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Zambia and African Development Bank (AfDB) Strengthen Collaboration for Development
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Apple testing platforms to rival OpenAI’s ChatGPT
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Nigeria’s economy under pressure as fuel hits highest-ever price
Story of the Day
Global tax system is a method used when collecting international taxes. All incomes are classified as one and taxed at the same tax rate, regardless of income in a particular jurisdiction either high or low. This has been a challenge to foreign investors in developing countries like Zambia. Read more
In Local Business News Sponsored by
In a meeting held at State House, President Hakainde Hichilema expressed great pleasure in welcoming Dr. Adesina Akinwumi, the President of the African Development Bank (AfDB), and his delegation. The gathering highlighted the long-standing collaboration between Zambia and AfDB, emphasizing the importance of this relationship in fostering development. During the meeting, President Hichilema commended President Adesina for his exceptional leadership at AfDB and acknowledged the institution’s contributions to the continent. The AfDB has played a crucial role in providing resources and advocating for Africa’s interests on the global stage, including addressing the high cost of capital. Read more: Lusaka Times
To establish a strategic relationship to address the climate change impact in Zambia, First National Bank (FNB) Zambia and Worldwide Fund for Nature (WWF) Zambia have entered into a partnership through a Memorandum of Understanding (MOU). Speaking during the signing of the memorandum of understanding to cement the partnership, FNB Zambia Chief Executive Officer, Bydon Longwe said, as a bank that is constantly evolving with the ever-changing needs of the customers and society, the partnership with WWF amplifies FNB’s intent to help create a better world and society for all, in line with its ethics. Longwe stated that FNB is aware that the Environmental, Social and Governance (ESG) topic has become critical in how business is undertaken. Read more: Zambian Business Times
Mines Minister Paul Kabuswe has disclosed that the government will issue 57 gold licences to cooperatives in an effort to legalize gold mining. Mr. Kabuswe says the cooperatives will be given gold detectors and loans so that they can operate professionally and benefit from the mineral resources in their communities. Speaking on Government Forum program on ZNBC TV1 last night, Mr. Kabuswe said the government wants to ensure Zambians mine gold and benefit from it. He says the government wants to get rid of illegal gold buyers who have been benefiting at the expense of locals. Read more: ZNBC
Zambia’s 2024s are currently priced at 57.633 cents, 16.33% firmer than May levels but still 41.88% below its 2012 issuance price of 99.174 while the 2027s are trading for 57.328 cents, 17.36% stronger than May levels but 41.055% shy of the 2017 issuance price of 97.257 cents. Copper being Zambia’s mainstay has traded fairly healthy on the London Metal Exchange, north of $8,455 a metric ton, supported by stronger decarbonization in the wake of climate risks. Other drivers of confidence are an improvement in political risk posture, a positive cue taken from leadership change in August 2021. Hichilema’s leadership earned Zambia an International Monetary Fund extended credit facility of $1.3 billion which was a precursor to successful debt restructure 12 months after ascending to power. Read more: The Business Telegraph
Bank of Zambia Exchange Rates
Currency | Buying | Selling |
---|---|---|
USD | 19.0540 | 19.1040 |
GBP | 24.6082 | 24.6804 |
EUR | 21.3766 | 21.4346 |
ZAR | 1.0634 | 1.0671 |
In International Business News
Tesla chief executive Elon Musk says the electric carmaker could continue to cut prices as the world economy is in “turbulent times”. The multi-billionaire’s comments came after the company reported that its profit margins had been squeezed as it faced tough competition. In recent months, Tesla has cut its prices several times in major markets, including the US and China. The firm’s shares fell by more than 4% in after-hours trade in New York. The company said its gross profit margin fell to 18.2% for the three months to the end of June, down from 26.2% for the same period last year. During a call with Wall Street analysts, Mr Musk signalled that he was open to cutting prices further if needed. “One day it seems like the world economy is falling apart, next day it’s fine. I don’t know what the hell is going on,” he said. Read more: BBC News
Apple is working on artificial intelligence (AI) offerings similar to OpenAI’s ChatGPT and Google’s Bard, Bloomberg News has reported, sending its shares up as much as 2 percent to a record high. The iPhone maker has built its own framework, known as Ajax, to create large language models (LLMs) and is also testing a chatbot that some engineers call “Apple GPT”, the report said on Wednesday, quoting people with knowledge of the matter. Read more: Al Jazeera
China has promised to throw its weight behind private businesses, just days after a slew of economic data showed growth momentum had slumped. The ruling Communist Party and the State Council, the cabinet, issued a policy document on state media late on Wednesday detailing a list of measures intended to make private businesses “bigger, better and stronger.” Read more: CNN
Tuesday saw the highest-ever price for gasoline in Nigeria at 617 Naira ($0.7802) a liter as fuel costs increased for the second consecutive month following President Tinubu’s elimination of a popular but expensive fuel subsidy in May. The immediate cause could not be determined, although it may be related to recent predictions by oil marketers that the price of gasoline will soon reach N700 per liter. According to a circular obtained by the American news agency, Reuters, prices were revised nationally from 557 Naira per liter across gasoline outlets run by the state-owned Nigerian National Petroleum Co. Ltd. (NNPC). Read more: Reuters
In 30 trades recorded yesterday 11,653 shares were transacted resulting in a turnover of K35,125.06. Trading activity was recorded in BATA, CEC Zambia, Chilanga Cement, PUMA, Real Estate Investments Zambia, Standard Chartered Bank Limited, Zambeef and Zambia Sugar. The LuSE All Share Index (LASI) maintained its close at 8,230.89 points. The market closed on a capitalization of K76,759,230,818.28 including Shoprite Holdings and K41,976,545,378.28 excluding Shoprite Holdings.