Story of the Day
The debate about which programming language, framework, or tech stack one should learn is ongoing within the developer community. However, there is no universal answer to this question. The demand for skilled tech experts and developers has continued to grow globally following the Covid-19 pandemic. According to the Randstad Study, non-tech companies such as retail, restaurants, banking are shifting their business from offline-first to online-first to adapt. This shift has created a demand for skilled talent in tech. Read more
Local Business and Finance Sponsored By Liquid Intelligent Technologies
Zambia’s central bank has maintained its benchmark interest rate at 9% for the second time in a row. This was announced at a press briefing in Lusaka by Governor Dr. Denny Kalyalya. The monetary policy committee in its penultimate session of 2022 commended two day deliberations on Monday August 15. Supporting the decision, Dr. Kalyalya cited single single digit inflation a trajectory attained in the May headlines levels. Read more: The Business Telegraph
With the Kwacha bond index a few points below an all time high of 290.4, the central bank in Africa’s red metal hotspot could see increased interest in its bond sale on August 19, ahead of strong optimism surrounding widening odds of a deal with the International Monetary Fund. The Bank of Zambia will seek to raise K2.6 billion in a 2,3 and 5 year re-issuance while the rest of the tenors will be fresh issuances. The bond sale comes two days after the penultimate rate decision meeting of the year 2022 in a period that markets are fairly more optimistic about concluding a bailout deal with the IMF. Read more: The Business Telegraph
Savenda Group of Companies Director and Shareholder Clever Mpoha has been arrested by by the Anti Corruption commission (ACC) for corrupt practices involving over US$920,000 This is in relation to a contract which was single sourced and signed between the Ministry of Defence and African Security Academy of Poland for the financing and purchase of military uniforms for the Zambia National Service at a contract sum of US$47 million. Mr. Mpoha who is also a Shareholder and Director of Eagle Trading International and African Security Academy of Zambia has been arrested and charged with three counts of corrupt practices and will appear in court soon. Read more: ZNBC
The Copperbelt Energy Corporation (CEC) will expand its one megawatt solar power plant in Kitwe’s Riverside to 33 megawatts by the end of the year. This is at a cost of K20 million. CEC Chief Projects Officer Vencent Nyirenda says the company is encouraged to invest more in the energy sector because government has created a conducive environment for the private sector to thrive and participate in growing the economy. Read more: ZNBC
International Business and Finance
The US has announced that they will begin formal trade negotiations with Taiwan, weeks after a controversial visit by US House Speaker Nancy Pelosi. The first round of talks are expected to begin in “early fall”, said the Office of US Trade Representative. Their discussion will include talks on trade facilitation, digital trade and anti-corruption standards. Relations between the US and China have been increasingly tense following Ms Pelosi’s visit. Read more: BBC News
OPEC’s new secretary-general said the cartel can’t be blamed for high oil and gas prices, and that the real problem is one of underinvestment in production across the entire industry. Prices have slipped in recent weeks but but remain volatile, while European sanctions on Russian oil products are set to kick in by the end-of-the year, threatening another surge in prices. The sanctions will take another 2.2 million barrels a day off the global energy market, experts say, which could drive prices as high as $120 a barrel, especially if Western nations have trouble replacing that supply. World leaders have implored the cartel of oil producing states to increase output and help meet demand. In July, President Joe Biden traveled to Saudi Arabia to secure a supply increase, but left mostly empty handed. Yet, the cartel’s new leader, Haitham Al Ghais, says OPEC+ is not to blame for the energy crisis facing the world. Read more: Business Insider
Fitch Solutions said the anticipated loan from the International Monetary Fund (IMF) would help strengthen Ghana’s external position, even as the country’s balance of payment deficit narrows slightly. In a new report seen by Business Insider Africa, the research firm revised its previous projection for Ghana’s current account deficit, putting it at 2.8% of the GDP in 2022 against an earlier 2.9%. Read more: Business Insider
Goldman Sachs and Nomura downgraded their forecasts for China’s growth, citing weaker demand, uncertainties stemming from zero-Covid policy and an energy crunch. Goldman Sachs lowered its 2022 full-year forecast to 3.0% from 3.3%, while Nomura slashed its full-year projections to 2.8% from 3.3%. The cuts represent continued pessimism among investment banks over Beijing’s growth target of around 5.5%. In July, Chinese officials indicated the country might miss its GDP goal for the year. Read more: CNBC
Capital Markets Report
In 52 trades recorded yesterday, 3,456,072 shares were transacted resulting in a turnover of K12,423,709. Share price gains were recorded in Copperbelt Energy Corporation of K0.01 and in Standard Chartered Zambia of K0.01. Trading activity was also recorded in AECI, British American Tobacco Zambia, Chilanga Cement, Zanaco and ZAFFICO. The LuSE All Share Index (LASI) closed at 6,995.47 points, 0.11% up from its previous close of 6,987.91 points. The market closed on a capitalization of K71,381,726,213 including Shoprite Holdings and K36,599,040,773 excluding Shoprite Holdings.