Good morning. Here’s what you need to know to start your day.
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Zambians are divided on the economy and the country’s direction, a survey shows
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Tesla reports record earnings
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Zambia Sugar Plc was the best performer on the Lusaka Securities Exchange (LuSE) last month after posting a turnover valued at over K36.7 million.
Story of the Day
World Vision Zambia has called for continuous investment in education, if the nation is going to see improved learning outcomes and equitable access to high-quality, inclusive education across the three age groups from infancy to adolescence. As Zambia joins the rest of the world to celebrate the International Day of Education, commemorated every year on 24th January, World Vision Zambia recognises the human right to education, particularly for the most vulnerable. World Vision has therefore commended government’s free education policy because it believes all children have a right to compulsory, free, inclusive and high-quality primary education in the communities where they live. World Vision Zambia, Technical Programme Manager for the Reading and Development (ZREAD) programme, Dr Francis Sampa says the organisation remains steadfast in its contribution to the education sector and will continue to work with the government, communities, and traditional leaders. Read more
In Local Business News Sponsored by
President Hakainde Hichilema says government is enhancing partnerships with the private sector to achieve improved agriculture productivity. President Hichilema says government is particularly involving private Wheat commercial farmers in engagements that focus on promoting cultivation of the crop in the country. The President says Government has included three Wheat farmers from Mkushi on the delegation that is attending the Dakar 2 Summit in Senegal as part of its commitment to promoting productivity of the crop in Zambia. President Hichilema was speaking when he shared his government’s Vision for growth in agriculture, regional integration and Public Private Partnerships at the ongoing Dakar 2 Summit in Senegal. Read more: ZNBC
The Africa Development Bank (AfDB) has announced a $10b support for Food and Agriculture deliverable Compacts in Africa. Zambia will benefit from the $10b AfDB support through the Food and Agriculture deliverable Compact it is undertaking that focuses on increasing Wheat, Maize and Soya bean production. AfDB Group President Akinwumi Adesina says the $10b direct support to Food and Agriculture Deliverable Compacts will be for the period of five years. Dr Adesina announced the AfDB Compact Funding during the official opening of the Dakar 2 Summit in Senegal. Read more: ZNBC
Bank of Zambia (BoZ) and the Ministry of Finance and National Planning have started an initiative to help accelerate rural financial inclusion by promoting the use of existing public infrastructure in rural areas for the provision of financial services by the financial service providers (FSPs). So far, the Ministry of Health has opened its doors to accommodate FSPs that would be willing to use their facilities in identified rural districts. Read more: Zambia Daily Mail
Only about half of Zambians approve of the country’s overall direction and are satisfied with the way the “new dawn” government is managing the economy, a new Afrobarometer survey shows. About half of citizens describe the country’s economic condition and their personal living conditions as bad, although a majority expect things to get better during the coming year. Management of the economy and health top the list of problems that Zambians want the government to address, ahead of infrastructure/roads, water supply, and agriculture. Read more: African Business
The Zambia Revenue Authority will this year include presumptive tax on passenger transport once the modalities are finalised. In addition, local authorities will be allowed to collect turnover tax in bus stations and markets. This is meant to increase tax collections associated with each local authority in 2023 and consequently rise the commission. Read more: Zambia Monitor
Indo Zambia Bank (IZB) has disbursed about K650,000 to 276 small businesses, as it signs a partnership with marketeers’ group. The bank also disbursed about K230.65 million to 447 entrepreneurs in 2022 as part of its commitment to supporting the growth of the small businesses. The funds were disbursed to Small and Medium Entrepreneurs (SMEs) in sectors such as manufacturing, agriculture, trading, hospitality and transportation. Read more: Zambia Monitor
The Mineworkers’ Union of Zambia (MUZ) is set to sign a Memorandum of Understanding with the Egyptian General Trade Union of Miners, Quarries and Salinas Workers to invest in exploration and mining in Zambia. Last year, MUZ announced its plans to invest in exploration and mining as a way of contributing to the economic growth of the country and enhancing job creation. Read more: Lusaka Times
In International Business News
Boeing reported a $650 million operating loss in the fourth quarter, surprising Wall Street analysts who had expected the aircraft giant to turn a profit. The company blamed the unexpected loss on “abnormal production costs” as it tried both to deliver the remaining backlog of 737 Max jets and to step up deliveries of the 787 Dreamliners. The company’s production of the 787 remains below normal rates. “We continue to face a few too many stoppages in our lines … as we run into supply chain shortfalls,” CEO Dave Calhoun told investors Wednesday. “So those stoppages, while they are coming down, are not where they need to be.” Read more: CNN
Tesla reported record profits for the fourth quarter and the full year, but its profit margins were tighter due to higher costs, recent price cuts, and sales in the quarter that were weaker than hoped. The leading electric vehicle maker posted adjusted earnings of $1.19 per share in the quarter, up from 85 cents a share a year earlier, and its previous record of $1.07 a share in the first quarter. Analysts surveyed by Refinitiv had forecast EPS of $1.13. For the full year, the company had adjusted earnings per share of $4.07, up from $2.26 in 2021. But the closely-watched automotive gross margin fell to 25.9% from 27.9% in the third quarter and 30.6% in the fourth quarter a year ago. Read more: CNN
Toyota Motor Corporation’s President and Chief Executive Akio Toyoda will step down from his post on April 1, to be replaced by current Chief Branding Officer Koji Sato, the Japanese automaker said Thursday. Toyoda will become the new chairman of the board, while the current Chairman Takeshi Uchiyamada will continue as a member of the board. Toyoda, 66, is the grandson of the carmaker’s founder and has served as chief executive since June 2009. Read more: CNBC
European Central Bank President Christine Lagarde has repeatedly used the phrase “staying the course” when referring to upcoming rate decisions, but some market watchers doubt the bank will keep its hawkish stance for much longer. The ECB entered tightening mode last year with four rate hikes in an attempt to control high inflation across the euro zone. These decisions pushed the main deposit rate from -0.5% to 2%. Recent data showed a two-month consecutive drop in headline inflation, but this is still well-above the ECB’s 2% target, hence several comments from ECB officials on how they need to keep raising rates, including Lagarde’s “we will stay the course to ensure the timely return of inflation.” Read more: CNBC
Finally, Capital Markets News
Zambia Sugar Plc was the best performer on the Lusaka Securities Exchange (LuSE) last month after posting a turnover valued at over K36.7 million. During the period under review, the local bourse posted a significant increase in turnover to K86.5 million, up from K8.5 million in November. This entails that LuSE witnessed increased market activity last month. Of the total turnover, Zambia Sugar Plc accounted for the bulk of over K36.7 million, while the rest was shared among 21 firms that actively participated in the trade. Read more
In 160 trades recorded yesterday, 205,527 shares were transacted resulting in a turnover of K913,269.06 Trading activity was recorded in AECI, Copperbelt Energy Corporation Zambia, Pamodzi, Standard Chartered Bank Limited, SHOP, Zambia Breweries, Zambeef, Zanaco and Zambia Sugar. The LuSE All Share Index (LASI) maintained its close at 7,233.16 points. The market closed on a capitalization of K72,416,350,084.85 including Shoprite Holdings and K37,633,664,644.85 excluding Shoprite Holdings.
Picture of the Day
