to inform the shareholders that ZCCM-IH intends to postpone the 18th Annual General Meeting (“AGM”) that was initially scheduled to be held virtually and physically at Mulungushi International Conference Centre on Tuesday,15th November 2022 to Friday, 9 December 2022 at 10:00 hours at the same venue and virtually. Read more
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Tanzania and Zambia have agreed to beef up security along their common oil pipeline as they finalise plans for the facility to start transporting refined petroleum products. The Tanzania Zambia Mafuta (Tazama) pipeline transported crude petroleum products from Dar es Salaam to Zambia, where they were processed at the Indeni Refinery in Ndola, Zambia. However, as part of President Hakainde Hichilema’s reform plan, the government ceased importing crude feedstock and instead switched to refined imported petroleum products. Read more: The Citizen
President Hakainde Hichilema and his Malawian counterpart Lazarus Chakwera yesterday launched the Mchinji- Mwami one-stop border post with President Hichilema describing the facility as of vital importance to the growth of the econominies of not only Zambia and Malawi but the region at large. “This one-stop border post is of vital importance to the economies of Malawi and Zambia. It will ease the movement of goods not only between Zambia and Malawi but also other countries in the region,” said President Hichilema. The event was attended by diplomats and representatives of several cooperating partners among them the World Bank, African Development Bank, European Union, COMESA and traditional leaders from Zambia and Malawi. Read more: Lusaka Times
The Financial Intelligence Centre (FIC) has stressed the need for Zambia to manage its risks in countering terrorism financing as a means of ensuring integrity in the country’s financial system. Officiating a meeting for capital market players in Lusaka, Wednesday, FIC acting director general Liya Tembo said improving the economy can’t be possible if the country’s financial system loses integrity. She also expressed concern about the absence of compliance officers in most companies and institutions in the capital market sector. Read more: News Diggers
Small and Medium Enterprise Development Minister Elias Mubanga says Government is determined to support the growth of Start-ups and Micro, Small and Medium Enterprise Development -MSMEs. Mr. Mubanga told a gathering of African Minister as part of the 2022 African Start- Up Conference in Algeria that Government is currently working on the Startup Bill and the MSMEs Policy. He said once enacted into law, the start-up Bill will ensure Zambia has a functioning Startup ecosystem which will stimulate local participation especially among young innovators. Read more: ZNBC
International Business and Finance
Kenya has opened a dialogue with the World Bank for a new concessional $750 million loan. Kenya hopes to secure this loan by June 2023. If approved, this would mark the fifth time the World Bank is aiding the East African country with a relief fund from its Development Policy Operation (DPO) framework, which has afforded Kenya access to $3.25 billion (Sh399 billion at the present exchange rate) from the Bretton Woods institution. The new loan will be a part of the Ksh280.7 billion ($2.3 billion) designated for external borrowing in the current financial year. Read more: Business Insider
The African Development Fund has raised $8.9bn from international donors to lend and grant to low income countries in the 2023-2025 financing cycle. The Fund lends on highly concessional terms and provides grants to the less developed members of the Bank, using a performance-based allocation system to ensure efficiency and equity. The support is cheaper than the near-market rates of interest that wealthier African countries pay to access Bank support. Read more: African Business
U.S. stock futures were up slightly on Thursday morning following a fifth straight day of losses for the S&P 500 as Wall Street weighed the likelihood of a recession. Dow Jones Industrial Average futures added 30 points, or 0.09%. S&P 500 futures gained 0.11%, while Nasdaq 100 futures were 0.17% higher. Shares of Rent the Runway surged more than 27% in extended trading. The online retailer topped revenue expectations in its most recent quarter as shoppers opted to borrow designer clothes amid rising inflation. Read more: CNBC
The Pentagon said Wednesday that Amazon, Google, Microsoft and Oracle received a cloud-computing contract that can reach as high as $9 billion total through 2028. The outcome of the Joint Warfighting Cloud Capability, or JWCC, effort is in line with the U.S. Defense Department’s effort to rely on multiple providers of remotely operated infrastructure technology, as opposed to relying on a single company, a strategy promoted during the Trump Administration. A Department of Defense spokesperson told CNBC by email that “JWCC is a multiple award procurement composed of four contracts with a shared ceiling of $9 Billion.” Read more: CNBC
Capital Markets Report
In 64 trades recorded yesterday, 16,425 shares were transacted resulting in a turnover of K65,633.12. A share price loss of K0.01 was recorded in PUMA. Trading activity was also recorded in Airtel, CEC Zambia, Standard Chartered Bank Limited, ZCCM, Zambeef, Zanaco and Zambia Sugar as well as CEC Africa on the quoted tier . The LuSE All Share Index (LASI) closed at 7,336.76 points, 0.02% down from it’s previous close at 7,337.91 points. The market closed on a capitalization of 72,867,294<244.65 including Shoprite Holdings and K38,084,608,804.65 excluding Shoprite Holdings.