Story of the Day
To mark the United Nation’s Micro, Small and Medium-sized Enterprises (MSME) Day, and the vital role these enterprises play in post-pandemic recovery, Emirates is empowering MSMEs to seek growth opportunities with an attractive incentive for new members who enrol into the Emirates Business Rewards programme. Eligible businesses around the world who sign up for a first-time account anytime from 25 June to 10 July 2022, will receive a joining bonus of 10,000 Emirates Business Reward Points – the equivalent of one Economy Class return ticket between most destinations in the Middle East, Africa/WAIO and Dubai, a city that offers world-leading support programmes and infrastructure for entrepreneurs and SMEs. Emirates’ offer aims to support MSMEs and recognise the integral part they play in sustainable development, and the global economy and communities. Read more
Local Business and Finance Sponsored By Liquid Intelligent Technologies
Vice President Mutale Nalumango says Africa and Zambia has the capacity to ensure that the continent is food and nutrition secure. Mrs. Nalumango says it is important that African leaders put their minds and resources together so that the continent attains zero hunger by 2030. She says there is need for African countries to rethink food production, processing and distribution because Africa has what it takes to be food and nutrition secure. Read more: ZNBC
First Quantum Minerals Limited chief executive officer Tristan Pascal says the recently announced investments by his company are because of assured stability due to government’s clear intentions in the mining sector. And FQM General Manager Junior Keyser has announced the launch of a CARE programme at FQM, which he says is aimed at revamping the way maintenance of mining equipment is done. Read more: News Diggers
Despite changes made to the mine tax regime, the mining industry has continued to be the highest taxpayer, after contributing K20.8 billion to Zambia Revenue Authority (ZRA)’s tax outturn of K48.3 billion for the first half of this year. In the 2022 budget, Minister of Finance and National Planning Situmbeko Musokotwane made changes to the mine tax regime by introducing the deductibility of mineral loyalty tax as an expense. Tax deductibility refers to claims made to reduce a company’s taxable income, arising from various investments and expenses incurred by a taxpayer. Dr Musokotwane projected that Government would incur a revenue loss of K3.2 billion as a result of the tax changes. Read more: Zambia Daily Mail
The World Bank has assured Zambia of support in technology so that growth and development can be attained. World Bank Vice President for East and Southern Africa Victoria Kwakwa says the bank is paying attention to technology because it has many benefits. Dr Kwakwa was speaking in Lusaka , when she paid a courtesy call on President Hakainde Hichilema at State House. And, President Hichilema has called on the World Bank to work and support Zambia to digitalize its economy. Read more: ZNBC
International Business and Finance Sponsored By Agricultural and Commercial Society of Zambia
Demand for copper is booming, but supply can’t keep up, jeopardizing net-zero emissions targets, according to a new report from S&P Global. Copper is key to electric vehicles, wind and solar power, as well as the infrastructure that transports and stores renewable energy. S&P Global’s new report forecasts copper demand nearly doubling by 2035. Read more; CNBC
The United States consumer price index, a broad measure of everyday goods and services related to the cost of living, soared 9.1% from a year ago, above the 8.8% Dow Jones estimate. That marked the fastest pace for inflation going back to November 1981. Excluding volatile food and energy prices, so-called core CPI increased 5.9%, compared with the 5.7% estimate. Core inflation peaked at 6.5% in March and has been nudging down since. On a monthly basis, headline CPI rose 1.3% and core CPI was up 0.7%, compared to respective estimates of 1.1% and 0.5%. Read more: CNBC
The African Development Bank (AfDB) has agreed to provide Zimbabwe with financial assistance to help clear its US$13,5 billion debt partly because of the need to alleviate the country’s citizens from the impact of extreme poverty. According to reports, the Southern African nation enlisted AfDB’s president Akinwumi Adesina to assist the country in clearing its long-standing, huge external debt arrears. Read more: Business Insider
The euro has fallen below the dollar for the first time in nearly 20 years as the war in Ukraine pushes the single currency down. A single euro bought $0.998 on the foreign exchange market at 12:45 GMT, down by 0.4% in the day’s trading. Fears that Russia may restrict Europe’s supplies of energy have increased the chances of recession in the euro area. Read more: BBC News
The head of the International Monetary Fund has said it will downgrade its expectations for global economic growth this month. Its most recent forecast, issued in April, was for 3.6% growth this year and next. Kristalina Georgieva said the war in Ukraine, higher than expected inflation, and the ongoing Covid pandemic are to blame. These are making the cost of living crisis worse for millions, she said. And the poorest are suffering the most, she added. Read more: BBC News
You’ll soon be able to sign up for a cheaper version of Netflix with ads — though that option is still in its “early days.” Netflix will partner with Microsoft on this new ad-supported subscription plan, the two companies announced Wednesday. The partnership follows the surprising announcement in April that Netflix would be open to adding a lower priced ad-supported tier to its service — something its CEO Reed Hastings resisted for years. But the company is going through one of the roughest periods in its 25-year history, after losing subscribers in the first quarter for the first time in more than a decade. Read more: CNN
Capital Markets Report
In 166 trades recorded yesterday, 126,380 shares were transacted resulting in a turnover of K373,362. Trading activity was recorded in Copperbelt Energy Corporation, PUMA, Standard Chartered Zambia, Zambia Breweries, Zambeef, Zanaco and CEC Africa on the quoted tier. The LuSE All Share Index (LASI) maintained its close at 6,865.86 points, as there were no share price movements. The market closed on a capitalization of K70,817,561,730 including Shoprite Holdings and K36,034,876,290 excluding Shoprite Holdings.
