Story of the Day:
In accordance with the Lusaka Securities Exchange (“LuSE”) Listings Requirements, the Board of Directors of Airtel Networks Zambia Plc (“Airtel” or “the Company”) hereby advises the Shareholders of the Company that the Earnings Per Share for the year ended 31 December 2021 is expected to be approximately 300% higher than the year ended 31 December 2020. Read more
Local Business and Finance Sponsored By Liquid Intelligent Technologies
The new Zambia Revenue Authority (ZRA) board has been tasked to strengthen measures being administered in domestic resource mobilisation through enhanced usage of electronic platforms. In a congratulatory message, Minister of Finance and National Planning Situmbeko Musokotwane has urged the nine board members to heighten compliance surveillance in a bid to curb smuggling and tax-related fraud. Read more: Zambia Daily Mail
Zambia and other African countries must intensify domestic resource mobilisation (DRM) to address economic challenges because reliance on the global resource envelope is unpredictable since it is shrinking, United Nations Economic Commission for Africa (UNECA) director Eunice Kamwendo said.
And Ms Kamwendo said there is need to stop illicit financial flows (IFF) which contribute to US$88.6 billion of capital flight annually from the African continent. Read more: Zambia Daily Mail
The Zambia Tax Platform, an alliance of different civil society organisations, is optimistic that the staff-level agreement which the government signed with the International Monetary Fund (IMF) to contract US$1.4 billion will boost the economy. Read more: Lusaka Times
Technology and Science Minister Felix Mutati has signed a Statutory Instrument to reconstitute the composition of the ZICTA Board and clearly define its role and that of the ZICTA Director General. Read more: Lusaka Times
International Business and Finance
The US Federal Reserve is raising interest rates for the first time since 2018 in an attempt to bring fast-rising prices under control. The US central bank said it was lifting its benchmark rate by 0.25 percentage points and signalled plans for further rate rises in the months head. Read more: BBC News
Russia could soon be forced to curtail crude oil production by 30%, subjecting the global economy to the biggest supply crisis in decades — that is, unless Saudi Arabia and other major energy exporters start pumping more. The world’s second-largest crude oil exporter could be forced to limit output by 3 million barrels per day in April, the International Energy Agency warned on Wednesday, as major oil companies, trading houses and shipping companies shun its exports and demand in Russia slumps. Read more: CNN
Executives at companies like Meta, Google, Twitter and TikTok could face jail time sooner than anticipated if they fail to cooperate with the U.K. internet regulator, Ofcom. The U.K. government announced Wednesday that executives may face prosecution or jail time within two months of the new Online Safety Bill becoming law, instead of two years as it was previously drafted. Read more: CNBC
U.S. stock futures were quiet on Wednesday evening as investors digested the latest projections from the Federal Reserve. Futures tied to the Dow Jones Industrial Average added 23 points, or less than 0.1%. Those for the S&P 500 and Nasdaq 100 hovered just above the flat line. Read more: CNBC
Capital Markets Report Sponsored By ZCCM-IH
In 88 trades recorded yesterday, 996,227 shares were transacted resulting in a turnover of K3,460,730.88. Trading activity was recorded in AECI, Copperbelt Energy Corporation, First Quantum Minerals, Chilanga Cement, Zambeef and Zanaco. The LuSE All Share Index (LASI) closed at 6,638.59 points. The market closed on a capitalization of K69,801,339,095 including Shoprite Holdings and K35,018,653,655 excluding Shoprite Holdings.