Story of the Day:
After two years of no Show, the Society is promising an exciting 94th Agricultural and Commercial Show under the theme “Innovation Through Technology – Technology Transforms Businesses”. The Show is scheduled for 27th July to 1st August 2022 and will be hosted with strict adherence to Covid-19 guidelines. Read more
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Rwanda and Zambia have signed seven Memoranda of Understandings (MoUs) to further enhance ties and integration between the two countries. The signing ceremony was witnessed by President of Rwanda, Paul Kagame and Zambia’s President Hakainde Hichilema in Livingstone yesterday. Read more: ZNBC
Castillo Copper Ltd has pinpointed a series of copper targets that are ripe for drill testing at its Mkushi project in the prolific Zambian copper belt. The explorer reviewed data from a geophysics report, which interpreted induced polarisation (IP) survey results against three known areas of copper soil anomaly at Mkushi. Read more: Proactive Investors
Science and Technology Minister Felix Mutati says government has embarked on a drive to ensure the country does not remain behind in the global digital development. Mr. Mutati says his ministry will continue partnering with stakeholders who have the capacity to help in the development of the technology sector. Read more: Read more: ZNBC
Mining Limited has declared a $1.5m dividend to government through the Industrial Development Corporation (IDC). The dividends are for government’s 25% stake in the World’s single largest producing Emerald mine based in Lufwanyama. Kagem Board Chairperson Sixtus Mulenga says the mine’s parent company London listed Gemfield which owns 75 percent has been meticulous in declaring revenue amounting to $749.7m since taking over in 2008. Read more: ZNBC
As it anticipates Zambians to be hit hard by commodity price increment following fuel price upward adjustments, the Jesuit Centre for Theological Reflection (JCTR) has disclosed that the cost of living at household level in Lusaka has skyrocketed to K9, 049.25 for the month of January. JCTR’s Basic Needs and Nutrition Basket (BNNB) survey has indicated that there has been K689.45 increase in comparison to the December, 2021 basket that stood at K8, 359.80. Read more: Zambian Observer
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The U.K. government on Monday announced plans to mint its own non-fungible token, as part of a push toward becoming a “world leader” in the cryptocurrency space. Finance Minister Rishi Sunak has asked the Royal Mint — the government-owned company responsible for minting coins for the U.K. — to create and issue the NFT “by the summer,” City Minister John Glen said at a fintech event in London. “There will be more details available very soon,” he added. Read more: CNBC
Floods, drought, wildfires and hurricanes made worse by climate change could cost the U.S. federal budget about $2 trillion each year — a 7.1% loss in annual revenue — by the end of the century, the White House said in an assessment on Monday. The analysis by the Office of Management and Budget, which administers the federal budget, also warned the U.S. government could spend an additional $25 billion to $128 billion each year in areas such as coastal disaster relief, flood insurance, crop insurance, health-care insurance, wildland fire suppression and flooding at federal facilities. Read more: CNBC
British financial regulators said on Monday that they would review the way the London Metal Exchange (LME) handled a halt in chaotic nickel trading last month and said the episode underlined questions about the LME’s transparency. The exchange, the world’s oldest and largest market for industrial metals, suspended nickel trading on March 8 after prices spiked by more than 50% in a matter of hours to hit $100,000 a tonne. The Financial Conduct Authority said it and the Bank of England would determine if further action should be taken. Read more: CNN
Elon Musk has taken a 9.2% stake in Twitter, according to a US securities filing. The announcement sent Twitter shares soaring by more than 27% in New York trading on Monday. Tesla’s chief executive owned 73,486,938 shares in the social media platform as of 14 March, according to the Securities and Exchange Commission. The stake is worth $2.89bn (£2.2bn), based on Twitter’s closing price on Friday. Read more: BBC News
Capital Markets Report Sponsored By ZCCM-IH
In 129 trades recorded yesterday, 537,177 shares were transacted resulting in a turnover of K168,356. Share price gains were recorded in AECI of K5.60, First Quantum Minerals Zambia of K0.04 and in CEC Africa on the quoted tier of K0.05. A share price loss was recorded in Copperbelt Energy Corporation of K0.01. Trading activity was also recorded in Airtel, Bata, Chilanga Cement, Puma, Standard Chartered Zambia, ZCCM, Zambeef, ZAMEFA, Zanaco and LUSE on the quoted tier. The LuSE All Share Index (LASI) closed at 6,870.33 points, 0.33% up from its previous close of 6,847.50 points. The market closed on a capitalization of K70,720,132,484 including Shoprite Holdings and K35,937,447,044 excluding Shoprite Holdings.