Story of the Day
Investment house, ZCCM IH, has announced that it has secured a US$ 10 million facility that will assisting Konkola Copper Mines from local bank, ZANACO Bank Plc, according to a statement issued to shareholders. Read more
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President Cyril Ramaphosa received His Excellency President Hakainde Hichilema for a courtesy visit at the Mahlamba Ndlopfu official residence in Tshwane. The leaders identified the need for South Africa and Zambia to keep one another abreast of investment opportunities in each country and to actively encourage business to invest in areas of mutual benefit for regional development, such as in mineral beneficiation, local manufacturing and agriculture. Read more: African Business
Minister of Small and Medium Enterprises Elias Mubanga says he is pleased that Zambians are now coming together with a view of penetrating the manufacturing base, thereby creating employment. And Mubanga says government will review the SI on jobs to ensure that those meant for Zambians are reserved for citizens as the country attracts big foreign investors. Read more: News Diggers
The Energy Regulation Board (ERB) says it will now be conducting monthly review of the pricing cycle for Petrol, Diesel and Low Sulphur Gas. ERB Acting Public Relations Manager Musonda Chibulu has disclosed this in a statement to ZNBC news in Lusaka. Mr. Chibulu said the ERB will review fuel prices this month-end. Read more: ZNBC
Vice President, Mutale Nalumango has directed government departments not to commence developmental projects without the assurance of the availability of resources. The Vice President says it is important for resources to be made available in order to have a clear understanding of the nature of work to be achieved. Read more: ZNBC
International Business and Finance
The sixth summit of European Union (EU) and African Union (AU) heads of state and government aims to “completely overhaul” the EU-Africa relationship, according to its host, President Emmanuel Macron of France. Speaking at a press conference in December, he held out the prospect of “reforging an economic and financial New Deal with Africa”, saying that Europe wanted to “establish a genuine system of peace and prosperity to build investments in African economies and build [a] shared future” Read more: African Business
The vast majority of startups are in the United States, followed by India and the United Kingdom. When people think of thriving ecosystems, they tend to think of the US, Europe, and the Asia Pacific region, with Africa being largely ignored. However, that is rapidly changing, with the startup scene exploding in 2021. What is so appealing about the continent, and why is this happening now? Read more: Business Insider
As a group, Africa’s 18 wealthiest individuals saw their combined income increase by 15 percent in 2021 compared to the previous year. According to Forbes Magazine, which produces the annual ranking of Africa’s wealthiest, soaring stock prices helped push the total wealth of Africa’s billionaire’s club to nearly 85 billion U.S. dollars. Read more: CGTN
Tesla sales will grow by more than 50% in 2022 compared with last year despite supply chain problems, chief executive Elon Musk has said. The electric carmaker recorded a record $5.5bn earnings last year. Sales at the firm rocketed 71% to $53.8bn in 2021, as it delivered more than 936,000 vehicles to customers. Read more: BBC News
The US central bank is poised to raise interest rates as it unwinds the support it has provided the world’s largest economy since the start of the pandemic. The Federal Reserve did not raise interest rates on Wednesday, but said such a move “will soon be appropriate”. The bank is under pressure to rein in inflation as prices in the US rise at the fastest rate in almost 40 years. Read more: BBC News
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In 112 trades recorded yesterday, 12,540 shares were transacted resulting in a turnover of K27,553. A share price gain of K0.01 was recorded in Copperbelt Energy Corporation. Trading activity was also recorded in FQM, CHIL, National Breweries, PUMA, Zambia Breweries, Zambeef, Zanaco, Zambia Sugar and CEC Africa on the quoted tier. The LuSE All Share Index (LASI) closed at 6,103.94 points, 0.06% up from its previous close of 6,100.22 points. The market closed on a capitalization of K67,375,956,406 including Shoprite Holdings and K32,593,270,966 excluding Shoprite Holdings.