Daily FiZ – Thursday 16/06
Economy

Story of the Day

Pamodzi Hotels Plc, expects Earnings Per Share to be 48% higher for the financial year ended March 2022, according to the statement published on 9th June, 2022. “In accordance with the Lusaka Securities Exchange (“LuSE”) Listings Requirements, the Board of Directors of Pamodzi Hotels Plc (“the Company”) hereby advises the Shareholders of the Company that the Earnings per Share (“EPS”) for the financials for the financial year ended 31 March 2022 are expected to be higher than the EPS for the financials for the financial year ended 31 March 2021 by 48%. The movement in EPS can be attributed to the reduction in the Company’s loss. The Impact of the Covid pandemic were better in 2021 compared to 2020.” Read more

Local Business and Finance Sponsored By Liquid Intelligent Technologies

President Uhuru Kenyatta and his Zambian counterpart Hakainde Hichilema witnessed the signing of six MOUs geared towards scaling up the bilateral cooperation between the two countries. The bilateral instruments of cooperation were signed after two Heads of State held a one-on-one meeting and later led their delegations in bilateral talks. Here are the six MoUs signed Wednesday between the countries; Read more: Kenya Broadcasting Coorporation

State mining investment vehicle in Africa’s red metal hotspot Zambia, ZCCM-IH Plc has engaged Rothschild & Co., South Africa (Pty) Ltd a global financial services group for the strategic review of Mopani Copper Mines Plc for its sustainability and continued development. This was contained in a stock exchange news announcement on June 15 of 2022. Read more: The Business Telegraph

The International Monetary Fund -IMF- has encouraged creditors to expeditiously come to an agreement with Zambia, on debt relief, so that its programme can be formalised. IMF Deputy Managing Director, Antoinette Sayeh says once the creditors conclude on debt relief, the IMF will speed up its programme for Zambia. Ms Sayeh says she is confident the creditors will be encouraged by the actions Zambia has taken towards debt sustainability, as can be seen through the government’s fiscal efforts. Read more: ZNBC

Trade Kings Group of Companies says it has enhanced its foreign export capacity of its beverage drinks to 10 countries in Sub-Sahara Africa. Trade Kings Group of Companies Public Relations and Corporate Affairs Manager Bridget Kambobe says the exports are from its $80 Million Investment Big Tree Beverage Limited plant at the Lusaka Multi-Facility Economic Zone. Ms. Kambobe has attributed the growth of the investments to research and development and innovations that has enabled the group of companies to remain competitive amongst beverage manufacturers across the region. Read more: ZNBC

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

The US central bank has announced its biggest interest rate rise in nearly 30 years as it ramps up its fight to rein in soaring consumer prices. The Federal Reserve said it would increase its key interest rate by three quarters of a percentage point to a range of 1.5% to 1.75%. The rise, the third since March, comes after inflation in the US surged unexpectedly last month. Read more: BBC News

The Bank of England is expected to hike interest rates for the fifth consecutive monetary policy meeting on Thursday, as it looks to rein in soaring inflation against a backdrop of slowing growth and a deteriorating currency. At its May meeting, the Bank raised its base rate by 25 basis points to 1%, its highest level for 13 years, but warned that the British economy risks falling into recession. Read more: CNBC

Nigeria’s National Information Technology Development Agency (NITDA) yesterday issued a code of practice intended to guide the activities of social media companies in the country. In line with this mandate, NITDA’s code of practice will, among other things, require big social media companies such as Facebook and Twitter to set up local offices and appoint local representatives that would liaise with the government when need be. They must also abide by all applicable tax demands from the government. Read more: Business Insider

After having been first conceived in 2017, the Development Bank Ghana (DBG) was finally launched this week to help catalyse growth in the country’s small and medium enterprise sector. The DBG has an initial $700m to loan to private financial institutions – including CalBank, CBG, GCB and Fidelity Bank – who in turn will on-lend to SMEs. Read more: African Business

Capital Markets Report

In 48 trades recorded yesterday, 5,902 shares were transacted resulting in a turnover of K17,595. A share price gain was recorded in Zanaco of K0.01. Trading activity was also recorded in Copperbelt Energy Corporation, Chilanga Cement, Madison Financial Services, Standard Chartered Zambia, and ZAMEFA.. The LuSE All Share Index (LASI) closed at 6,842.65 points, 0.05% up from its previous close of 6,839.34 points. The market closed on a capitalization of K70,716,532,199 including Shoprite Holdings and K35,933,846,759 excluding Shoprite Holdings.

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