Good morning. Here’s what you need to know to start your day.
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Zambia’s copper exports down by $330million in Q1, compared to 2022
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Access Bank, Ecobank, KCB, Standard Bank and UBA Group sign MOU to facilitate cross-border payments
- Four weeks into the month of June, the bond market once again over shadowed the equity market recording a 100% score
Story of the Day
Zambia Civil Society Organisation (CSO) Debt Alliance is a consortium of likeminded Civil Society Organisation that Seek to Provide a Platform for Consolidated Policy Engagements on Public Debt and Finance Management in Zambia. The Alliance was Established in September 2020 and Today the Organisation Hosted a Media briefing on the Debt Restructuring Agreement that Zambia Received. Speaking at the press briefing held at Centre for Trade Policy and Development (CTPD) offices in Olympia today, Zambia Civil Society Debt Alliance Chairperson, Fr. Alex Muyebe said that, Zambia attainment for debt restructuring agreement marks a remarkable milestone, considering the challenges encountered during its debt restructuring process. Read more
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At average international copper prices of over USD$8, 300, Zambia has lost about $330 million in copper exports. Zambia’s copper production figures have continued to decline with the country recording around 15 percent drop for the first quarter of 2023 when compared to the same period last year. Total copper production for the first quarter in 2023 was 199, 982 tonnes, a 15% decrease from Q1 2022. According the ministry of Mines and Minerals Development MMMD, the country recorded a total production of 199, 982 tonnes of copper in the first quarter of 2023 down from 230, 603 produced last year during the same period under review, designating a crash of a total of 30, 621 tons of copper. Read more: Zambia Business Times
A $100 million energy facility will be built in Zambia by the liquefied petroleum gas (LPG) company Taifa Gas of Tanzania in partnership with the local business Delta Marimba. 24 months after receiving regulatory permits from the Zambian government, including the Environmental Impact Assessment, the factory, which will be located in northern Zambia, will begin producing. Taifa Gas says it will explore more LPG opportunities such as cooking gas. The LPG power station will contribute 100 megawatts to Zambia’s national grid once it is operating. According to Taifa Gas Executive Director Hamis Ramadhani, who spoke to local media on Monday, the investment was principally motivated by the favorable business climate and policies established by Zambian President Hakainde Hichilema and Tanzanian President Samia Suluhu Hassan. Read more: Business Insider
The Anti Corruption Commission (ACC) has taken action to freeze K28 million held in treasury bills, suspecting the funds to be proceeds of crime. ACC Director General Tom Shamakamba announced that an investigation is underway into an individual who suddenly came into possession of such a significant amount of money. Director General Shamakamba made the announcement during the Zambia Fraud Symposium held in Lusaka today, organized by Stanbic Bank and the Bankers Association of Zambia (BAZ). The symposium serves as a platform for stakeholders to address and find solutions to issues related to fraud and financial crimes. Meanwhile, Bank of Zambia Governor Denny Kalyalya expressed concern over the rise in Ponzi schemes, which are in violation of the Banking and Financial Services Act. These schemes operate without the required licenses and expose the public participants to potential liability. Dr. Kalyalya’s remarks were delivered by BOZ Deputy Governor of Operations, Dr. Francis Chipimo. Read more: Lusaka Times
President Hakainde Hichilema says government is eager to put the country’s debt restructuring details in place. Speaking when he hosted World Bank Country Director for Malawi, Tanzania, Zambia, and Zimbabwe Nathan Belete, Tuesday, President Hichilema said nothing should stand in the way of the country’s progress given the goodwill from partners. Read more: News Diggers
Bank of Zambia Exchange Rates
Currency | Buying | Selling |
---|---|---|
USD | 17.3047 | 17.3519 |
GBP | 21.8697 | 21.9362 |
EUR | 18.9296 | 18.9830 |
ZAR | 0.9259 | 0.9286 |
In International Business News Sponsored By
An agreement to revolutionise the settlement of cross-border transactions across African countries has been sealed between Pan-African Payment and Settlement System (PAPSS) and five commercial banks in Africa. The Memorandum of Understanding (MoU) was signed with Access Bank, Ecobank, KCB, Standard Bank and UBA Groups. This partnership will leverage on the vast network of subsidiaries and representative offices across major economic centers across major economic centers in Africa. It further stated that the broad collaboration between PAPSS and African commercial banks will pave the way for enhanced efficiency, transparency, and reliability in intra-African settlement. Read more: Zambia Monitor
US Federal Reserve Chairman Jerome Powell talked tough on inflation Wednesday, saying at a forum that he expects multiple interest rate increases ahead and possibly at an aggressive pace. “We believe there’s more restriction coming,” Powell said during a monetary policy session in Sintra, Portugal. “What’s really driving it … is a very strong labor market.” The comments reiterate a position taken by Powell’s fellow policymakers at their June meeting, during which they indicated the likelihood of another half percentage point of increases through the end of 2023. Assuming a quarter point per meeting, that would mean two more hikes. Previous comments from Powell pointed to a possibility of the rises coming at alternate meetings, though he said Wednesday that might not be the case depending on how the data come in. Read more: CNBC
Google is having productive early conversations with regulators in the European Union about the bloc’s groundbreaking artificial intelligence regulations and how it and other companies can build AI safely and responsibly, the head of the company’s cloud computing division told CNBC. The internet search pioneer is working on tools to address a number of the bloc’s worries surrounding AI — including the concern it may become harder to distinguish between content that’s been generated by humans and that which has been produced by AI. “We’re having productive conversations with the EU government. Because we do want to find a path forward,” Thomas Kurian said in an interview, speaking with CNBC exclusively from the company’s office in London. “These technologies have risk, but they also have enormous capability that generate true value for people.” Read more: CNBC
In a recent report released by Action Aid, Zimbabwe is facing an alarming cost of living crisis. Families in the country are now spending up to ten times more than they did just 16 months ago, creating an urgent situation that demands immediate attention. Action Aid warns that these sharp price increases are creating immense challenges, especially for families living below the poverty line. Some households are struggling to afford even one meal a day, leaving them uncertain about their next source of sustenance. The findings from a survey conducted by Action Aid, which included over 1,000 participants from 14 African, Asian, and Caribbean countries, revealed further concerning trends. The survey showed that prices of essential items like pasta and fertilizer increased by more than 115% during the monitoring period. Petrol and period pad prices also rose by 80% or more. Read more: Business Insider
Four weeks into the month of June 2023, trading on the Lusaka Securities Exchange. There was minimal trading on the equities market as only three days recorded trades in the week. The bond market once again over shadowed the equity market recording a 100% score. Taking a look back around this time last year we see that the equity market recorded a 49% to 51% on the bond market, signaling more trading activity on the equities market. Read more
In 79 trades recorded yesterday 1,235,210 shares were transacted reuslting in a turnover of K1,872,165.50. A share price loss of K0.01 was recorded in Standard Chartered Bank Limited. Trading activity was also recorded in CEC Zambia and Zambeef, . The LuSE All Share Index (LASI) closed at 8,222.28 points, down by 0.05% from its previous close of 8,226.11 points. The market closed on a capitalization of K76,721,762,753.78 including Shoprite Holdings and K41,939,077,313.78 excluding Shoprite Holdings.
Picture of the Day