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FIC records K6.1bn worth of suspicious transactions in 2022
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China will become the global economy’s biggest growth driver in the next 5 years, doubling the US contribution, IMF says
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ZANACO Plc has for three consecutive years been awarded Best Bank in Zambia for 2022 by Global Finance
Story of the Day
The US Government initiative, Prosper Africa, has launched the Tech for Trade Alliance in collaboration with the US Agency for International Development (USAID), major US companies and Government agencies. The announcement was made at the Africa Fintech Summit held on April 12, 2023, in Washington DC at the Walter E. Washington Convention Center. The alliance, supported by leading US and African companies, aims to accelerate e-commerce and digital trade in Africa while addressing legal, regulatory, and logistical bottlenecks. The Prosper Africa Tech for Trade Alliance is aligned with two signature White House initiatives, Prosper Africa, and Digital Transformation with Africa (DTA), which aim to increase two-way trade and investment between the US and African countries and strengthen digital access, literacy, and digital enabling environments across the continent. Read more
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The Financial Intelligence Centre Annual report for 2022 has revealed that it analysed 155 suspicious transactions worth K6.1 billion, out of which 129 cases worth K5.8 billion were disseminated to law enforcement agencies, representing a 38.92 percent increase from 2021. The report has also revealed that the centre froze three bank accounts containing K31.1 million on suspicions of theft and money laundering. The report further revealed that the involvement of Prominent Influential Persons (PIPs) in financial crimes such as procurement corruption had continued in 2022, among other trends. Read more: News Diggers
Finance and National Planning Minister Dr Situmbeko Musokotwane says it is high time Africa got out of the mode of being a continent of tragedy and failure. Speaking at the ongoing 2023 IMF/World bank spring meetings, Saturday, Dr Musokotwane said the war in Ukraine was an opportunity for Zambia to attract investment in the agriculture sector. “The war in Ukraine, the climate change that has made food to be less available, that is an opportunity for many of us seated in this room because there are not many other places on this globe where there’s still space available for us to ramp up production. Read more: News Diggers
Women’s Entrepreneurship Access Centre (WEAC) and World-Wide Fund for Nature (WWF) have signed an agreement to identify and accelerate enterprise development in Zambia. The two parties have been prompted to enter the partnership to assist deal with the high unemployment rate in the country, says WWF country director Nachilala Nkombo. Nkombo said Zambia potentially sat on an explosive youth unemployment crisis and that the partnership had the potential to help address the challenge. Through the partnership, she said, the parties also wanted to see enterprises receive tailor made experience-based education and resources delivered to deal with specific to start scaling up in various location including rural areas. Read more: Zambia Monitor
The Comesa market in Zambia’s capital Lusaka appears to be bustling, but traders say business is suffering as a weak local currency pushes up prices, adding to the hardships of a population already struggling with soaring living costs. “The dollar is killing us,” said Ben Mwandila, who sold 15 imported blankets a month last year for a 50 kwacha ($2.75) profit per sale but is now selling only two or three. A weak kwacha has stopped inflation falling in recent months, which offiials and economists blame in part on Zambia’s struggles to complete a debt restructuring since it defaulted on its debts in 2020, as well as on disappointing copper output. “Bondholders who had invested in our local markets and whose bonds or whose investments are maturing are getting the money out and are not reinvesting,” said Natalie Mwila of the Centre for Trade Policy and Development, a Zambian think-tank. “It’s putting pressure on our local currency … which obviously also has raised the cost of living.” Read more: Reuters
Bank of Zambia Exchange Rates
Currency | Buying | Selling |
---|---|---|
USD | 17.7095 | 17.7595 |
GBP | 21.9792 | 22.0484 |
EUR | 19.3972 | 19.4591 |
ZAR | 0.9749 | 0.9779 |
In International Business News
