Story of the Day:
Dubbed as a policy dialogue, WWF Zambia in collaboration with Ministry of Mines and Mineral Development are hosting the 9th Zambia Alternative Mining Indaba (ZAMI) Policy Conference at Lusaka’s Mulungushi Conference Center from 13 to 14 April 2022. At its opening ceremony, the event attracted various key stakeholders that included high level representatives from Ministry of Mines, Chamber of Mines, Transparency International, Council of Churches in Zambia, International community, Traditional Leaders, Private Sector and Government Officials. Read more
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Zambia’s gauge for manufacturing activity the Purchasing Managers Index headlined 49.6 sliding into the second contraction for the year from 50.3 previous months levels. (50 sets the benchmark for expansion ->50 and expansion -<50). The report cites among other issues lack of money in the system in the period which input costs are rising on the back of rising crude prices as global tensions increase. Waning demand has triggered output levels and subsequently production in the period. Read more: The Business Telegraph
Citizens Economic Empowerment Commission (CEEC) is offering business support and refinancing training to small- and medium-sized enterprises (SMEs) as a strategy to promote job creation among Zambians. In line with the industrialisation and job creation strategy of the Ministry of Small and Medium Enterprises Development, CEEC is one of the lead implementing agencies through operationalisation of value chain-based clusters. Read more: Zambia Daily Mail
Minister of Small and Medium Enterprise Development Elias Mubanga says Zambia has potential for high economic growth because of its rich natural resource endowment and youthful population. Mr. Mubanga said Zambia’s potential has been hindered by declining economic prospects leading to high unemployment levels experienced in the last ten years. Read more: Lusaka Times
Indian High Commissioner to Zambia, Ashok Kumar says Copperbelt Province has a lot of copper and cobalt resources that can be used to manufacture electric batteries. Mr Kumar said Zambia, particularly Copperbelt and North-Western Provinces are important places that the country can use to maximise revenue collection. Read more: Lusaka Times
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According to the ITU, the recent index shows a growing commitment worldwide to tackle and reduce cybersecurity threats. Each country’s development is assessed along the five strategic pillars of the Union’s Global Cybersecurity Agenda (GCA): Legal Measures, Technical Measures, Organisational Measures, Capacity Building, and International Cooperation. Zambia ranked number 10. Read more: Business Insider
Sri Lanka is about to default on its debts, two of the world’s largest credit rating agencies have warned. Fitch Ratings lowered its assessment of the South Asian nation, saying “a sovereign default process has begun”. S&P Global Ratings made a similar announcement and said that a default is now a “virtual certainty”. This week, Sri Lanka said it will temporarily default on its foreign debts as it faces its worst economic crisis in more than 70 years. Read more: BBC News
British consumer price inflation leaped to its highest level in three decades last month, intensifying the pressure on embattled Prime Minister Boris Johnson and his finance minister Rishi Sunak to ease the cost-of-living squeeze. The annual inflation rate climbed to 7.0% in March from 6.2% in February, its highest since March 1992. Read more: CNN
Germany would plunge into a deep recession if its supply of Russian natural gas was suddenly shut off, the country’s top forecasters warned on Wednesday. The country would lose 220 billion euros ($238 billion) in economic output over the next two years in the event of such a shock, according to a report by five German economic institutes. German GDP would rise by just 1.9% in 2022, and contract by 2.2% in 2023. Growth would be 2.7% this year if the gas keeps flowing. Read more: CNN
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In 15 trades recorded yesterday, 5,497 shares were transacted resulting in a turnover of K25,436. Share price gains were recorded in Pamodzi of K0.01 and in Zanaco of K0.13. Trading activity was also recorded in Copperbelt Energy Corporation, First Quantum Minerals Zambia, Chilanga Cement, Pamodzi, Zanaco and Zambia Sugar. The LuSE All Share Index (LASI) closed at 7,009.13 points,0.62% up from its previous close of 6,965.89 points.The market closed on a capitalization of K71,321,183,337 including Shoprite Holdings and K36,538,497,897excluding Shoprite Holdings.