Story of the Day
Liquid Intelligent Technologies, a pan-African technology group, is proud to announce the appointment of Ms Mirriam Ngala as Chief Business Officer (CBO) of Liquid Intelligent Technologies Zambia, effective 1st September 2022. “Mirriam is an experienced, well-respected, and talented senior executive. We look forward to her overseeing Liquid Zambia’s business strategy, helping to strengthen and expand our position as a leading digital services provider in Africa,” says Mark Townsend, CEO of Liquid Intelligent Technologies, Zambia. Read more
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Zambia had launched talks with Saudi Arabia to secure “cheap oil” supplies, while also seeking support from the International Monetary Fund (IMF). Zambian Minister of Energy Peter Kapala noted an attempt at a deal with Saudi Arabia by the previous government, but said there was a change of approach. Rather than buying the petroleum goods itself, the minister said, the government will bring together oil marketing companies and “negotiate great prices for petroleum products in a government-to-government deal”. Securing fuel supplies will help reduce price fluctuations, he said. Zambian government has also entered in talks with neighboring Angola on the Lobito refinery with the aim to secure a stake in the proposed Angolan plant in order to secure products. North Africa Post
Zambia Development Agency (ZDA) in collaboration with Embassy of Finland has flagged off Zambia’s 2022 trade mission to the Democratic Republic of Congo (DRC) worth K1 million, which will see the country harness export opportunities and scaling up trade with one of the strategic markets. Speaking during a media briefing, Agency Director of Policy and Planning Innocent Melu, reveals that last year’s trade mission generated leads worth US$43 million and orders amounting to US$20 million. Mr. Melu added that out of the US$20 million orders generated, more than US$6 million worth of transactions have been actualized to date, through exports to the DRC. Read more: Money FM
If global temperatures continue to rise, and governments fail to meet their policy pledges, natural disasters will accelerate in Africa, hampering most countries’ economic growth, says Understanding Africa’s Climate Risks, a recent study by Oxford Economics Africa. Under the report’s “No Further Action” scenario – in which no climate adaptation or mitigation policies are implemented – countries with annual temperatures above 15°C will experience an exponential deterioration in productivity growth. Ghana, for instance, has a projected average temperature of 28°C in 2050 and will suffer one of the biggest hits to economic growth, with GDP levels at least 24.3% lower than baseline levels by 2050. Other “warm countries” in danger of economic contractions include (from most to least affected): Botswana, Mozambique, Tanzania, Nigeria, Zambia, Uganda, Mauritius, South Africa, and Kenya. Read more: African Business
Kenyan banker Jeremy Awori has been appointed as the new CEO of the West Africa-based Ecobank Group, replacing the retiring Ade Ayeyemi who, as CEO, has been a driving force behind the bank’s realisation of its pan-African ambitions since his appointment in September 2015. Read more: African Business
Goldman Sachs is expected to layoff hundreds of workers, reports say. The cuts at the financial investment firm could begin as early as next week and impact employees across the company, according to sources. Goldman Sachs declined to comment, but had mentioned reduced profits in an earning report in July. “We have made the decision to slow hiring velocity,” the company’s chief financial officer, Denis Coleman, had said at the time.Read more: BBC News
A recent report by the National Bureau of Statistics (NBS) showed that Nigeria suffered a significant blow to its manufacturing sector, dropping 36% in profit margins from 2021 to 2022. This report compared the Q2 figures for 2021, which came in at N4.51 trillion, to the N2.87 trillion for Q2 2022. The exportation of manufactured goods also saw a substantial decline within the period in review, as its numbers dropped from N211.67bn recorded in 2021 to N119.53bn in 2022. A 43.5 percent decline in 12 months. These alarming figures result from several factors, including insecurity and a higher cost of running a business. People within this industry find it more difficult to balance their sheets as the profit-to-cost ratio continues to widen. Read more: Business Insider
Capital Markets Report
In 61 trades recorded yesterday, 621,805 shares were transacted resulting in a turnover of K2,111,116. Trading activity was recorded in Bata, Copperbelt Energy Corporation, Chilanga Cement, Standard Chartered Zambia, Zanaco, Zambia Sugar, ZAFFICO and CEC Africa on the quoted tier. The LuSE All Share Index (LASI) maintained its close at 7,058.84 points, as there were no share price movements. The market closed on a capitalization of K71,657,558,044 including Shoprite Holdings and K36,874,872,604 excluding Shoprite Holdings.