Story of the Day
First Quantum Minerals (FQM), which operates the Kansanshi and Sentinel mines in North-Western Province, has been ranked the sixth largest copper producer in the world. The ranking by mining commodities data provider Kitco underscores the mining giant’s continued expansion of its operations in Zambia and globally despite subdued growth in the sector and supply chain disruptions coupled with freight-related constraints in 2021, in part induced by the COVID-19 pandemic. The world’s largest copper producer, Codelco of Chile, produced some 1.7 million tonnes in 2021, while First Quantum produced 816,000 tonnes. More than half of FQM’s global copper production during the year was produced in Zambia. Read more
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Zambia’s state mining investment firm ZCCM-IH is in the process of appointing a financial adviser to restructure Mopani Copper Mines and help find an investor for the copper mine, board chair Dolika Banda said on Friday. The appointment is “imminent”, Banda said, adding that ZCCM should find a new equity partner within the next six months to a year. Read more: Mining Weekly
Zambia and the Democratic Republic of Congo have signed cooperating agreements which will see the two countries venture into electric battery manufacturing. President Hakainde Hichilema has described the agreements as the right way of fighting poverty through the creation of jobs and business opportunities. And Democratic Republic of Congo President Felix Tshisekedi says the agreements will have an important impact on the economies of the two respective countries. Read more: News Diggers
Zambia’s exports of refined copper in the first quarter increased to 464,800 metric tonnes from 463,700 metric tonnes in the same period last year. Copper is the country’s major foreign exchange earner and is currently trading at US$9,759 a tonne on the London Metal Exchange (LME). Zambia Statistics Agency (ZamStats) interim statistician general Mulenga Musepa said export earnings from refined copper in March increased by 3.8 percent to K13.9 billion from K13.4 billion in February this year. Read more: Zambia Daily Mail
Doubling cotton production has potential not only to improve livelihoods, but also create employment. Thus declining production of cotton is a genuine concern to both Government and stakeholders that are interrogating causes of the steady drop in production of the cash crop. Cotton production in Zambia has slumped from 275,000 metric tonnes in 2012 to a low 350 kilogrammes in 2021. Cotton Board of Zambia executive director Sunduzwayo Banda cited loss of quality in inputs, seed quality and lack of extension services. Read more: Zambia Daily Mail
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The Organization of the Petroleum Exporting Countries (OPEC) pumped 28.58 million barrels per day (bpd) in April, the survey found, up 40,000 bpd from the previous month and short of the 254,000 bpd increase called for under the supply deal. OPEC and its allies, known as OPEC+, are slowly relaxing 2020 output cuts as demand recovers from the pandemic. OPEC+ meets on Thursday and is expected to confirm a previously agreed output hike despite the surge in oil prices after Russia’s invasion of Ukraine. “Probably the view is to maintain the plan,” an OPEC delegate said of Thursday’s meeting. Read more: CGTN
The interim CEO of South Africa’s national air carrier is set to leave the company on Saturday. Thomas Kgokolo was appointed in April 2021 when South African Airways (SAA) exited business rescue. Kgokolo’s departure will pave the way for John Lamola to assume the role of the executive chair as well as CEO with effect from May 1, 2022. Read more: CGTN
Kenya’s President Uhuru Kenyatta has issued a directive to increase workers’ minimum wage by 12 per cent, effective immediately. The minimum wage was last reviewed upwards in May 2018 at the rate of five per cent. The President made the declaration at Nyayo National Stadium during celebrations of Labour Day marked globally every May 1., saying the higher wages would cushion workers against further erosion of their purchasing power and guarantee the economy’s competitiveness. Read more: Business Insider
The S&P 500 fell more than 13% between January and April of this year. That’s the worst four-month start to a year since 1939. Comparing today’s stock market to 83 years ago isn’t an entirely apples-to-Apple comparison — for one, the S&P was made up of only 90 companies back then. But it has clearly been an abysmal first third of the year for investors from any reference point. The Dow was down 9% through April and the tech-heavy Nasdaq plummeted 21%. Stocks finished higher on a wild day of trading Monday. The Dow rose 84 points, or 0.3%, after falling more than 525 points earlier in the session. The S&P 500 increased 0.6% while the Nasdaq gained 1.6%. Read more: CNN
Australia’s central bank has raised the nation’s interest rates for the first time in more than a decade. The rise will put extra strain on household budgets as Australia prepares for an election that is heavily focused on the rising cost of living. The Reserve Bank of Australia (RBA) lifted the cash rate to 0.35% on Tuesday. The move is designed to combat rising inflation, which is at a 21-year high. BBC News
The European Commission has accused Apple of abusing its market position for contactless smartphone payments. In a preliminary finding, it said the US company may have broken competition law by preventing rivals from accessing its “tap and go” technology. Apple denies the charge and has promised to engage with the Commission. If the charges are upheld, it could be fined up to 10% of its global turnover of $36.6bn (£29.2bn) based on its revenue last year. Read more: BBC News
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In 38 trades recorded yesterday, 14,199 shares were transacted resulting in a turnover of K69.883. A share price loss was recorded in Copperbelt Energy Corporation of K0.01. Trading activity was also recorded in Chilanga Cement, Pamodzi, Real Estate Investments Zambia, Zambeef and Zanaco. The LuSE All Share Index (LASI) closed at 6,924.34 points, 0.05% down from it previous close of 6,928.11 points. The market closed on a capitalization of K70,955,914,491 including Shoprite Holdings and K36,173,229,051 excluding Shoprite Holdings.