Story of the Day
Zambian Breweries has commended the Government over the launch of the Public Private Dialogue (PPD) Forum, which seeks to further strengthen the private sector’s engagement in Zambia’s economic development. The newly launched mechanism will act as a structured mechanism for interactions between the public and the private sectors in tackling bottlenecks that have inhibited the growth of the private sector. Read more
Local Business and Finance Sponsored By Liquid Intelligent Technologies
Chingola Member of Parliament Chipoka Mulenga has called on the business community in the district to be considerate and reduce some prices on certain commodities. Mr. Mulenga, who is also Commerce, Trade and Industry Minister says business houses in the district, should reciprocate the reduction in fuel pump prices so that it could be appreciated by consumers. He wonders why most commodity prices are still high two weeks after government reduced fuel pump prices. Read more: ZNBC
President Hakainde Hichilema says the Ministry of Mines and Minerals has finalised the auditing of mining rights. Mr. Hichilema says the Ministry will soon announce the resumption of the issuance of mining rights. The President says the report has highlighted a number of issues that government will resolve to bring back credibility around mining rights licensing. Read more: ZNBC
The Ministry of Finance has allocated K 91 million in the 2022 budget to the Copperbelt for implementation of programmes. Addressing the Provincial Development Coordinating Committee (PDDC) meeting held in Ndola today, Permanent Secretary, Augustine Kasongo explained that this represents a 16 per cent increment in the provincial budget allocation compared to 2021 allocation. Mr Kasongo explained that a total lump sum of K 18 million has been allocated towards the implementation of developmental programmes while K 4.2 million has been given to support revenue generating activities under lands, forestry and survey departments. Read more: Lusaka Times
The Ministry of Energy has assured that there will be no increments in electricity tariffs and connection fees until the electricity cost of service study which is currently undergoing peer review is ready in two months’ time. Minister responsible Peter Kapala however says that this position does not stop the Energy Regulations Board from proceeding to look at Zesco’s latest application to revise connection fees for Standard Connections related to three customer categories as is required under the laws governing the sector. Read more: Lusaka Times
The Jesuit Centre for Theological Reflection says the cost of living for a family of five in Lusaka in the month of April 2022 stood at K9,326.41, showing a decrease of K85.13 from the K9,411.50 recorded in March 2022. Read more: News Diggers
International Business and Finance Sponsored By Agricultural and Commercial Society of Zambia
An escalating dispute over the post-Brexit trading arrangements for Northern Ireland risks seeing the government scrapping parts of that deal. In that event, could it trigger a trade war that could see households and businesses paying an unwelcome price? European Union officials have repeatedly warned of “serious” consequences if the UK were to override part of the Northern Ireland Protocol. Last November, Ireland’s minister for foreign affairs, Simon Coveney, warned that the entire Trade and Co-operation Agreement (TCA) – which exists to ensure tariff-free and quota-free trade between the EU and UK – depends on the UK observing the Protocol. Read more: BBC News
As the monetary policy committee (MPC) members in eight African countries meet later this month, five central banks are projected to retain benchmark interest rates at their current levels, even as three others are poised to raise theirs. Among the five countries that are projected to retain their interest rates are: Nigeria, Kenya, Angola, Zambia and Mozambique. On the flip side, Egypt, Ghana and South Africa will most likely hike their rates. Read more: Business Insider
Corporate tax rates vary across the globe and reflect the unique economic needs of every country. Countries rich in natural resources, for example, often generate a bulk of their tax revenue from high corporate taxes on oil and natural gas companies, allowing other industries to operate in a relatively low-tax environment. While Africa has some of the least competitive tax rates of any continent, there is still a high degree of variation among the countries. To determine how small businesses are taxed, OnDeck collated the amount of tax small businesses pay in 200 countries. Business Insider
U.S. stock index futures were higher in early morning trading on Tuesday, following a volatile Monday session that saw the S&P 500 and Nasdaq Composite continue their march lower. Futures contracts tied to the Dow Jones Industrial Average were 202 points higher, or 0.63%. S&P 500 futures gained 0.79%, while Nasdaq 100 futures added 1.1%. Read more: CNBC
Capital Markets Report
In 58 trades recorded yesterday, 23,278 shares were transacted resulting in a turnover of K53,271. Trading activity was recorded in Bata, British American Tobacco Zambia, Copperbelt Energy Corporation, Chilanga Cement, Pamodzi, Standard Chartered Zambia, Zambia Breweries, ZCCM, Zambeef, Zanaco and Zambia Sugar. The LuSE All Share Index (LASI) maintained its close at 6,811.08 points, as there were no share price movements. The market closed on a capitalization of K70,578,944,917 including Shoprite Holdings and K35,796,259,477 excluding Shoprite Holdings.