Story of the Day
Gemfields, operator and 75% owner of Kagem, is pleased to announce the establishment of Gemdustry Limited as an industry-owned vehicle to back GemCloud, an exciting technology gateway that has the potential to play a central role in shaping the future of the coloured gemstone sector. Gemfields invites forward-thinking coloured gemstone industry participants of good standing to join Gemfields as partners in Gemdustry. Read more
Local Business and Finance Sponsored By Liquid Intelligent Technologies
Zambian card-issuing fintech Union54 has raised $12 million in a seed extension round led by Tiger Global. Other participating investors in this financing round include existing ones such as Vibe VC and new investors Earl Grey Capital and Packy Mccormick’s Not Boring Capital. It’s been only six months since Union54, whose API allows African software companies to issue and manage their debit cards without needing a bank or third-party processor, announced its seed round of $3 million, also led by Tiger Global. Read more: Tech Crunch
The government says close collaboration between Zambia and Zimbabwe will be key in attaining sustainable development for both countries. Chief Government Spokesperson Chushi Kasanda says working together will be important for the two countries to achieve a common vision for the African continent. Speaking when she officiated at Zimbabwe’s National day meant to commemorate 42 years of independence for that country, Ms Kasanda who is also Minister of Information and Media said increased partnership at the bilateral and regional levels is needed for the sustainable development to be achieved. Read more: Lusaka Times
Newly-appointed Chinese Ambassador to Zambia Mr. Du Xiaohui arrived in Zambia on Sunday afternoon and affirmed his country’s commitment to strengthening bilateral relations with Zambia. The new Ambassador takes up office at a time when Zambia and China relations appear frosty as the new Dawn administration adopted a Look West Policy, neglecting a long held strong ties with China. Read more: Lusaka Times
Zambia has started the mass export of avocados to Europe with the first consignment of over 37 tons, a senior government official said Friday. The commencement of export came after the southern African country met the phytosanitary requirements to export the fruit into Europe, said Permanent Secretary in the Ministry of Agriculture Green Mbozi. The move marks the start of huge market opportunities for Zambia’s avocado growers, Mbozi was quoted as saying by state broadcaster Zambia National Broadcasting Corporation. Read more: The Independent Uganda
International Business and Finance Sponsored By Agricultural and Commercial Society of Zambia
Standard Chartered Plc has announced the commencement of a strategic move to fully exit Cameroon, Gambia, Angola, Zimbabwe, Sierra Leone and two other markets in the Middle East. In a statement released yesterday via its website, the global banking group said the planned exits will enable it redirect resources to markets where it has the greatest potential to grow and scale. Read more: Business Insider
A new report by the United Nations report has found that more than 70% of Africa’s economies are at severe risk from Russia’s war in Ukraine. The report, which calls for immediate and efficient use of all existing mechanisms to help countries directly suffering from the war and its consequences, found that 41 African countries face maximum exposure to at least one emergency caused by the war. In the report, UN Secretary-General Antonio Guterres said, “The war is supercharging a three-dimensional crisis – food, energy and finance – that is pummeling some of the world’s most vulnerable people, countries and economies.” Read more: Business Insider
China’s consumer spending fell and unemployment rose last month as Covid lockdowns confined millions of people to their homes, official figures show. Joblessness reached the highest level since the early part of the pandemic. However, overall the country’s economy grew at a faster pace than expected in the first three months of this year. A surge in infections has triggered lockdowns in several major cities – including the financial, manufacturing and shipping hub of Shanghai. Read more: BBC News
Australia’s central bank is nearer to raising interest rates for the first time in more than a decade as inflation accelerates and a tightening labor market nudges wage growth higher, minutes of its April policy meeting showed on Tuesday. The Reserve Bank of Australia’s Board saw core inflation lifting above the bank’s 2-3% target range in the March quarter and more firms were expecting to pass on price rises to consumers. Wage growth was still lagging but likely to pick up as the unemployment rate fell to 4% and below. Read more: CNBC
Stock futures rose early Tuesday morning as traders navigate one of the busiest weeks of corporate earnings season. Futures tied to the Dow Jones Industrial Average climbed 67 points, or 0.2%, while those for the S&P 500 climbed 0.34%. Nasdaq 100 futures gained 0.52%. Read more: CNBC
Capital Markets Report Sponsored By WWF Zambia
In 108 trades recorded on Thursday, 945,176 shares were transacted resulting in a turnover of K3,211,823.97. Trading activity was recorded in AECI, Airtel, Copperbelt Energy Corporation, Chilanga Cement, Standard Chartered, Zambia Breweries and Zanaco. The LuSE All Share Index (LASI) closed at 7,007.36 points. The market closed on a capitalization of K71,137,088,225 including Shoprite Holdings and K36,354,402,785 excluding Shoprite Holdings.