China will become the biggest driver of global growth over the next five years and will contribute double what the US adds, according to the International Monetary Fund. Based on Bloomberg calculations from data in the IMF’s World Economic Outlook released last week, China’s slice of global gross domestic product expansion will be at 22.6%, India’s will be 12.9%, and the US will add 11.3%. They are followed by Indonesia, Germany, Turkey, and Japan, each with a less than 3.6% contribution. Three-quarters of global growth will stem from 20 countries, and over 50% will come from just China, India, the US, and Indonesia. The IMF expects growth contributions from Brazil, Russia, India, and China to outpace Group of Seven nations. Read more: Yahoo Finance
China’s economy grew faster than expected in the first three months of the year, as the country emerged from its tough Covid restrictions. Compared to the same period last year, gross domestic product (GDP) grew by 4.5%, official figures show. The key measure of economic activity was driven up by a boost in household spending and rising factory activity. Beijing pledged to boost the world’s second largest economy when it lifted coronavirus measures in December. Also on Tuesday, separate data for March showed that retail sales, the main indicator of household consumption, jumped by 10.6%, compared to a year earlier. Read more: BBC News
Accounting giant Ernst & Young is cutting 3,000 jobs in the US, citing “overcapacity” in parts of the company. The announcement comes days after the firm called off plans to break up its auditing and consulting divisions. EY said the decision was unrelated to that review, but was “part of the ongoing management of the business”. The cuts affect about 5% of its US workforce, London-based EY said, promising “comprehensive support” to those affected. EY said it had made its cuts “after assessing the impact of current economic conditions, strong employee retention rates and overcapacity in parts of our firm”. The move comes as corporate America is bracing for an economic downturn. Read more: BBC News
Britain could introduce specific laws aimed at regulating the cryptocurrency industry in the next 12 months, a top lawmaker told CNBC. The U.K. government laid out plans in February to regulate crypto assets and opened its suggestions up for consultation. The consultation period ends Apr. 30. Andrew Griffith, economic secretary to the U.K. Treasury, said in an interview on Monday that specific crypto regulation could come into force within a year or so. Read more: CNN
Elon Musk warned in a new interview that artificial intelligence could lead to “civilization destruction,” even as he remains deeply involved in the growth of AI through his many companies, including a rumored new venture. “AI is more dangerous than, say, mismanaged aircraft design or production maintenance or bad car production, in the sense that it is, it has the potential — however small one may regard that probability, but it is non-trivial — it has the potential of civilization destruction,” Musk said in his interview with Tucker Carlson, which is set to air in two parts on Monday and Tuesday nights. Musk has repeatedly warned recently of the dangers of AI, amid a proliferation of AI products for general consumer use, including from tech giants like Google and Microsoft. Musk last month also joined a group of other tech leaders in signing an open letter calling for a six month pause in the “out of control” race for AI development. Read more: CNN
ZANACO Plc has for three consecutive years been awarded Best Bank in Zambia for 2022 by Global Finance. This award recognises the bank’s growth in assets, profitability, geographic reach, strategic relationships, business development and innovation. The bank is among the winners chosen from over 150 countries and territories across Africa, Asia-Pacific, the Caribbean, Central America, Central and Eastern Europe, Latin America, the Middle East, North America and Western Europe. Zanaco chief executive officer Mukwandi Chibesakunda thanked Global Finance for the award and said customers, staff and key stakeholders made it possible for the institution to be recognised. Read more
In 99 trades recorded yesterday, 103,000 shares were transacted resulting in a turnover of K259,356.57. Trading activity was also recorded in British American Tobacco Zambia, CEC Zambia, Chilanga Cement, Standard Chartered Bank Limited, Zambeef and Zanaco as well as CEC Africa on the quoted tier. The LuSE All Share Index (LASI) maintained its close at 7,985.36 points. The market closed on a capitalization of K75,690,493,122.77 including Shoprite Holdings and K40,907,807,682.77 excluding Shoprite Holdings.
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