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Vedanta hires Standard Chartered to raise funds for KCM
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Anglo American receives buyout offer from BHP
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OPEC considering Namibia for potential membership
In Local Business and Finance News
Anil Agarwal-owned Vedanta Resources (VRL), which has hired Standard Chartered Bank to raise funds for its Konkola copper mine assets, says it is engaging with several potential partners for both short-term funds and long-term equity financing for the Zambian project. A Vedanta official said its commitment to optimising capital allocation and driving expansion is a key cornerstone of its strategy for the mines. It will enhance value creation and operationalise the Konkola Copper Mines (KCM). “We can confirm that Standard Chartered Bank is assisting Vedanta in its broader strategy to manage its capital structure and ensure the company has the funds to meet its obligations and continue its operations again. It is common practice for large corporations to engage with financial institutions for such purposes,” said a Vedanta spokesperson. Read more: Business Standard
At the Connected Africa Summit 2024, President William Ruto of Kenya, called for different IT leaders in Africa to come together to propel digital transformation in the continent. Kenya is one of the leading nations in the continent in terms of digital transformation and technology adoption. However, the continent needs to move forward in unison to promote the growth of technology in Africa. The Minister of Technology and Science in Zambia, Felix Mutati, believes that Africa is becoming the new world and there are a lot of opportunities coming up in the continent leaving it to the leaders and the general public to utilize these opportunities. Speaking to CIO Africa, Mutati agreed with President Ruto saying that collaboration among African countries is crucial to the growth of technology in the continent. He gave emphasis on lowering barriers to collaboration and set out with the mission to grow tech in the continent. “The president talked about a unified Africa. Sharing opportunities and lowering barriers such as Power. Lowering barriers is important to foster collaborations here in the continent. We need a connected Africa without leaving anyone behind,” the Zambian Minister said to CIO Africa. Read more: CIO
Over 63,000 households, businesses, social and public infrastructures are reportedly set to benefit from subsidized electricity connections by 2027, authorities say. ZESCO Company Spokesperson, Matongo Maumbi, claimed this would be through the implementation of the Lusaka Transmission and Distribution Rehabilitation Project. Maumbi in a statement issued in Lusaka on Wednesday, said the project began its last mile connections on March, 11, 2024. “Amid ongoing load shedding challenges, ZESCO Limited is leading efforts to enhance community resilience in Lusaka through this project,” he stated. Maumbi said this critical phase focused on resolving issues with the 400 Volts low voltage distribution network. He claimed this would enhance the network’s reliability and flexibility, leading to a higher quality of power supply in eight key townships of Lusaka. Read more: Zambia Monitor
The Report of the Auditor General on the Audit of External Debt Stock of Zambia for the financial years ended December, 31, 2006 to 2022, has uncovered significant financial discrepancies and other irregularities. Among the alleged financial irregularities and discrepancies included the questionable advance payment totalling US$33,750,000 for the construction of FTJ Chiluba University. Acting Auditor-General, Dr Ron Mwambwa, released the report in Lusaka on Tuesday which also alleged questionable procurement practices related to fertilizers amounting to US$44,854,511.60. It also claimed questionable acquisition of counterpart funding totalling to US$36,730,000 for the three University Colleges Project and wasteful expenditure of US$35,731,614 on the Kalabo-Sikongo Road project. The audit also reported weaknesses in the contraction of external debt with the government signing seven contracts in amounts totaling over US$958 million to finance various projects from 2014 to 2019. Read more: Zambia Monitor
In International News
UK-based mining giant Anglo American says it has been approached by larger rival BHP about a potential multi-billion dollar takeover offer. Anglo American told the BBC that the proposal is currently being reviewed by its board of directors but did not reveal the value of the offer. BHP did not immediately respond to a request for comment from the BBC. If the deal goes ahead it would be one of the mining industry’s biggest mergers in years. Anglo American – which operates mines in countries like Chile, South Africa, Brazil and Australia – has a stock market value of around £29bn. Australian-based BHP is the world’s largest publicly listed mining company with a market valuation of about A$229bn ($149bn) Read more: BBC News
TikTok says it will challenge in court an “unconstitutional” law that could result in it being sold or banned in the United States. President Biden has signed into law a bill which gives the social media platform’s Chinese owner, ByteDance, nine months to divest the app or it will be blocked in the US. The law has been introduced because of concerns TikTok might share user data with the Chinese government – claims it has always denied. “We are confident and we will keep fighting for your rights in the courts,” said TikTok boss Shou Zi Chew. “The facts, and the Constitution, are on our side… rest assured, we aren’t going anywhere.” In a video posted on the platform, he lambasted the bill and called for people to share their stories of how TikTok had improved their lives. “Make no mistake, this is a ban – a ban on TikTok, and a ban on you, and your voice,” he said. Read more: BBC News
Shares in US tech giant Meta have sunk in US after-hours trading despite better-than-expected earnings. The Facebook and Instagram owner said expenses would be higher this year as it spends heavily on artificial intelligence (AI). Mark Zuckerberg started Meta’s earnings call by talking about artificial intelligence. Then he moved onto the metaverse, touting his company’s headsets, glasses and operating system. He spent almost the entirety of his opening remarks focused on the many ways Meta loses money. Investors weren’t into it. Meta shares tumbled as much as 19% in extended trading on Wednesday, wiping out more than $200 billion in market cap. The drop came despite Meta reporting better-than-expected profit and revenue for the first quarter. Zuckerberg appeared ready for the sell-off. “I think it’s worth calling that out, that we’ve historically seen a lot of volatility in our stock during this phase of our product playbook where we’re investing in scaling a new product but aren’t yet monetizing it,” Zuckerberg said. Read more: CNBC
Barclays on Thursday reported first-quarter net income attributable to shareholders of £1.55 billion ($1.93 billion), beating expectations and returning the British lender to profit amid a major strategic overhaul. Analysts polled by Reuters had expected net profit attributable to shareholders of £1.29 billion for the quarter, according to LSEG data. Pre-tax profits, however, were down 12% to £2.28 billion from $2.6 billion a year earlier, as the bank braces to implement its extensive revamp plans. Read more: CNBC
OPEC is considering Namibia for potential membership, and willing to assist the country its oil exploration journey. Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), Haitham Al Ghais, has expressed enthusiasm about a prospective collaboration with Namibia, and affirmed OPEC’s readiness to assist the southern African nation in its oil exploration journey. The OPEC+ oil producers coalition, having seen departures like Angola in recent times, is considering Namibia for potential membership, Reuters reported. This move comes as Namibia gears up to potentially become Africa’s fourth-largest oil producer by the next decade. Read more: Business Insider
A recent survey suggests that the approval ratings of China and Russia have surpassed the approval ratings of America in Africa. While the US had a 56% approval rating in 2023, China had 58%, and Russia; 64%. Across the globe, however, the US’s approval rating remained below the 50% mark, while it failed to reduce its disapproval ratings increased. A survey done by the American consulting agency Gallup, as seen in the news publication Sputnik, showed that China and Russia have surpassed America in terms of popularity in Africa. The survey which involved 130 countries globally saw a global increase in America’s disapproval ratings from 33% in 2022 to 36% in 2023. However, the US’s approval ratings between the same period remained the same at 41%. In Africa however, the US’s approval rating stands at 56%, with China and Russia having 2% and 8% more respectively. The survey covered 66% of the continent, approximately, 36 out of its 54 countries. Read more: Business Insider
