Good morning. Here’s what you need to know
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New Schengen-Style Southern Africa Visa to Boost Tourism in Angola, Botswana, Namibia, Zambia, and Zimbabwe
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ZAM implores BRRA to heed governement directive to reduce business licenses
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US accuses StanChart of funding terrorists
In Local Business and Finance News
Zambia Association of Manufacturers (ZAM) has called on Zambia Business Review Regulatory Agency (BRRA) to deliver on government’s directive to collapse multiple licenses into one by end of this month. Speaking in an interview, Association President Ashu Sagar said the private sector has been asking for the collapsing of multiple licenses into one, as well as ensuring affordability. Mr. Sagar noted that having multiple licenses is hindering the growth and establishment of enterprising industries, therefore government through Commerce Minister Chipoka Mulenga has done well to give a deadline to BRRA to complete this task. “We have been asking for the collapsing of multiple licenses into one but the most important thing is that they have to be affordable. We cannot have multiple license like this carry on hindering the growth and establishment of enterprising industries.” Read more: Money FM
The Industrial development Corporation of Zambia (IDC) finalized a wide ranging deal with US based Kenyan investor and founder of Mwale Medical and Technology City (MMTC) Julius Mwale in Lusaka, Zambia. IDC chaired by President Hakainde Hichilema of Zambia signed the deal after seven months of negotiations between the consortium led by the tycoon and the government of Zambia. Mwale led a delegation to state house in Zambia in October last year at President Hichilema’s invitation, after Zambia’s government delegation visited Mwale Medical and Technology City (MMTC) in Butere, Kenya in September 2023 for benchmarking purposes. President Hichilema then introduced the consortium to IDC where a deal was sealed for smart cities, mining, infrastructure and agriculture, to help IDC fulfill its mandate of developing Zambia’s domestic industrial capacity and creating jobs. Read more: TV47
Government has cancelled tender for the importation of 650,000 metric tonnes of maize for the National Strategic Food Reserves. This came few months after government, through the food reserve agency (FRA), issued a tender in the daily tabloids requesting for eligible private companies or organisations to import and supply 650,000 metric tonnes of maize to the agency. However, FRA on Friday through its official Facebook page and daily tabloids announced the cancellation of the tender. When contacted for a comment, FRA Coordinator, John Chipandwe, said a comprehensive statement would be issued soon in regards with the matter. Read more: Zambia Monitor
In a landmark decision, five Southern African nations have expanded a regional visa to enhance tourism and streamline cross-border travel, similar to the Schengen Visa. The new Schengen-style visa for Southern Africa will boost tourism by simplifying travel across Angola, Botswana, Namibia, Zambia, and Zimbabwe. This unified visa, mirroring the European Schengen Visa, allows seamless cross-border travel, attracting more visitors and enhancing the region’s appeal as a top travel destination. This initiative is expected to drive economic growth and strengthen regional cooperation in tourism. In a groundbreaking move to boost tourism, five Southern African nations have agreed to extend a regional visa scheme that simplifies cross-border travel, akin to the Schengen Visa in Europe. Angola, Botswana, Namibia, Zambia, and Zimbabwe, all members of the Kavango-Zambezi (KAZA) Transfrontier Conservation Area, will now participate in the expanded “univisa.” This visa, which initially covered Zambia and Zimbabwe and allowed short visits to Botswana via Kazungula, aims to increase tourist numbers and streamline travel within the region. Read more: Travel & Tour World
In International News
A British bank that escaped prosecution for money laundering carried out billions of dollars of transactions for funders of terrorist groups, US court papers allege. Standard Chartered, one of the UK’s largest banks, avoided prosecution by the US Department of Justice after Lord Cameron’s government intervened on its behalf in 2012. New documents filed to a New York court claim thousands of transactions worth more than $100bn were carried out by the bank from 2008 to 2013 in breach of sanctions against Iran. An independent expert has identified $9.6bn of foreign exchange transactions with individuals and companies designated by the US government as funding “terror groups”, including Hezbollah, Hamas, al-Qaeda and the Taliban. In a statement, the bank said it disputes the whistleblowers’ claims, saying their previous allegations had been “thoroughly discredited” by US authorities. Read more: BBC News
Global airlines on Monday raised their profit forecast for 2024 and projected industry wide revenues just shy of $1 trillion as a record number of travellers board flights. The International Air Transport Association (IATA) said it expected the worldwide industry to generate $30.5 billion of profit this year, higher than an upwardly revised $27.4 billion in 2023 as carriers keep a lid on underlying labour costs despite recent strikes. That comes just four years after the industry collapsed to a $140 billion loss in 2020 as a result of the pandemic and is above the $25.7 billion forecast for 2024 issued in December. “The environment is better than we had expected, particularly in Asia,” Director General Willie Walsh told Reuters on the sidelines of an annual meeting of IATA’s more than 300 members, which account for more than 80% of global air traffic. Read more: Reuters
U.S. manufacturing activity slowed for a second straight month in May as new goods orders dropped by the most in nearly two years, and spending on construction projects slipped unexpectedly the month before, the latest indications that a gradual slowdown in the economy is taking hold. The Institute for Supply Management’s manufacturing purchasing managers index for May fell to 48.7 from 49.2 in April, the research group said on Monday, noting an increase in references to “softening” among survey respondents. It was both the second straight decline and the second month below the 50 level that separates growth from contraction. Economists polled by Reuters had a median estimate for 49.6. Read more: Reuters
East Africa is set to tap into South Korean funds, as the Asian country looks to expand its access to natural wealth. A recent report revealed that South Korea has set its sights on the East African region, particularly Ethiopia and Tanzania for resources. In exchange for East Africa’s natural wealth, South Korea has agreed to disburse loans to some countries in the region. A report by The East African showed that Ethiopia and Tanzania verified the execution of accords with South Korea for billions of dollars in loans, as part of a larger commitment that will provide the Asian nation access to Africa’s critical natural riches and massive export market. Tanzania noted that it had agreed on a concessional loan with South Korea worth $2.5 billion spanning five years. Tanzania also inked two agreements on Korean use of its maritime resources and minerals used in clean energy technology like as nickel, lithium, and graphite, presidential spokesman Zuhura Yunus said on Sunday. Read more: Business Insider
Finally, Capital Markets News
In 276 trades recorded yesterday, 77,598 shares were transacted resulting in a turnover of K475,833.27. The following price changes were recorded yesterday: K0.02 gain in CEC Zambia. Trading activity was also recorded in Airtel, Chilanga Cement, PUMA, Real Estate Investments Zambia, Standard Chartered Bank Limited, Zambeef, ZANACO, Zambia Sugar and CEC Africa on the quoted tier. The LuSE All Share Index (LASI) closed at 13,106.08 points, 0.06% higher than its previous close of 13,098.84 points. The market closed on a capitalization of K101,335,073,212.96 including Shoprite Holdings and K66,552,387,772.96 excluding Shoprite Holdings.
11 Govt Bond trades with a total face value of K22,772,000 and turnover K17,439,190 were processed yesterday.