Daily FiZ – Thursday 09/06
Economy

Story of the Day

After years of struggle as a small-scale cattle farmer, Kelvin Puuka has hit the big time thanks to the support of the nation’s biggest agribusiness and food retailer Zambeef Products Plc. “Without Zambeef, I wouldn’t be where I am today,” said Mr Puuka. These few words speak volumes on the life-changing impact the country’s largest vertically integrated food retailing brand has had on the local livestock farmer and others like him since its incorporation in 1994. Mr Puuka registered as a cattle supplier for the Zambeef in 2014 and now, eight years on, is reaping the rewards borne from that one bold step – a move he says is one of the best decisions of his life. Read more

Local Business and Finance Sponsored By Liquid Intelligent Technologies

Small and Medium Enterprise Development Minister, Elias Mubanga says government is working at introducing legislation that will broaden the scope and reduce the cost of financial services for SMEs. Mr. Mubanga says the legislation will also create an enabling environment for the development of the financial sector and the transition to a digital economy. He says this will spur innovations in the financial sector which will allow SMEs overcome the challenges caused by the COVID 19 pandemic. Read more: ZNBC

Atlas  Mara has launched Zambia’s first ever Small and Medium Enterprises – SME mobile app during the launch of the new and improved SME customer value proposition. The bank which has maintained one of the largest physical presence in Zambia with 50 branches, 116 ATMs spread across all the ten provinces has revealed that its new SME customer value proposition is based on a comprehensive set of workable and scalable solutions that will enable over 16,000 existing Atlas Mara Bank SME customer and prospective customers to transact efficiently and effectively. Read more: Zambian Business Times

The Energy Regulation Board has approved the new bulk supply agreement to be entered into between CEC and ZESCO. In a notice issued by CEC, following the initialling of the BSA by CEC and ZESCO on 6 April 2022, an application for regulatory approval was lodged with the ERB in accordance with the relevant provisions of the Electricity Act, 2019. “The Board advises that the ERB has granted its approval of the BSA, paving way for CEC and ZESCO to proceed to sign the agreement,” the notice read. Read more: Lusaka Times

Konkola Copper Mines (KCM) provisional liquidator Celine Nair has unveiled a plan through which the mining company envisages to spend US$17 million to conduct an annual maintenance of its Nchanga smelter in Chingola. And Ms Nair has announced resumption of mining operations at COP F and D open pits in Chingola, as part of broader plans to improve KCM’s operations before Government finds a new investor. Read more: Zambia Daily Mail

Oil seed stakeholders in Zambia have agreed to export about 100,000 metric tons of soybeans due to improved production, an industry body said Wednesday. Calvin Kaleyi, the manager of Media and Public Relations at the Zambia National Farmers Union (ZNFU), an umbrella body for farmers, said the move was arrived at during a consultative meeting held by the stakeholders. He said the stakeholders have recommended to the government that 100,000 metric tons of soybeans should be exported following a projected production of 475,353 metric tons of the crop during the 2021/2022 farming season. Read more: News Ghana

International Business and Finance Sponsored By Agricultural and Commercial Society of Zambia

You can add the World Bank to the growing chorus sounding recession alarm bells. In its latest outlook, World Bank president David Malpass said “for many countries, recession will be hard to avoid.” Malpass joins many others on Wall Street and at central banks around the globe who are starting to warn about a sharp economic downturn. JPMorgan Chase CEO Jamie Dimon referred to an economic “hurricane” on the horizon last week while Tesla’s Elon Musk has said he has a “super bad feeling” about the economy. Read more: CNN

The pan-European Stoxx 600 fell 0.6% in early trade, with basic resources shedding 1.3% to lead losses as all sectors traded in negative territory except oil and gas, which gained 0.4%. European markets are focused on the forthcoming monetary policy meeting and decision from the ECB on Thursday. The central bank is expected to confirm its intention to raise interest rates next month. The move comes after inflation for the 19-member euro area hit another record high in May. Read more: CNBC

The UK economy will grow more slowly than expected this year and will stagnate next year, a think tank says. The Organisation for Economic Co-operation and Development expects the UK economy to grow by 3.6% this year, followed by 0% growth next year. It means the UK will go from the second-fastest growing economy in the G7 group of industrial nations to the slowest growing in 2023. The G7 members are the UK, US, Canada, Germany, Japan, France and Italy. Read more: BBC News

Oil prices still have more room to climb as China’s economy hasn’t yet fully reopened from lingering COVID policies, according to the OPEC member United Arab Emirates. China has already begun gradually loosening lockdowns, and state-run TV said Wednesday that those curbs would be eased further. Brent crude rose 1.2% to $122 a barrel. “With the pace of consumption we have, we are nowhere near the peak because China is not back yet,” UAE Energy Minister Suhail Al-Mazrouei said Wednesday at a conference in Jordan. “China will come with more consumption.” Read more: Business Insider

Capital Markets Report

In 91 trades recorded yesterday, 5,191,200 shares were transacted resulting in a turnover of K34,080,465. A share price loss was recorded in Zanaco of K0.01. Trading activity was also recorded in AECI, Airtel, British American Tobacco Zambia, Copperbelt Energy Corporation, Standard Chartered Zambia, Zambia Breweries, Zambeef and Zambia Sugar. The LuSE All Share Index (LASI) closed at 6,811.02 points, 0.05% down from its previous close of 6,814.34 points. The market closed on a capitalization of K70,578,857,059 including Shoprite Holdings and K35,796,171,619 excluding Shoprite Holdings.

For any feedback on the stories captured on the Daily FiZ, email Natasha on dailyfiz@fizambia.com
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