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France Calls For Speedy Restructuring Of Zambia’s Debt
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US inflation below 5% for first time in two years
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AECI Mining Explosives was the highest priced security in the third week of April
Story of the Day
In recent years, the yuan, also known as the renminbi, has gained increasing attention as a potential challenger to the dominant position of the US dollar in the global economy. As China’s economic influence continues to grow, the use of the yuan is expected to increase as well, with potential implications for countries like Zambia that rely heavily on dollar- denominated transactions. In this article, we will explore the impact of the yuan on the world economy, and its potential effects on Zambia. Read more
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French President Emmanuel Macron says Zambia’s debt restructuring programme should conclusively be dealt with, before the June summit for a New Global financial pact. Mr. Macron says France will work together with all creditors to ensure the debt restructuring for Zambia is done. He said this when he hosted President Hakainde Hichilema this morning at Elysée Palace, in the French capital, Paris. And President Hichilema has described the deliberations as fruitful. President Hichilema emphasised the importance of closing debt talks and asked France to use its role to leverage the Paris Club and the G20 Creditor Committee to ensure the speedy resolution of the debt restructuring. He called on both France and China to jointly tackle the debt restructuring programme with the utmost speed. Read more: ZNBC
President Hakainde Hichilema says Zambia is ready for business hence the country is creating strong institutions that support an enabling environment for investment. President Hichilema says government is committed to carrying out reforms that encourage economic growth and that it is fully aware of what needs to be done in order to drive the country’s economy. ZANIS reports that the President said government will continue to do more in a bid to turn around the country’s economic fortunes. Mr Hichilema stated his administration is keen to work with the private sector and improve the well being of the Zambian people. The Head of State said this during the Zambia Investment Forum held in London yesterday. And Minister of Finance Situmbeko Musokotwane has implored the business community in London to help the government in pushing for debt relief. Read more: Lusaka Times
ABSA, one of the leading banks in Zambia, has launched a hackathon data science competition aimed at creating efficient business decision-making opportunities. The competition, which was officially launched by the Technology and Science Minister Felix Mutati, is the first of its kind in Zambia and seeks to resolve real-life data challenges in the market. Minister Mutati commended ABSA for its innovation in creating a value data business and urged the banking sector to invest in precision decision-making to resolve data solutions distinct from digital rivalry divide but anchored on inclusion built around confidence arising from value business proposition. He also emphasized that the Government has precise-strategy data governance architectural protocols premised on a legal framework that will effect cost-efficient digital operational platforms. Read more: Lusaka Times
More than 50,000 Small and Medium Enterprises (SMEs) are on the client portfolio for the Citizens Economic Empowerment Commission (CEEC), all investing in different sectors of the economy. The commission has therefore signed an agreement with ZCAS University to assist in generating local data and research which will be useful for the development of SMEs and decision makers. It will also to enable the former create innovative solutions and programmes that will help citizens succeed through joint development of business-related short courses for small and medium enterprises (SMEs). Read more: Zambia Monitor
The Zambia Institute of Chartered Accountants (ZICA) has urged the government to keep pushing for debt restructuring but also start crafting a plan B should that process take longer than planned. And ZICA has urged government to consider arranging a one on one meeting with China since that country has been singled out for delaying the debt restructuring process. At a media briefing, Wednesday, ZICA president Cecilia Zimba said that Zambia could not afford to put all its eggs in one basket but needed to use its own resources, improve revenue collection mechanisms and start addressing some areas of the economy. Read more: News Diggers
In International Business News Sponsored By
Prices for milk, airline tickets and new cars fell in the US last month, helping drive inflation to its lowest rate in two years. Inflation, the pace at which prices rise, was 4.9% in the 12 months to April, official figures show. That was down from 5% in March, and marks the tenth month in a row that price rises have slowed. The fall comes after the US central bank has sharply raised interest rates to try to control inflation. Inflation in the US peaked last June at 9.1% – the highest it has been since 1981. Read more: BBC News
MTN Group Ltd., Africa’s largest mobile operator, is reportedly in advanced talks to sell some of its assets to Axian Group Ltd. According to sources familiar with the matter, negotiations on the prices of MTN’s assets in Liberia, Guinea-Bissau, and Guinea-Conakry are ongoing. According to data compiled by Bloomberg, the three West African countries accounted for 1.6% of MTN’s revenue in 2022. The deal, which has not yet been finalised, could see MTN selling some of its assets as it narrows its focus and resources on core markets, including Nigeria and Ghana. MTN is one of the most valuable companies in Africa, with a significant presence in 19 countries in the region. The company’s mobile phone services have become an essential part of everyday life for millions of people, and it has consistently been a top performer in the annual ranking of Africa’s top 250 listed companies by African Business. Read more: Business Insider
China’s consumer price index rose 0.1% in April year-on-year, the slowest since early 2021. Month-on-month, prices declined by 0.1%. Economists surveyed by Reuters expected to see consumer prices rise 0.4% from a year ago and remain unchanged from the previous month. Core inflation, which excludes food and energy, remained steady at 0.7% year-on-year and 0.1% month-on-month. April’s reading comes after China’s inflation rate eased to 0.7% in March after marking a recent peak of 2.8% in September. Compared with last year, service prices rose 1% in April, according to the National Bureau of Statistics. That’s faster than the 0.8% increase in March. Read more: CNBC
The cost of commodities and services has shot up in Sudan as fighting escalates in the country. According to the United Nations humanitarian agency, the price of basic commodities such as fuel, food staples, and water has gone up by 60 percent or more due to supply challenges resulting from the clashes in Khartoum and other parts of Sudan. This is a new setback to Sudan’s stagnant economy. Shortages of main goods such as flour and vegetables have been reported in the capital along with unprecedented price hikes. Khartoum is the business hub for most industries and services. Factories are located in parts of the city where intense fighting is happening. Some of them have been looted. Sudan is an important exporter of gum Arabic, gold, sesame, peanuts, and livestock. But the economy has been held back by decades of sanctions and international isolation, as well as mismanagement and corruption. Read more: Africa News
In the third week of April 2023, there were Twelve company securities that recorded trades of which AECI Mining Explosives was the highest priced security. In comparison to week three of 2022, there were eleven companies that recorded trades of which AECI Mining Explosives was the highest priced security. Wednesdays’ equity trading was the best performance of the week. Read more
In 130 trades recorded yesterday, 105,261 shares were transacted resulting in a turnover of K340,462.07. Trading activity was recorded in CEC Zambia, Chilanga Cement, PUMA, Standard Chartered Bank Limited, Zambia Breweries and Zanaco as well as CEC Africa on the quoted tier. The LuSE All Share Index (LASI) maintained its close at 8,150.79 points. The market closed on a capitalization of K76,410,598,978.90 including Shoprite Holdings and K41,627,913,538.90 excluding Shoprite Holdings.
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