Daily FiZ – Tuesday 07/06

Story of the Day

In accordance with the Lusaka Securities Exchange (“LuSE”) Listings Requirements, the Board of Directors of Zambeef Products Plc (the “Company”) hereby advises the Shareholders of the Company that the Total Basic Earnings per Share (EPS) for the half year financial period ended 31 March 2022 is expected to be 172% higher in Kwacha terms (228% higher in USD) than that of the corresponding half year period ended 31 March 2021. Read more

Local Business and Finance Sponsored By Liquid Intelligent Technologies

The new dawn government has denied accusations that they have gone against the spirit of local empowerment by depositing a bigger share of the increased constituency development funds – CDF allocation with foreign owned banks at the expense of locally owned banks and local financial institutions. Read more: Zambian Business Times

Mines and Minerals Development Minister Paul Kabuswe has encouraged Zambians owning mining licenses to partner with foreign investors so that more jobs can be created. And, Mr Kabuswe has praised Mimbula Minerals a local mining firm which has partnered with a British firm Moxico resources limited for injecting about one hundred million dollars into mining explorations in the outskirts of Chingola District. Mr Kabuswe was also excited that the mine intends to inject more than two million dollars once mining explorations kicks off. Read more: ZNBC

Transport and Logistics Minister, Frank Tayali says Zambia Airways will start flights to Johannesburg, South Africa on July 1, 2022. Mr. Tayali says as the flag carrier commences flights to South Africa soon, government looks forward to strengthening ties between the two countries through the new offering from Zambia Airways. He was speaking during the launch of Zambia Airways Central Ticketing Office at East Park Mall in Lusaka today. Read more: ZNBC

Central Province Permanent Secretary (PS), Milner Mwanakampwe, says Zambia must strategically position itself to benefit from the mineral resources. Mr. Mwanakampwe says the global development such as the emerging electric vehicles presents an opportunity for Zambia to benefit by effectively exploiting its energy minerals and derive maximum benefits from global demand. Read more: Lusaka Times

International Business and Finance Sponsored By Agricultural and Commercial Society of Zambia

Thousands of UK workers are starting a four-day work week from Monday with no cut to their pay in the largest trial of its kind. The pilot, which will last for six months, involves 3,300 workers spanning 70 companies, ranging from providers of financial services to a fish-and-chip restaurant. During the program, workers receive 100% of their pay for working only 80% of their usual week, in exchange for promising to maintain 100% of their productivity. Read more: CNN

The largest of the Big Three credit-rating agencies, S&P Global Ratings, says that the global food price shock could lead to potential credit ratings downgrades for the most vulnerable countries. “The food shock could lead to rating actions, depending on the response by governments and international organizations,” says the report, The Global Food Shock Will Last Years, Not Months. Read more: African Business

The 2022 African Economic Outlook (AEO), the African Development Bank’s flagship publication released at the midpoint of last week’s Annual Meetings in Accra, can be summarised in six words: Growth, down. Inflation, up. Debt, stable. Certainly, the headline messages make for grim reading. Africa has suffered terribly from the twin crises of Covid-19 and Russia’s invasion of Ukraine, while the escalating impacts of climate change – felt sooner and harder in Africa than anywhere else – chip constantly away at the continent’s productive capacity. Read more: African Business

Elon Musk has threatened to walk away from his $44bn takeover of Twitter, accusing the social media company of “thwarting” his requests to learn more about its user base. In a letter filed with regulators, Mr Musk said he was entitled to do his own measurement of spam accounts. The letter formalises a dispute that has simmered for weeks after Mr Musk declared the deal “on hold” pending further information. Read more: BBC News

Capital Markets Report Sponsored By WWF Zambia

In 143 trades recorded yesterday, 522,040 shares were transacted resulting in a turnover of K1,940,285. A share price gain was recorded in Zambeef of K0.03. A share price loss was recorded in Standard Chartered Zambia of K0.01. Trading activity was also recorded in AECI, Airtel, Copperbelt Energy Corporation, Chilanga Cement, National Breweries, Real Estate Investments Zambia, Zambia Breweries, ZAMEFA, Zanaco and Zambia Sugar. The LuSE All Share Index (LASI) closed at 6,801.00 points, 0.03% down from its previous close of 6,802.76 points. The market closed on a capitalization of K70,535,237,399 including Shoprite Holdings and K35,752,551,959 excluding Shoprite Holdings.

For any feedback on the stories captured on the Daily FiZ, email Natasha on dailyfiz@fizambia.com
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